每经记者｜刘明涛 每经编辑｜肖芮冬 白酒方面，Wind白酒指数本周跌幅虽为1.17%，但一线龙头白酒公司表现较强。其中，贵州茅台和山西汾酒本周分别上涨1.44%和0.83%，泸州老窖和五粮液 本周跌幅则为0.06%和0.38%，调整幅度较小，且跑赢白酒指数。今世缘和迎驾贡酒本周表现较弱，本周跌幅分别为3.12%和3.21%。在市值增长方面，贵州 茅台本周市值增长288.3亿元，市值增长在所有酒企里一枝独秀。 本周，白酒行业继续维持低位震荡，Wind白酒指数先扬后抑，周跌幅为1.17%，板块内个股普跌，迎驾贡酒和今世缘跌幅靠前。拉长时间看，这两只个股二 季度累计跌幅均超过10%，走势低迷。 四只白酒股二季度以来跌幅已超10% 值得关注的是，二季度以来，白酒指数季度跌幅环比明显缩窄，多只个股进入筑底阶段。但今世缘、洋河股份以及迎驾贡酒同期表现似乎有些"掉队"，二季 度以来累计跌幅均超过10%。 如果说洋河股份与迎驾贡酒股价低迷与其业绩低于预期有关，近年来成长迅速、已跻身"百亿俱乐部"的今世缘股价突然出现"疲态"，则可能与其业绩增速大 幅放缓相关。 随着2024年年报、2025年一季报披露完毕，投资者近期的目光开始 ...

Core Viewpoint - Tianyoude Liquor's net profit has decreased significantly due to increased market expenses and the implementation of a stock incentive plan, impacting the company's financial performance in 2024 [1][2]. Financial Performance - In 2024, Tianyoude Liquor reported revenue of approximately 1.255 billion yuan, a year-on-year increase of 3.69%, while net profit was around 42.13 million yuan, a decline of 52.96% [2]. - The revenue from Qingke Baijiu priced at 100 yuan (inclusive) per 500ml and below was approximately 496 million yuan, showing a slight increase of 1.17%, while the revenue from those priced above 100 yuan was about 574 million yuan, a slight decrease of 0.66% [4]. - Other Qingke liquor categories generated about 4.11 million yuan, down 44.99%, and wine contributed nearly 7.35 million yuan, declining by over 41% [4]. Sales Channels - Revenue from channel distribution and direct sales was approximately 934 million yuan and 150 million yuan, respectively, reflecting declines of 1.49% and 1.78% [4]. - E-commerce platform revenue reached less than 144 million yuan, marking a growth of around 64% compared to 87.56 million yuan last year [4]. Regional Performance - Revenue from Qinghai province, outside Qinghai, and international markets was approximately 797 million yuan, 428 million yuan, and 3.34 million yuan, with slight declines of 1.23%, a growth of around 14%, and a drop of 55%, respectively [4]. Expense Analysis - In 2024, Tianyoude Liquor's sales, management, financial, and R&D expenses all experienced double-digit growth, with sales expenses reaching about 324 million yuan, a 12.5% increase from 288 million yuan the previous year [5]. - Advertising and market expenses were around 182 million yuan, showing a year-on-year growth of 21.37% [5]. Strategic Recommendations - To achieve breakthrough development, Tianyoude Liquor should focus on rapidly growing e-commerce channels and expanding the distribution of light bottle liquor products in markets outside Qinghai to increase national market share [5].