点评：宿迁产发集团及两大酒企董事长杨卫国职务调整，叠加其辞去洋河股份董事，或引发市场对洋河 及宿迁酒企管理层稳定性和战略延续性的关注。 NO.1杨卫国不再担任洋河集团董事长 6月24日，宿迁市人民政府官网发布职务任免通知，决定免去杨卫国宿迁产业发展集团有限公司董事 长、江苏洋河集团有限公司董事长、江苏双沟集团有限公司董事长职务。 洋河股份曾于6月11日发布公告称，因工作调动原因，杨卫国申请辞去公司第八届董事会董事及战略委 员会委员职务，其原定任期至公司第八届董事会届满时止，辞职后不在公司及控股子公司担任任何职 务。 NO.3*ST岩石因合同纠纷涉诉 6月24日，*ST岩石公告称，公司于近日收到昆山市人民法院送达的《民事起诉状》，诉讼内容为原告 星创艺（昆山）文娱有限公司诉*ST岩石在内的3名被告服务合同纠纷一案。涉案的主要诉求及金额为 2575万元。 *ST岩石称，因本诉讼尚未正式开庭审理，暂无法判断其对公司本期利润或期后利润的可能影响。 点评：岩石股份频频被诉，诉讼进展或影响投资者情绪，对股价稳定性构成考验。虽暂无法判断财务影 响，但此类诉讼往往暴露公司经营管理风险，可能引发投资者对公司偿债能力和经营稳定性 ...

5月25日—29日，以"深化改革增动能 扩大开放促发展"为主题的第二十届中国 西部国际博览会在 成都举行，作为本届西博会"唯一指定用酒"，五粮液携全链成果亮相，立体展现了其"因酒而生，却 不止于酒"的产业跨界融合风采，以多个领域的科技创新，展现东方酿造的产业链革新之路。 开幕式现场 西博会发端于西部大开发、始创于2000年，至今已成功举办了19届，是西部地区规模大、门类全、 影响力强的开放合作展会平台，作为中国对外开放的重要窗口，已经成为世界了解中国西部、中国西 部走向世界的重要桥梁和纽带。 作为川酒代表和行业龙头企业，五粮液积极参与西部大开发，坚持"做强酒业 做优非酒 做大平台"发 展战略，迅速成长为一家以酒业为核心，涉及绿色包装、机械制造、智慧物流、金融投资、大健康产 业等领域的特大型国有企业集团。 跨界融合发展 "因酒而生，却不止于酒" 今年西博会上，五粮液深度参与各项活动，并在欢迎会上，展示中国传统酿造技艺的深厚底蕴，以一 杯"大国浓香"架起中国与世界美美与共的交流桥梁。与此同时，五粮液还创新展陈方式，"从一粒种 子到一瓶美酒，从一瓶美酒到美好生活"，全产业链展示了以酒业为根，多元协同发展，以科技创新 ...

今年西博会上，五粮液深度参与各项活动，并在欢迎会上，展示中国传统酿造技艺的深厚底蕴，以一杯"大国浓香"架起中国与世界美美与共的交流桥梁。与此同时，五粮液还创新展陈方式，"从 "五粮液的展馆内不仅能闻到浓浓酒香，感受到千年酒文化，而且让人惊叹的是，一个根植于传统农耕文明的企业，正以开放的胸襟，积极拥抱科学技术，在产业链上的多个环节创新突破，助推 五粮液展厅位于西博城5号馆，展厅以"守正创新·和美共生"为展陈理念，围绕五粮液"从一粒种子的播种，到一瓶美酒的诞生，再到产业配套和全球流通"的过程，以沉浸式线性动线引导观众， 步入五粮液主题展厅，中心位置陈列着经典五粮液10、第八代五粮液、五粮液1618、五粮液·紫气东来、低度五粮液等核心产品，精美的酒瓶包装，让人瞬间感受到"大国浓香"的魅力；四周精 可以看到，种植环节，五粮液从高粱、大米、糯米、小麦、玉米种子开始，承载大自然的馈赠，展现北纬30°黄金酿酒带，好粮酿好酒的味蕾密码；酿造环节，通过五粮液利川永、长发升、全恒 从一粒孕育于土地的种子开始，五粮液历经精心种植、匠心酿造、精致包装、高效物流，最终化作人们餐桌上的美酒，融入千家万户的美好生活之中。而从产业来看，五粮 ...

Core Viewpoint - Wuliangye held an online performance briefing for 2024 and the first quarter of 2025, focusing on dividend distribution, stock buyback, product competition, and sales performance, as well as revenue targets and strategic layout for the year [4][5][17]. Dividend and Share Buyback - Wuliangye plans to distribute a cash dividend of 31.69 yuan per 10 shares in 2024, totaling 12.3 billion yuan, with a total dividend amount reaching 22.3 billion yuan, resulting in a dividend rate of 70%, the highest since its listing [5][17]. - The company has distributed dividends 24 times, with a total amount of 116.4 billion yuan, which is 31 times the funds raised since its listing [5][6]. Financial Performance - In Q4 2024, the company's net profit attributable to shareholders was 6.922 billion yuan, a decline of 6.17% year-on-year, marking the first drop since 2013, attributed to increased market expenses and incentives for distributors and consumers [8][10]. - For Q1 2025, Wuliangye reported a net cash flow from operating activities of 15.849 billion yuan, a significant increase of 2970.31% year-on-year, and contract liabilities reached 10.17 billion yuan, up 101.42% [10][17]. Product Competition and Sales - Wuliangye's eighth-generation product saw a 21% year-on-year increase in sales on e-commerce platforms like JD and Tmall, establishing a price stability advantage in the 1,000 yuan price range [4][11][13]. - The company has implemented a controlled pricing strategy for its eighth-generation product, resulting in sustained market price increases and low social inventory [13][14]. Strategic Outlook - Wuliangye aims to achieve its 100 billion yuan target for the 14th Five-Year Plan by adapting to market changes and focusing on sustainable growth [15][16]. - The company plans to expand its market share among younger consumers by introducing products with lower alcohol content and modern packaging [18]. - Wuliangye is also focusing on developing mid-tier products and enhancing its brand matrix to capture market demand effectively [19].

Group 1 - The core theme of the 2025 Osaka World Expo is "Envisioning a Revitalized Future Society," with 158 countries and regions participating, and Wuliangye being the first Chinese liquor brand to officially appear in the China Pavilion [2][3] - Wuliangye aims to showcase Chinese traditional culture and its unique brewing techniques through various promotional activities, including exhibitions and collaborations with Michelin-starred restaurants [4][5] - The company emphasizes its commitment to green development and ecological sustainability, aligning with the Expo's theme of building a community of life between humans and nature [8][9] Group 2 - Wuliangye has a historical connection with world expos, having participated in several significant events over the past century, including the Panama International Exposition in 1915 and the Shanghai Expo in 2010 [3][4] - The company has introduced innovative products and experiences at the Osaka Expo, such as the first overseas authorized experience restaurant and limited-time offerings like cocktails and white liquor coffee [7][12] - Wuliangye's strategic focus includes creating a zero-carbon enterprise and enhancing its circular economy, with plans to invest 2.586 billion yuan in 2025 for key projects [12][13] Group 3 - The company is actively expanding its international presence, particularly in Japan, where it has established various sales channels and marketing strategies to enhance brand recognition [14][16] - Wuliangye's "He Mei Global Tour" initiative has been launched to promote Chinese liquor culture globally, with previous events held in multiple countries [13][16] - The brand's value continues to rise, as evidenced by its ranking in the "World's 500 Most Valuable Brands" list, where it improved its position to 219th, marking an 8-place increase [17]

Group 1 - Five Star Liquor has become the first Chinese liquor brand to officially appear at the 2025 Osaka World Expo, marking its entry into a high-profile international platform [1] - The company launched its "Harmony Global Tour" from the Osaka Expo, which includes the opening of its first overseas authorized experience restaurant in Tokyo and a series of cultural exchange activities [1][8] - The brand emphasizes its commitment to showcasing Chinese culture and wisdom through its participation in the Expo, aligning with the Expo's theme of "Envisioning a Lively Future Society" [3][5] Group 2 - The Osaka Expo features 158 countries and regions, with the China Pavilion focusing on themes of "Harmony between Man and Nature" and "Sustainable Development" [3] - Five Star Liquor's traditional brewing technique, known as the "1366" process, reflects a philosophy of ecological wisdom and balance with nature, resonating with the Expo's themes [5] - The company aims to deepen its international presence and promote Chinese liquor culture through various promotional activities during the Expo [7][17] Group 3 - The company has introduced a limited-time experience store at the Expo, featuring innovative cross-border products like cocktails and white liquor coffee, targeting younger consumers [12] - Five Star Liquor's international strategy includes a focus on the Japanese market, where there is a growing demand for high-quality Chinese liquor [10][12] - The brand's participation in the Expo is part of a broader strategy to enhance its cultural outreach and engage in meaningful dialogues with global consumers [8][17] Group 4 - The company supports cultural initiatives such as the "Panda Partners Global Tour" to promote Chinese culture and the unique qualities of its products [15] - Five Star Liquor aims to create a global "community of shared prosperity" through its "Harmony Global Tour," showcasing the richness of Chinese brewing culture [13][17] - The brand's internationalization efforts are driven by a dual strategy of "cultural export and local operation," enhancing its global footprint [17]

025年4月13日-10月13日，主题为"构想焕发生机的未来社会"的2025年日本大阪世博会在"东方曼彻斯特"大阪举行。作为"2025年大阪世博会中国馆高级合 作伙伴"，五粮液深度融入中国馆展陈活动，发布五粮液2025年大阪世博会中国馆纪念礼盒，举办"五粮飘香・和美之味"——五粮液海外授权体验餐厅授 牌仪式，联动全球市场开启"五粮液·世博季"营销活动，打卡大阪主题快闪店，全程参与2025年大阪世博会中国馆四川活动周系列活动，独家冠名"和美五 粮"熊猫之夜·品味四川国际商务交流会，还深入日本多地调研酒类市场，将蕴含浓厚中国文化的中国元素，以组合式套餐文化输出，正式拉开2025年五粮 液"和美全球行"日本首站之旅，造就多个"高光时刻"。 "组合式"出击五粮液高频绽放"大版时刻" 作为中国文化的名片，五粮液是世博会的老朋友。 从1915年巴拿马万国博览会崭露头角，2015年闪耀米兰世博会，2020年迪拜世博会助力"华夏之光"绽放光彩，到2025年大阪世博会，五粮液已经携手世博 这一国际高端平台走过了110年。 今年的大阪世博会，五粮液更是"有备而来"，为全球观众带来多场精彩活动，充分展现中国传统文化、中国民族品牌的 ...

投资评级与估值：结合宏观经济环境形势与公司经营目标，略下调25-26 年盈利预测，新增27 年盈利预 测，预测25-27 年归母净利润分别为332.8、346.5、360 亿（25-26 年前次为340.7、358.6 亿元），同比 增长4.5%、4.1%和3.9%，当前股价对应25-27 年PE分别为15x、14x、14x，维持买入评级。25 年以来公 司改革持续推进，产品端控货挺价去库，渠道端优化结构。中长期来看，五粮液仍是千元价格带第一品 牌，品牌力强，叠加公司自身改革动力，行业集中度提升背景下，公司中长期仍有望实现稳定增长。 2024 年酒类营收831.3 亿，同比增长8.74%。五粮液酒收入678.8 亿，同比增长8.07%，销量4.14 万吨， 同比增长7.06%，吨酒价格164 万元，同比增长0.94%，普五增长保持稳健，1618 及低度五粮液协同带 来增量。24 年系列酒收入152.5 亿，同比增长11.8%，销量120.6 万吨，同比增长0.12%，吨酒价格12.7 万元，同比增长11.7%。宴席市场精准发力，主品牌宴席活动同比增长30%，浓香酒宴席活动同比增长 52%。分区域看，24年强势 ...

每日晨报 智: H J 2025年4月28日 中国一季度规模以上工业企业利润由降转增, 同比增长 0.8% www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观:加紧加快,加大加力--4 月政治局会议解读。4 月政治局会议在一季 度经济开门红和"外部冲击影响加大"的背景下召开,我们认为会议给出以下 三大重要信号:第一,对于经济形势有准确判断,将美国大肆加征关税等一系 列行为定义成"国际经贸斗争",要做好中长期战略筹划,保持国内储备政策 的弹性,"攻守兼备"不轻易亮出全部底牌;第二,强化底线思维,着力稳就 业、稳企业、稳市场、稳预期，其中稳就业为四稳之首,超常规逆周期政策的 出台和实施将以就业目标为主要出发点;第三,加紧加快既定政策的落实落地, 如加快政府债券发行使用,为下半年政策加码腾出空间;加大加力重点领域的 政策实施力度,重点是科技、消费和外贸三个方向,并据形势变化及时推出增 量储备政策。 宏观:利润转正可持续吗?——2025年1-3 月工业企业利润分析。展望未来, ● 一季度工业企业利润全面回升取得良好开门红,强有力的政策效果为全年经济 ...

Investment Rating - The report maintains a "Buy" rating for the company [11] Core Views - The company is experiencing steady improvements from deepening marketing reforms, with management closely aligned with frontline market conditions to enhance decision-making efficiency [11] - The company’s revenue growth is supported by the strong performance of its high-end products, particularly the 1618 and low-alcohol beverages, while traditional channels are expected to see a decline [9][11] - The company has effectively managed costs, which has mitigated the impact of declining gross margins [5][10] Financial Performance Summary - For Q1 2025, the company reported revenue of 36.94 billion yuan, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 14.86 billion yuan, up 5.80% [9] - In 2024, the company achieved total revenue of 89.175 billion yuan, reflecting a growth of 7.09%, with a net profit of 31.853 billion yuan, an increase of 5.44% [9] - The gross margin for Q1 2025 decreased by 0.7 percentage points to 77.7%, primarily due to product mix changes [10] - The company’s net profit margin for Q1 2025 was 40.2%, showing stability despite slight declines [10] Revenue and Profit Forecast - The company is projected to achieve total revenues of 93.56 billion yuan, 99.95 billion yuan, and 107.80 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.9%, 6.8%, and 7.9% [11][13] - The net profit attributable to shareholders is expected to reach 33.37 billion yuan, 35.62 billion yuan, and 38.58 billion yuan for the same years, with growth rates of 4.8%, 6.7%, and 8.3% respectively [11][13] Market Position and Strategy - The company is focusing on enhancing its control over pricing and inventory management through marketing reforms and adjustments in distribution channels [11] - The integration of marketing regions into three major areas is expected to strengthen the company's channel management capabilities [9]