以下文章来源于征探财经 ，作者征探君 征探财经 . 资本市场的征探君。把征探财经设置为星标，不会错过每篇文章哦～～ 来源丨征探财经 作者丨五仁 4月28日，迎驾贡酒同时披露了2024年报和2025年第一季度报告。2024年，迎驾贡酒营收73.44亿元，同比增长8.46%；归属于上市公司股东的净 利润25.89亿元，同比增长13.45%。 然而，在2025年第一季度，迎驾贡酒的业绩出现下滑——收入20.47亿元，同比减少12.35%；归属于上市公司股东的净利润8.29亿元，同比减少 9.54%。 受此影响，4月29日，迎驾贡酒股价一度触及跌停，最终以44.41元/股收盘，跌幅8.98%。 过去几年里，通过发力中高档白酒市场，迎驾贡酒的营收和净利润保持了两位数增长，而2024年，迎驾贡酒营收增速降至个位，2025年第一季度业 绩更是出现下滑。新的一年，迎驾贡酒能否稳住增长呢？ 01 发力中高档白酒 在过去几年里，迎驾贡酒一直保持着两位数增长。2021年-2023年，迎驾贡酒分别收入45.77亿元、55.05亿元、67.2亿元，分别同比增长 32.58%、19.59%、22.07%；归属于上市公司股东的净利润分别为 ...

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 - Wuliangye's 2024 annual report shows a revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit of 31.853 billion yuan, up 5.44%, indicating a slowdown in growth rates for both revenue and profit, marking the first time since 2015 and 2016 respectively that these figures have shown single-digit growth [1][4][10]. Financial Performance - In Q1 2024, Wuliangye achieved a revenue of 36.94 billion yuan, a year-on-year increase of 6.05%, and a net profit of 14.86 billion yuan, up 5.80%, reflecting a trend of single-digit growth in quarterly reports for the first time in nearly a decade [3][4]. - For the first three quarters of 2024, Wuliangye's net profit reached 24.931 billion yuan, a year-on-year increase of 9.19%, but the fourth quarter saw a decline in net profit by 6.17% to 6.922 billion yuan despite revenue growth [2][4]. Industry Context - The white liquor industry is currently undergoing a deep adjustment period characterized by increased volatility and intensified competition, which has impacted Wuliangye's performance [2][10]. - The overall production of major white liquor companies in 2024 is projected to decline by 1.8%, while sales revenue is expected to grow by 5.3%, indicating challenges within the industry [10]. Sales and Marketing Strategy - Wuliangye has increased its sales expenses significantly, with total sales expenses exceeding 10 billion yuan for the first time, reaching 10.69 billion yuan, a year-on-year increase of 37.2% [18][20]. - The company has focused on enhancing market investment to boost dealer confidence, with promotional expenses alone rising to 6.76 billion yuan, up 48.9% [18][20]. Product Mix and Market Position - Wuliangye's high-end products accounted for 76% of its revenue in 2024, totaling 67.875 billion yuan, while lower-tier products generated only 15.251 billion yuan, highlighting a lack of mid-tier product support [12][10]. - The company plans to stabilize market prices and ensure channel profitability by adjusting its production strategy in response to market demand changes [10][12]. Future Outlook - Wuliangye's 2025 goals include consolidating and enhancing stable development, promoting brand value, and aligning revenue growth with macroeconomic indicators, reflecting a more conservative outlook compared to previous years [12][24].

Core Viewpoint - Yanghe Co., Ltd. achieved a net profit of 6.673 billion yuan in 2024, demonstrating operational resilience amidst a challenging liquor industry cycle [1] Group 1: Financial Performance - In 2024, Yanghe Co., Ltd. reported an operating income of 28.876 billion yuan and a net profit attributable to shareholders of 6.673 billion yuan [1] - The company’s performance is notable given the overall decline in earnings or losses reported by many liquor companies during the same period [1] Group 2: Strategic Adjustments - Yanghe Co., Ltd. has proactively slowed its growth to build a more comprehensive product matrix, focusing on quality and consumer segmentation [3] - The company has successfully positioned itself in the high-end market, with its "Dream Blue Handcrafted Class" being the first to receive certification as a high-end vintage liquor [3] Group 3: Product Development - In 2025, Yanghe Co., Ltd. plans to launch the seventh generation of "Sea Blue," featuring high-quality aged liquor, and a new line of affordable bottled liquor [4] - The company emphasizes a differentiated competitive edge through its "old cellar, old craft, old liquor" strategy, supported by significant production and storage capabilities [4] Group 4: Market Trends and Innovations - The liquor industry is shifting from growth driven by scale to enhancing consumer value, with Yanghe Co., Ltd. adapting to this trend by innovating its product offerings [6] - The company has introduced products targeting younger consumers and international markets, including creative cultural products [7] Group 5: Corporate Social Responsibility and ESG - Yanghe Co., Ltd. has been recognized for its commitment to social responsibility and environmental sustainability, including donations to disaster relief and youth development initiatives [7][8] - The company has achieved zero-carbon certification for its production facilities, becoming a model in the liquor industry [8] Group 6: Stakeholder Relations - Yanghe Co., Ltd. is focused on building a "manufacturer-distributor community" to strengthen relationships with distributors and ensure their rights [11] - The company plans to distribute at least 70% of its net profit as cash dividends to shareholders from 2024 to 2026, with a total cash dividend of over 7 billion yuan expected for 2024 [11]

有着"川酒小金花"之称的丰谷酒业欠税，且欠税额超过3500万元。 4月30日，南都湾财社记者从国家税务总局绵阳市税务局了解到，四川省绵阳市丰谷酒业有限责任公司 （简称"丰谷酒业"）因欠增值税3559万元、欠城市维护建设税267.99万元被通报；发布单位为国家税务 总局绵阳科技城税务局。 企查查显示，丰谷酒业成立于1994年，注册资本2亿元，法定代表人为李寒松。公司控股股东为四川发 展资产经营投资管理有限公司，持股60%，剩余40%股权由绵阳科技城发展投资（集团）有限公司持 有。 据公开资料，丰谷酒业的前身是绵阳县国营厂，1994年改制为四川省绵阳市丰谷酒业有限责任公司在 2001年至2016年期间，丰谷酒业的大股东历经西藏珠峰摩托车工业公司、四川金路集团；直至2017年， 四川发展资产经营投资管理有限公司、绵阳科技城发展投资（集团）有限公司出手，通过司法拍卖的方 式，接手了丰谷酒业，公司重新回归国有。 记者注意到，丰谷酒业面临的问题远不止于此，包括破产重整的遗留问题、巨额债务等问题仍存在，叠 加白酒调整周期，丰谷酒业或也面临动销等难题。在近期丰谷酒业召开的一季度工作会议上，公司指 出，2025年一季度公司经济 ...

Core Viewpoint - Luzhou Laojiao's 2024 performance report reveals a stable position in the liquor industry but highlights challenges amid deep industry adjustments [2][3] Financial Performance - In 2024, Luzhou Laojiao achieved operating revenue of 31.196 billion yuan, a year-on-year increase of 3.19% [2] - The net profit attributable to shareholders reached 13.473 billion yuan, growing by 1.71%, indicating a slowdown compared to previous years [2] - The company proposed a cash dividend of 45.92 yuan per 10 shares, with a total cash payout of 8.758 billion yuan, representing 65% of net profit [2] Dividend Policy - Luzhou Laojiao announced a three-year dividend plan, committing to cash dividend ratios of no less than 65%, 70%, and 75% for the years 2025-2027, with annual dividends not less than 8.5 billion yuan [2] Product Performance - The core revenue driver remains the high-end product Guojiao 1573, contributing 27.585 billion yuan, nearly 90% of total revenue [3] - However, the fourth quarter revenue of 6.896 billion yuan showed a significant decline in growth rate compared to the first three quarters [3] Inventory Concerns - As of the end of 2024, Luzhou Laojiao's inventory value reached 12.3 billion yuan, with turnover days exceeding 1,100, which is significantly higher than peers like Wuliangye and Fenjiu [3] - The company is investing 4.783 billion yuan in smart brewing technology upgrades to improve inventory turnover efficiency [3] Strategic Challenges - Luzhou Laojiao faces common industry challenges such as consumption segmentation and inventory digestion, while balancing price maintenance and market expansion [3] - The company maintains a gross profit margin of 86.51% and a return on equity of 30.44%, reflecting its strong profitability as a high-end liquor enterprise [3]

4月29日晚间，我国清香型白酒龙头——山西汾酒（600809）对外披露了2024年财报。公告显 示，报告期内，公司实现营业收入360.11亿元，同比增幅达12.79%；归母净利润为122.43亿元， 较去年同期增长17.29%，两大关键运营指标均保持两位数高增，显著跑赢白酒上市公司平均行业增 速，印证清香型品类扩容红利。 值得一提的是，同日，山西汾酒还披露了2025年一季报。截至今年3月，公司营业收入和归母净利 润分别录得165.23亿元和66.48亿元，同比分别增长7.72%和6.15%，显示出其盈利韧性超预期。 对此，有资深业内人士分析表示，自2017年启动国企改革三年行动以来，山西汾酒通过产品矩阵优 化、引入华润战略投资者、实施激励政策等举措，为全国化扩张储备了战略势能，配套产能扩张与全 链条数智化转型等，最终在白酒深度调整周期中，以汾酒速度实现"三分天下有其一"的战略突破， 重构行业格局。 未来，白酒行业仍存在结构性机会，次高端价格带品牌竞争格局仍然较为分散，全国性品牌和强势区 域品牌具备各自的竞争优势。其中，汾酒的青花系列品牌，在汾酒的品牌势能和清香型的香型差异化 上具备独特的优势，其通过品牌矩阵突 ...

引发股价下跌的直接因素是业绩"变脸"。4月28日，迎驾贡酒发布2024年年报及2025年一季报，继2024 年收入增速降低之后，2025年一季度营收下滑12.35%，净利润下滑9.54%。 营收与净利润双降，创五年新低 前几年迎驾贡酒作为一匹"黑马"，业绩保持持续快速增长。2024年则开始大幅放缓，今年一季度营收 20.47亿元，同比下滑12.35%；归母净利润 8.29亿元，同比下滑9.54%。这是自 2020 年疫情以来，迎驾 贡酒首次出现一季度营收和净利润同步下滑，超出市场预期（此前券商预测普遍为个位数增长）。 4月29日，迎驾贡酒股价单日暴跌 8.98%，创下年内新低，如果算上4月28日两个交易日下跌11%。 2024 年迎驾贡酒中高档白酒营收增速已从往年 20% 以上降至 13.76%，2025 年一季度进开始下滑，其 "生态洞藏" 系列等高端产品在消费疲软环境下也受到影响。 前几年迎驾贡酒抓住省内消费升级窗口，通过洞藏新产品的铺货实现了短期快速增长，但是在100 元-300元这个价位带内同样面临激励竞争，安徽是白酒强省，排在迎驾贡酒前面的，还有口子窖与古井 贡酒两家地产酒强敌。在消费疲软比激烈竞争 ...

Core Viewpoint - Kuozi Jiao's 2024 financial report fell short of expectations, with total revenue of 6.015 billion yuan, a year-on-year increase of 0.89%, and a net profit of 1.655 billion yuan, a year-on-year decrease of 3.83% [1] Revenue and Profit Analysis - The company had previously projected a revenue of 7.035 billion yuan for 2024, indicating a significant gap between expectations and actual performance [1] - The high-end product revenue remained stable at 5.681 billion yuan, while the mid-range product revenue declined by 10.35% to 68.41 million yuan, and low-end product revenue increased by 33.01% to 126 million yuan [2][3] Cost and Margin Insights - The gross margin for high-end products decreased by 0.22 percentage points, while mid-range and low-end products saw declines of 7.09 and 7.61 percentage points, respectively [2] - The overall gross margin for Kuozi Jiao dropped to 74.33%, reflecting a decrease of 0.59 percentage points compared to the previous year [2] Regional Performance - In Anhui province, revenue grew by 1.10% to 4.956 billion yuan, while costs increased by 1.23%, leading to a slight decrease in gross margin [3] - Outside Anhui, revenue fell by 2.88% to 920 million yuan, with costs rising by 9.90%, resulting in a more significant gross margin decline of 3.73 percentage points [3] Management and Strategic Spending - Kuozi Jiao's management expenses rose to approximately 140 million yuan, with consulting service fees reaching 30.0746 million yuan, indicating a focus on long-term strategic development despite current financial pressures [3][5] - The company has spent a total of 81 million yuan on consulting services over the past three years, which raises questions about the effectiveness of such expenditures [3] Competitive Landscape - Kuozi Jiao faces intense competition in the Anhui liquor market, with rivals like Gujing Gongjiu and Yingjia Gongjiu outperforming it in both revenue and growth rates [6] - In 2024, Gujing Gongjiu achieved revenue of 23.578 billion yuan, a year-on-year increase of 16.41%, while Yingjia Gongjiu reported 7.344 billion yuan, an 8.46% increase [6] Future Outlook - Kuozi Jiao aimed for an 18% revenue growth in 2024 but has not met this target, and the gap with leading competitors has widened [7] - The company has not specified its operational goals for 2025 in its annual report, indicating uncertainty in its future direction [7]