具体来看，珍酒李渡将派发截至2024年12月31日止年度的末期股息每股0.21港元。末期股息将于2025年 5月30日(星期五)或前后支付予于2025年5月19日(星期一)名列公司股东名册的股东。 财务方面，尽管行业承压严重，但珍酒李渡在品质提升等方面主动求变，实现了逆势上涨。2024全年， 珍酒李渡营收为70.7亿元，同比增长0.5%；经调整净利润为16.8亿元，同比增长3.3%。至此，其主要经 营指标已连续四年保持增长，稳居中国第九大A+H股白酒上市公司。 吴向东表示，作为周期性行业，白酒行业周期波动是常态，在他近30年的从业生涯中，已经历过多次。 珍酒李渡的目标是长远发展，将坚持"做难但正确的事"，通过差异化的产品策略和团队建设，不断提升 产品品质与品牌价值，用有温度的体验赢得消费者信任，应对未来市场挑战。 5月9日，珍酒李渡在湖南长沙1912珍酒美食研究所召开了了2024年度股东周年大会暨投资者交流会。珍 酒李渡集团董事长吴向东、总裁颜涛等多位董事及高管出席了此次会议。 会上，珍酒李渡的股东们审议了多项议案，如股息分派方案、珍酒李渡2024年财务报告，续聘2024年度 审计机构、选举董事等等。 优秀的 ...

Group 1 - The core strategy of Zhenjiu Lidu Group includes launching a new mid-to-high-end product priced between 500 to 600 yuan, aimed at enhancing competitiveness and expanding market share in the mid-to-high-end segment [1] - The new product is designed to compete with products priced around 2000 yuan, creating a synergistic effect with existing products like Zhen Fifteen and Zhen Thirty [1] - The company plans to target younger consumers, particularly those born in the 1980s and 1990s, through marketing activities that resonate with this demographic, aiming to strengthen consumer loyalty and expand the customer base [1][2] Group 2 - Wang Zhanggang has been appointed as the Party Secretary of Hebei Hengshui Laobai Gan Group, which is expected to enhance leadership stability and promote high-quality development within the company [3] - This leadership change is anticipated to improve brand influence and consumer recognition, providing a solid foundation for gaining market share in the competitive liquor industry [3] Group 3 - China Environmental Energy has officially changed its name to "Du Fu Liquor Group," marking its entry into the liquor industry [4] - This strategic transformation is expected to have significant implications for both the company and the industry, although the company will face challenges in a highly competitive market [4] - Continuous investment in product quality, channel development, and brand marketing will be essential for the company's success in the liquor sector [4]

Core Viewpoint - The annual shareholder meeting of Zhenjiu Lidou Group highlighted the company's strategic focus on long-term development, product differentiation, and brand enhancement in the competitive Chinese liquor market [3][5][6]. Financial Performance - In 2024, Zhenjiu Lidou achieved a revenue of 7.07 billion yuan and an adjusted net profit of 1.68 billion yuan, marking the fourth consecutive year of growth in key operational metrics [6]. Strategic Initiatives - The company is set to launch a new product priced between 500 to 600 yuan, targeting the market segment that typically sells for around 2000 yuan, thereby strengthening its position in the mid-to-high-end market [8]. - Zhenjiu Lidou is expanding its product matrix to capture more market share, focusing on differentiated development paths for its three major enterprises [8]. Market Trends - The company recognizes the generational shift in consumer demographics, with the 80s and 90s generations becoming the main consumers of liquor, prompting the need for marketing strategies that resonate with younger audiences [9]. Brand Development - Zhenjiu Lidou aims to enhance its brand image through cultural and tourism resources, including the development of immersive marketing experiences at its Zhenjiu vineyard and historical sites [8]. Investor Relations - KKR partner Sun Zheng expressed confidence in the long-term value of Zhenjiu Lidou, citing the management team's operational capabilities despite current industry adjustments [9].

Group 1: Industry Overview - The overall revenue of the liquor industry experienced slight growth during the Spring Festival season, but the growth rate has declined compared to 2024, indicating that the industry is still in an adjustment period [1] - High-end liquor showed stable growth, while the revenue growth of mid-range liquor approached zero, leading to increased differentiation among real estate liquor and other types [1] - As of May, the liquor industry is transitioning from a traditional off-season to a small peak season during the May Day and Dragon Boat Festival, with expectations for mainstream product prices to stabilize due to recovering demand [1] Group 2: Market Insights - Dongwu Securities maintains a positive mid-term outlook for the liquor sector, emphasizing the importance of positioning over timing, and suggests monitoring indicators such as the stability of Moutai's prices and changes in channel inventory [1] - China International Capital Corporation (CICC) indicates that the liquor sector is facing a demand gap, but the risk of further decline is limited as the demand is at a historical low [2] - CICC expects that the liquor demand will gradually recover, supported by a relatively loose policy environment and low base effects from the previous year [2] Group 3: Company Specifics - Zhenjiu Lidu (06979) has been developed into a leading private liquor enterprise in China, with its main brands contributing 65.2%, 15.8%, and 17.4% to the revenue in 2023, respectively [3]

Core Viewpoint - The article discusses the contrasting employment trends in the beer and liquor industries during the current adjustment period, highlighting that while beer companies have reduced their workforce significantly, liquor companies, particularly leading brands, have increased their employee numbers despite facing revenue declines [2][11]. Employment Trends in Beer Industry - Over the past year, the beer industry has seen a reduction of over 6,000 employees across 10 listed companies, with major players like Budweiser APAC and China Resources Beer each reducing their workforce by over 1,000 [5][8]. - The overall employment in the beer sector has decreased to below 300,000, primarily due to declining sales and revenue in the industry [2][5]. - The reduction in workforce is attributed to decreased demand for production and sales roles, particularly for temporary workers during peak seasons [8][9]. Employment Trends in Liquor Industry - In contrast, the liquor industry has experienced an increase of over 3,900 employees, with only 7 out of 22 listed liquor companies reporting reductions [9][12]. - Leading liquor companies such as Kweichow Moutai and Yanghe Brewery have added over 1,000 employees each, indicating a robust demand for production roles [9][12]. - The increase in employment is partly driven by the need to meet production demands and the social responsibility of state-owned enterprises to maintain employment levels [12][13]. Salary Adjustments - While the overall employment levels in liquor companies have increased, there has been a notable reduction in executive compensation, with many high-ranking officials seeing salary cuts of hundreds of thousands [16][17]. - In contrast, the average salary for non-executive employees has remained stable or even increased in some companies, such as Water Well and Kweichow Moutai, which reported a rise in average non-executive salaries [20][21]. Future Outlook - The article suggests that the current adjustment period for the liquor industry is not yet over, and further developments in cost-cutting measures and employee compensation will need to be monitored [21].

Core Viewpoint - Zhenjiu Lidu has demonstrated resilience and adaptability in a challenging market, achieving steady growth in revenue and profit while transitioning from scale expansion to value cultivation in the face of industry-wide downturns [3][10]. Financial Performance - In 2024, Zhenjiu Lidu achieved revenue of 7.07 billion yuan, a year-on-year increase of 0.5%, and an adjusted net profit of 1.68 billion yuan, up 3.3% [1]. - The gross margin improved to 58.6%, and the adjusted net profit margin rose to 23.7%, both up by 0.6 percentage points year-on-year [1][5]. - Operating cash flow reached 780 million yuan, reflecting a significant growth of 116.3% [1]. Market Position - Zhenjiu Lidu has maintained its position as the ninth largest listed liquor company in China for two consecutive years and is recognized as the first listed liquor company in Hong Kong [1][3]. - The company has successfully navigated the challenges of the 2024 liquor market, which has seen a decline in consumption demand across various price segments [3][10]. Strategic Shift - The company has shifted its focus from "scale expansion" to "value cultivation," emphasizing high-quality development and optimizing its product, capacity, and market strategies [3][10]. - Zhenjiu Lidu has implemented a major product strategy, concentrating on core products like Zhen 15 and Zhen 30, while reducing low-margin products [5][6]. Product and Brand Development - The flagship brand Zhenjiu generated revenue of 4.48 billion yuan, accounting for 63.4% of total revenue, while Lidu contributed 1.31 billion yuan, representing 18.6% [5]. - The revenue share of mid-to-high-end products has increased to 67% [5]. Channel Strategy - Zhenjiu Lidu employs a dual strategy of deepening domestic market penetration while expanding internationally, with significant growth in high-end liquor sales [6][10]. - The company has entered markets in Malaysia, Singapore, and Australia, enhancing its international presence [6]. Industry Recognition - Zhenjiu Lidu has been recognized as one of the top three private liquor companies in China and the fourth largest sauce liquor brand, following Moutai, Xijiu, and Langjiu [8][10]. - The company has been listed among the "Top 500 Most Valuable Brands in China," ranking third among sauce liquor brands [12].

作 者丨肖夏 编 辑丨骆一帆 截至4月2 9日晚，白酒股2 0 2 4年年报、2 0 2 5年一季报全部披露。 2 1世纪经济报道记者梳理注意到，几乎所有白酒上市公司去年业绩增长都出现放缓，其中有 六家酒企去年营收同比倒退，覆盖不同体量的酒企，能实现两位数增长的白酒已经屈指可数。 同时披露的2 0 2 5年一季报更为惨淡， 各家白酒股业绩增速进一步下滑，其中近一半业绩出现 倒退，多家出现2 0%、3 0%的大幅下滑。 一位资深白酒投资者评价，"当前白酒迎来了极寒天气。" 行业深度调整反馈到报表端之际，白酒企业的竞争格局也发生了重要变化。 2 1 世 纪 经 济 报 道 记 者 梳 理 注 意 到 ， 头 部 白 酒 中 ， 山西 汾酒正式跃升至第三 ， 三 大 香 型龙头实现聚首；白酒股前十中，对比五年前有两家是新面孔， 一些名酒被挤到二三 梯队 ；中小白酒业绩普遍低迷， 新增两家酒企披星戴帽，离退市再近一步 。 综合接受2 1世纪经济报道记者采访的券商分析师、行业专家观点来看，观察人士普遍认为当 前白酒处于探底阶段，今年二季度淡季预计继续低迷，但整个探底阶段会持续多久，难以判 断。 汾酒正式跻身前三，前十位 ...

Core Insights - Zhenjiu Lidu Group Limited reported a revenue of 7.067 billion RMB for the fiscal year 2024, marking a year-on-year growth of 0.5%, while the net profit attributable to shareholders decreased by 43.1% to 1.324 billion RMB [1][4] - The adjusted net profit for 2024 was 1.676 billion RMB, reflecting a year-on-year increase of 3.3% [1] Revenue and Profit Trends - The company achieved record revenue in 2024, with figures from 2021 to 2024 being 5.102 billion RMB, 5.856 billion RMB, 7.030 billion RMB, and 7.067 billion RMB, showing a declining growth rate from 112.66% to 0.52% [2][3] - The net profit figures from 2021 to 2024 were 1.032 billion RMB, 1.030 billion RMB, 2.327 billion RMB, and 1.324 billion RMB, indicating significant fluctuations in profitability [3] Factors Affecting Profitability - The decline in net profit for 2024 was attributed to three main factors: changes in the fair value of financial instruments, equity-settled share-based payment expenses, and one-time expenses related to the company's listing [4] - The flagship brand, Zhenjiu, generated revenue of 4.480 billion RMB in 2024, down 2.3% from the previous year, with its revenue share decreasing from 65.2% to 63.4% [4] Brand Performance - Li Du brand revenue increased by 18.3% to 1.313 billion RMB, while Xiangjiao and Kaikouxiao brands saw revenue declines, contributing 802 million RMB and 337 million RMB respectively [5] - Zhenjiu's sales volume decreased for the third consecutive year, dropping to 12,284 tons in 2024 from 12,630 tons in the previous year [7] Inventory and Production Capacity - The company's inventory reached a record high of 7.503 billion RMB by the end of 2024, with inventory turnover days increasing to 854.9 days, indicating challenges in sales performance [9] - Zhenjiu Lidu is expanding its production capacity with multiple bases, aiming to strengthen its market position in the premium and high-end baijiu segments [10]

Investment Rating - The report maintains a "Recommendation" rating for the liquor industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The report highlights that the pricing floor is solid, and the value proposition remains attractive for investors. Despite short-term pressures, the market is expected to stabilize, with a clear support level at 2000 yuan for major brands like Moutai [6][13]. - The report emphasizes the importance of balancing volume and price in the second quarter, with a focus on improving cash flow for distributors and maintaining stable pricing [6]. Industry Overview - The liquor industry consists of 20 listed companies with a total market capitalization of approximately 338.49 billion yuan [3]. - Recent performance metrics show a 4.7% decline over the past month and a 6.3% decline over the past year, indicating some volatility in the market [4]. Company-Specific Analysis - Moutai's recent price has dropped to around 2100 yuan, reflecting a 20 yuan decrease from the previous week and a 120 yuan decrease from the previous month. This decline is attributed to increased supply and seasonal demand fluctuations [6]. - The report notes that Moutai is actively implementing measures to stabilize prices, including adjusting supply and enhancing market supervision to prevent price disruptions [6]. - Other key players like Wuliangye and Luzhou Laojiao are also experiencing slight price adjustments, with Wuliangye's price at approximately 925 yuan [7]. Investment Recommendations - The report suggests a focus on leading companies such as Moutai and Wuliangye for short-term gains, while also recommending secondary brands like Fenjiu and Gujing for their growth potential [6][13]. - The anticipated dividend yield for major liquor companies is around 4%, making them attractive for long-term investors [6].

海报新闻记者 孙佃潇 报道 近日，珍酒李渡集团有限公司（以下简称"珍酒李渡"）2024年度业绩公告显示，该公司全年实现营业收 入70.67亿元，同比增长0.5%；经调整净利润16.76亿元，同比增长3.3%。不过，海报新闻记者注意到， 其旗舰品牌珍酒收入有所下滑。 4月18日，海报新闻记者针对相关情况致电了贵州珍酒方面，其工作人员称，公司业务、产品业绩等相 关信息均以官方通告为准。 | 财務编要 | | | | | --- | --- | --- | --- | | 下表粮列截至2024年12月31日止年度我們的關鍵財務教婆 · 連同截至2023年12 月31日止年度的比較數字及變動(以自分比表示)。 | | | | | | 鞋至12月31日止年度 | | | | | 2024年 | 2023 年 | 學動 | | | (人民幣于元) | (人民爵于元) | (8) | | 收入 | 7,066,784 | 7.030.467 | :0.5 | | 毛利 | 4.143.040 | 4.079.948 | 1.5 | | 年内本公司幢益股東感佔利润 | 1,323,622 | 2.327.083 | (43. ...