证券代码：601579 证券简称：会稽山 公告编号：2025-024 会稽山绍兴酒股份有限公司 2025 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十二号——酒制造》（2022 年 1 月修订）第十六条相关规定，会稽山绍兴 酒股份有限公司现将 2025 年半年度主要经营数据（未经审计）公告如下： | 一、产品销售情况： | | | 单位:万元 币种:人民币 | | --- | --- | --- | --- | | 按产品档次 2025 | 年 1-6 月销售收入 | 2024 年 1-6 月销售收入 | 同比变动（%） | | 中高端黄酒 | 52,129.72 | 48,646.00 | 7.16 | | 普通黄酒 | 19,536.36 | 19,053.49 | 2.53 | | 其他酒 | 7,038.26 | 4,385.99 | 60.47 | | 小计 | 78,704.34 | 72,085.48 | 9. ...

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][15]. Core Views - The company is expected to achieve a revenue of 31.82 billion yuan and a net profit of 13.74 billion yuan in 2025, reflecting a year-on-year growth of 2% and 2% respectively [2][4]. - The company plans to maintain a cash dividend ratio of no less than 65% for 2024, increasing to 70% and 75% in subsequent years, with an absolute amount not less than 8.5 billion yuan [1][2]. - The company is focusing on digital transformation and has implemented six strategic shifts to enhance operational efficiency and product offerings [2][4]. Financial Performance - In Q1 2025, the company reported a revenue of 9.35 billion yuan and a net profit of 4.59 billion yuan, showing a year-on-year increase of 1.78% and 0.41% respectively [1][2]. - The gross margin for Q1 2025 was 86.51%, while the net profit margin was 49.11%, indicating slight declines compared to the previous year [2][4]. - The company’s operating cash flow decreased by 24.12% year-on-year to 3.31 billion yuan [2]. Revenue and Profit Forecast - The revenue forecast for the company is projected to grow to 31.82 billion yuan in 2025, with further increases to 33.70 billion yuan in 2026 and 36.41 billion yuan in 2027 [4][9]. - The net profit is expected to reach 13.74 billion yuan in 2025, with projections of 14.62 billion yuan in 2026 and 15.89 billion yuan in 2027 [4][9]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 14.04 for 2023, which is expected to decrease to 11.70 by 2027 [4][9]. - The price-to-book (P/B) ratio is projected to decline from 4.49 in 2023 to 3.11 in 2027 [4][9]. - The enterprise value to EBITDA (EV/EBITDA) ratio is forecasted to decrease from 13.52 in 2023 to 6.97 in 2027 [4][9].

Investment Rating - The investment rating for the company is "Buy" [7][15] Core Views - The company is expected to achieve total operating revenue of 311.96 billion yuan in 2024, with a year-on-year growth of 3.19% [3] - The gross profit margin and net profit margin for 2024 are projected to be 87.54% and 43.19%, respectively, showing slight declines compared to the previous year [3] - The company plans to maintain a cash dividend of 65% of the net profit attributable to shareholders, with a total cash dividend of 87.58 billion yuan in 2024 [3][8] Financial Performance Summary - For Q4 2024, the company reported total operating revenue of 68.93 billion yuan, a decrease of 16.86% year-on-year [4] - The company achieved a net profit of 18.80 billion yuan in Q4 2024, down 29.86% year-on-year [4] - The sales revenue for 2024 is expected to be 400.36 billion yuan, reflecting a year-on-year increase of 26.74% [3] Revenue Breakdown - In 2024, the revenue from mid-to-high-end liquor is projected to be 275.85 billion yuan, with a year-on-year growth of 2.77% [5] - The company anticipates a total of 315.76 billion yuan in revenue for 2025, with a growth rate of 1.22% [9][11] Profitability Forecast - The net profit attributable to shareholders is expected to reach 134.73 billion yuan in 2024, with a growth of 1.71% [11] - The earnings per share (EPS) for 2025 is projected to be 9.23 yuan, with a price-to-earnings (P/E) ratio of 13.61 [11]

Investment Rating - The investment rating for the company is "Buy" [7][15] Core Views - The company is expected to achieve total operating revenue of 31.196 billion yuan in 2024, with a year-on-year growth of 3.19% [3] - The company aims for steady growth in revenue for 2025, with projected revenues of 31.576 billion yuan, reflecting a growth rate of 1.22% [9] - The company plans to maintain a high dividend payout ratio, with a target of at least 65% of net profit distributed as dividends [8] Financial Performance Summary - For 2024, the company anticipates a gross profit margin of 87.54% and a net profit margin of 43.19%, with slight declines from the previous year [3] - In Q4 2024, the company reported a total operating revenue of 6.893 billion yuan, a decrease of 16.86% year-on-year [4] - The company achieved a significant increase in cash receipts, totaling 40.036 billion yuan for the year, up 26.74% year-on-year [3] Revenue Breakdown - In 2024, the company expects revenue from mid-to-high-end liquor to reach 27.585 billion yuan, with a year-on-year growth of 2.77% [5] - The company reported a total of 1,701 domestic distributors and 85 overseas distributors by the end of 2024, showing a slight decrease in numbers [5] Earnings Forecast - The company projects net profit for 2025 to be 13.585 billion yuan, reflecting a growth of 0.83% [11] - The expected earnings per share (EPS) for 2025 is 9.23 yuan, with a price-to-earnings (P/E) ratio of 13.61 [11]

投资要点 公司2024 年实现营业总收入/营业收入/归母净利润/扣非净利润891.75/891.75/318.53/317.42 亿元， 同比 7.09%/7.09%/5.44%/5.40%。2024 年，公司毛利率/归母净利率为77.05%/35.72%，分别同比 1.26/-0.56pct；税金/销售/管理/研发/财务费用率分别为14.62%/11.99%/3.99%/0.45%/-3.18%，分别同 比-0.43/2.63/0/0.07/-0.21pct。全年实现销售收现1018.69 亿元，同比-3.3%；经现净额339.4 亿元，同 比-18.69%；年末合同负债116.9亿元，同比增加48.25 亿元，环比增加46.18 亿元（去年同口径环比增加 29.16 亿元）。2024 年总计现金分红223 亿元，分红率70%。24年公司净利率微降，主因销售费用率提 升，24 年公司销售费用中形象宣传费、促销费和仓储及物流费增长较多，主因公司加大了渠道建设、 团队建设、消费者培育投入力度，同时为了进一步提升服务质量和配送效率加大了仓储物流费的投入。 公司24Q4 实现营业总收入/营业收入/归母净利润/扣非净 ...

| 二、销售渠道情况： | | | | | | 单位:万元 | 币种:人民币 | | --- | --- | --- | --- | --- | --- | --- | --- | | 按销售渠道 | 2025 | 年 1-3 | 月销售收入 | 2024 | 年 1-3 | 月销售收入 | 同比变动（%） | | 直销（含团购） | | | 9,438.45 | | | 5,071.25 | 86.12 | | 批发代理 | | | 36,556.44 | | | 37,525.45 | -2.58 | | 国际销售 | | | | 315.95 | | 281.28 | 12.33 | | 小计 | | | 46,310.84 | | | 42,877.98 | 8.01 | | 三、区域情况： | | | | | | 单位:万元 币种:人民币 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 按地区分部 | 2025 | 年 1-3 | 月销售收入 | 2024 年 | 1-3 月销售收入 | 同比变动（%） | | | 浙江大区 | | | ...

Investment Rating - The investment rating for the company is "Buy" [15] Core Views - The company is expected to achieve a total revenue of 891.75 billion yuan in 2024, reflecting a year-on-year growth of 7.09% [3] - The net profit attributable to the parent company is projected to be 318.53 billion yuan in 2024, with a growth rate of 5.44% [3] - The company aims for a revenue growth target of approximately 5% for 2025, aligning with macroeconomic indicators [9] Financial Summary - The latest closing price of the company's stock is 129.05 yuan, with a total market capitalization of 500.9 billion yuan [2] - The company has a debt-to-asset ratio of 27.5% and a price-to-earnings ratio of 15.73 [2] - For Q4 2024, the company achieved a total revenue of 212.6 billion yuan, with a year-on-year increase of 2.53% [4] - The gross profit margin for 2024 is expected to be 77.05%, with a slight year-on-year increase of 1.26 percentage points [3] Revenue Breakdown - In 2024, the revenue from the main product, Wuliangye liquor, is expected to be 678.75 billion yuan, growing by 8.07% year-on-year [5] - The sales volume of Wuliangye liquor is projected to be 41,400 tons, with a year-on-year increase of 7.06% [5] - The direct sales channel's revenue is expected to grow by 12.89%, increasing its share to 41.37% of total sales [5] Profitability Forecast - The company anticipates a slight decrease in net profit margin for 2024 due to increased sales expenses [3] - The expected cash dividend for 2024 is 223 billion yuan, with a dividend payout ratio of 70% [3] - The earnings per share (EPS) for 2025 is projected to be 8.62 yuan, with a corresponding price-to-earnings ratio of 14.98 [11]