8月26日，农夫山泉披露上半年财报，实现营收256.2亿元，同比增长15.6%；实现归母净利润76.2亿元，同比增长22.1%。8月27日，或受业绩利好影响，农 夫山泉股价应声大涨，当日收盘上涨7.11%至50.3港元/股，总市值5657亿港元。随着上半年舆论影响逐步消退，农夫山泉包装饮用水业务回暖，但仍未回到 巅峰期的体量。 绿瓶水价格回归 舆论风波后的第一年，农夫山泉交出了一份可圈可点的半年报，特别是包装饮用水业务实现了止跌回暖。 财报显示，上半年农夫山泉包装饮用水实现营收约为94.4亿元，同比增长10.7%，经过连续两个财报下滑后包装水业务重新恢复正增长。 回顾2024年，尽管农夫山泉总收益同比增长0.5%至428.96亿元，但包装饮用水产品的收益较2023年同期下降21.3%。为了抢回市场，农夫山泉在2024年4月重 新推出了绿瓶纯净水产品，通过低价促销的策略推广。据了解，在价格战打得最厉害的时候，绿瓶纯净水终端定价低至1元/瓶（单瓶装）或9.9元/件（12瓶 装）。 近日，北京商报记者走访市场了解到，今年上半年，农夫山泉加大了红瓶天然水的推广力度，并减少了绿瓶纯净水的补贴。海淀区某经销商向北京商报记 ...

导 语：泸州老窖确定的2025年目标并不算高，仅为维持正增长。 "高调"停货的背后 在2024年财报发布的三天前，也是国窖1573高度酒跌到840元之际，泸州老窖（000568.SZ）开始全 品系停货。 在每年最大的消费旺季——春节前压一波库存、完成公司业绩增长的目标之后，酒企往往于淡季停 止发货。停货的目的，消化积压库存的同时稳定价格体系，这属于业内常规操作模式。 停货之前，无论是3个月左右的渠道库存还是今年一季度的发货量，均已维持在不算低的水位。因 此在4月底发出停货指令，也是应有之义，本身并不值得过度关注。 但"宣告"停货的动作，可以看作是一种渠道精细化管理的手段。 泸州老窖董事长刘淼与总经理林峰，是泸州老窖的核心人物。二人均是出身销售一线的营销高手， 都出任过老窖销售公司总经理，其中林峰还担任过泸州老窖营销总监。 多年来，二人搭班联合主政泸州老窖的销售体系，帮助泸州老窖在2016年-2021年行业景气周期中超额 增长。当然，他们也在这一轮行业下行周期中，承受着保业绩增长的巨大压力。 | | 国窖系列 | | | --- | --- | --- | | 昌名 | 散瓶行情 | 涨跌 | | 52度国容1 ...

Core Insights - The company reported a net profit attributable to shareholders of approximately RMB 739 million for 2024, a decrease of 13.28% year-on-year [1] - Revenue reached approximately RMB 6.54 billion, reflecting a year-on-year increase of 6.4% [1] - Gross profit was around RMB 2.046 billion, which is a 5.4% increase compared to the previous year [1] Revenue Breakdown - The group achieved revenue of RMB 4.566 billion from third-party businesses, marking a year-on-year growth of 10.4%, driven by refined channel management and improved product development mechanisms [1] - In the hot pot base category, the beef tallow hot pot base generated RMB 584 million in revenue, up 12.1%, while the tomato hot pot base reached RMB 424.3 million, increasing by 8.6% [2] - The compound seasoning category saw the crawfish seasoning perform exceptionally well, with revenue of RMB 222.8 million, a growth of 31.5% [2] - Instant food products, particularly the spicy sour noodles, were popular among consumers, generating RMB 135.6 million in revenue, a significant increase of 56.7% [2] Channel Management - The company emphasizes refined and standardized management strategies in channel construction, adapting to market changes through in-depth market research and regional layout [3] - E-commerce channels achieved revenue of RMB 398.7 million, reflecting a year-on-year growth of 30.9% [3] - The company implements differentiated management based on channel and regional characteristics, optimizing the "partner" assessment system with an incentive mechanism focused on "incremental" growth [3]