Core Viewpoint - The liquor industry maintains a medium-term optimistic outlook, emphasizing the importance of positioning over rhythm, with a focus on marginal stabilization signals at the cycle bottom [1] Revenue Side: Gradual Bottoming and Increasing Disparity - In FY2024, the liquor sector's revenue grew by 8.2% year-on-year, while net profit attributable to shareholders increased by 7.2%, with a noticeable deceleration in H2 compared to H1 [2] - Major liquor companies are enhancing dealer management and making appropriate adjustments, emphasizing binding core distributors to drive network penetration and sales performance [2] - In Q4 of 2024 and Q1 of 2025, most liquor companies experienced cash collection growth rates lower than apparent return growth rates, indicating ongoing cash pressure in channels [2] Profit Side: Pressure on Gross Margin and Tax Rate, Decline in Net Profit Margin - The gross margin for the liquor sector in FY2024 was 82.93%, a year-on-year increase of 0.41 percentage points, while Q1 of 2025 saw a gross margin of 82.61%, up by 0.09 percentage points [3] - Sales expense ratios increased in FY2024 and Q1 of 2025, while management expense ratios decreased, indicating a cautious approach to expense management amid a stable pricing environment [3] - Profit growth rates for high-end liquor were 11.31% in FY2024 and 8.47% in Q1 of 2025, while sub-high-end and real estate liquor experienced declines, primarily due to challenges faced by certain brands [3]

Q1 2025 INVESTOR PRESENTATION reported on May 7, 2025 Elevating Essential Products Leading producer of specialty alcohols and high quality ingredients 1 Safe Harbor Statement Statements and information contained in this communication that refer to or include Alto Ingredients' estimated or anticipated future results or other non- historical expressions of fact are forward-looking statements that reflect Alto Ingredients' current perspective of existing trends and information as of the date of the communicati ...

据南都湾财社记者了解，今年以来，茅台在响应贵州打造"多彩贵州"文旅新品牌战略动作频频，从"五 一"假期茅台酱香酒公司策划的贵阳路边音乐会，打造多元音乐盛宴、素人K歌、非遗市集、美酒品鉴 等互动体验，到此次聘请张艺兴为茅台文旅代言人等，茅台正在为贵州文旅产业进行助力。 业界分析认为，与张艺兴合作，将为茅台文旅更好切入消费市场、树立品牌文化形象、扩大企业影响力 提供新的路径。茅台不断强化"酒旅"联动，深度融入和创新"酒旅融合"业态，既是践行"客群、场景、 服务"的三个转型，也助推"卖酒向卖生活方式转变"。 对于张艺兴在代言茅台文旅后，双方将有哪些进一步的合作互动，南都湾财社-酒水新消费指数课题组 记者将持续关注。 （文章来源：南方都市报） 公开资料显示，茅台文旅是茅台集团（上市公司贵州茅台母公司）旗下全资子公司之一，其业务范围涵 盖旅游开发、文创产品及文旅话活动等。 南都湾财社记者留意到，包括贵州茅台的IP公仔"小茅"周边、含酒的文旅礼盒以及茅台1935联名酒等， 均由茅台文旅进行运作和销售。 值得注意的是，在宣布张艺兴代言的海报中，茅台文旅放上了一套端午新品文旅礼盒，以及两个小茅主 题公仔。南都湾财社记者从多家 ...

截至4月30日，21家白酒上市企业的2024年年报悉数发布，各酒企的营收、净利、经营目标等数据成为 行业关注的焦点。业绩表现背后，财报中还藏着更大的秘密。南都湾财社-酒水新消费指数课题组记者 梳理发现，2024年多家白酒上市公司的经销商数量在减少，其中有酒企去年一年时间经销商数量骤减超 3000家。 而反映经销商打款意愿的合同负债一项，去年也有多家酒企合同负债下滑；随着高库存和价格倒挂等现 象持续，白酒经销商普遍承压。面对越来越多人的"逃离"，酒企要怎么做才能留住经销商？ 7家酒企去年经销商数量共减少超4000家 上海贵酒减少3627家 从整体来看，2024年20家白酒上市公司的经销商总数量出现微增，其中有13家酒企的经销商数量增加， 但经销商数量减少的酒企有7家，减少的总量超过4000家，这在以往属于较为罕见的情况。 课题组记者了解到，上海贵酒2024年末的经销商数量仅剩772家，相比2023年，经销商数量锐减3627 家，成为20家上市公司中经销商数量减少最多的企业。 对此，上海贵酒在财报中表示，2024年，受多方面因素影响，公司资金承压，市场投放减少。叠加公司 实际控制人被公安机关采取强制措施和控股股东 ...

5月7日，贵州茅台官方号宣布："张艺兴正式成为茅台文旅代言人，传统与潮流相遇，醇香邂 逅舞台光芒"。 来源： @贵州茅台官微、九派财经 此前，有传闻称茅台将官宣张艺兴为首位代言人，#茅台 张艺兴# 词条登上微博热搜。 有媒体就此向茅台求证，官方回应称：将跟相关部门核实，网上看到的多为个人言论，请以官方消 息为准。 对此，有分析认为，这可能是茅台布局年轻化市场、通过代言人拓展新生代消费者的转型战 略之一，也有质疑声称，茅台本身的市场认同度无需借助明星效应，其高端的品牌调性、商 务的消费场景与张艺兴粉丝群体并不适配。 张艺兴，1991年10月7日出生于湖南省长沙市，中国内地男歌手、演员，韩国男子演唱组合 EXO/EXO-M成员，中国国家话剧院演员，染色体娱乐集团CEO，中国街舞运动推广大使。 2012年，以EXO团体和其子队EXO-M成员身份正式出道。2015年，在中国成立个人工作室， 并加盟励志体验真人秀节目《极限挑战》而受到广泛关注。2016年，凭借在《前任2：备胎反 击战》中饰演的李相赫一角获得第四届中英电影节最佳男配角奖。2017年，凭借在战争片 《建军大业》中饰演的卢德铭一角提名第9届澳门国际电影节最佳 ...

南财快讯注意到，该传闻或与将于5月1 7日至1 8日举办的贵阳·T次方音乐与艺术节有关，其公 布的演出阵容就包含张艺兴、莫文蔚等艺人。 作 者丨 孙永乐 茅宁 编 辑丨张颖国 刘巷 黎雨桐 5月7日，有传闻称张艺兴或将成为茅台（6 0 0 5 1 9 .SH）首位代言人，#茅台 张艺兴#词条登上 微博热搜，引发热议。多个自媒体账号提及"茅台首位代言人张艺兴"相关内容，部分提到"空 降代言"或"今日官宣"等时间节点。 据投资快报报道，酒业独立评论人肖竹青对记者表示， 其从贵州茅台高层了解到茅台集团和 茅台股份有限公司都不可能聘请形象代言人， 茅台集团的子公司有时候会根据市场推广需要 请一些艺人参加活动，但是这不能说是贵州茅台聘请的代言人。 对此，今日下午，贵州茅台投资者关系管理部门相关人士对以投资者身份求证的南财快讯记 者表示， "经了解核实，5月1 7日至1 8日，茅台集团旗下文旅公司将会携手央视旗下的央视娱 乐传媒，联合举办2 0 2 5年'黄小西'贵阳·T次方音乐与艺术节，届时会邀请艺人张艺兴以茅台 文旅代言人的身份出席并参与演出。" 5月7日傍晚，贵州茅台酒股份有限公司官方微博官宣，张艺兴正式成为茅台文 ...

毛利率端：2024/25Q1白酒板块平均毛利率分别为81.8%/81.5%，高端酒表现相对稳健，次高端酒分化明 显，地产酒多有回落。 智通财经APP获悉，广发证券发布研报称，25Q1春节旺季催化下，行业整体营收小幅增长，但增速较 2024年下滑，行业仍处调整期。分价格带来看，高端白酒整体稳中有增，次高端酒营收增速接近零值区 间，地产酒及其他白酒分化加剧。当前进入5月，白酒行业由传统淡季转向五一、端午小旺季，在需求 回暖的情况下主流产品价盘有望企稳。展望2025全年，龙头酒企稳字当头，渠道静待库存消化，动销预 计保持平稳。 广发证券主要观点如下： 收入端：高端表现稳健，次高端承压，地产酒分化 高端酒：25Q1三家酒企营业总收入均延续增长态势，相较其他酒企展现出更强的品牌力与经营稳定 性。 次高端：春节期间营收承压，24Q4+25Q1次高端酒企收入合计266.1亿元，同比-4.8%。分公司看，山西 汾酒表现突出，水井坊发力新渠道带动增长，舍得酒业、酒鬼酒持续调整。 地产酒：25Q1内部呈现强分化。古井贡酒、今世缘收入增速表现较好，主因部分强势单品势能延续、 持续放量，口子窖在新品兼8带动下营收表现略超预期，迎驾贡 ...

文 | 酒讯 半颗 编辑 | 方圆 年份打底，文化加持，老牌白酒的故事常常从传承讲起。但相比于年份与文化属性，山庄集团选择了另 一条路——科技。 山庄集团近年来发力科研，为旗下皇家窖藏系列贴上"醒酒更快"的标签，从产品卖点到战略方向进行微 生物研究、加码智能酿造，"科技"正被山庄集团视为撬动未来的一支新杠杆。 当前河北白酒市场三足鼎立，衡水老白干、丛台、山庄三家竞争胶着。在此背景下，山庄集团试图借助 科技构建起差异化优势冲击百亿营收。那么，"科技"这张牌会是可行解法？ 片来源：山庄集团官网 01 老牌酒的科技风 如果要给山庄集团近几年的关键词做一个排序，"科技"无疑排在前列。2025年开窖节上，山庄集团抛出 了"品质为基、文化为魂、科技为翼"的核心理念，2024年开窖节的主题则为"匠心科技·醒酒更快"。重 要的事情说两遍，可以看出山庄集团对科技的重视。 走进细看，山庄集团目前的科技叙事，基本是围绕皇家窖藏系列展开，核心卖点落在"醒酒更快"。为 此，山庄集团与天津科技大学、中国食品检测中心等科研机构合作，围绕"饮后舒适度"这一消费痛点， 进行了生产酿造多个环节的研究。 图 片来源：山庄集团公众号 他们筛选、分离 ...

Company Overview - Molson Coors Brewing (TAP) is headquartered in Golden and operates in the Consumer Staples sector [3] - The stock has experienced a price change of 0.21% since the beginning of the year [3] Dividend Information - Molson Coors currently pays a dividend of $0.47 per share, resulting in a dividend yield of 3.27% [3] - The Beverages - Alcohol industry's average yield is 0.49%, while the S&P 500's yield is 1.59% [3] - The company's annualized dividend of $1.88 has increased by 6.8% from the previous year [4] - Over the past five years, Molson Coors has raised its dividend four times, averaging an annual increase of 8.52% [4] - The current payout ratio is 29%, indicating that 29% of its trailing 12-month EPS has been distributed as dividends [4] Earnings Outlook - The Zacks Consensus Estimate for Molson Coors' earnings in 2025 is projected at $6.36 per share, reflecting an expected increase of 6.71% from the previous year [5] Investment Considerations - Dividends are favored by investors for various reasons, including improving stock investing profits and providing tax advantages [6] - Established firms with secure profits are typically viewed as the best dividend options, while high-growth businesses often do not offer dividends [7] - TAP is considered a compelling investment opportunity due to its strong dividend profile and a Zacks Rank of 3 (Hold) [7]

Core Viewpoint - The company, Yanghe Co., Ltd. (002304), is undergoing active adjustments in its operations while awaiting improvements in its business performance, as highlighted in the recent research report by Dongwu Securities [1]. Financial Performance - In 2024, the company reported a revenue of 28.876 billion yuan, a year-on-year decrease of 12.83%, and a net profit attributable to shareholders of 6.673 billion yuan, down 33.37% year-on-year [2]. - For Q4 2024, revenue was 1.360 billion yuan, reflecting a significant decline of 52.17% year-on-year, with a net profit of -190.5 million yuan compared to -18.8 million yuan in the same period last year [2]. - In Q1 2025, the company achieved a revenue of 11.066 billion yuan, a decrease of 31.92% year-on-year, and a net profit of 3.637 billion yuan, down 39.93% year-on-year [2]. Strategic Adjustments - The company is actively adjusting its business strategy in response to the competitive pressures in the white liquor industry, particularly in the mid-range and premium segments [2]. - Revenue from mid-to-high-end liquor and ordinary liquor in 2024 decreased by 14.79% and 0.49% respectively, indicating a proactive adjustment in core product lines [2]. - The company plans to focus on the Jiangsu province and surrounding markets to strengthen its market position [2]. Profitability and Cost Structure - In 2024, the sales net profit margin decreased by 7.16 percentage points to 23.09%, with a gross profit margin down by 2.09 percentage points to 73.16% due to a decline in the proportion of mid-to-high-end liquor [3]. - The tax and additional rate increased by 0.81 percentage points to 16.71%, while the sales expense ratio rose by 2.84 percentage points to 19.10% and the management expense ratio increased by 1.34 percentage points to 6.67% [3]. Q1 2025 Performance Insights - In Q1 2025, the sales net profit margin decreased by 4.41 percentage points to 32.83%, with a gross profit margin of 75.59% [4]. - Sales collections in Q1 2025 amounted to 9.805 billion yuan, a decline of 24.03% year-on-year, with contract liabilities at 7.024 billion yuan, reflecting a year-on-year increase of 1.209 billion yuan [4]. Future Outlook and Investment Rating - The company is expected to maintain strategic discipline and enhance management to return to a growth trajectory, with updated net profit forecasts for 2025, 2026, and 2027 at 5.46 billion yuan, 5.66 billion yuan, and 5.90 billion yuan respectively [5]. - The current market capitalization corresponds to a price-to-earnings ratio (PE) of 18.9, 18.3, and 17.5 for 2025 to 2027, with a maintained "buy" rating [5].