编者按 A股市场2024年年报和2025年一季报业绩披露已收官。正逢"五一"长假，证券时报记者精选了几大行业，对相关行业业绩和亮点进行了梳理，以飨读者。 今年一季度，贵州茅台、五粮液、山西汾酒等酒企营业总收入仍保持稳定增长，而洋河股份、舍得酒业、酒鬼酒等多家酒企同比出现明显下降。 整体来看，白酒行业仍呈现出明显分化局面，头部企业凭借品牌、渠道优势实现逆势增长，而部分区域酒企则面临库存与动销压力，业绩下滑比较明显。 龙头酒企业绩保持稳定增长 在存量竞争背景下，头部酒企通过品牌、渠道和创新巩固优势，业绩保持稳定增长。 从营业总收入来看，贵州茅台（600519）以1741.44亿元的营业总收入，排名第一；五粮液（000858）的营业总收入为891.75亿元，排名第二；山西汾酒 （600809）、泸州老窖（000568）2024年的营业总收入超过300亿元；洋河股份（002304）、古井贡酒（000596）2024年的营业总收入超过200亿元。 从营业总收入同比增长幅度来看，贵州茅台、山西汾酒、古井贡酒、今世缘（603369）等多家酒企2024年营业总收入增速不低于10%，而*ST岩石 （600696）、酒鬼酒（00 ...

编者按 A股市场2024年年报和2025年一季报业绩披露已收官。正逢"五一"长假，证券时报记者精选了几大行业，对相关行业业绩和亮点进行了梳理，以飨读 者。 随着白酒上市公司年报及一季报披露，白酒行业在深度调整期的发展脉络逐渐清晰。 证券时报记者根据Wind数据统计，2024年A股白酒上市公司实现营业总收入4422.27亿元，同比增长2.28%；实现归属上市公司股东的净利润1666.31亿元，同 比增长4.32%。 整体来看，白酒行业仍呈现出明显分化局面，头部企业凭借品牌、渠道优势实现逆势增长，而部分区域酒企则面临库存与动销压力，业绩下滑比较明显。 龙头酒企业绩保持稳定增长 在存量竞争背景下，头部酒企通过品牌、渠道和创新巩固优势，业绩保持稳定增长。 从营业总收入来看，贵州茅台以1741.44亿元的营业总收入，排名第一；五粮液的营业总收入为891.75亿元，排名第二；山西汾酒、泸州老窖2024年的营业总 收入超过300亿元；洋河股份、古井贡酒2024年的营业总收入超过200亿元。 从营业总收入同比增长幅度来看，贵州茅台、山西汾酒、古井贡酒、今世缘等多家酒企2024年营业总收入增速不低于10%，而*ST岩石、酒鬼酒 ...

Core Viewpoint - The report highlights the financial performance of Yanghe Co., which achieved a revenue of 28.876 billion yuan and a net profit of 6.673 billion yuan in 2024, while also addressing the challenges faced by the liquor industry, including inventory buildup and declining consumption [2][5]. Financial Performance - In 2024, Yanghe Co. reported a revenue of 28.876 billion yuan and a net profit of 6.673 billion yuan [2]. - The company plans to distribute a cash dividend of 23.17 yuan per 10 shares, totaling 3.49 billion yuan [2]. Industry Challenges - The liquor industry is currently undergoing a deep adjustment period, with many companies experiencing declining performance, including some with nearly 50% drops in net profit [2]. - The overall market for liquor consumption is cooling, and recovery appears weak, presenting new challenges for all liquor companies [2][5]. Strategic Adjustments - Yanghe Co. has chosen to slow down its growth pace and actively adjust its business strategies, focusing on improving product quality and transforming marketing efforts [2][5]. - The company reduced liquor production last year to help distributors relieve inventory pressure and optimized its product structure [2][5]. Product Development - Yanghe Co. has successfully upgraded its product matrix, with mid-to-high-end products generating 24.317 billion yuan in revenue, accounting for 86% of liquor revenue and approximately 84% of total revenue [3]. - The company launched the "Dream Blue Handcrafted Class," recognized as China's first high-end vintage liquor, enhancing its position in the premium market [3][6]. Marketing and Branding - Yanghe Co. is focusing on younger, fashionable, and low-alcohol products, introducing innovative cultural products to meet diverse consumer needs [4]. - The company is optimizing its marketing organization and enhancing brand collaboration to adapt to external changes and navigate industry cycles [6]. Future Outlook - Yanghe Co. aims to strengthen quality expression and brand reputation while focusing on core products and key markets for sustainable development [6].

作 者丨肖夏 编 辑丨骆一帆 截至4月2 9日晚，白酒股2 0 2 4年年报、2 0 2 5年一季报全部披露。 2 1世纪经济报道记者梳理注意到，几乎所有白酒上市公司去年业绩增长都出现放缓，其中有 六家酒企去年营收同比倒退，覆盖不同体量的酒企，能实现两位数增长的白酒已经屈指可数。 同时披露的2 0 2 5年一季报更为惨淡， 各家白酒股业绩增速进一步下滑，其中近一半业绩出现 倒退，多家出现2 0%、3 0%的大幅下滑。 一位资深白酒投资者评价，"当前白酒迎来了极寒天气。" 行业深度调整反馈到报表端之际，白酒企业的竞争格局也发生了重要变化。 2 1 世 纪 经 济 报 道 记 者 梳 理 注 意 到 ， 头 部 白 酒 中 ， 山西 汾酒正式跃升至第三 ， 三 大 香 型龙头实现聚首；白酒股前十中，对比五年前有两家是新面孔， 一些名酒被挤到二三 梯队 ；中小白酒业绩普遍低迷， 新增两家酒企披星戴帽，离退市再近一步 。 综合接受2 1世纪经济报道记者采访的券商分析师、行业专家观点来看，观察人士普遍认为当 前白酒处于探底阶段，今年二季度淡季预计继续低迷，但整个探底阶段会持续多久，难以判 断。 汾酒正式跻身前三，前十位 ...

Core Viewpoint - The performance of Kweichow Moutai in the first quarter of 2025 demonstrates its strong market leadership and resilience in a challenging environment, with significant revenue and profit growth despite industry pressures [1][2]. Financial Performance - Kweichow Moutai reported total revenue of 51.443 billion yuan, a year-on-year increase of 10.67% [1]. - The net profit attributable to shareholders reached 26.847 billion yuan, reflecting a year-on-year growth of 11.56% [1]. - The company achieved a significant milestone by crossing the 50 billion yuan revenue mark for the first time in a quarter [2]. Growth Drivers - The series of products and overseas markets are emerging as new growth drivers for Kweichow Moutai [2]. - Revenue from series products reached 7.022 billion yuan, up 18.30% year-on-year [2]. - Overseas revenue amounted to 1.119 billion yuan, marking a 37.53% increase compared to the previous year [2]. Market Strategy - Kweichow Moutai has increased its domestic distributors to 2,174, with a net increase of 50, focusing on series product distributors [5]. - The company is actively conducting market research and engaging with distributors to adapt to market changes and consumer trends [6][7]. - The management emphasizes the importance of emotional connection and lifestyle branding in future market expansion [7]. Industry Context - The overall white liquor industry is undergoing a deep adjustment phase, with a reported 7.3% year-on-year decline in production for the first quarter [7]. - Despite the challenges, leading companies like Kweichow Moutai are maintaining growth, indicating a potential stabilization in the market [7][8].

Core Viewpoint - The growth trajectory of Gujing Gongjiu is accelerating, positioning it closer to competing with other top liquor brands in China, despite still being behind in market size [1][2]. Group 1: Company Performance - Gujing Gongjiu reported a revenue of 23.578 billion yuan for 2024, marking a year-on-year increase of 16.41%, and a net profit of 5.514 billion yuan, up 20.15% year-on-year [1]. - The company has maintained double-digit growth in both revenue and profit for four consecutive years, with net profit doubling compared to five years ago [1]. - In 2023, Gujing Gongjiu's revenue surpassed 20 billion yuan for the first time, achieving this milestone in five years [1]. Group 2: Market Position and Competition - Gujing Gongjiu ranks sixth among liquor stocks, while the top five brands have a revenue threshold of 30 billion yuan [1]. - The company is poised to capitalize on the slowdown of competitors, as many have reported declining revenue, potentially lowering the entry barrier for the top five [2]. - The gap in market size between Gujing Gongjiu and the leading brands is narrowing, with a potential catch-up period of two to three years [2]. Group 3: Product Strategy - The high-end series, particularly the aged raw liquor, has been a significant driver of growth, with a 23% year-on-year increase in revenue for this segment in the first half of 2024 [2]. - The gross margin for the aged raw liquor increased by 1.16 percentage points to 86.3% in the first half of last year [2]. - Gujing Gongjiu has been a long-term exclusive partner for the CCTV Spring Festival Gala, promoting its high-end products, which indicates a strategic focus on brand elevation [2]. Group 4: Future Outlook - The company's growth pace and its ability to join the top five will depend on its strategic decisions in response to industry challenges [3]. - Gujing Gongjiu plans to disclose its formal annual report at the end of April, which may include its growth targets for the year [3]. - Following the performance announcement, the stock price rose by 4.86%, closing at 172.08 yuan, with a market capitalization exceeding 90 billion yuan [4].