白酒年报|上市白酒公司合同负债同比微增贵州茅台合同负债一举减少32%

新浪证券2025-05-09

出品：新浪财经上市公司研究院　　作者：浪头饮食/ 郝显　　2024年，白酒行业进入深度调整！　　“行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒挂，”茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。　　在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加剧，头部酒企仍能维持稳健增长，...

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郝显\n　　2024年，白酒行业进入深度调整！\n　　“行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒挂，”茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。\n　　在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加剧，头部酒企仍能维持稳健增长，...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/observe/2025-05-09/doc-inevxzxz8655294.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0405327494.USD","symbol_name":"ALLSPRING CHINA A FOCUS \"I\" (USD) 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Kweichow Moutai's contract liabilities decreased by 32% in one fell","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83189":1,"600519":1,"03189":1},"content_text":"出品：新浪财经上市公司研究院\n　　作者：浪头饮食/ 郝显\n　　2024年，白酒行业进入深度调整！\n　　“行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒挂，”茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。\n　　在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加剧，头部酒企仍能维持稳健增长，中小酒企则开始面对压力。\n　　从上市公司层面来看，2024年酒企收入增速大幅放缓，收入下滑酒企数量从上年的2家增至6家。酒鬼酒和顺鑫农业已经连续大幅下滑两年。\n　　泸州老窖营收与洋河股份、汾酒相近 合同负债远低于前者\n　　白酒公司一般采取先款后货的销售方式，经销商需提前打款才能锁定配额。预收账款高企，说明产品供不应求、经销商拿货意愿强烈，反映企业对渠道的强掌控力和品牌议价能力。反之则说明，渠道动销状况不好，经销商拿货不积极。合同负债（与收益账款）因此成为白酒行业的“先行指标”。\n　　2024年19家白酒上市公司合同负债总额为559.86亿元，比前一年增加29亿元。不过不同白酒公司合同负债金额差距较大，五粮液、洋河股份、贵州茅台、山西汾酒四家公司合同负债总额达到402.99亿元，占比达到72%。\n　　值得注意的是泸州老窖，营业收入与洋河股份、山西汾酒相近，不过合同负债仅39.78亿元，远低于前者。\n　　合同负债最低的三家公司为皇台酒业、伊力特、天佑德酒，均低于1亿元。\n　　11家公司合同负债出现下滑 贵州茅台合同负债一举减少32%\n　　2024年8家公司合同负债在增长，其中合同负债金额较大的四家公司为古井贡酒、五粮液、泸州老窖、山西汾酒。\n　　11家公司合同负债出现下滑，下滑幅度最大的五家公司是舍得酒业、今世缘、贵州茅台、伊力特、水井坊。其中舍得酒业、伊力特营收在同步下滑，今世缘与水井坊则是营业收入增长的情况下，合同负债大幅减少。\n　　值得一提的是，贵州茅台合同负债从141.26亿元下滑至95.92亿元，一举减少32%。贵州茅台预收款减少，主要由几个因素引起，一是在行业调整压力下，茅台主动放缓经销商打款节奏。二是直销渠道占比提升，导致经销商合同负债下降。\n　　两家酒企收现比低于100%\n　　从收现比来看，2024年有两家酒企收现比低于100%，前一年达到5家，甚至有两家低于80%。\n　　2024年收现比低于100%的两家酒企分别为金种子酒与古井贡酒。其中金种子酒连续两年低于100%，而且2024年金种子酒收入减少37%，亏损2.58亿元。\n　　金种子酒是一家以低端产品为主的酒企，2022年2月，引入华润作为战略股东，此后推出头号种子和馥系列，完善了光瓶酒和次高端产品，形成了核心产品 “3+3”（“头号种子、柔和、大师”和“馥 7、馥9、 馥20”）的体系，以此带动产品结构升级。\n　　2023年业绩一度有所改善，不过2024年亏损又开始增加。分产品来看，2024年核心收入来源的低端酒收入减少29%，中端及高端也未能幸免，毛利率同步出现大幅下滑。\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：公司观察","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2534273126","isCrawlerRequest":true}

白酒年报|上市白酒公司合同负债同比微增 贵州茅台合同负债一举减少32%

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白酒年报|上市白酒公司合同负债同比微增贵州茅台合同负债一举减少32%