中商官网
研究报告
五粮液（000858）
主要经济指标
| 类别\年份 | 营业收入 （元) |
营业利润 （元) |
利润总额 （元) |
净利润 （元) |
资产总计 （元) |
负债合计 （元) |
股东权益合计 （元) |
| 1995 | 915000000.0000 | 324000000.0000 | 324000000.0000 | 217000000.0000 | 758000000.0000 | 532000000.0000 | 226000000.0000 |
| 1996 | 1310000000.0000 | 388000000.0000 | 388000000.0000 | 260000000.0000 | 876000000.0000 | 611000000.0000 | 265000000.0000 |
| 1997 | 2204000000.0000 | 509000000.0000 | 509000000.0000 | 341000000.0000 | 1155000000.0000 | 763000000.0000 | 392000000.0000 |
| 1998 | 2814000000.0000 | 681000000.0000 | 679000000.0000 | 560000000.0000 | 2743000000.0000 | 978000000.0000 | 1765000000.0000 |
| 1999 | 3309000000.0000 | 787000000.0000 | 787000000.0000 | 649000000.0000 | 3919000000.0000 | 1498000000.0000 | 2420000000.0000 |
| 2000 | 3954000000.0000 | 1008000000.0000 | 1007000000.0000 | 768000000.0000 | 4601000000.0000 | 1410000000.0000 | 3191000000.0000 |
| 2001 | 4742000000.0000 | 935000000.0000 | 933000000.0000 | 816000000.0000 | 6688000000.0000 | 1986000000.0000 | 4702000000.0000 |
| 2002 | 5707000000.0000 | 873000000.0000 | 869000000.0000 | 619000000.0000 | 7262000000.0000 | 1940000000.0000 | 5322000000.0000 |
| 2003 | 6333000000.0000 | 1094000000.0000 | 1087000000.0000 | 704000000.0000 | 8263000000.0000 | 2237000000.0000 | 6026000000.0000 |
| 2004 | 6298000000.0000 | 1283000000.0000 | 1271000000.0000 | 830000000.0000 | 8811000000.0000 | 2224000000.0000 | 6587000000.0000 |
| 2005 | 6419000000.0000 | 1196000000.0000 | 1196000000.0000 | 799000000.0000 | 9614000000.0000 | 2228000000.0000 | 7386000000.0000 |
| 2006 | 7397000000.0000 | 1795000000.0000 | 1786000000.0000 | 1177000000.0000 | 10340000000.0000 | 2039000000.0000 | 8301000000.0000 |
| 2007 | 7329000000.0000 | 2183000000.0000 | 2178000000.0000 | 1473000000.0000 | 11572000000.0000 | 1945000000.0000 | 9626000000.0000 |
| 2008 | 7933000000.0000 | 2431000000.0000 | 2399000000.0000 | 1830000000.0000 | 13496000000.0000 | 2040000000.0000 | 11456000000.0000 |
| 2009 | 11129000000.0000 | 4587000000.0000 | 4606000000.0000 | 3467000000.0000 | 20849000000.0000 | 6269000000.0000 | 14580000000.0000 |
| 2010 | 15541000000.0000 | 6095000000.0000 | 6070000000.0000 | 4562000000.0000 | 28674000000.0000 | 10307000000.0000 | 18366000000.0000 |
| 2011 | 20351000000.0000 | 8497000000.0000 | 8500000000.0000 | 6394000000.0000 | 36906000000.0000 | 13459000000.0000 | 23447000000.0000 |
| 2012 | 27201000000.0000 | 13702000000.0000 | 13739000000.0000 | 10336000000.0000 | 45248000000.0000 | 13727000000.0000 | 31521000000.0000 |
| 2013 | 24719000000.0000 | 11432000000.0000 | 11247000000.0000 | 8322000000.0000 | 44130000000.0000 | 7110000000.0000 | 37019000000.0000 |
| 2014 | 21011000000.0000 | 8032000000.0000 | 8016000000.0000 | 6058000000.0000 | 46409000000.0000 | 6076000000.0000 | 40333000000.0000 |
| 2015 | 21659000000.0000 | 8246000000.0000 | 8287000000.0000 | 6410000000.0000 | 52547000000.0000 | 8201000000.0000 | 44345000000.0000 |
| 2016 | 24544000000.0000 | 9231000000.0000 | 9337000000.0000 | 7057000000.0000 | 62174000000.0000 | 13969000000.0000 | 48206000000.0000 |
| 2017 | 30187000000.0000 | 13375000000.0000 | 13392000000.0000 | 10086000000.0000 | 70923000000.0000 | 16248000000.0000 | 54674000000.0000 |
| 2018 | 40030000000.0000 | 18718000000.0000 | 18607000000.0000 | 14039000000.0000 | 86094000000.0000 | 20975000000.0000 | 65119000000.0000 |
| 2019 | 50118000000.0000 | 24246000000.0000 | 24106000000.0000 | 18228000000.0000 | 106397000000.0000 | 30301000000.0000 | 76096000000.0000 |
| 2020 | 57321000000.0000 | 27826000000.0000 | 27678000000.0000 | 20913000000.0000 | 113893000000.0000 | 26135000000.0000 | 87758000000.0000 |
| 2021 | 66209000000.0000 | 32552000000.0000 | 32450000000.0000 | 24507000000.0000 | 135621000000.0000 | 34229000000.0000 | 101392000000.0000 |
| 2022 | 73969000000.0000 | 37174000000.0000 | 37104000000.0000 | 27970000000.0000 | 152812000000.0000 | 36125000000.0000 | 116687000000.0000 |
| 2023 | 83272000000.0000 | 42004000000.0000 | 41913000000.0000 | 31521000000.0000 | 165433000000.0000 | 33084000000.0000 | 132349000000.0000 |
| 2024 | 89175000000.0000 | 44200000000.0000 | 44163000000.0000 | 33193000000.0000 | 188252000000.0000 | 51857000000.0000 | 136395000000.0000 |
| 2025 | 40529000000.0000 | 12251000000.0000 | 12199000000.0000 | 9317000000.0000 | 189984000000.0000 | 67804000000.0000 | 122181000000.0000 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
营业利润率 （%) |
总资产利润率 （%) |
净资产收益率 | 存货周转率 | 应收账款周转率 （次) |
总资产周转率 （次) |
| 1995 | 35.41 | 35.41 | 42.74 | -- | 0.8400 | 327.27 | 1.21 |
| 1996 | 29.62 | 29.62 | 44.29 | -- | 1.1300 | 455.70 | 1.50 |
| 1997 | 23.09 | 23.09 | 44.07 | -- | 1.9900 | 947.37 | 1.91 |
| 1998 | 24.20 | 24.13 | 24.75 | 41.0300 | 2.5600 | 367.35 | 1.03 |
| 1999 | 23.72 | 23.78 | 20.08 | -- | 2.6600 | -- | 0.84 |
| 2000 | 25.37 | 25.47 | 21.89 | -- | 2.4100 | -- | 0.86 |
| 2001 | 19.42 | 19.68 | 13.95 | 19.5200 | 2.3200 | 600.00 | 0.71 |
| 2002 | 15.24 | 15.23 | 11.97 | 12.2600 | 2.8200 | 1058.82 | 0.79 |
| 2003 | 17.23 | 17.16 | 13.16 | 12.4200 | 3.4000 | 2250.00 | 0.77 |
| 2004 | 20.31 | 20.18 | 14.43 | 13.2100 | 2.6100 | 2571.43 | 0.71 |
| 2005 | 18.62 | 18.63 | 12.44 | 11.3700 | 2.2700 | 2250.00 | 0.67 |
| 2006 | 24.20 | 24.14 | 17.27 | 14.9900 | 2.3600 | 1500.00 | 0.72 |
| 2007 | 29.76 | 29.72 | 18.82 | 16.5200 | 2.0400 | 1125.00 | 0.63 |
| 2008 | 30.62 | 30.24 | 17.78 | 17.2900 | 1.8600 | 1333.33 | 0.59 |
| 2009 | 41.05 | 41.39 | 22.09 | 24.9500 | 1.3900 | 205.71 | 0.53 |
| 2010 | 39.24 | 39.06 | 21.17 | 26.6800 | 1.2200 | 162.16 | 0.54 |
| 2011 | 41.75 | 41.77 | 23.03 | 30.0100 | 1.3700 | 246.58 | 0.55 |
| 2012 | 50.36 | 50.51 | 30.36 | 36.8200 | 1.3100 | 346.15 | 0.60 |
| 2013 | 46.26 | 45.50 | 25.49 | 23.7100 | 0.9700 | 315.79 | 0.56 |
| 2014 | 38.16 | 38.15 | 17.27 | 15.4200 | 0.7700 | 211.76 | 0.45 |
| 2015 | 37.91 | 38.26 | 15.77 | 14.9300 | 0.7900 | 188.48 | 0.41 |
| 2016 | 37.50 | 38.04 | 15.02 | 15.0100 | 0.8100 | 229.30 | 0.39 |
| 2017 | 43.84 | 44.36 | 18.88 | 19.3800 | 0.8500 | 276.92 | 0.43 |
| 2018 | 46.23 | 46.48 | 21.61 | 22.8000 | 0.9400 | 336.45 | 0.46 |
| 2019 | 47.87 | 48.10 | 22.66 | 25.2600 | 1.0100 | 382.98 | 0.47 |
| 2020 | 48.10 | 48.29 | 24.30 | 24.9400 | 1.1000 | 654.55 | 0.50 |
| 2021 | 48.70 | 49.01 | 23.93 | 25.3000 | 1.2000 | 1241.38 | 0.49 |
| 2022 | 49.87 | 50.16 | 24.28 | 25.2800 | 1.2100 | 1500.00 | 0.48 |
| 2023 | 49.97 | 50.33 | 25.34 | 25.0600 | 1.2100 | 2117.65 | 0.50 |
| 2024 | 49.18 | 49.52 | 23.46 | 23.3500 | 1.1500 | 2250.00 | 0.47 |
| 2025 | 29.24 | 30.10 | 6.42 | -- | -- | -- | 0.21 |
偿债能力分析
| 类别\年份 | 资产负债率 （%) |
股东权益比率 （%) |
流动比率 | 速动比率 |
| 1995 | 70.18 | 29.82 | 1.3500 | 0.1600 |
| 1996 | 69.75 | 30.25 | 1.0400 | 0.1100 |
| 1997 | 66.06 | 33.94 | 1.1800 | 0.2900 |
| 1998 | 35.65 | 64.35 | 1.9000 | 1.2800 |
| 1999 | 38.22 | 61.75 | 1.7200 | 0.9300 |
| 2000 | 30.65 | 69.35 | 2.1200 | 1.3300 |
| 2001 | 29.69 | 70.31 | 1.5900 | 0.9200 |
| 2002 | 26.71 | 73.29 | 1.4300 | 0.9100 |
| 2003 | 27.07 | 72.93 | 1.2000 | 0.7100 |
| 2004 | 25.24 | 74.76 | 1.3400 | 0.7100 |
| 2005 | 23.17 | 76.83 | 1.8500 | 1.1600 |
| 2006 | 19.72 | 80.28 | 2.4700 | 1.7300 |
| 2007 | 16.81 | 83.18 | 3.3400 | 2.4000 |
| 2008 | 15.12 | 84.88 | 4.2800 | 3.2400 |
| 2009 | 30.07 | 69.93 | 2.1200 | 1.5300 |
| 2010 | 35.95 | 64.05 | 2.0800 | 1.6100 |
| 2011 | 36.47 | 63.53 | 2.2200 | 1.7800 |
| 2012 | 30.34 | 69.66 | 2.7700 | 2.2700 |
| 2013 | 16.11 | 83.89 | 5.2500 | 4.2400 |
| 2014 | 13.09 | 86.91 | 6.5000 | 5.0800 |
| 2015 | 15.61 | 84.39 | 5.6000 | 4.4600 |
| 2016 | 22.47 | 77.53 | 3.9800 | 3.2900 |
| 2017 | 22.91 | 77.09 | 3.9600 | 3.2900 |
| 2018 | 24.36 | 75.64 | 3.7700 | 3.1900 |
| 2019 | 28.48 | 71.52 | 3.2200 | 2.7500 |
| 2020 | 22.95 | 77.05 | 3.9600 | 3.4300 |
| 2021 | 25.24 | 74.76 | 3.6300 | 3.2100 |
| 2022 | 23.64 | 76.36 | 3.8500 | 3.4000 |
| 2023 | 20.00 | 80.00 | 4.5000 | 3.9700 |
| 2024 | 27.55 | 72.45 | 3.2500 | 2.8800 |
| 2025 | 35.69 | 64.31 | -- | -- |
成本费用分析
| 类别\年份 | 营业成本 （元) |
销售费用 （元) |
管理费用 （元) |
财务费用 （元) |
| 1995 | 591000000.0000 | 33040000.0000 | 30667900.0000 | 12407700.0000 |
| 1996 | 922000000.0000 | 143000000.0000 | 39177400.0000 | 16252800.0000 |
| 1997 | 1695000000.0000 | 205000000.0000 | 65192900.0000 | 11835100.0000 |
| 1998 | 2133000000.0000 | 343000000.0000 | 157000000.0000 | -42791500.0000 |
| 1999 | 2524000000.0000 | 450000000.0000 | 279000000.0000 | -15086600.0000 |
| 2000 | 2951000000.0000 | 588000000.0000 | 232000000.0000 | -14348600.0000 |
| 2001 | 3821000000.0000 | 345000000.0000 | 400000000.0000 | -25420900.0000 |
| 2002 | 4837000000.0000 | 491000000.0000 | 401000000.0000 | -26693800.0000 |
| 2003 | 5242000000.0000 | 693000000.0000 | 415000000.0000 | -28358700.0000 |
| 2004 | 5019000000.0000 | 806000000.0000 | 407000000.0000 | -26456600.0000 |
| 2005 | 5224000000.0000 | 864000000.0000 | 380000000.0000 | -25226000.0000 |
| 2006 | 5607000000.0000 | 1005000000.0000 | 478000000.0000 | -50497400.0000 |
| 2007 | 5148000000.0000 | 783000000.0000 | 498000000.0000 | -92227600.0000 |
| 2008 | 5504000000.0000 | 891000000.0000 | 589000000.0000 | -160000000.0000 |
| 2009 | 6561000000.0000 | 1164000000.0000 | 839000000.0000 | -110000000.0000 |
| 2010 | 9443000000.0000 | 1803000000.0000 | 1562000000.0000 | -192000000.0000 |
| 2011 | 11854000000.0000 | 2070000000.0000 | 1751000000.0000 | -11200.0000 |
| 2012 | 13503000000.0000 | 2259000000.0000 | 2009000000.0000 | -205400.0000 |
| 2013 | 13283000000.0000 | 3382000000.0000 | 2264000000.0000 | 7800.0000 |
| 2014 | 12994000000.0000 | 4309000000.0000 | 2047000000.0000 | 140300.0000 |
| 2015 | 13447000000.0000 | 3568000000.0000 | 2129000000.0000 | -102500.0000 |
| 2016 | 15340000000.0000 | 4695000000.0000 | 2144000000.0000 | -154000.0000 |
| 2017 | 16954000000.0000 | 3625000000.0000 | 2191000000.0000 | 165800.0000 |
| 2018 | 21524000000.0000 | 3778000000.0000 | 2340000000.0000 | -164100.0000 |
| 2019 | 26127000000.0000 | 4986000000.0000 | 2655000000.0000 | -63700.0000 |
| 2020 | 29752000000.0000 | 5579000000.0000 | 2610000000.0000 | 130400.0000 |
| 2021 | 33968000000.0000 | 6504000000.0000 | 2900000000.0000 | 69600300.0000 |
| 2022 | 37077000000.0000 | 6844000000.0000 | 3068000000.0000 | 47867400.0000 |
| 2023 | 41658000000.0000 | 7796000000.0000 | 3319000000.0000 | 10991000.0000 |
| 2024 | 45321000000.0000 | 10692000000.0000 | 3555000000.0000 | 39902800.0000 |
| 2025 | 28679000000.0000 | 7629000000.0000 | 3097000000.0000 | 29426100.0000 |