水井坊作为帝亚吉欧持股约63%的白酒上市公司，日前预告2025年归母净利润预计同比下降71%，营业收入同比下降42%。水井坊将原因归结为行业周期与 公司主动调整的叠加效应，产品结构和渠道优化仍在持续进行中。 面对业绩压力，关于帝亚吉欧可能出售水井坊的传言再度甚嚣尘上。在近日的业绩说明会上，管理层再次回应了这一市场猜测。帝亚吉欧方面表示，从未提 及要出售水井坊资产，但如果有人针对不属于核心战略的资产提出"无法拒绝"的报价，其也会有兴趣参与其中。这番表态被业内解读为"并非主动求售，但 也不排除放手可能"。 雪上加霜的是，中国农历春节的时间错位也给销售数据带来扰动。今年春节在2月中旬，备货时间较晚，导致部分销售计入下一财季，进一步放大了上半年 的数据落差。 对于这家正在经历管理层交接的百年巨头而言，大中华区的"失速"绝非短期问题。从苏格兰威士忌消费降温，到白酒行业深度调整，帝亚吉欧在中国市场面 临的或是一场系统性挑战。 日前，全球烈酒巨头帝亚吉欧交出了一份惨淡的成绩单。截至2025年12月31日的2026上半财年，这家拥有尊尼获加威士忌、水井坊白酒等品牌的行业龙头， 在大中华区的销售额同比暴跌42.3%，成为拖累亚 ...

白酒六省渠道调研要点20260222 春节动销总结： 整体符合预期，分化延续：#高端动销表现突出，茅台、五粮液多地同比增长，价格坚挺；中低端品牌部分地区承 压，去库存为主。 #区域间有所分化，宴席需求带动头部品牌增长，节后库存水平整体可控。 ■ 四川：春节期间白酒动销分化，茅台、五粮动销较好，千元标杆价格下探至800元，#整体动销超去年，市场表 现喜人。 白酒六省渠道调研要点20260222 春节动销总结： 整体符合预期，分化延续：#高端动销表现突出，茅台、五粮液多地同比增长，价格坚挺；中低端品牌部分地区承 压，去库存为主。 #区域间有所分化，宴席需求带动头部品牌增长，节后库存水平整体可控。 ■ 四川：春节期间白酒动销分化，茅台、五粮动销较好，千元标杆价格下探至800元，#整体动销超去年，市场表 现喜人。 主流品牌如水井坊、舍得、红花郎等中低端动销持平或偏弱，库存去化进度较快。 ■ 江苏：茅台、五粮液动销高效，销售计划基本完成，节前招商推动分销进度。 五粮液终端限价严格，批价760-795元，分销政策灵活。 #整体动销好于去年，部分产品供货节奏加快。 ■ 河南：节前茅台动销积极，库存去化明显，#动销同比增长约 ...

来源：江苏经济报 来源：江苏经济报 ...

Market Overview - The market experienced a downward adjustment with all three major indices falling over 1%, and the ChiNext index dropping over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.64 trillion yuan, a decrease of 290.4 billion yuan compared to the previous trading day [1] - Over 3,400 stocks in the market declined, while the electric grid equipment sector showed strength with several stocks hitting the daily limit [1] Sector Performance - The electric grid equipment sector saw significant gains, with stocks like Sanbian Technology and Baobian Electric hitting the daily limit [1] - The liquor sector rebounded, highlighted by Huangtai Liquor achieving three consecutive limit-ups and Shui Jing Fang reaching the daily limit [3] - The film and theater sector was active, with Hengdian Film and Television also achieving three consecutive limit-ups [1] - AI applications saw localized increases, with stocks like Yaowang Technology hitting the daily limit and Tongda Hai rising over 15% [1] Downward Trends - Resource stocks collectively adjusted, with non-ferrous metals and oil and gas sectors leading the decline, including multiple stocks like Zhaojin Gold and Sichuan Gold hitting the daily limit [1] - The semiconductor industry chain experienced a collective downturn, with stocks like Wentai Technology hitting the daily limit and others like Kaipu Cloud and Mingwei Electronics dropping over 10% [1] AI and Power Equipment - The global AI computing power construction is entering an explosive phase, with transformers becoming a core infrastructure for computing power [2] - In regions like Guangdong and Jiangsu, transformer factories are operating at full capacity, with some orders for data center-related businesses extending to 2027 [2] - The transformer industry in China consists of approximately 3,000 companies, with exports expected to reach 64.6 billion yuan by 2025, a nearly 36% increase from 2024 [3] Liquor Sector Insights - The liquor sector is experiencing a rebound, with stocks like Huangtai Liquor and Shui Jing Fang showing significant gains [3] - Despite a generally pessimistic market outlook for the liquor industry due to macroeconomic conditions, there are indications of potential investment opportunities as the sector approaches a valuation bottom [5] AI Computing Rental - The AI computing rental sector is also showing resilience, with companies like Litong Electronics and Qunxing Toys hitting the daily limit [5] - Litong Electronics has a rental scale of over 10,000 P, with approximately 4,000 P from self-owned computing power [6] Market News - Tencent's Yuanbao app launched a 10 billion yuan Spring Festival red envelope campaign, which has boosted its ranking in app stores [13] - The Qianwen app announced a 3 billion yuan investment for a Spring Festival initiative, set to launch on February 6, 2024 [23]

方正证券研报指出，水井坊2025年预计实现营业收入30.38亿元，同比下降42%；实现归母净利润3.92亿 元，同比下降71%，其中25Q4预计实现归母净利润0.66亿元，同比下降69.52%。在行业整体承压的背景 下，水井坊坚持长期主义，通过稳健的经营举措稳固公司基本盘、提振渠道信心，持续推动既定战略的 有序落地，以实现品牌的健康发展。预计公司25-27年实现营业收入30.17/31.76/35.52亿元，实现归母净 利润3.92/3.95/4.45亿元，PE分别为48.42/47.99/42.61x，给予"推荐"评级。 ...

证券日报网讯 1月19日，水井坊在互动平台回答投资者提问时表示，未来，公司将持续践行"长期主 义"，在聚焦短期经营改善的同时，从价值链维护、渠道治理、经销商赋能到品牌与产品升级，多维度 夯实发展根基，为投资者创造更大价值。 （文章来源：证券日报） ...

证券日报网讯1月19日，水井坊（600779）在互动平台回答投资者提问时表示，为保证所有投资者平等 获悉公司信息，根据信息披露公平原则，公司将于定期报告中披露相应时点的股东人数，敬请关注公司 披露的定期报告相关内容。如需查询定期报告以外其他时间节点的股东人数，根据相关规定，应当向公 司提供证明持有公司股份类别以及持股数量等内容的书面文件，公司经核实股东身份后予以提供。同 时，查询的日期也应当符合中登公司的规定并签署保密等相关文件。如有任何问题，请致电公司投资者 热线028-86252847咨询。 ...

21世纪经济报道肖夏综合报道 大股东"放风"考虑出售还没两天，水井坊迎来了要客上门。 1月15日，川酒集团党委书记、董事长曹勇，总经理、总工程师杨官荣率考察组赴水井坊邛崃全产业链 基地考察学习。 这一消息是川酒集团1月16日深夜通过官方公众号披露的。 "水井坊将智能化酿造与经验丰富的技术人员有机结合的前瞻性探索和扎实成效，为川酒集团建设'中国 白酒梦工厂'提供了宝贵经验。"曹勇说。水井坊一方陪同考察的，是水井坊传统技艺总监林东，公司的 技术代表人物。 （右四为川酒集团党委书记、董事长曹勇，左二为水井坊传统技艺总监林东） 就在上述考察前两天，有消息称帝亚吉欧正在探索出售中国资产的可能性，投行已在接触本地的战略投 资者和私募。对于这一消息，帝亚吉欧中国方面给21记者的回应是"不发表评论"，水井坊方面则没有回 应。 去年以来，市场一直猜测帝亚吉欧会否考虑出售水井坊，水井坊方面多次出面否认，并在去年底剑南春 收购的传言引发涨停后直接公告称相关报道不实。迄今为止，帝亚吉欧、水井坊都没有在任何公开渠道 表达过出售意向。 "考察组一行深入水井坊邛崃全产业链基地酿造车间，实地考察学习水井坊在安全生产管理、标准化作 业流程（S ...

Core Viewpoint - Diageo is considering divesting its Chinese assets, including a potential sale of its stake in Sichuan Shui Jing Fang, as part of a strategy to streamline its global business portfolio [2][3]. Group 1: Asset Disposal Strategy - Diageo has engaged Goldman Sachs and UBS to evaluate its business in China, particularly its over 63% stake in Shui Jing Fang, and has begun exploratory discussions with local strategic investors and private equity firms [3]. - The discussions regarding the potential sale are still in the early stages, and Diageo has not made any final decisions or commitments to proceed with any transactions [3]. Group 2: Market Speculation and Historical Context - Speculation about the sale of Shui Jing Fang has been ongoing for a year, closely linked to Diageo's broader asset disposal strategy initiated by the previous CEO to cut costs [4]. - Diageo has faced challenges in the Chinese white liquor market, with declining sales impacting Shui Jing Fang, which has been highlighted in recent financial reports [4]. - The company has been actively selling assets in various regions, including Europe, Africa, and Latin America, with notable transactions such as the $2.3 billion sale of stakes in East African breweries to Asahi Group [5]. Group 3: Leadership Changes - The arrival of new CEO Dave Lewis has reignited speculation about the potential sale of Shui Jing Fang, as he is known for decisive and aggressive cost-cutting measures from his previous roles [6]. - The new CEO has not yet publicly outlined his operational strategy, with expectations for more details to emerge during the mid-term financial report in February [7].

Core Viewpoint - Diageo is considering various measures to divest its assets in China, including the potential sale of its stake in Sichuan Shui Jing Fang, as part of a strategy to streamline its global business portfolio [2][3][4]. Group 1: Asset Disposal Strategy - Diageo has engaged Goldman Sachs and UBS to evaluate its operations in China, particularly its over 63% stake in Sichuan Shui Jing Fang, and has begun exploratory discussions with local strategic investors and private equity firms [3][4]. - The discussions regarding the potential sale of Shui Jing Fang are still in the early stages, and no final decision has been made by Diageo [4]. Group 2: Market Context and Performance - Diageo has been in an asset divestment mode since last year, with its former CEO initiating a cost-saving acceleration plan, which has led to speculation about Shui Jing Fang's future [5]. - The Chinese white liquor market has faced significant challenges, impacting Shui Jing Fang's sales, as noted in Diageo's recent financial reports [5]. Group 3: Recent Transactions and Market Reactions - Over the past year, Diageo has been active in selling assets primarily in Europe, Africa, and Latin America, with notable transactions including the sale of a majority stake in its Ghana brewery for $81 million and a $2.3 billion deal with Asahi Group for East African breweries [6]. - In December, rumors surfaced about Jian Nan Chun potentially acquiring Shui Jing Fang, leading to a rapid increase in Shui Jing Fang's stock price, although the company later denied these reports [6]. Group 4: Leadership Changes - The appointment of new CEO Dave Lewis, known for decisive and aggressive decision-making, has kept market speculation alive regarding the future of Shui Jing Fang [7]. - Lewis has not yet publicly outlined his strategic plans, with expectations for more clarity during the mid-term financial report in February [7].