事实上，水井坊所面临的困境，正是整个白酒行业现状的一个缩影。根据中国酒协的数据，当前白酒行 业正承受着前所未有的库存高压，与此同时，消费者的饮酒观念愈发理性，这进一步加剧了市场的分 化。高端白酒市场价格出现松动，中端白酒市场竞争则呈现出白热化态势。在这样的形势下，酒企纷纷 从以往的 "渠道压货" 模式，转向更加注重产品实际销售的 "动销驱动" 模式。臻酿八号作为中端价格带 的主力产品，其市场表现直观地反映出了行业内部的深层矛盾。 然而，水井坊的停售措施能否达到预期效果，目前仍存在诸多不确定性。从短期来看，减少市场投放 量，确实有助于缓解产品价格下行的压力。但需要注意的是，库存只是从渠道转移到了企业，并未真正 被消化。倘若消费端的需求未能同步回暖，那么在停售结束后，水井坊可能将面临更为严峻的去库存压 力。从长期发展的角度来看，白酒行业的复苏，主要取决于消费信心的恢复、厂商利益的重新平衡，以 及产品结构的优化这三大关键变量。在停售期间，水井坊需要加快渠道改革的步伐，通过精细化运营， 提升终端产品的实际销售情况，如此才能将这场价格保卫战，切实转化为推动业绩增长的实际动能。 进入 7 月，上市酒企的停货风潮仍在持续。 ...

行业动态 1.商务部裁定欧盟进口白兰地存在倾销 7月4日，商务部发布年度第34号公告，公布对原产于欧盟的进口相关白兰地反倾销调查的最终裁定，裁定原产于欧盟的进口相关白兰地存在倾销，国内相关 白兰地产业受到实质损害威胁，而且倾销与实质损害威胁之间存在因果关系。最终裁定中认定的倾销幅度为27.7%-34.9%。此外，商务部经依法审查，接受 了欧盟有关行业协会和企业提出的价格承诺，对符合承诺条件的相关进口产品不征收反倾销税。（商务部） 2.三项酒类零售连锁标准制定启动 日前，中国酒类流通协会启动《酒类零售连锁经营管理规范》《酒类星级门店评价要求》《酒类零售店长职业要求》三项团体标准制定，面向从事酒类生 产、流通、零售或相关研究的企事业单位、科研机构等公开征集联合起草单位，要求参与单位须具备酒类连锁经营管理实践经验或标准化研究基础；全程参 与标准起草，并提供企业实践经验及研究成果，确保标准兼具先进性与可操作性；同时承诺投入资源（人员、资金、技术）参与标准研讨与修订。（中国酒 类流通协会） 中国经济信息社分析师认为，中国酒类流通协会启动三项团体标准制定，标志着酒业零售端规范化进程迈出关键一步。在消费升级与新零售浪潮下， ...

主播&达人 1、一批涉企违法违规账号被处置 近日，西安市网信办积极组织开展"清朗·优化营商网络环境——整治涉企网络'黑嘴'"专项行动，督促属地重点网站平台强化涉企信息内容管理，从严从快处 置一批涉企违法违规账号。3起典型案例被通报。 1.短视频账号"XX说金融"为博眼球、吸流量，恶意蹭炒"房产""贷款"等金融领域热点话题，发布大量金融领域引流类及诱导性信息，误导公众认知，扰乱经 济社会秩序。西安市网信部门对账号持有人王某进行约谈，依据《中华人民共和国网络安全法》《网络信息内容生态治理规定》等法律法规，对王某予以警 告，责令清除违规信息，消除不良影响，对账号作出暂停内容更新处置。 2.短视频账号"XX子风"为博取流量，歪曲教育政策炒作"学区房"，发布涉"房产""房企"虚假不实信息，扰乱经济社会秩序。西安市网信、教育部门联合对账 号持有人张某进行约谈，依据《中华人民共和国网络安全法》《互联网用户公众账号信息服务管理规定》等法律法规，对张某予以警告，对账号作出暂停内 容更新处置。 3.短视频账号"XX古月"发布诋毁企业形象声誉的负面不实信息，唱衰经济社会发展，歪曲解读经济政策，扰乱市场秩序。西安市网信、公安部门联合 ...

NO.1茅台酒销售公司已完成既定半年经营任务 7月7日，贵州茅台酒销售有限公司2025年半年市场工作会上，茅台集团董事长张德芹宣布，茅台酒销售 公司完成了上半年既定经营任务。 张德芹认为，白酒行业正加速从以商品为中心的时代，转向以消费者为中心的商品时代或者是"商品 +服务"的时代。基于对市场环境与趋势的判断，茅台需要主动求变，从商品时代向商品与服务并重转 变，从"渠道为王"向"消费者为王"转变，摒弃被动等待的思维，以积极姿态应对时代挑战，把握发展机 遇。 对于未来的市场工作，张德芹提到了两个"坚持"——要坚持茅台"酒文化的极致"定位，持续巩固自身优 势，以更高标准满足消费者对高品质产品的需求；要坚持强化服务能力不动摇，持续做优服务，给消费 者提供满满的情绪价值，赢得更多消费者的青睐。 点评：茅台提出的从"商品为王"时代向"商品+服务"时代转变，反映了行业趋势。这一策略可能对茅台 的长期品牌建设和消费者忠诚度产生积极影响，对于白酒行业，这种转变意味着更注重消费者体验，可 能引发行业内的竞争新格局。 点评：水井坊的系列举措可能影响公司短期销售节奏，但也传递出强化市场秩序的信号。对白酒板块而 言，反映出行业对价格体 ...

7月8日，《每日经济新闻·将进酒》记者从水井坊获悉，公司近日发布了《四川水井坊股份有限公司相 关声明》，针对近期市场中局部区域的流通乱象及客户的潜在顾虑，公司作出相关说明及承诺。其实， 这份声明的背后，是水井坊针对低价抛货、串货销售等流通乱象的治理"重拳"。 "第一拳"，停货。即日起，水井坊对臻酿八号500毫升装全渠道实施停货，直至另行通知。 据了解，臻酿八号为公司核心大单品之一，位于300元~400元价格带，有券商预估臻酿八号贡献该公司 年营收50%以上。臻酿八号与井台这两款明星大单品，则共同贡献了公司80%以上的营收，也形成了较 为完善的渠道体系和价格梯度。 "第二拳"，严控电商产品销售价格政策。公司表示，稳定渠道价格体系是工作得重中之重。为进一步提 振市场信心和产品价值，公司还将对电商渠道上的臻酿八号520毫升装采取稳定价值链及买赠管控等举 措，借以支持水井坊核心产品的全渠道稳健发展。同时，臻酿八号其他规格，如500毫升单支/整箱、礼 盒装等，在电商渠道上的销售也会严格遵守公司的价格政策，以保证市场价格体系的稳定。 "第三拳"，查处回收违规流通产品。针对市场局部流通乱象，水井坊将持续升级完善相关管控举措 ...

Core Viewpoint - In 2024, Shuijingfang continues to implement its ESG sustainable development strategy themed "Shuijingfang · Respecting the Future," focusing on high-quality products and services to enhance people's quality of life [2] Group 1: Product Quality and Safety - In 2024, Shuijingfang achieved third-party certification audits through HACCP and ISO9001 [3] - All packaging material suppliers have signed food safety requirements and standards, obtaining ISO9001 certification [3] - The company conducted 80 training sessions on quality management and food safety, covering 1,535 employees with a total training duration of 2,172 hours [3] Group 2: Responsible Marketing and Consumer Experience - Shuijingfang established and strictly adheres to the "Shuijingfang Marketing Code," requiring partners to comply as well [3] - The company ensures a quick response to customer inquiries and complaints within 5 minutes, achieving 100% timely resolution of feedback [3] - In collaboration with the Chengdu Tourism Association, Shuijingfang launched the first wine and tourism integration route in Chengdu to enhance brand value and create new growth points [3] Group 3: Employee Satisfaction and Training - The company conducts an annual "Your Voice" survey with a 99% participation rate from employees in 2024 [3] - Shuijingfang provided 24,036.45 hours of targeted training for 100% of full-time employees, with an average training duration of 11.93 hours per employee [3] Group 4: Supplier Management - Shuijingfang has a comprehensive supplier screening system, including background checks and on-site evaluations [4] - The company implemented an annual performance management plan for suppliers, focusing on quality, delivery, technology, and compliance [4] - In 2024, 89 key suppliers were identified, with 59 completing the SEDEX self-assessment [4] Group 5: Corporate Social Responsibility - In 2024, Shuijingfang donated a total of 1.88 million yuan to support six major public welfare areas [5] - The company has over 1,000 volunteers, contributing a total of 759 hours of service [5] - The "Friendly Neighbor Plan" was upgraded to promote community harmony through factory open days and diverse community activities [5] Group 6: Environmental Sustainability - Shuijingfang set a carbon reduction target to reduce Scope 1 and Scope 2 greenhouse gas emissions by at least 60,000 tons of CO2 equivalent from 2024 to 2030 [6] - The company aims to improve water efficiency by 30% by 2030 compared to 2020 [6] - In 2024, the cooling water in the brewing workshop of the Qionglai factory achieved 100% recycling, with a total recycled volume of 821,060 tons [6] Group 7: Governance and Compliance - The board organized six training sessions on independent director system reform, registration system interpretation, and information disclosure in 2024 [6] - Shuijingfang established a risk management system centered on the "three lines of defense" [6] - The company reviewed nine policies, including the "Business Conduct Code" and "Guidelines for Preventing Conflicts of Interest," to ensure compliance management aligns with business development [6] Group 8: Intellectual Property Protection - Shuijingfang formed a specialized brand protection team to conduct nationwide anti-counterfeiting efforts [7] - The company developed a self-research anti-counterfeiting digital coding system, significantly enhancing product anti-counterfeiting capabilities [7] - In 2024, Shuijingfang provided 222 instances of authenticity verification services for consumers [7]

Core Viewpoint - In 2024, the company continues to implement its ESG sustainable development strategy themed "Water Well · Respect the Future," aiming to enhance the quality of life through high-quality products and services [3]. Group 1: Product Quality and Safety - The company has achieved third-party certifications for HACCP and ISO9001 in 2024 [4]. - All packaging suppliers have signed food safety requirements and standards, and have obtained ISO9001 certification [5]. - The company conducted 80 training sessions on quality management and food safety, covering 1,535 employees with a total training duration of 2,172 hours [5]. Group 2: Responsible Marketing and Consumer Experience - The company adheres to a strict marketing code and requires partners to comply as well [5]. - Customer inquiries and complaints are responded to within 5 minutes, with 100% of issues addressed promptly [5]. - A new wine tourism route was launched in collaboration with the Chengdu Tourism Association to enhance brand value and create new growth points [5]. Group 3: Employee Satisfaction and Training - The company conducted an annual "Your Voice" survey with a 99% participation rate in 2024 [6]. - A total of 24,036.45 hours of targeted training were provided, covering 100% of full-time employees, with an average training duration of 11.93 hours per employee [7]. Group 4: Supplier Management - A comprehensive supplier screening system is in place, including background checks and on-site evaluations [8]. - An annual performance management plan for suppliers was established, focusing on quality, delivery, technology, and compliance [8]. - In 2024, 89 key suppliers were identified, with 59 completing the SEDEX self-assessment [8]. Group 5: Corporate Social Responsibility - The company donated a total of 1.88 million yuan to support six major public welfare areas in 2024 [9]. - Over 1,000 volunteers contributed a total of 759 hours of service [10]. - The "Friendly Neighbor Program" was upgraded to promote community harmony through factory open days and diverse community activities [10]. Group 6: Industry Standards and Environmental Management - The company collaborated with the Sichuan China Baijiu Golden Triangle Liquor Industry Association to release management guidelines for the use of group standards [11]. - It actively participated in the formulation of production technical specifications for Sichuan liquor [11]. - The company conducted a comprehensive assessment of its carbon emissions and set a target to reduce scope 1 and 2 emissions by at least 60,000 tons of CO2 equivalent from 2024 to 2030 [12]. Group 7: Water Resource and Packaging Management - A water risk assessment is regularly conducted, with a goal to improve water efficiency by 30% by 2030 compared to 2020 [13]. - The company achieved 100% recycling of cooling water in its production workshop, amounting to 821,060 tons [14]. - Efforts to reduce plastic use include optimizing packaging to save nearly 70 tons of ABS plastic annually [15]. Group 8: Corporate Governance and Compliance - The board of directors participated in training related to independent director reforms and information disclosure [16]. - A risk management system based on a "three lines of defense" approach was established, ensuring compliance management aligns with business development [16]. - A specialized brand protection team was formed to enhance product anti-counterfeiting capabilities [17].

公司研究 事项： ❖ 公司于 6 月 18 日召开 2024 年度股东大会，管理层重点总结 2024 年经营成 果、指出 2025 年战略方向，并回应市场关心的经营策略、渠道表现、资本支 出等问题。我们前往参会，核心反馈及分析如下： 评论： 证 券 研 究 报 告 水井坊（600779）2024 年股东大会点评 强推（维持） 修炼内功，注重提效 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,217 | 5,349 | 5,696 | 6,308 | | 同比增速(%) | 5.3% | 2.5% | 6.5% | 10.8% | | 归母净利润(百万) | 1,341 | 1,365 | 1,449 | 1,658 | | 同比增速(%) | 5.7% | 1.8% | 6.1% | 14.5% | | 每股盈利(元) | 2.75 | 2.80 | 2.97 | 3.40 | | 市盈率(倍) | 15 | 15 | 14 | ...

Core Viewpoint - Water Jiufang's annual shareholder meeting highlighted the company's performance and management stability, with new CEO Hu Tingzhou emphasizing growth opportunities and the implementation of a dual-brand strategy to adapt to changing consumer demands in the liquor industry [1][3][4]. Financial Performance - In 2024, Water Jiufang achieved revenue of 5.217 billion yuan, a year-on-year increase of 5.32%, and a net profit of 1.341 billion yuan, up 5.69% [3]. - In Q1 2024, the company reported revenue of 959 million yuan, a 2.74% increase, and a net profit of 190 million yuan, up 2.15%, successfully meeting its operational goals [3][4]. Management Stability - The stability of the core management team has been a concern for investors, especially after the prolonged vacancy of the CEO position prior to Hu Tingzhou's appointment [4]. - Hu emphasized the implementation of an "achievement culture" to enhance management efficiency, which includes performance tracking and incentives for employees [4]. Brand Strategy - The dual-brand strategy involves the "Water Jiufang" brand targeting mid-range consumers (priced between 300-800 yuan) and the "First Fang" brand aimed at high-end consumers (priced above 800 yuan) [6][8]. - This strategy is designed to meet the evolving consumer preferences and to capture new growth opportunities in the market [7][8]. Market Trends - The liquor industry is experiencing a shift in consumer demand, with a decline in formal business settings and an increase in social and family gatherings driving growth [7]. - The company is also focusing on younger consumers, with plans to introduce lower-alcohol products to cater to this demographic [9]. Future Plans - The company aims to launch the "First Fang" product and introduce iterative products from the Water Jiufang series by 2025 [8]. - Ongoing product iterations are expected to differentiate new offerings from existing products, addressing consumer desires for quality and value [8].

"当前最关注的是动销。"18日的股东大会上管理层多次表示。水井坊副总经理、财务总监蒋磊峰介绍， 今年一季度水井坊的消费者扫码开瓶数同比增长45.1%，一季度宴席比去年同期增长9.7%，也有回暖趋 势。 21世纪经济报道记者肖夏 成都报道 21世纪经济报道记者在现场了解到，胡庭洲去年接任总经理以来，在水井坊更加提倡业绩文化导向，紧 跟动销进货、出货、收款、宴席等数据，细化到了每天日报跟踪、每周内部排名的地步。 "做生意就像开车一样，外面下雨的时候，我们更需要关注自己面前这条路、关注我们自己的车到底怎 么开。因为这个时候可能是弯道超车最好的机会。" 在6月18日举行的水井坊2024年年度股东大会上，水井坊总经理胡庭洲引用了大股东帝亚吉欧CEO Debra Crew的一段话，回应投资者对于近期外部环境的看法。 胡庭洲表示，尽管也受到大环境的影响，水井坊当前在品牌、产品、门店拓展、团队执行、绩效文化等 方面还是有很多地方可以提升。 在此前先于行业启动去渠道库存后，水井坊去年轻装上阵，年营收首次突破50亿元，净利润也创下新 高。今年一季度，水井坊营收、归母净利润继续保持正增长。 （水井坊总经理胡庭洲，21记者摄于水井坊 ...