Group 1 - The white liquor industry is experiencing a significant downturn, with the white liquor index dropping 4.8% this week and a year-to-date decline of 17.4% [1][2] - Several companies, including Gujing Gongjiu, Jinshiyuan, and Yanghe, have seen their stock prices hit new lows for the year, with Gujing Gongjiu's stock price reaching a five-year low [2][3] - The decline in high-end liquor prices is attributed to limited consumption scenarios, increased pressure on channels for cash flow, and the impact of e-commerce subsidies [1][3] Group 2 - The basic performance of the industry is under pressure, with Moutai's bottle price decreasing by 70 yuan week-on-week, and the original box price down by 90 yuan [3] - The second quarter is expected to show weak fundamentals, with inventory levels increasing post-Duanwu Festival and companies focusing on promotions and destocking [3][4] - Despite the current challenges, there are three positive factors that may support a more optimistic outlook for the industry, including the stabilization of Moutai's wholesale price and the proactive strategies of leading companies [5]

事件 2025 年 4 月 29 日，公司披露 24 年年报及 25 年一季报。1）24 年 实现营收 115.4 亿元，同比+14.3%；实现归母净利 34.1 亿元，同 比+8.8%。2）25Q1 实现营收 51.0 亿元，同比+9.2%；实现归母净 利 16.4 亿元，同比+7.3%。符合市场预期。 经营分析 产品维度：1）24 年特 A+类/特 A 类分别实现营收 74.9/33.5 亿元， 同比+15%/+17%，其中销量+27%/+26%，吨价-10%/-8%，毛利率 -2.8pct/-5.7pct，预计与货折等促销提升相关。2）25Q1 特 A+类 /特 A 类分别实现营收 31.7/16.5 亿元，同比+7%/+17%。公司省内 品牌势能仍在上行、竞争优势有望逐步拉大。 区域维度：1）24 年省内/省外分别实现营收 105.5/9.3 亿元，同 比+13%/+27%；省内南京/淮安/苏中/苏南/盐城/淮海大区分别 +12%/+12%/+21%/+9%/+16%/+9%。2）25Q1 省内/省外分别实现营收 46.4/4.4 亿元，同比+8%/+19%；省内南京/淮安/苏中/苏南/盐城/ 淮海大 ...