Core Viewpoint - The emergence of "Da Jiu Pu" (打酒铺) in China represents a shift in the liquor retail industry, focusing on a more authentic and consumer-friendly experience amidst a challenging market environment for traditional liquor sales [2][14][17] Industry Overview - The liquor retail industry is experiencing a downturn due to macroeconomic adjustments and policy impacts, leading to high inventory levels and price discrepancies [1][14] - The traditional high-end liquor market, driven by business banquets and gift-giving, is declining, prompting a search for more value-driven consumption [14][17] Company Insights - "Tang San Liang Da Jiu Pu" is a new chain founded by Li Menglong, aiming to redefine the perception of loose liquor sales by providing a clean, stylish environment and a focus on quality [3][4][6] - The store offers a variety of liquors, including white wine, beer, and yellow wine, with a unique selling proposition of free tasting and affordable pricing [4][10] Consumer Demographics - The customer base for "Da Jiu Pu" is notably diverse, with over 60% of patrons under 40 years old, and a nearly equal gender distribution, indicating a successful appeal to younger consumers [9][12] - The innovative retail model has attracted a wide range of customers, from young adults to older individuals, breaking traditional gender barriers in liquor consumption [9][12] Business Model and Strategy - The business model emphasizes high-quality, cost-effective products by eliminating unnecessary middlemen costs and focusing on direct consumer engagement [14][16] - "Da Jiu Pu" operates with a transparent pricing strategy, ensuring that consumers receive high-quality products at lower prices, which has resulted in a high conversion rate of first-time buyers [10][13] Market Potential - The "Da Jiu Pu" model is seen as a significant opportunity in the liquor market, with potential for rapid expansion similar to successful beverage brands in the past [15][17] - The founders believe that the current economic climate may actually increase demand for affordable liquor options, as consumers seek cost-effective ways to enjoy social drinking [14][17]

事实上，青岛啤酒交易所的火爆并非孤例。曾隐匿于市井角落的散酒铺子，正以创新者的身份重回大众视野。它们通过业态重构与场景升级，在新消费浪 潮中开辟出了新的赛道。 与传统散酒铺"作坊式""老气横秋"的形象不同，新型散酒铺在品牌名称（如"唐三两"的国潮感、"熊猫打酒"的地域文化+轻松感）、Logo设计、门店VI系 统上进行了精心打造，传递出品质、年轻、文化或生活方式的信号。其位置多为社区店、商圈店，店面小而精，设计明亮、时尚、有格调，类似精品咖啡 店或奶茶店，营造了舒适、放松的购买和短暂停留环境。 近日，又一家别具一格的新型散酒铺——"青岛啤酒交易所"正式开张。30 个啤酒龙头环绕店铺而立，荧屏上的酒价数字闪烁跳跃，如同股市大盘般实时 起伏。在这里，喝啤酒不再是单纯的消费行为，而是变成了一场充满趣味的"炒啤酒"沉浸式游戏，吸引着日均超万人次的客流前来体验，单日啤酒销量更 是突破了1200升。 通过对成都近10家新型散酒铺的深入探访，名酒研究所发现其业态呈现出鲜明的三大脉络：扎根居民生活圈的社区散酒铺、依托品牌规模优势的连锁散酒 铺，以及凭借特色营销走红的网红散酒铺。通过多维度拆解它们的运营策略与发展路径，我们试图从 ...

Core Insights - The collaboration between the National Sugar and Wine Fair and Meituan Flash Purchase aims to reshape the growth paradigm of the Chinese food and beverage industry by leveraging digital retail capabilities to enhance consumption scenarios and channel models [1][2] Group 1: Industry Transformation - The National Sugar and Wine Fair provides forward-looking insights and comprehensive resources, while Meituan Flash Purchase offers validated instant retail solutions to facilitate low-risk, high-efficiency channel expansion for wine enterprises and distributors [1][3] Group 2: Regional Potential Activation - The event focuses on the characteristics of the regional market in Changsha, aiming to explore how to utilize instant retail to unlock new consumption potential in the wine sector within Central China [2][3] Group 3: Innovative Ecosystem Building - The initiative promotes deep integration among brand owners, distributors, retail terminals, and online platforms, accelerating the establishment of a new ecosystem characterized by "online selection + instant delivery" to lay the foundation for new opportunities in the industry [3] Group 4: Event Details - The promotional event will take place on June 5, 2025, at the International Wine and Food City in Changsha, featuring a comprehensive agenda including expert insights and discussions on the flash warehouse business model [7][10]

Group 1 - The report highlights the successful hosting of COMPUTEX, focusing on AI, data centers, and robotics as key trends, with major chip manufacturers showcasing innovations [4][35][36] - In April, the semiconductor market showed signs of recovery, with stable chip delivery times and strong AI-related orders, while automotive and industrial demand began to rebound [4][38] - The report anticipates a structural growth driven by AI in Q2, with recommendations to focus on SoC, ASIC, storage, and CIS opportunities [4][39] Group 2 - The report on Lian Micro (立昂微) indicates a record high revenue of 3.092 billion yuan in 2024, a 14.97% increase year-on-year, despite a net loss of 266 million yuan [10][25] - The company is expanding its production capacity and optimizing its product structure to meet the growing demand in AI, electrification, and smart technology sectors [10][27] - The report projects a downward adjustment in profit forecasts for 2025 and 2026, with net profits expected to be 89 million yuan and 180 million yuan respectively, while maintaining a "hold" rating due to anticipated growth in downstream markets [10][29] Group 3 - The report on Huazhi Wine (华致酒行) reveals a significant decline in Q1 2025 revenue and net profit, with a 31.01% drop in revenue to 2.852 billion yuan [11][31] - The company is implementing a comprehensive adjustment strategy to address inventory and sales challenges, aiming for a recovery in profits by 2025 [11][33] - Future revenue projections for 2025-2027 are set at 9.910 billion, 10.670 billion, and 11.192 billion yuan respectively, with a significant expected increase in net profit [11][33]

Group 1 - Xiaohongshu e-commerce will officially launch the "Friendly Market" on June 1, providing significant support for selected merchants, including large coupon subsidies and over 1 billion community traffic allocation [1] - The competitive e-commerce market is pushing platforms to seek differentiation, and the short-term benefits of increased exposure and sales for merchants are evident, but long-term quality assurance remains a concern for Xiaohongshu [1] Group 2 - Meituan Flash Purchase reported that within 16 hours, the sales of liquor exceeded the total sales of the last year's Dragon Boat Festival, reaching 10.8 times the previous total [2] - The shift in consumer behavior towards instant gratification and convenience is driving demand for fast-moving consumer goods like liquor [2] Group 3 - Diguo Robot announced the completion of a $100 million Series A financing round, with participation from multiple investment institutions, aimed at accelerating the development of embodied intelligent ecosystems [3] - The embodied intelligent robot industry is still in its early stages, facing challenges such as technological hurdles, cost control, and market scale cultivation [3] Group 4 - Zhidao Chuangyu launched the Chuangyu Large Model Gateway to address challenges faced by government and enterprise clients in the application of large models, including resource management and security risks [4] - The launch of the gateway aims to provide a unified access, intelligent scheduling, and governance system for the efficient deployment of large models [4]

证券代码：300755 证券简称：华致酒行 公告编号：2025-021 华致酒行连锁管理股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 | | 出席会议的股东及股 | 出席现场会议 | | | --- | --- | --- | --- | | 会议出席情况 | | | 以网络投票方式参 | | | 东授权代表 的股东及股东 | | | | | | | 加会议的股东 | | | | 授权代表 | | 一、会议召开和出席情况 （一）会议召开时间 网投票系统进行网络投票的时间为 2025 年 5 月 12 日 9:15—15:00。 本次股东会的召集和召开符合《中华人民共和国公司法》《深圳证券交易所 创业板股票上市规则》《上市公司股东会规则》和《公司章程》的有关规定，会 议决议合法、有效。北京市金杜律师事务所指派律师出席本次股东会进行见证， 并出具法律意见书。 （二）会议出席情况 其中 | 人数 | 98 | 5 | 93 | | --- | --- | --- | --- | | 代表股份数 | | | | | （股） | | | | | 占公司有 ...

致：华致酒行连锁管理股份有限公司 北京市金杜律师事务所（以下简称本所）接受华致酒行连锁管理股份有限公司 （以下简称公司）的委托，根据《中华人民共和国证券法》 （以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简称 中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行 政区和中国台湾地区）现行有效的法律、行政法规、规章和规范性文件和现行有效 的公司章程有关规定，指派律师出席了公司于 2025 年 5 月 12 日召开的 2024 年 度股东会（以下简称本次股东会），并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 有限公司章程》 （以下简称《公司章程》）； 网（http://www.cninfo.com.cn）及深圳证券交易所网站（http://www.szse.cn）的 北京市金杜律师事务所 关于华致酒行连锁管理股份有限公司 《华致酒行连锁管理股份有限公司第五届董事会第二十五次会议决议公告》； 网（http: ...

事件：公司发布2025 年一季度报表,25Q1 实现营收28.52 亿元，同比-31.01%；实现归母净利润0.85 亿 元，同比-34.19%；实现扣非归母净利润0.75 亿元，同比-41.27%。 高基数下25 年春节销售承压，行业调整期多渠道建设修炼内功。公司25Q1实现营收28.52 亿元/同 比-31.01%，24 年春节五粮液等头部名品自然动销流速较快形成较高基数（24Q1 收入41.33 亿元/同增 10.42%），25 年春节白酒行业整体处于调整期，需求较为疲软下行业整体动销有所滑落，同时线上电 商渠道平台大促造成部分低价货源，对传统渠道有所冲击，综合影响下春节整体销售承压。 内控持续完善，费用管控良好，盈利能力维持稳定。盈利能力看，毛利端，25Q1 公司综合毛利率 10.45%，同比持平（-0.04pcts），产品结构保持稳定；费用端，25Q1 公司销售/管理/财务费用率分别为 4.67%/1.28%/0.31%，分别同比+0.01pcts/+0.18pcts/+0.05pcts，我们认为公司合理控制费用支出，优化部 分销售人员提高人效，整体费率水平保持稳定。综上，公司25Q1归母净利润率2 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, indicating potential challenges in its operational performance and market conditions [3][4]. Financial Performance - In 2024, the company achieved a revenue of 9.464 billion, a year-on-year decrease of 6.49%, and a net profit attributable to shareholders of 44 million, down 81.11% [3]. - The fourth quarter of 2024 saw a revenue of 1.633 billion, a decrease of 12.62% year-on-year, with a net profit of -123 million, compared to a profit of 4 million in the same period last year [3]. Profitability Metrics - The overall gross margin for 2024 was 9.00%, reflecting a decline of 1.75 percentage points year-on-year. In Q4 2024, the gross margin dropped to 4.16%, down 5.47 percentage points year-on-year [4]. - The operating expense ratio for 2024 was 7.54%, a decrease of 0.94 percentage points year-on-year. In Q4 2024, the expense ratio was 8.33%, down 1.31 percentage points year-on-year [4]. Strategic Initiatives - The company is enhancing its offline store competitiveness by developing 127 new Huazhi Wine 3.0 stores in 2024, aiming to provide a comprehensive consumer experience [5]. - Online sales channels have been strengthened, with e-commerce revenue reaching 2.092 billion, a year-on-year increase of 72.87% [5]. - The company has restructured its national market into 16 battle zones and established six support centers to enhance marketing strategies [5].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 公司 2024 年 营收同比减少 6.49 %，归母净利润同比减少 81.11 % 公司公布 2024年 年 报： 2024 年 实现营业收入 94.64 亿元，同比减少 6.49 %， 实现归母净利润 0.44 亿 元，同比减少 81.11 %， 实现扣非归母净利润 0.25 亿元，同比减少 85.97 %。 单季度拆分来看， 4 Q2024实现营业收入1 6.33 亿元，同比减少 12.62 %， 实现归母净利润 -1.23 亿元， 上年同期为 0.04亿元 ， 实现扣非归母净利润 -1.24 亿元， 上年同期为 0.03亿元 。 公司 2024 年 综合毛利率下降 1.75 个百分点，期间费用率下降 0. 9 4个百分点 ...