| 场，酒鬼酒在这方面有无布局？ | | --- | | 答:您好，酒鬼酒正在布局小酒产品，满足各消费 | | 人群的需求。 | | 12.2025 年 5 月修订的《党政机关厉行节约反对浪 | | 费条例》明确禁止公务接待用酒，请问酒鬼酒当前政务 | | 消费渠道占比是多少？新规是否会导致经销商信心进 | | 一步受挫？公司在 2025 年规划中，对于当前酒鬼酒营 | | 收下降的问题，特别是对于高端的内参销售，有何破局 | | 之道？ | | 答:您好，公司目前产品销售场景中政务消费的占 | | 比极小，此类政策对公司影响较小。2025 年，公司以 | | "一切为了高质量销售"为核心，提升品牌力、产品力、 | | 渠道力、系统力四方面能力，实现销售质量的提升。品 | | 牌力方面，以"文化+产区"为双核，构筑差异化壁垒， | | 提升品牌张力，强化差异化优势，突出酒鬼酒的产区优 | | 势、香型优势和文化优势。产品力方面，梳理产品价值 | | 链，升级产品矩阵，构建"2+2+2"战略单品体系，即 2 | | 个战略单品（内参、红坛）、2 个重点单品（妙品、透 | | 明装）、2 个馥郁香基础单品（内品、 ...

程军向投资者详解了公司的具体举措。在品牌方面，酒鬼酒以"文化+产区"为双核，构筑差异化壁垒， 提升品牌张力，强化差异化优势，突出酒鬼酒的产区、香型和文化特点。在产品方面，酒鬼酒梳理产品 价值链，升级产品矩阵，构建"2+2+2"战略单品体系，即内参和红坛作为战略单品，妙品和透明装作为 重点单品，内品和湘泉作为馥郁香基础单品。在渠道方面，酒鬼酒对客户实行分类分级管理，建设有效 核心终端24000家。在系统方面，酒鬼酒以"组织协同+数据智能+效率迭代"的底层基建，提升系统支撑 力。 高质量的销售离不开高质量的产品。与会投资者最为关心的是酒鬼酒的先进产能建设情况。对此，酒鬼 酒董事会秘书汤振羽表示："公司正在建设生产三区二期工程，将会根据市场变化调整产能建设进度。 目前，公司已有产能15000吨，生产三区二期工程项目投产后将新增7800吨产能。截至2024年底，公司 基酒库存为46769吨。公司严把产品质量，不同系列的产品采用不同年份的基酒进行制造，为消费者提 供高质价比的产品。" 高质量的销售同样离不开高效率的渠道。与会投资者对公司渠道建设工作也颇为关心。对此，酒鬼酒供 销有限责任公司总经理王恒俊表示："2024年 ...

Core Viewpoint - The company aims to enhance sales quality by focusing on brand strength, product strength, channel strength, and system strength in 2025, with a core strategy of "everything for high-quality sales" [1][4]. Group 1: Sales Strategy - The company has identified that government consumption currently represents a minimal portion of its product sales, indicating that related policies have a limited impact on the company [1]. - The company plans to implement a "2+2+2" strategic product system, which includes two strategic products, two key products, and two basic products, while reducing its SKU by 50% to eliminate low-performing products [1][3]. - The company is focusing on a full-chain layout to drive scale breakthroughs and enhance channel dynamics, with a target of establishing 24,000 effective core terminals [1]. Group 2: Market Dynamics - The high-end liquor market is experiencing a significant decline in demand due to industry weakness, leading to increased competition and price pressure from leading companies [2]. - The company is actively developing small liquor products in response to strong market performance in Hunan [3]. - The company has seen a notable increase in both distribution and sales volumes since the implementation of the BC linkage marketing model, with both metrics exceeding 100% in 2024 [3][4]. Group 3: Product Development - The company is upgrading its "Neican" brand with the launch of the "Neican Jiachen" version, which is expected to support overall sales but will take time to establish [4]. - The company has streamlined its distributor network, focusing on improving the quality of distributors and discontinuing contracts with low-performing ones [4]. Group 4: Future Outlook - The management team is committed to enhancing consumer engagement through increased promotional spending and improving the product value chain, which has already shown positive results in terminal sales [4]. - The company emphasizes the importance of safety, efficiency, innovation, and competitiveness in its operations to drive improvements across all areas [4].

证券研究报告·公司点评报告·白酒Ⅱ 酒鬼酒（000799） 2024 年报及 2025 一季报点评：内调外养， 强基树本 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,830 | 1,423 | 1,222 | 1,336 | 1,516 | | 同比（%） | (30.14) | (49.70) | (14.14) | 9.35 | 13.42 | | 归母净利润（百万元） | 547.81 | 12.49 | 65.55 | 109.05 | 152.44 | | 同比（%） | (47.77) | (97.72) | 424.66 | 66.37 | 39.79 | | EPS-最新摊薄（元/股） | 1.69 | 0.04 | 0.20 | 0.34 | 0.47 | | P/E（现价&最新摊薄） | 25.45 | 1,115.76 | 212.66 | 127.83 | 91.44 | [Tab ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,830 | 1,423 | 1,222 | 1,336 | 1,516 | | 同比（%） | (30.14) | (49.70) | (14.14) | 9.35 | 13.42 | | 归母净利润（百万元） | 547.81 | 12.49 | 65.55 | 109.05 | 152.44 | | 同比（%） | (47.77) | (97.72) | 424.66 | 66.37 | 39.79 | | EPS-最新摊薄（元/股） | 1.69 | 0.04 | 0.20 | 0.34 | 0.47 | | P/E（现价&最新摊薄） | 25.45 | 1,115.76 | 212.66 | 127.83 | 91.44 | [Table_Tag] [Table_Summary] 投资要点 ◼ 25Q1 营收下行探底，毛销差同比趋稳。1）收入端：25Q1 营收同比- ...