Core Viewpoint - The current adjustment in the liquor industry has entered a "deep water zone," with structural differentiation intensifying, leading to a concentration of advantages in regions, enterprises, and brands, while policy support and demand improvement determine the short-term elasticity of the liquor industry [1] Group 1: Company Performance - In 2024, the company achieved operating revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% [1] - In the first quarter of this year, the company reported revenue of 36.94 billion yuan, a year-on-year growth of 6.05%, and a net profit of 14.86 billion yuan, increasing by 5.8% [1] Group 2: Sales and Market Strategy - The company's three main products have shown stable growth, particularly benefiting from the recovery of consumption scenarios and policy support post-Spring Festival, with increases in banquet activities, sales volume, and bottle opening scans [2] - The core product, the eighth generation of Wuliangye, has maintained a balance of price and volume, with online sales increasing by 30% on the official flagship store and 21% on platforms like JD and Tmall [2] Group 3: Marketing and Product Development - The company plans to focus on major markets such as Chengdu, Beijing, Shanghai, and Shenzhen for its classic Wuliangye series, enhancing brand value and market recognition through targeted marketing strategies [3] - A young consumer-focused team has been established to develop products like the 29-degree Wuliangye, aiming to attract younger demographics through various innovative approaches [4]

Core Viewpoint - The white liquor industry is experiencing a significant divergence among leading companies, with Fenjiu entering the top three, creating a new competitive landscape of "Mao, Wu, and Fen" [1] Group 1: Company Performance - Yanghe's revenue and net profit for 2024 were 28.876 billion and 6.673 billion respectively, showing declines of 12.83% and 33.37%, with net profit returning to 2017 levels [2] - Gujing Gongjiu reported revenue and net profit of 23.578 billion and 5.517 billion respectively, with year-on-year growth of 16.41% and 20.22%, achieving historical highs [2] - The revenue gap between Yanghe and Gujing Gongjiu has narrowed significantly over five years, with Yanghe's lead in revenue decreasing from 10.809 billion to 5.298 billion and in net profit from 5.627 billion to 1.151 billion [2] Group 2: Product Performance - Yanghe's mid-to-high-end liquor products saw a revenue decline of 14.79%, significantly impacting net profit, which fell more than revenue [4] - Gujing Gongjiu's mid-to-high-end products, particularly the year-round original series, achieved revenue of 18.086 billion, growing by 17.31% and accounting for 76.7% of total revenue [4] Group 3: Market Dynamics - Yanghe's revenue from domestic and external markets fell by 11.43% and 14.35% respectively, indicating pressure in both areas [5] - Gujing Gongjiu maintained strong growth across all regions, with significant increases in Central, North, and South China [7] Group 4: Strategic Positioning - Yanghe claims to be undergoing a "proactive deceleration transformation" for sustainable development, although this has not aligned with market expectations [8] - The competitive landscape is intensifying, with Yanghe facing challenges from both internal and external competitors, particularly in its home market [10][11] Group 5: Channel Effectiveness - Yanghe has the highest number of distributors at 8,866, but its average revenue per distributor is lower than Gujing Gongjiu's, indicating less channel efficiency [12] - Yanghe's distributor count increased by only 77, while Gujing Gongjiu added 448, reflecting a stronger market appeal for Gujing Gongjiu [14] Group 6: Industry Trends - The white liquor industry is shifting towards a new normal of stock competition and volume reduction, with Yanghe's challenges highlighting the need for strategic adjustments [15]

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 一季度环比改善，销售增长中枢下沉 ——泸州老窖(000568)业绩点评 证券研究报告-年报点评 谨慎增持(首次) 市场数据(2025-05-08) | 收盘价(元) | 127.18 | | --- | --- | | 一年内最高/最低(元) | 192.74/100.02 | | 沪深 300 指数 | 3,852.90 | | 市净率(倍) | 3.73 | | 流通市值(亿元) | 1,868.48 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 34.08 | | 每股经营现金流(元) | 2.25 | | 毛利率(%) | 86.51 | | 净资产收益率_摊薄(%) | 9.16 | | 资产负债率(%) | 24.67 | | 总股本/流通股(万股) | 147,195.15/146,916.4 | | | 9 | B 股/H 股(万股) 0.00/0.00 资料来源：中原证券研究所，聚源 相关报告 投资要点： 本报告版权属于中原证券股份有限公司 ...

Group 1 - The core viewpoint of the articles indicates that 17 equity star advisory portfolios collectively reported negative returns over the past month, with only 8 maintaining positive returns in the first four months of the year [1][2] - The top three performing advisory portfolios have shifted their strategies towards defensive positions, increasing allocations in consumer sectors and undervalued assets, reflecting differing responses to market volatility [1][2] - The average return of the 17 equity star advisory portfolios was 0.22%, with the best-performing portfolio, "Yinhua Tianji - Qiaoqiao Ying," leading with a return of 7.65% in the first quarter, focusing on hard technology, medical healthcare, and basic consumer sectors [2][3] Group 2 - The "Yinhua Tianji - Qiaoqiao Ying" portfolio made adjustments in late April, increasing its allocation to consumer sectors while balancing technology categories, and reducing the proportion of index funds [2][3] - The "Jihua Jinqu" portfolio also made adjustments in late April, reducing exposure to bonds and low-volatility assets while increasing investments in undervalued sectors like pharmaceuticals and real estate [3][4] - The "Zhongou Super Stock All-Star Portfolio" conducted a rebalancing in early April, maintaining an overweight position in growth styles while optimizing specific holdings due to macroeconomic uncertainties [4] Group 3 - The global asset direction advisory portfolios showed significant performance divergence, with an average return of approximately -0.62% over the past month, and only 9 out of 27 portfolios reporting gains [4][5] - The "Guotai Jinqi Global Allocation Portfolio" achieved the highest return of 11.84% in the first four months, focusing on the Hong Kong stock market and sectors like innovative pharmaceuticals and gold [5] - The "Time Traveler Portfolio" completed its first rebalancing since 2025 in late April, shifting from high-volatility tech investments to lower-volatility index funds due to anticipated increases in U.S. stock market volatility [5]

相关报告 食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 一季度环比改善，销售增长中枢下沉 ——泸州老窖(000568)业绩点评 | 收盘价(元) | 127.18 | | --- | --- | | 一年内最高/最低(元) | 192.74/100.02 | | 沪深 300 指数 | 3,852.90 | | 市净率(倍) | 3.73 | | 流通市值(亿元) | 1,868.48 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 34.08 | | 每股经营现金流(元) | 2.25 | | 毛利率(%) | 86.51 | | 净资产收益率_摊薄(%) | 9.16 | | 资产负债率(%) | 24.67 | | 总股本/流通股(万股) | 147,195.15/146,916.4 | | | 9 | 证券研究报告-年报点评 谨慎增持(首次) B 股/H 股(万股) 0.00/0.00 市场数据(2025-05-08) 资料来源：中原证券研究所，聚源 投资要点： 本报告版权属于中原证券股份有限公司 ...

2024 年白酒行业年报披露季落下帷幕， *ST 岩石因全年营收 2.85 亿元、净亏损 2.17 亿元，触发新 "国 九条" 财务退市指标，自 4 月 23 日起被实施退市风险警示。与此同时，海南椰岛、ST 春天等多家酒企 亦因业绩不达标相继 "戴帽"，行业洗牌加速的背后，是白酒行业深度调整期的阵痛与挑战。 *ST 岩石的跨界困境：从 "转型奇迹" 到退市边缘 当前白酒行业已进入 "挤泡沫" 阶段，中小酒企的退市风险既是压力也是机遇。*ST 岩石等企业的困境 警示：跨界转型需敬畏行业规律，资本热潮退去后，唯有专注品质、深耕市场的企业才能生存。 （注：本文系AI工具辅助创作完成，不构成投资建议。） *ST 岩石的困境并非孤例。2024 年成为白酒行业 "退市新规" 首个适用年度，海南椰岛、ST 春天、兰州 黄河等多家企业因营收低于 3 亿元且净利润为负被实施退市风险警示。其中，海南椰岛全年营收 1.75 亿元、净亏损 1.36 亿元，其多次保壳未果的背后，是多元化战略失败与历史债务拖累；兰州黄河则因 啤酒业务萎缩、股东内斗，营收同比下滑 12.73%，亏损规模扩大 113.76%。 更深层的危机来自行业结构性 ...

Industry Overview - The Chinese liquor industry is undergoing a deep adjustment in 2024, characterized by a decline in both production and sales, a slowdown in terminal sales, shrinking consumption scenarios, and insufficient consumer confidence [1] - The number of liquor companies experiencing revenue decline has increased from 2 to 6 compared to the previous year, with companies like Jiu Gui Jiu and Shun Xin Agriculture facing significant revenue drops for two consecutive years [1] Company Performance - Guizhou Moutai leads the industry with a gross margin of 91.93%, followed by Luzhou Laojiao at 87.54% and Shui Jing Fang at 82.76%. Shui Jing Fang's high gross margin is attributed to the elimination of low-end products, focusing on high-end liquor [2] - The lowest gross margins are reported by Jin Zhong Zi Jiu and Shun Xin Agriculture, at 36.03% and 34.94% respectively. Jin Zhong Zi Jiu's gross margin has decreased by 5.38 percentage points, while Shun Xin Agriculture's margin increased by 4.23 percentage points, mainly due to its slaughtering business [2] Gross Margin Trends - In 2024, the median gross margin for 19 liquor companies is 73.16%, down by 2 percentage points from the previous year. 12 companies, accounting for 63%, reported a decline in gross margins, with She De Jiu Ye experiencing the most significant drop of nearly 9 percentage points [3] - Jiu Gui Jiu also saw a gross margin decline of nearly 7 percentage points, indicating that mid-range liquor brands are facing the most severe impacts in this industry adjustment [3] Net Profit Margin Analysis - Guizhou Moutai boasts a net profit margin of 52.27%, followed by Luzhou Laojiao and Wuliangye at 43.27% and 37.22% respectively, although all three companies experienced slight declines in net profit margins compared to the previous year [4] - The lowest net profit margins are found in Jin Zhong Zi Jiu, Jiu Gui Jiu, Shun Xin Agriculture, Tian You De Jiu, and She De Jiu Ye, all below 10%. The most significant declines in net profit margins were seen in She De Jiu Ye and Jiu Gui Jiu [5] Financial Summary - The financial performance of major liquor companies shows a trend of declining margins, with notable companies like Jiu Gui Jiu reporting a net profit margin as low as 0.88% [4][5] - The financial data indicates that while some companies have managed to improve their net profit margins, the overall trend in the industry is one of contraction and increased pressure on mid-range and low-end products [5][6]

Core Viewpoint - The Chinese liquor industry is experiencing a deep adjustment in 2024, characterized by declining production and sales, sluggish terminal movement, shrinking consumption scenarios, and insufficient consumer confidence, leading to price inversions for various products [1] Group 1: Industry Trends - The liquor industry is facing dual declines in production and sales, with a notable slowdown in revenue growth for liquor companies in 2024 [1] - The number of liquor companies experiencing revenue declines increased from 2 to 6 compared to the previous year, with brands like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Group 2: Sales Expenses - The total sales expenses for 19 listed liquor companies reached 45.87 billion yuan in the previous year, marking an 11% year-on-year increase, which outpaced revenue growth [2] - The median sales expense ratio rose from 16.26% to 19.1%, indicating a growing burden on companies [2] - Notably, Wu Liang Ye had the highest sales expenses at 10.692 billion yuan, followed by Gu Qing Gong Jiu and Kweichow Moutai [2] Group 3: Management Expenses - The total management expenses for listed liquor companies amounted to 22.85 billion yuan, slightly up from 22.66 billion yuan the previous year, with a median management expense ratio of 7.27% [3] - Eleven companies reported an increase in management expenses, while eight companies saw a decline [3] - Companies like Shanxi Fen Jiu, Shui Jing Fang, and Tian You De Jiu experienced management expense growth exceeding 10% [3] Group 4: Expense Ratios - Jiu Gui Jiu had the highest sales expense ratio at 42.94%, followed by Jin Zhong Zi Jiu at 31.84% and Gu Qing Gong Jiu at 26.22% [4] - Kweichow Moutai had the lowest sales expense ratio at 3.24%, indicating efficient cost management [4] - The management expense ratios for Tian You De Jiu, Jiu Gui Jiu, and Jin Zhong Zi Jiu exceeded 10%, while companies like Wu Liang Ye and Kweichow Moutai maintained lower ratios [4]

有9家酒企归母净利润低于10亿元，4家净利润低于1亿元。去年只有金种子酒一家酒企亏损，亏损金额 从上年的0.22亿元扩大到2.58亿元。 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2024年，白酒行业进入深度调整！ "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒 挂，"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧，头部酒企仍能维持稳健增长，中小酒企则开始面对压力。 从上市公司层面来看，2024年酒企收入增速大幅放缓，收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 19家上市白酒公司归母净利润增长7.6% 贵州茅台一家占比达到52% 2024年19家上市白酒公司（剔除*ST岩石（维权）），总共实现归母净利润1668.48亿元，同比增长 7.6%。 贵州茅台去年净利润达到862.28亿元，占上市白酒净利润的近52%，提升了3.48个百分点。其次是五粮 液、泸州老窖和山西汾酒，归母净利润分别为318.5 ...

出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2024年，白酒行业进入深度调整！ "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒 挂，"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧，头部酒企仍能维持稳健增长，中小酒企则开始面对压力。 从上市公司层面来看，2024年酒企收入增速大幅放缓，收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 3家酒企经营活动现金流净额转负 经营活动现金流是衡量上市公司核心盈利能力和财务健康度的关键指标，2024年3家酒企经营活动现金 流净额转负，分别为舍得酒业、酒鬼酒、金种子酒，比上年多了两家。 去年8家公司经营活动现金流净额同比增长，剔除皇台酒业之后，增速最快的是泸州老窖、山西汾酒、 口子窖。此外贵州茅台增长38.85%，也排在前列。 此外，伊力特、洋河股份、顺鑫农业、舍得酒业、金种子酒、酒鬼酒在收入下滑的情况下，存货仍在增 长。 | | | 2024年上市白酒公司存货、现金 ...