2025年白酒行业在宏观经济周期、产业调整周期与政策调整的多重影响下进入深度调整阶段，传统商务 宴请等消费场景恢复较缓，行业库存整体处于高位。 预计2025年度公司实现归属于母公司所有者的扣除非经常性损益的净利润为38,072万元，同比下降 71%。 格隆汇1月19日丨水井坊(600779.SH)公布，经财务部门初步测算，预计2025年度公司实现归属于母公司 所有者的净利润为39,185万元，同比下降71%；预计2025年度公司实现营业收入303,776万元，比下降 42%。 ...

Core Viewpoint - The company, Shui Jing Fang, is expected to experience a significant decline in net profit and revenue for the year 2025, reflecting challenges in the liquor industry due to macroeconomic and policy factors [1] Company Summary - The company anticipates a net profit attributable to shareholders of 391.85 million yuan for 2025, representing a 71% decrease year-on-year [1] - The expected operating revenue for 2025 is 3.03776 billion yuan, which is a 42% decline compared to the previous year [1] - The net profit, excluding non-recurring gains and losses, is projected to be 380.72 million yuan, also a 71% decrease year-on-year [1] Industry Summary - The liquor industry is entering a deep adjustment phase in 2025, influenced by multiple factors including macroeconomic cycles, industry adjustments, and policy changes [1] - The recovery of traditional business banquet consumption scenarios is slow, contributing to high overall inventory levels in the industry [1]

证券代码：600779 证券简称：水井坊 公告编号：2026-001 四川水井坊股份有限公司 2025 年度业绩预告 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。 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1、经财务部门初步测算，预计 2025 年度公司实现归属于母公司所有者的净 利润为 39,185 万元，与上年同期相比，预计减少 94,918 万元，同比下降 71%； 预计 2025 年度公司实现营业收入 303,776 万元，预计减少 217,900 万元，同比 下降 42%。 2、预计 2025 年度公司实现归属于母公司所有者的扣除非经常性损益的净利 润为 38,072 万元，与上年同期相比，预计减少 93,054 万元，同比下降 71%。 3、本次预计的业绩未经注册会计师审计。 重要内容提示： 本期业绩预告适用于实现盈利，且净利润与上年同期相比下降 50%以上 的情形。 四川水井坊股份有限公司（以下简称"公司"）预计 2025 年度公司实现 归属于母 ...

说的不止是动画，更是它的叛逆。 当所有品牌都在诉说年份、历史和荣耀，它却以精心策划的一场"出逃"，揭开了所有醇香背后，那段被 窖藏的、名为"等待"的真相。西凤酒15年6年陈酿出品的诚意之作《时光的诺言》，借由一支动画，讲 述一瓶名为"六六"的酒，如何在等待与挣扎中，领悟时间的终极意义。 01出逃 有一种渴望，从未像在"六六"身上表现得如此具象。 日复一日的等待，"六六"不甘心。它尝试混入队伍，在关键时刻却被无形的规则"弹回"。一次，两次， 三次……摔回原地的，不只是瓶身，还有那颗急于奔赴远方的心。 "六六"所有的"失败"，只是因为时机未到。"叛逆"，在这里并不仅是冲突情节，更是西凤酒15年6年陈 酿，为自己写下的最严苛的品格律令：必须经历至少366天的瓶储，一天不能少。这是"出厂"前，最关 键的一次淬炼。 这不仅是品牌想说的，更是在"出逃"的戏剧冲突下，叩问的一件事：当世界都在追逐即时满足，我们是 否还敢相信并践行"延迟的奖赏"？用366天，去等一瓶酒抵达它的"最佳时刻"。 这是西凤酒15年6年陈酿对品质不容妥协的信仰，也是对消费者未曾言说的厚重承诺。就像动画中那无 形的、却绝对存在的"规则"一样。它既是禁锢 ...

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。 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。 而这一次川酒集团的来访，官方口径为生产层面的"考察学习"，并未涉及资产层面的内容。但如此高调 的考察，还是为水井坊的出售猜想进一步添砖加瓦。 邻居登门 此次川酒集团对水井 ...

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 ...

Group 1: Moutai and Xijiu Cooperation - Moutai Group and Xijiu Group held a meeting to discuss deepening cooperation and promoting high-quality development of the Guizhou sauce liquor industry [1] - Moutai's chairman emphasized the need for both companies to support each other during industry adjustments and proposed four initiatives to enhance collaboration [1] - Xijiu's chairman highlighted the importance of ecological protection, traditional brewing methods, market order maintenance, technological innovation, and cultural integration in their partnership [2] Group 2: Xifeng Liquor and Saif Group Strategic Cooperation - Xifeng Liquor and Saif Group signed a strategic cooperation agreement to enhance their marketing and distribution capabilities [3] - The partnership aims to leverage Xifeng's brand and product quality with Saif's channel and technology strengths to create a comprehensive marketing loop [3] - The collaboration focuses on product innovation, channel expansion, and refined user operations to drive growth in the liquor industry [3] Group 3: Industry Developments and Collaborations - Chuan Liquor Group visited Shui Jing Fang to learn about advanced production management and smart manufacturing practices [4] - Yima Delivery announced that it has surpassed 2,200 stores nationwide, aiming to expand its service to more urban and rural areas [5] - The government of Fenyang, Shanxi University, and Fenjiu Group are collaborating to establish the Shanxi Xinghua Village Academy to cultivate talent in the brewing industry [6][7] Group 4: Industry Performance Metrics - The China Liquor Index for January to November 2025 showed a static index of 116.74 points, a decrease of 3.93 points, and a dynamic index of 95.81 points, a decrease of 9.59 points [8] - The white liquor index recorded a static index of 109.50 points, down 3.77 points, and a dynamic index of 92.15 points, down 11.25 points [8] Group 5: Export Performance - In 2025, the Zunyi Comprehensive Bonded Zone supported 75 liquor companies, facilitating exports totaling 6,745.93 million yuan, with local companies directly exporting 6,495.82 million yuan [8] Group 6: Technological Innovations - Luzhou Laojiao applied for a patent for an intelligent liquor picking method and system, aimed at improving production efficiency and reducing costs through automation [9]

Group 1 - The liquor sector experienced a decline of 0.77% on January 15, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1] - Major liquor stocks showed varied performance, with *ST Rock down 4.84% to 2.75, and other notable declines including Shui Jing Fang down 2.39% and Moutai down 7.31% in net outflow [1][2] Group 2 - The liquor sector saw a net outflow of 1.152 billion yuan from main funds, while retail investors contributed a net inflow of 528 million yuan [1] - Specific stocks like Moutai and Wuliangye faced significant net outflows of 416 million yuan and 201 million yuan respectively, indicating a shift in investor sentiment [2] - The data indicates that retail investors are increasingly active, with a notable net inflow into stocks like Wuliangye, which saw 157 million yuan from retail investors [2]

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].