Core Viewpoint - The recent announcements from various liquor companies, including Sichuan Water Well, indicate a strategic shift towards controlling inventory and stabilizing pricing in response to market fluctuations and channel disruptions [1][3][11] Group 1: Company Actions - Sichuan Water Well announced a halt on the sale of its "Zhen Niang No. 8" 500ml product across all channels and implemented measures to stabilize the value chain and manage promotions during the 618 sales period [1] - The company emphasized the importance of maintaining a stable pricing system to boost market confidence and support the steady development of its core products [1] - Other liquor companies, such as Luzhou Laojiao and Wuliangye, have also issued stop-sale notices and are focusing on inventory reduction and ensuring distributor profitability [3][5] Group 2: Industry Trends - The liquor industry is experiencing a trend of inventory control and price stabilization as companies respond to market adjustments and unstable terminal prices [5][6] - Industry leaders are advocating for measures to ensure distributor profitability, which is seen as essential for maintaining active sales efforts and preventing price erosion [6][11] - Recent data indicates significant profit declines for liquor distributors, highlighting the need for companies to support their partners to avoid excess inventory and price drops [5][6] Group 3: E-commerce and Market Regulation - Sichuan Water Well has taken strict actions against violations of company policies during the 618 promotion, including penalties and termination of partnerships [1][7] - Other companies, such as Wuliangye and Jian Nan Chun, have also raised concerns about counterfeit products being sold through e-commerce platforms, urging consumers to purchase through official channels [8][10] - The industry is increasingly focused on transparency and traceability to combat counterfeit products and ensure consumer trust [11]

Group 1 - The core viewpoint of the article is that Kweichow Moutai's Q1 2025 performance shows a slowdown in growth, with revenue of CNY 51.44 billion, a year-on-year increase of 10.7%, slightly exceeding market expectations [3][15] - The net profit for Q1 2025 reached CNY 26.85 billion, reflecting a year-on-year growth of 11.6%, indicating a stronger profit growth compared to revenue [3][15] - The company has increased the launch of non-standard products, which has contributed to the revenue growth despite the overall slowdown in the traditional Moutai product line [3][15] Group 2 - Moutai liquor achieved revenue of CNY 43.56 billion in Q1 2025, a year-on-year increase of 9.7%, with growth primarily driven by the increased launch of non-standard products [3][18] - The series liquor segment saw a revenue of CNY 7.02 billion, growing by 18.3%, indicating a recovery after two consecutive quarters of decline [4][20] - The company has focused on clearing inventory and restructuring its distribution system for series liquor, leading to improved sales performance during the 2025 Spring Festival [4][20] Group 3 - The direct sales channel's share increased slightly to 45.9% in Q1 2025, reflecting a strategy to alleviate inventory pressure on traditional Moutai products [4][24] - The company is expected to continue increasing the proportion of direct sales to stabilize pricing and enhance profitability in the long term [4][24] - The contract liabilities decreased by 8% year-on-year, indicating a significant reduction in the company's inventory management efforts [4][26] Group 4 - The gross profit margin slightly declined from 92.7% to 91.8% due to increased sales of series liquor, while the net profit margin reached 52.2% [5][29] - The management expense ratio decreased to 3.7%, the lowest level in three years, showcasing improved operational efficiency [5][29] - The company has increased its marketing expenses for series liquor significantly, indicating a strategic push into the mid-range and mass market segments [4][21]

行业周报 研究所 [table_reportdate] 食品饮料 2025 年 02 月 24 日 行业研究 行业周报 投资评级：推荐 白酒控货挺价，短期或具补涨行情 核心观点 股价走势图 1）摘要 本周板块走势较平稳，主要原因为板块无较大基本面催化；白酒春节后 进入淡季，诸多企业开启停货挺价的动作，包括五粮液、今世缘、汾酒 及老窖等；市场反馈相对理性和平稳，其中今世缘和汾酒渠道反馈势能 仍向上，并且有增量；大众品板块延续回升，如中炬高新春节动销因基 数较高，同比或略有压力，但环比增长较优；整个板块从基本面维度看 短期或难有催化，延续相对弱势，其中白酒基本面预计仍为左侧；临近 两会，建议关注自上而下政策端的催化；全年维度看随着宏观调控发力， 有望逐步走出底部拐点；绝对估值整体处于底部区间，横向对比目前市 场其他板块龙头白马近期估值修复明显，短期板块或具补涨行情。 推荐白酒头部性企业以及泛餐饮链。推荐公司包括：贵州茅台、五粮液、 山西汾酒、泸州老窖、天味食品、安井食品、伊利股份、海天味业、千 味央厨、燕京啤酒等。 资料来源：国都证券，ifind 2）行业观点更新 白酒：近期白酒进入传统淡季，诸多厂家开启控货挺价 ...