Group 1 - The Gansu Provincial Private Enterprise Symposium was held in Lanzhou, signaling strong support for the development of the private economy, which boosts entrepreneurs' morale and confidence, injecting new momentum into Gansu's high-quality economic development [1] - Jinhuijiu Co., Ltd., the largest and most well-known liquor company in Gansu, is accelerating its market expansion with a strategy focused on "layout nationwide, deepening in Northwest, and key breakthroughs" to build a well-known Chinese liquor brand [1][2] - Jinhuijiu has become the largest, most recognized, and highest tax-paying liquor enterprise in Gansu, aiming to rank among the top ten Chinese liquor brands and establish a large-scale liquor production base [2] Group 2 - As of 2024, Jinhuijiu has achieved cumulative sales of 26.9 billion yuan, paid 6.3 billion yuan in taxes, and provided over 3,000 direct jobs, indirectly boosting employment for 20,000 people [2] - In 2024, Jinhuijiu reported operating income of 3.021 billion yuan and a net profit of 388 million yuan, ranking 14th among the 20 listed liquor companies in terms of revenue and 25th in the national liquor industry [2] - Jinhuijiu has invested hundreds of millions in social responsibility initiatives, benefiting thousands through various public welfare projects, including education and poverty alleviation [3] Group 3 - Since 2009, Jinhuijiu has consistently conducted charitable educational activities, donating over 10 million yuan annually, totaling more than 150 million yuan to help students achieve their university dreams [3] - The company aims to create a "five-good" company by providing quality products to customers, good mechanisms for employees, good business for partners, good contributions to society, and good returns for shareholders [3] - Since 2013, Jinhuijiu has maintained annual dividends exceeding 1.2 billion yuan, with a payout ratio consistently above 30% of net profit, reaching 64% in 2024 [3]

Core Insights - The "2025 China Liquor Industry Listed Companies Brand Value Ranking TOP30" was jointly released by the "Daily Economic News" and Tsinghua University's Economic Management School, marking the first brand research result for listed liquor companies in China [1] - The total brand value of the listed companies in the liquor industry reached 1.6578 trillion yuan, an increase of 137.8 billion yuan compared to 2024, representing a growth rate of 9.1% [3][4] - The top three companies are Kweichow Moutai, Wuliangye, and Luzhou Laojiao, with brand values of 662.6 billion yuan, 306.0 billion yuan, and 107.7 billion yuan respectively [3][4] Brand Value Changes - Among the 30 companies, 15 experienced an increase in brand value while 15 saw a decrease [4][6] - Kweichow Moutai led the growth with an increase of 84.365 billion yuan, followed by Wuliangye and Shanxi Fenjiu with increases of 45.575 billion yuan and 18.715 billion yuan respectively [4][5] - The companies with the largest declines in brand value include Yanghe Brewery, which decreased by 11.101 billion yuan, and Jiu Gui Jiu, which saw a decline of 25.6% [4][5] Market Dynamics - The liquor industry is characterized by a concentration of resources towards leading brands, a trend that is unlikely to change in the short term without significant technological breakthroughs or major shifts in market perception and industry policy [2][6] - The beer segment, in contrast, is experiencing an overall decline in brand value, with a total decrease of 5% year-on-year, particularly affecting leading brands like China Resources Beer and Tsingtao Brewery [6][7] - The challenges faced by the beer industry include weakened overall consumer demand due to macroeconomic pressures and a shift in preferences among younger consumers towards diverse and low-alcohol products [6][9] Company Performance - Yanghe Brewery's strategy of "maintaining volume while controlling price" has negatively impacted its sales performance, contributing to its brand value decline [8][9] - The competitive landscape in the high-end liquor market is intensifying, with a clear "Matthew Effect" where top brands dominate market share [8][9] - The brand value of Yanghe has been affected by its lagging marketing innovations, despite its earlier success in brand modernization [9]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company's revenue and net profit for 2024 are projected to be CNY 3.021 billion and CNY 388 million respectively, representing year-on-year growth of 18.59% and 18.03% [1] - The company is experiencing strong performance in the segment of products priced above CNY 300, with a revenue increase of 29.27% in this category [1] - The domestic market remains the core focus, with revenue from the domestic market growing by 24.50% year-on-year, while growth in the external market has slowed to 10.43% [2] - The company is optimizing its cost structure, resulting in a smaller decline in net profit margin compared to gross margin [3] - The company is expected to gradually increase its market share in Gansu province, with future profit releases anticipated as previous investments mature [3] Financial Performance - For 2024, the company expects revenue of CNY 3.021 billion, with a growth rate of 18.59% [4] - The gross margin for Q4 2024 is projected to be 50.13%, down 8.29 percentage points year-on-year, while the net margin is expected to be 7.46%, down 2.70 percentage points [3] - The company’s net profit for 2025 and 2026 is forecasted to be CNY 409.87 million and CNY 452.85 million respectively, with growth rates of 5.60% and 10.49% [4] Market and Sales Channels - In Q4 2024, the company’s revenue from distribution, direct sales (including group purchases), and online sales were CNY 5.93 billion, CNY 0.14 billion, and CNY 0.26 billion respectively [2] - The number of distributors increased by 137 to a total of 1,001, with significant growth in both domestic and external markets [2] Profitability and Valuation - The company’s earnings per share (EPS) for 2024 is projected to be CNY 0.77, with a price-to-earnings (P/E) ratio of 24.71 [4] - The company’s return on equity (ROE) is expected to improve to 11.68% by 2024 [4]

Core Viewpoint - Company achieved record high revenue and profit in 2024, with a revenue of 3.021 billion yuan and a net profit of 388 million yuan, reflecting year-on-year growth of 18.59% and 18.03% respectively [1] Group 1: Financial Performance - In 2024, the company reported a revenue of 3.021 billion yuan, an increase of 18.59% year-on-year [1] - The net profit attributable to shareholders was 388 million yuan, up 18.03% year-on-year [1] - The basic earnings per share were 0.77 yuan, with a weighted average return on equity of 11.70% [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 248 million yuan, which represents 64% of the net profit [1] Group 2: Marketing and Brand Development - The company is focused on transforming its marketing strategy to build a national brand, leveraging its unique ecological environment and rich brewing history [2] - It aims to enhance product quality through advanced techniques and collaborations with universities and research institutions [2] - The company has established a new brand expression system to deepen the brand's connotation and enhance its influence through diversified communication channels [5] Group 3: Product and Market Strategy - In 2024, all three main product lines achieved double-digit growth, with products priced above 300 yuan increasing by 41.17% [4] - The company is optimizing its product structure, with mid-to-high-end products now accounting for 70.75% of sales [4] - The company is expanding its market presence in the East China and Northern markets while solidifying its base in Northwest China [5] Group 4: Future Goals - The company aims to achieve a revenue of 3.280 billion yuan and a net profit of 408 million yuan in 2025, marking another record high [6] - It will continue to focus on national layout, deepening its presence in Northwest China, and implementing precise marketing strategies [6] - The company plans to enhance user engagement through personalized marketing and deepen market penetration [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - The company achieved a revenue of RMB 3.02 billion in 2024, representing a year-on-year increase of 18.6%, and a net profit attributable to shareholders of RMB 390 million, up 18.0% year-on-year [3][8] - The product structure continues to optimize, with a steady increase in market share within the province [3][7] - The company reported a strong performance in the second half of the year, with a revenue growth of 23.7% year-on-year, and a significant increase of 31.1% in Q4 2024 [7][8] Financial Performance - For 2024, the company’s revenue was RMB 3,021 million, with a gross profit margin of 60.9%, down 1.5 percentage points year-on-year [8] - The company’s net profit margin for 2024 was 12.8%, remaining stable compared to the previous year [7][8] - The company’s earnings per share (EPS) for 2024 was RMB 0.77, reflecting an 18.0% increase from the previous year [6][8] Market Position - The company’s domestic market revenue reached RMB 2.23 billion in 2024, growing by 16.1% year-on-year, accounting for 76.9% of total revenue [7] - The company has 1,001 distributors, with 288 in the domestic market and 713 in the provincial market, showing a year-on-year increase in both categories [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are RMB 3.28 billion, RMB 3.65 billion, and RMB 4.13 billion, respectively, with year-on-year growth rates of 8.6%, 11.1%, and 13.2% [4][6] - The net profit attributable to shareholders is expected to reach RMB 408 million, RMB 468 million, and RMB 550 million for the years 2025, 2026, and 2027, respectively [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company achieved a revenue of RMB 3.02 billion in 2024, representing a year-on-year increase of 18.6%, with a net profit attributable to shareholders of RMB 390 million, up 18.0% year-on-year [3][8] - The product structure continues to optimize, and the market share in the province steadily increases, indicating strong operational performance [3][7] Financial Performance - In Q4 2024, the company reported revenue of RMB 690 million, a year-on-year increase of 31.1%, while the net profit for the same period was RMB 60 million, down 2.1% year-on-year [8] - The gross profit margin for 2024 was 60.9%, a decrease of 1.5 percentage points compared to the previous year, with Q4 2024 gross margin at 50.1%, down 8.3 percentage points year-on-year [7][8] Market Position - The company’s revenue from the domestic market reached RMB 2.23 billion in 2024, growing 16.1% year-on-year, accounting for 76.9% of total revenue [7] - The company has 1,001 distributors, with 288 in the domestic market and 713 in the provincial market, showing a significant increase in distribution channels [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are RMB 3.28 billion, RMB 3.65 billion, and RMB 4.13 billion, respectively, with year-on-year growth rates of 8.6%, 11.1%, and 13.2% [4][6] - The net profit attributable to shareholders is expected to reach RMB 410 million, RMB 470 million, and RMB 550 million for the years 2025, 2026, and 2027, with growth rates of 5.1%, 14.7%, and 17.7% respectively [4][6]

Core Viewpoint - The 2024 ESG report released by Jinhui Liquor highlights the company's commitment to environmental, social, and governance practices, despite the lack of standardized carbon emission calculations in the industry [1][3]. Group 1: ESG Report Overview - Jinhui Liquor has published its 2024 ESG report, marking it as the ninth annual report on social responsibility [1]. - The report's content has expanded, with an increase in pages from 38 to 53, and the addition of three new environmental topics [3][4]. - The company has adopted a "multi-standard" approach for the report, referencing eight different disclosure standards, including guidelines from major stock exchanges and the United Nations Sustainable Development Goals [1][2]. Group 2: Carbon Emission Disclosure - Jinhui Liquor has reported a reduction in carbon emissions by 2,519.47 tons but has not disclosed total annual carbon emissions or detailed scope 1, 2, and 3 emissions [3]. - The lack of total carbon emission disclosure is attributed to the absence of a unified calculation standard within the liquor industry [3]. Group 3: Water Resource Management - For the first time, Jinhui Liquor has disclosed water resource usage metrics, reporting a total water usage of 754,023.5 m³, a water consumption intensity of 1.86 m³ per 10,000 yuan, and a water recycling rate of 20.28% [4][5]. - The company has implemented various water-saving measures, including optimizing the water supply system and recycling wastewater for irrigation [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1] Core Views - The company continues to upgrade its product structure and is making steady progress in national expansion [1] - The company achieved a revenue of 30.21 billion yuan in 2024, representing a year-on-year growth of 18.6%, and a net profit of 3.88 billion yuan, also up by 18.0% [7] - The growth momentum for high-end products priced above 300 yuan remains strong, with significant sales increases in key product lines [7] - The company is focusing on marketing transformation and actively cultivating consumer bases in both domestic and provincial markets [7] Financial Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 32.86 billion yuan, 36.31 billion yuan, and 40.65 billion yuan respectively, with growth rates of 8.75%, 10.51%, and 11.95% [2] - **Net Profit Forecast**: Projected net profits for the same years are 4.11 billion yuan, 4.62 billion yuan, and 5.32 billion yuan, with growth rates of 5.91%, 12.40%, and 15.04% [2] - **Earnings Per Share (EPS)**: EPS is expected to be 0.81 yuan in 2025, 0.91 yuan in 2026, and 1.05 yuan in 2027 [2] - **Return on Equity (ROE)**: ROE is projected to increase from 11.48% in 2024 to 12.56% in 2027 [2] Product and Market Analysis - **Product Segmentation**: Revenue from products priced above 300 yuan, between 100-300 yuan, and below 100 yuan for 2024 was 5.7 billion yuan, 14.9 billion yuan, and 8.5 billion yuan respectively, with growth rates of 41.2%, 15.4%, and 4.0% [7] - **Regional Performance**: Revenue from within the province was 22.3 billion yuan, up 16.1%, while revenue from outside the province was 6.7 billion yuan, up 14.7% [7] - **Cost and Profitability**: The gross margin for 2024 was 60.9%, a decrease of 1.5 percentage points year-on-year, attributed to increased promotional activities [7] Strategic Outlook - The company is actively pursuing a strategy of national expansion while deepening its market presence in the northwest region [7] - The focus on high-end products is expected to drive growth, with a clear path for future development [7]

Core Viewpoint - The company, Jin Hui Jiu, reported a strong performance in its 2024 annual report, with revenue and net profit both showing significant year-on-year growth, indicating successful product structure upgrades and national expansion efforts [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.02 billion yuan, a year-on-year increase of 18.6%, and a net profit of 390 million yuan, up 18.0% year-on-year [1]. - For Q4 2024, revenue reached 690 million yuan, reflecting a year-on-year growth of 31.1%, while net profit was 60 million yuan, a slight decline of 2.1% [1]. Product Segmentation - Revenue from products priced above 300 yuan, between 100-300 yuan, and below 100 yuan for 2024 was 570 million yuan, 1.49 billion yuan, and 850 million yuan, respectively, with year-on-year growth rates of 41.2%, 15.4%, and 4.0% [2]. - The high-end product series, particularly the Jin Hui 28-year product, showed strong sales growth, contributing to an increase in the mid-to-high-end product share to 70.8% [2]. Regional Performance - Revenue from domestic and external markets in 2024 was 2.23 billion yuan and 670 million yuan, respectively, with year-on-year growth of 16.1% and 14.7% [2]. - In Q4 2024, domestic revenue grew by 24.5% year-on-year, while external revenue increased by 10.4% [2]. Cost Efficiency - The gross profit margin for 2024 decreased by 1.5 percentage points to 60.9%, primarily due to increased promotional activities [3]. - The sales and management expense ratios were 19.7% and 10.1%, respectively, both showing a decrease year-on-year, indicating improved cost efficiency [3]. - The net profit margin remained stable at 12.9%, with a slight year-on-year decline of 0.1 percentage points [3]. Marketing Strategy - The company is actively pursuing a national expansion strategy while deepening its presence in the northwest region, focusing on consumer engagement and product upgrades [4]. - The company has successfully established model markets in northern and eastern China, optimizing its business model and consumer cultivation efforts [4]. Future Outlook - The company expects strong growth in high-end products priced above 300 yuan, with a clear growth path supported by national expansion and product structure upgrades [4]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.81 yuan, 0.91 yuan, and 1.05 yuan, with corresponding price-to-earnings (PE) ratios of 23x, 21x, and 18x [4].

Core Viewpoint - The company, Jin Hui Jiu, reported strong performance in its 2024 annual report, with significant revenue and profit growth, alongside an ongoing optimization of its product structure [1][2]. Financial Performance - In 2024, the company achieved a revenue of 3.021 billion yuan, representing a year-on-year increase of 18.59%, and a net profit attributable to shareholders of 388 million yuan, up 18.03% year-on-year [1]. - For Q4 2024, the company recorded a revenue of 693 million yuan, reflecting a year-on-year growth of 31.11%, while the net profit attributable to shareholders was 55 million yuan, down 2.05% year-on-year [1]. Product and Market Development - The company’s product revenue for 2024 was segmented as follows: products priced above 300 yuan generated 566 million yuan (up 41.17%), products priced between 100-300 yuan generated 1.487 billion yuan (up 15.38%), and products below 100 yuan generated 849 million yuan (up 3.99%) [2]. - The company’s revenue from Gansu province reached 2.231 billion yuan (up 16.14%), while revenue from outside the province was 670 million yuan (up 14.67%) [2]. Profitability and Cash Flow - The company’s gross profit margin for 2024 was 60.92%, a decrease of 1.52 percentage points year-on-year, attributed mainly to a decline in the gross margin of other businesses [3]. - The company reported a strong cash flow performance, with cash receipts from sales amounting to 3.419 billion yuan (up 16.45%) and a net operating cash flow of 558 million yuan (up 23.95%) [3]. Future Outlook - The company aims for a revenue target of 3.280 billion yuan and a net profit of 408 million yuan for 2025, representing year-on-year growth of 8.90% and 5.15%, respectively [4]. - The company has completed a share buyback of 193 million yuan for employee stock ownership or equity incentives [4].