证券代码：600779 证券简称：水井坊 公 告 编 号 ： 2025-037 四川水井坊股份有限公司 十一届董事会 2025 年第六次会议决议公告 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。 四川水井坊股份有限公司（以下简称"公司"）于2025 年12 月10 日以通讯表决 方式召开了十一届董事会2025 年第六次会议。会议通知于2025 年12 月1 日通过电 子邮件方式送达全体董事。会议应参加表决董事12 人，实际参加表决董事12 人。会 议的召集、通知、召开时间、地点、方式及出席人数均符合《公司法》《公司章程》及 相关法律法规的规定，合法、有效。经与会董事充分审议，会议于2025 年12 月10 日通过如下决议： 本议案具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn） 与公司指定的信息披露媒体披露的《水井坊董事会各专门委员会实施细则（2025 年 12 月10 日修订）》。 本议案表决情况：12 票同意、0 票反对、0 票弃权。 一、审议通过了《关于调整公司董事会专门委员会成员 ...

Group 1 - The core viewpoint of the news is the rise of A-share liquor concept stocks, particularly the surge in Huangtai Liquor, with other companies like Jiu Gui Liquor, Jin Zhong Zi Liquor, She De Liquor, and Shui Jing Fang also experiencing gains [1] - The news highlights the public solicitation of opinions on the "Several Measures to Promote Liquor Sales in Guizhou Province," which includes support for liquor companies to deepen cooperation with financial institutions [1] - Proposed measures include exploring "brand liquor pledge loans" and "liquor income rights financial products" to revitalize company assets and alleviate financial pressure on enterprises [1]

Core Insights - The liquor sector experienced a decline of 1.0% on December 8, with Luzhou Laojiao leading the drop [1][2] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Liquor Sector Performance - Luzhou Laojiao's stock price fell by 2.31% to 125.38, with a trading volume of 117,400 shares and a transaction value of 1.482 billion yuan [2] - Wuliangye and Gujing Gongjiu also saw declines of 1.47% and 1.35%, respectively, with transaction values of 3.157 billion yuan and 279 million yuan [2] - The overall net outflow of main funds from the liquor sector was 1.788 billion yuan, while retail investors saw a net inflow of 926 million yuan [2][3] Fund Flow Analysis - Main funds showed a negative net inflow for several companies, including ST Yanshi and Jinhui Liquor, with net outflows of 1.29 million yuan and 3.21 million yuan, respectively [3] - Retail investors contributed positively to the net inflow for companies like Yilite and Tianyoude Liquor, with net inflows of 3.97 million yuan and 3.42 million yuan, respectively [3] - The overall trend indicates a shift in investor sentiment, with retail investors more active in the market compared to institutional investors [2][3]

Core Insights - PepsiCo has appointed Hong Zonghua as the new Vice President of Corporate Affairs for the Asia-Pacific region, transitioning from his previous role as Chief Public Relations Officer at Shui Jing Fang [2] - Hong's extensive experience in public relations and government affairs within the consumer sector is seen as a key factor for his selection by PepsiCo [2] - This appointment marks a significant elevation in responsibility, as Hong will now oversee corporate affairs across the entire Asia-Pacific region, compared to his previous focus on China [2] Summary by Sections - **New Appointment**: Hong Zonghua has officially joined PepsiCo (China) Ltd. as the Vice President of Corporate Affairs for the Asia-Pacific region, after a tenure at Shui Jing Fang [2] - **Background and Experience**: Hong has a strong background with major multinational companies such as Walmart and Mars, and his experience in cross-cultural and cross-enterprise management is highly regarded [2] - **Role Challenges**: Hong is currently in the process of acclimating to his new role, with a focus on leveraging his experience in government relations, brand building, and sustainability from the liquor industry to benefit PepsiCo's diverse operations in the Asia-Pacific [2] - **Market Implications**: The industry will be observing how Hong's leadership will impact PepsiCo's performance in the competitive Asia-Pacific beverage market [2]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for selected stocks and sectors within the industry [4]. Core Insights - The white liquor sector is showing signs of recovery, with Shanxi Fenjiu focusing on national expansion, youth engagement, and internationalization strategies for 2026. The company is optimizing inventory and enhancing market capacity, which is expected to support growth [2]. - In the beverage sector, companies like Nongfu Spring are planning to strengthen their water and tea product lines while introducing new products. The beer segment is diversifying with new flavors to cater to changing consumer preferences [3]. - The report highlights the potential for growth in consumer staples, with companies like Three Squirrels expanding into a full-category strategy and Mengniu Dairy leading in deep processing innovations [7]. Summary by Sections White Liquor - Shanxi Fenjiu's 2026 marketing strategy focuses on nationalization, youth engagement, and precise consumer service. The company is targeting key markets and optimizing inventory to enhance growth potential [2]. - The white liquor industry is characterized by bottoming out in sales, clearing financial reports, and low expectations, suggesting a favorable environment for quality asset allocation [2]. Beer and Beverage - The beer sector is witnessing the launch of new products like Jin Xing Beer’s winter flavor, reflecting a shift in consumption patterns towards home and outdoor settings [3]. - Nongfu Spring's strategy for 2026 includes strengthening its core water products and expanding its tea offerings, indicating a focus on product diversification and market penetration [3]. Consumer Staples - Three Squirrels is advancing its full-category strategy with the opening of flagship stores, emphasizing community engagement and a wide range of products [7]. - Mengniu Dairy is enhancing its product line with deep processing innovations, which are expected to drive demand and improve the utilization of raw milk [7]. - The frozen food sector is recovering, with companies like Anjuke benefiting from new product launches and channel optimizations, indicating a positive market response [7].

| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 000568 | 泸州老窖 | 1 | -4.00 | 1875亿 | 6.77 | | 600809 | 山西汾酒 | 1 | -3.65 | 2205亿 | 1.59 | | 600702 | 吴得湿亚 | | -3.58 | 190亿 | -12.64 | | 000799 | 酒鬼酒 | 报 | -2.88 | 175亿 | -1.73 | | 600779 | 水井坊 | 1 | -2.74 | 185亿 | -27.28 | | 000995 | 青导演业 | | -2.36 | 21.31亿 | -27.21 | | 002304 | 洋河股份 | | -1.74 | 939亿 | -20.44 | | 603369 | 今世缘 | | -1.60 | 453亿 | -17.46 | | 000596 | 古井贡酒 | 1 | -1.55 | 817亿 | -6.93 | | 600199 | 金种子酒 | 1 | -1.33 | 63.67亿 ...

Core Viewpoint - The appointment of Hong Zonghua as Vice President of Corporate Affairs for PepsiCo Asia Pacific marks a significant leadership change, reflecting the company's strategic adjustments and recovery in performance in the region [2][5]. Group 1: Leadership Changes - Hong Zonghua, previously the Chief Public Relations Officer at Shui Jing Fang, has officially taken on the role of Vice President of Corporate Affairs at PepsiCo Asia Pacific, indicating a notable elevation in his career [2]. - His background in public relations and government relations within foreign consumer enterprises was a key factor in his selection for this role [2]. - The transition comes after a series of management restructuring and executive changes at PepsiCo, aimed at enhancing growth and operational efficiency [5][6]. Group 2: Performance and Strategy - During Hong's tenure at Shui Jing Fang, the company experienced continuous revenue growth, with 2024 projected revenue surpassing 5 billion [3]. - Shui Jing Fang focused on brand scarcity and niche marketing strategies, emphasizing its unique heritage and high-end customer engagement [4]. - PepsiCo's restructuring included the establishment of distinct divisions for international beverages and Asia Pacific foods, with a focus on improving performance in a competitive market [5][7]. Group 3: Market Dynamics - PepsiCo's beverage business in China has faced challenges, with low single-digit declines in 2024, contrasting with food business growth [7]. - The overall performance in the Asia Pacific market showed a 1% net revenue increase, with food sales growing by 4% while beverage sales lagged [7][8]. - Despite these challenges, there are signs of recovery in 2025, with food business unit sales increasing by 4% and organic revenue growth in international beverages [8].

Core Viewpoint - Water Jiufang has deeply integrated ESG (Environmental, Social, and Governance) principles into its corporate strategy and management, establishing a new paradigm for sustainable development in the Chinese liquor industry [1]. Group 1: ESG Integration and Corporate Strategy - Water Jiufang has created a top-down ESG system and established an ESG oversight mechanism at the board level to ensure the effective implementation of sustainable development strategies [2]. - In 2024, the company will adopt a "double materiality" analysis framework to identify 31 substantive issues from both "impact significance" and "financial significance" perspectives, providing a scientific basis for strategic decision-making [2]. - The company has received industry recognition for its ESG practices, being included in the S&P Global "Sustainability Yearbook (China Edition)" for three consecutive years and rated as an "Industry Best Progress Company" [2]. Group 2: Green Transformation and Environmental Initiatives - Water Jiufang has committed to a full value chain greenhouse gas inventory and set a carbon reduction target to reduce Scope 1 and Scope 2 emissions by at least 60,000 tons of CO2 equivalent from 2024 to 2030 [3]. - The company aims to improve water efficiency by 30% by 2030 compared to 2020 levels and has implemented technologies to achieve 100% recycling of cooling water in its brewing workshops, amounting to 821,000 tons annually [3]. - The Qionglai factory has adopted a circular economy model, converting biogas from wastewater treatment into clean energy, saving approximately 4.59 million kilowatt-hours of electricity annually [3]. Group 3: Social Responsibility and Community Engagement - Water Jiufang believes in the interconnection between corporate sustainability and community prosperity, establishing a shared value mechanism with employees, consumers, and communities [4]. - In 2024, the company donated a total of 1.88 million yuan to support six major public welfare areas and formed a volunteer team that has served over 759 hours in various initiatives [4]. - The company promotes responsible drinking as part of its 2035 sustainability goals, aiming to educate 100 million people through innovative outreach methods [4]. Group 4: Future Development and Strategic Goals - Water Jiufang plans to launch a dual-brand strategy by 2025, creating a synergistic development model with "Diyifang + Water Jiufang" to drive high-quality growth through innovation [4]. - The company emphasizes long-term operational principles while solidifying its ESG strategy to enhance consumer experience and expand growth momentum [4]. Group 5: Overall Commitment to Sustainable Development - Water Jiufang exemplifies the responsibility and commitment of Chinese liquor companies through its actions, continuing to drive high-quality sustainable development in the industry with innovation and responsibility as its foundation [5].

Core Viewpoint - The appointment of Hong Zonghua as Vice President of Corporate Affairs for PepsiCo Asia Pacific marks a significant leadership change, reflecting the company's strategic adjustments and recovery in performance [1][4]. Group 1: Hong Zonghua's Background and Role - Hong Zonghua has a strong background in public relations and government relations, having worked for major companies like Walmart, Mars, Herbalife China, and Shui Jing Fang [2]. - His previous role at Shui Jing Fang involved managing government relations, corporate communication, social responsibility, and ESG strategy, contributing to the company's growth and brand positioning [5]. - During his tenure at Shui Jing Fang, the company achieved continuous revenue growth, surpassing 5 billion in revenue for the first time in 2024 [5]. Group 2: PepsiCo's Organizational Changes - PepsiCo has undergone significant restructuring, dividing its global operations into North America and International segments, with a focus on the Asia Pacific market [6]. - The company has seen multiple executive changes, including the appointment of new leaders for its food and beverage divisions, indicating a shift in strategy to enhance growth [6][8]. - The beverage segment has faced challenges, with a decline in sales, while the food segment has shown modest growth, highlighting a disparity in performance across categories [8][9]. Group 3: Market Performance and Competitive Landscape - In 2024, PepsiCo's food business in China is expected to see mid-single-digit growth, while its beverage business is projected to decline slightly [8]. - The overall performance in the Asia Pacific market shows a 1% increase in net revenue, with food sales growing by 4% and beverage sales by only 1% [8]. - The competitive environment in the beverage sector is intensifying, with rivals like Coca-Cola also facing challenges in the Chinese market [9][10].

Core Insights - The appointment of Hong Zonghua as Vice President of Corporate Affairs for PepsiCo Asia Pacific marks a significant leadership change within the company, coinciding with a broader restructuring of its management team and a recovery in operational performance [1][4]. Group 1: Hong Zonghua's Background and Role - Hong Zonghua has a strong background in public relations and government relations, having worked for major companies like Walmart, Mars, Herbalife China, and Shui Jing Fang, where he held senior positions [2][3]. - His previous role at Shui Jing Fang involved managing government relations, corporate communication, social responsibility, and ESG strategy, contributing to the company's continuous revenue growth, which is projected to exceed 5 billion in 2024 [2][3]. Group 2: PepsiCo's Organizational Changes - PepsiCo has undergone significant structural changes in 2023, dividing its global operations into North America and International segments, with a focus on the Asia Pacific market [4][6]. - The company has seen multiple executive changes, including the appointment of new leaders for its food and beverage divisions, reflecting a strategic shift to enhance performance in a competitive market [4][6]. Group 3: Market Performance and Challenges - PepsiCo's performance in China has shown a mixed trend, with food business revenues experiencing low single-digit growth while beverage revenues faced a slight decline [6][7]. - The overall revenue growth in the Asia Pacific region for 2024 is projected at 1%, with food business sales increasing by 4% and beverage sales only growing by 1%, indicating a challenging market environment [6][7]. - Despite these challenges, there are signs of recovery in 2025, with a reported 4% increase in unit sales for the Asia Pacific food business in the first three quarters [7].