\u003cdiv class=\"rich_media_content\"\u003e\u003cdiv data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_0--\u003e\u003c/div\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cstrong\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e文 | 王立广\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cstrong\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e编辑 | 刘鹏\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e1�日晚间，“川酒六朵金花”之一的\u003c!--SECURE_LINK_BEGIN_0--\u003e水井坊\u003c!--SECURE_LINK_END_0--\u003e发�年业绩预告，公告显示，水井坊预�年实现营业收入�.38亿元，同比下�%，实现归母净利润𰹇.92亿元，同比下�%，扣非后归母净利.81亿元，同比下�%。\u003c/span\u003e\u003c/p\u003e\u003cdiv data-exeditor-arbitrary-box=\"image-box\"\u003e\u003cspan style=\"display: inline-block; max-width: 100%\" data-widget=\"image\"\u003e\u003c!--IMG_1--\u003e\u003cspan style=\"color: #999; display: block; font-size: 12px; line-height: 18px; text-align: center; word-wrap: break-word\"\u003e\u003c!--NO_READ_BEGIN--\u003e来源：水井坊公告\u003c!--NO_READ_END--\u003e\u003c/span\u003e\u003c/span\u003e\u003c/div\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e这是A股上市酒企第三�年度业绩预告，此前\u003c!--SECURE_LINK_BEGIN_1--\u003e口子窖\u003c!--SECURE_LINK_END_1--\u003e发布公告预�年净利润同比下�%-60%，\u003c!--SECURE_LINK_BEGIN_2--\u003e金种子酒\u003c!--SECURE_LINK_END_2--\u003e预�年度净利润为负值，在白酒行业深度调整期，多数酒�年业绩出现大幅下滑。\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e从全年业绩来看，水井�年度营收创�年以来新低，归母净利润创�年以来新低。\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e拆分季度看，按照水井坊业绩预告，�年第四季度预计实现营.90亿元，同比下�.71%，实现净利.66亿元，同比下�.44%。\u003c/span\u003e\u003c/p\u003e\u003cdiv data-exeditor-arbitrary-box=\"image-box\"\u003e\u003cspan style=\"display: inline-block; max-width: 100%\" data-widget=\"image\"\u003e\u003c!--IMG_2--\u003e\u003cspan style=\"color: #999; display: block; font-size: 12px; line-height: 18px; text-align: center; word-wrap: break-word\"\u003e\u003c!--NO_READ_BEGIN--\u003e来源：腾讯财经制图\u003c!--NO_READ_END--\u003e\u003c/span\u003e\u003c/span\u003e\u003c/div\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e对于业绩大幅下滑，水井坊表示，主要为行业周期与公司主动调整叠加的结果。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。\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e值得注意的是，水井�年的业绩下降程度超出了多数券商的预期。Wind数据显示，2025月份以来，�家券商发布对水井�年业绩预测，其中营收一致预测�.32亿元，净利润一致预测𰹊.58亿元。\u003c/span\u003e\u003c!--MID_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e净利润预测方面，除\u003c!--SECURE_LINK_BEGIN_3--\u003e招商证券\u003c!--SECURE_LINK_END_3--\u003e分析师陈书慧、\u003c!--SECURE_LINK_BEGIN_4--\u003e华创证券\u003c!--SECURE_LINK_END_4--\u003e分析师欧阳予、\u003c!--SECURE_LINK_BEGIN_5--\u003e东吴证券\u003c!--SECURE_LINK_END_5--\u003e分析师苏铖外，其余券商预测值均高𱆏.92亿元，其中\u003c!--SECURE_LINK_BEGIN_6--\u003e华西证券\u003c!--SECURE_LINK_END_6--\u003e分析师寇星、\u003c!--SECURE_LINK_BEGIN_7--\u003e光大证券\u003c!--SECURE_LINK_END_7--\u003e分析师叶倩瑜、国投证券分析师蔡琪、\u003c!--SECURE_LINK_BEGIN_8--\u003e长江证券\u003c!--SECURE_LINK_END_8--\u003e分析师董思远预测水井�年度净利润高�亿元。\u003c!--AI_AD_1000--\u003e\u003c!--AI_AD_2000--\u003e\u003c/span\u003e\u003c!--MID_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e在A股市场中，水井坊是中国唯一一家被外资控股的上市白酒企业。目前水井坊的控股股东是英国烈酒巨头\u003c!--SECURE_LINK_BEGIN_9--\u003e帝亚吉欧\u003c!--SECURE_LINK_END_9--\u003e（Diageo Plc）。截�月底，帝亚吉欧通过旗下公司合计持有水井坊�.27%的股份，稳居控股股东地位。\u003c/span\u003e\u003c!--MID_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e不过帝亚吉欧控股水井坊之后，这家公司的高管便频繁更迭，尤其是公司总经理，15年间更换𱅄任总经理，平均每任任职时间不足两年，现任总经理胡庭洲�月履职，距今时间约一年半。\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e值得关注的是，关于水井坊股权出售的传闻被频繁曝出，去��日，市场曾传闻“剑南春要收购水井坊”，当日水井坊股价涨停。水井坊随后发布澄清公告称，公司关注到有媒体报道称“某酒企拟收购水井坊”，为避免相关市场传闻对社会各界和投资者造成误导，经公司核查，上述报道不属实。\u003c/span\u003e\u003c!--MID_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_3--\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e近日，市场上又传出关于水井坊股权出售的消息。据报道称，帝亚吉欧正在考虑对其中国资产进行处置的不同举措，包括可能出售资产，目的是精简其全球业务组合，当中包括请投行评估其持有的水井坊股权。对此，帝亚吉欧中国回应媒体称，“不对此发表评论”。\u003c/span\u003e\u003c!--MID_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003cp style=\"line-height: 1.75; margin-bottom: 24px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e截�日收盘，水井坊股价�.39元，最新市�亿元。\u003c/span\u003e\u003c/p\u003e\u003cdiv powered-by=\"qqnews_ex-editor\"\u003e\u003c/div\u003e\u003cstyle\u003e.rich_media_content{--news-tabel-th-night-color: #444444;--news-font-day-color: #333;--news-font-night-color: #d9d9d9;--news-bottom-distance: 22px}.rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.rich_media_content{color:var(--news-font-day-color);font-size:18px}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]):not(.qn-editor-copy){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content{color:var(--news-font-night-color)}}.data_color_scheme_dark .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.data_color_scheme_dark .rich_media_content .qn-editor-copy p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:unset;line-height:unset;margin-bottom:unset;word-wrap:unset}.data_color_scheme_dark .rich_media_content{color:var(--news-font-night-color)}.data_color_scheme_dark .rich_media_content{font-size:18px}.rich_media_content p[data-exeditor-arbitrary-box=image-box]{margin-bottom:11px}.rich_media_content\u003ediv:not(.qnt-video),.rich_media_content\u003esection{margin-bottom:var(--news-bottom-distance)}.rich_media_content hr{margin-bottom:var(--news-bottom-distance)}.rich_media_content .link_list{margin:0;margin-top:20px;min-height:0!important}.rich_media_content blockquote{background:#f9f9f9;border-left:6px solid #ccc;margin:1.5em 10px;padding:.5em 10px}.rich_media_content blockquote p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content blockquote{background:#323232}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content blockquote{background:#323232}}.rich_media_content ol[data-ex-list]{--ol-start: 1;--ol-list-style-type: decimal;list-style-type:none;counter-reset:olCounter calc(var(--ol-start,1) - 1);position:relative}.rich_media_content ol[data-ex-list]\u003eli\u003e:first-child::before{content:counter(olCounter,var(--ol-list-style-type)) '. 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