2025年白酒行业正遭遇深度调整周期，消费疲软与政策因素叠加下，行业整体承压明显。据数据显示，截至8月28日，A股13家白酒上市公司披露的2025半 年报中，仅3家实现营收、归母净利润同比双增，其余企业普遍面临增长压力，行业复苏之路充满不确定性。在此背景下，我国高水平对外开放成功案例水 井坊2025半年报虽显业绩承压，却释放出三大积极信号，为白酒企业穿越周期提供了"价值重构"的新思路。 2025上半年，水井坊实现营收14.98亿元、净利润1.05亿元，虽受行业寒潮影响业绩有所承压，但企业并未被动应对，而是迅速出手优化渠道结构，展现出强 劲的经营韧性。针对经销商低价甩货这一行业常见乱象，水井坊果断对核心产品"臻酿八号"实施全渠道停货，并严格管控电商平台的买赠活动，从源头遏制 低价竞争，有效稳住了产品价值链条，为后续发展筑牢基础。这种"不拼短期销量、力保长期价值"的策略，在行业调整期尤为关键，也让水井坊在渠道乱象 中站稳了脚跟。 面对白酒消费场景受限的难题，水井坊通过"三步走+线上线下联动"的全链路精细化策略，成功躲开场景依赖陷阱。 在产品布局上，水井坊分层推进：以井台系列、臻酿八号等核心款守住基本盘，保障日常消 ...

Core Insights - The core viewpoint of the article emphasizes the strategic transformation of Sichuan Shui Jing Fang Co., Ltd. under the leadership of General Manager Hu Tingzhou, focusing on consumer engagement and emotional connections in the high-end liquor market [1][2][5]. Group 1: Brand Strategy - Shui Jing Fang launched a new brand strategy targeting two distinct market segments: "Shui Jing Fang" for the 300-800 RMB price range and "Di Yi Fang" for the high-end market above 800 RMB, aiming to enhance brand value through differentiated product positioning [2][5][6]. - The brand philosophy "Drink Fine Wine, Celebrate Beautiful Moments" was introduced to strengthen consumer recognition in key emotional consumption scenarios such as banquets and celebrations [2][7]. Group 2: Market Dynamics - The liquor industry is experiencing a shift towards a "rational consumption" phase, where consumer preferences are increasingly defining value, necessitating a focus on quality, branding, and service from liquor companies [3][5]. - The demand for traditional business banquets is declining, while social gatherings and family celebrations are on the rise, prompting companies to adapt their strategies to meet evolving consumer needs [5][9]. Group 3: Operational Strategy - Shui Jing Fang is focusing on enhancing its channel management through targeted strategies for different city markets, categorizing them into fortress, pioneer, and potential markets to optimize distribution and sales efforts [11][13]. - The company emphasizes the importance of consumer engagement through group purchases and tailored marketing strategies to build brand awareness and loyalty [11][15]. Group 4: Financial Performance - Shui Jing Fang anticipates a net profit of approximately 1.341 billion RMB for 2024, reflecting a year-on-year growth of about 6%, and an expected revenue of around 5.217 billion RMB, indicating a 5% increase [15]. - The company attributes its resilience during industry adjustments to its long-standing reputation, financial health, and the support of its major shareholder, Diageo, which has extensive experience navigating economic cycles [15].

Core Viewpoint - The ongoing suspension of sales by major liquor companies, including Sichuan Tuopai Shede and Shui Jing Fang, reflects a strategic response to the intense price competition and inventory pressures in the Chinese liquor industry [1][2][3] Company Actions - Sichuan Tuopai Shede announced a suspension of orders for its Tuopai Tequ 2.0 (20-year and 30-year) starting July 10, with a date for resuming orders to be announced later [1] - Shui Jing Fang implemented a full-channel suspension of its core product, Zhen Niang No. 8 (500ml), and enhanced control over its e-commerce channels [1] - Shui Jing Fang also introduced measures to stabilize the value chain and manage promotional offers for its Zhen Niang No. 8 (520ml) [1] Industry Context - The liquor industry is experiencing a significant inventory pressure, with a shift in consumer drinking habits leading to a more rational approach to consumption [3][4] - The price competition in the 300-400 RMB range, particularly affecting Zhen Niang No. 8, has severely compressed profit margins for distributors [2] - Major liquor companies, including Wuliangye and Luzhou Laojiao, have also adopted similar suspension measures to stabilize prices [3] Financial Performance - Shui Jing Fang reported a revenue of 5.217 billion RMB in 2024, a year-on-year increase of 5.32%, and a net profit of 1.341 billion RMB, up 5.69% [2] - In the first quarter of 2025, revenue growth slowed to 2.74%, and net profit growth was 2.15%, indicating a trend of decelerating growth [2] Strategic Implications - The decision to suspend core products is seen as a necessary move to alleviate channel inventory pressure and create space for price recovery [2][4] - The industry is transitioning from a "channel pressure" model to a "sales-driven" model, focusing on actual product sales rather than merely pushing inventory [3] - The success of these measures in stabilizing prices and restoring consumer confidence will be crucial for the long-term viability of liquor companies [4]

Core Viewpoint - The company reported a revenue of 5.217 billion yuan for 2024, representing a year-on-year growth of 5.32%, and a net profit attributable to shareholders of 1.341 billion yuan, up 5.69% year-on-year [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 959 million yuan, a year-on-year increase of 2.74%, and a net profit of 190 million yuan, up 2.15% year-on-year [2] - For 2024, the liquor segment generated a revenue of 5.028 billion yuan, reflecting a growth of 3.13%, with high-end and mid-range liquor revenues at 4.764 billion yuan and 264 million yuan, respectively, showing increases of 1.99% and 29.14% [2] - The gross margin and net margin for 2024 were 82.76% and 25.71%, respectively, with a slight decrease in gross margin by 0.4% and an increase in net margin by 0.09 percentage points [4] Group 2: Product Strategy - The company is focusing on two core product lines: "Zhen Niang Ba Hao" and "Jingtai Series," while increasing investment in the "Tian Hao Chen" series to explore market potential in the 150-300 yuan price range [2] - A dual-brand system is being established with "Shui Jing Fang" targeting the sub-high-end market and "Di Yi Fang" focusing on the high-end market, aiming to create a second flagship product in the 300-800 yuan price range [5] Group 3: Channel Development - The company has opened over 10,000 new stores in 2024, enhancing its channel construction [3] - Revenue from new channels and wholesale agents reached 528 million yuan and 4.5 billion yuan, respectively, with year-on-year growth of 9.97% and 2.38% [3] - The company is implementing a digital empowerment strategy to improve marketing efficiency and resource allocation, combining traditional e-commerce, interest e-commerce, and O2O new retail [3] Group 4: Cost Management - The company reported a period expense ratio of 33.61% for 2024, a decrease of 0.34 percentage points, with sales, management, R&D, and financial expense ratios showing varied changes [4] - In Q1 2025, the gross margin was 81.97%, reflecting an increase of 1.5 percentage points year-on-year, while the net margin was 19.84%, a slight decrease of 0.12 percentage points [4] Group 5: Brand Value and Market Positioning - The company is committed to enhancing brand value and implementing precise channel management strategies to improve resource utilization efficiency [5] - The shift in consumer scenarios, with a decrease in government and business demand and an increase in social and family gatherings, is driving growth in liquor consumption [5] - The company aims for sustainable long-term development by optimizing product structure and expanding market influence, with projected revenues of 5.665 billion yuan, 6.370 billion yuan, and 7.427 billion yuan for 2025-2027 [5]