同时，公司控股股东水井坊集团在7月中旬，刚刚完成了董事长的变更，值得一提的是，2024年-2025年不到2年间，公司核心管理层已经两次易主。 销量涨了，营收净利却下滑 水井坊主营白酒产品的生产与销售。目前，公司生产的白酒产品主要有水井坊元明清、第一坊、水井坊菁翠、水井坊典藏、水井坊井台、水井坊臻酿八 号、水井坊井台珍藏（龙凤）、水井坊鸿运、水井坊梅兰竹菊、小水井、天号陈、水井赋等。其中，水井坊菁翠、水井坊典藏、水井坊井台、水井坊臻酿 八号是公司的核心产品。 近日，水井坊发布了2025年半年度业绩预告，预计2025年上半年，公司实现营业收入14.98亿元，同比下降12.84%；归母净利润为1.05亿元，同比下降 56.52%。 然而，同期内，水井坊的销量（成品酒销售量）却出现上升，预计上半年销售量与上年同期相比增加543千升，同比增加14.54%，销售量全部来自中高档 酒。 对于业绩下滑原因，公司表示，2025年上半年，白酒行业整体仍处于深度调整阶段。尤其在第二季度，商务宴请和宴席等传统消费场景持续承压，市场恢 复节奏放缓。同时，由于白酒产品毛利率较高，收入下滑对利润造成的影响更为显著。 另外，公司表示，春节期 ...

Core Viewpoint - The recent changes in leadership at Sichuan Chengdu Shuijingfang Group Co., Ltd. indicate a significant shift in management, with Sudhindra Shivnegere Rajarao taking over key positions from Cristina Samin Suner, who had only recently assumed these roles a year prior [1][3]. Group 1: Leadership Changes - Cristina Samin Suner has resigned from her positions as legal representative, chairman, and general manager, with Sudhindra Shivnegere Rajarao now assuming these roles [1][2]. - The board of directors has also seen a change, with Bence Bokor replacing Antonio UY II Chan [1][2]. - The changes were officially recorded on July 14, 2025, marking a rapid turnover in leadership within the company [2]. Group 2: Company Background - Shuijingfang Group was established in September 1997 with a registered capital of $100 million, focusing on investments in the liquor industry [5]. - The company is wholly owned by Diageo Highlands Holding B.V., with Diageo Plc being the actual controller [5]. - Shuijingfang Group holds a 39.79% stake in Sichuan Shuijingfang Co., Ltd., which is listed on the A-share market [5][6].

Core Insights - The article discusses the rapid rise and subsequent decline of the Moutai 1935 brand, highlighting its initial success and the challenges it faces in the market [1][3][9] Group 1: Brand Performance - Moutai 1935 achieved over 50 billion yuan in sales in its first year and surpassed 100 billion yuan in its second year, marking it as a significant player in the liquor industry [1][3] - The brand was initially launched at a retail price of 1,188 yuan, with a factory price of 798 yuan, and saw its price peak near 1,800 yuan shortly after launch [3][9] - However, by July 2025, the wholesale price had plummeted to 660 yuan, representing a significant decline in value [3][4] Group 2: Market Challenges - The brand's price has been in a continuous decline since early 2023, leading to substantial losses for distributors, with reports of losses reaching 30,000 yuan per ton [5][6] - Moutai 1935 has been identified as the top loss-maker among liquor brands in 2024, indicating severe financial distress for its distributors [6][9] - The sales growth rate for Moutai 1935 dropped dramatically from 120% in 2023 to less than 10% in 2024, signaling a sharp decline in market demand [9][10] Group 3: Industry Dynamics - The rapid growth of Moutai 1935 has been described as a "hasty maturation," leading to its current market struggles [7][8] - The brand's current market position is significantly weaker compared to competitors like Wuliangye and Guojiao 1573, which have maintained better market reputations and pricing [12][13] - There are ongoing discussions in the market about the potential for Moutai 1935's price to drop below 500 yuan, indicating a possible further decline in its market value [14]