Group 1: Sales Performance and Planning - During the Spring Festival, the company's main products achieved positive year-on-year growth in sales and opening rates, with inventory well-controlled [1] - The annual business plan has been disclosed after board approval [1] - The company utilizes digital tools for accurate monitoring of sales and inventory across regions, transitioning from distributor quota to terminal quota based on consumer data [2] Group 2: Digital Transformation - The company is implementing a comprehensive digital transformation across management, production, and marketing systems to reduce costs and improve efficiency [1] - Current overall product scanning rate stands at 40%, with a focus on consumer data modeling to enhance consumer engagement [1] Group 3: Market Strategy and Product Development - The company aims to enhance product quality, cultural significance, brand promotion, and talent acquisition to stand out in an increasingly concentrated industry [1] - Low-alcohol products are expected to become a trend, with the company leveraging its technical advantages in this area and adapting product offerings based on local consumer habits [1][2] - The company plans to maintain its position as one of China's top three high-end liquor brands while expanding its product matrix to cover all price ranges and exploring innovative product lines [2] Group 4: Consumer Engagement and Future Growth - Consumer cultivation is a long-term process, with a focus on understanding the needs of new-generation consumers while enhancing public relations in emerging industries [2]

Core Viewpoint - Luzhou Laojiao's controlling shareholder plans to increase its stake in the company, reflecting confidence in its future development and long-term investment value [1][2] Group 1: Shareholding Increase Plan - Luzhou Laojiao Group intends to increase its shareholding by no less than 150 million yuan and no more than 300 million yuan within six months [1] - The funding for this increase will come from a special loan from China Construction Bank, which will cover up to 90% of the increase amount, equating to a maximum of 270 million yuan [2] - As of the announcement date, Luzhou Laojiao Group and its affiliates hold a total of 748 million shares, representing 50.83% of the company [2] Group 2: Market Performance and Analyst Insights - The liquor sector showed strong performance on the day of the announcement, with Luzhou Laojiao's stock price rising by 6.35% to 143.61 yuan per share, marking a new high for the year [3] - Analysts believe the shareholding increase signals that the controlling shareholder views the current stock price as undervalued, which could enhance the brand's market appeal and capital credibility [3][7] - Luzhou Laojiao has established itself as a key player in the premium liquor market, with its flagship product, Guojiao 1573, achieving significant brand recognition [3] Group 3: Financial Performance and Future Outlook - For the first three quarters of 2024, Luzhou Laojiao reported revenue of 24.304 billion yuan and net profit of 11.593 billion yuan, reflecting year-on-year growth of 10.76% and 9.72%, respectively [6] - The company anticipates that its major indicators will reach historical highs in 2024, despite facing challenges in the industry [5][6] - Luzhou Laojiao is focusing on a dual-brand strategy to strengthen its market position and is expected to leverage digital marketing and product innovation to capture emerging consumer trends [7]

证券代码：000568 证券简称：泸州老窖 公告编号：2025-11 泸州老窖股份有限公司 关于控股股东以增持专项贷款和自有资金增持公司 股份计划的公告 本公司控股股东泸州老窖集团有限责任公司保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 特别提示： 1.泸州老窖股份有限公司（以下简称"公司"）控股股东泸州老窖 集团有限责任公司（以下简称"老窖集团"）计划自本公告披露之日 起的 6 个月内，以增持专项贷款及自有资金通过集中竞价交易的方式 增持公司股份，增持金额不低于 15,000 万元，不超过 30,000 万元。 本次增持计划不设定价格区间，老窖集团将根据资本市场整体趋势及 对公司股票价值的合理判断，逐步实施。 2.增持专项贷款承诺函情况：中国建设银行泸州分行承诺为老窖 集团提供不高于 27,000 万元且贷款比例不超过增持金额 90%的增持 专项贷款，贷款期限不超过 36 个月。 3.本次增持计划存在可能因资本市场发生变化以及目前尚无法 预判的因素导致本次增持计划无法达到预期的风险。如增持计划实施 ...

（第一期）2025 年本息兑付暨摘牌公告 证券代码：000568 证券简称：泸州老窖 公告编号：2025-12 债券代码：149062.SZ 债券简称：20 老窖 01 泸州老窖股份有限公司 2020 年面向合格投资者公开发行公司债券 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 最后交易日：2025 年 3 月 14 日 债权登记日：2025 年 3 月 14 日 债券付息及兑付日：2025 年 3 月 17 日 债券摘牌日：2025 年 3 月 17 日 泸州老窖股份有限公司 2020 年面向合格投资者公开发行公司债 券（第一期）（以下简称"本期债券"）本次付息兑付的债权登记日 为 2025 年 3 月 14 日，凡在 2025 年 3 月 14 日（含）前买入并持有 本期债券的投资者享有本次派发的利息及本期债券本金，2025 年 3 月 14 日卖出本期债券的投资者不享有本次派发的利息及本期债券本 金。 泸州老窖股份有限公司（以下简称"本公司"）将于 2025 年 3 月 17 日开始支付本期债券自 2024 年 3 月 17 日至 202 ...

Investment Rating - The investment rating for Luzhou Laojiao is "Buy" (maintained) [1] Core Views - The report emphasizes the company's innovative mechanisms and strategic focus on growth, particularly through digital transformation and market penetration strategies [8] - Luzhou Laojiao's core product, Guojiao 1573, remains strong, with annual sales exceeding 400 million bottles and a significant increase in consumer engagement [8] - The company has outlined six strategic shifts to adapt to market changes, focusing on regional market development, consumer-centric approaches, and enhancing profitability through pricing strategies [8] Financial Summary - Total revenue projections for Luzhou Laojiao are as follows: - 2022: 25,124 million RMB - 2023: 30,233 million RMB (20.34% YoY growth) - 2024: 30,300 million RMB (0.22% YoY growth) - 2025: 30,443 million RMB (0.47% YoY growth) - 2026: 33,557 million RMB (10.23% YoY growth) [1][9] - Net profit attributable to shareholders is projected as follows: - 2022: 10,365 million RMB - 2023: 13,246 million RMB (27.79% YoY growth) - 2024: 13,256 million RMB (0.07% YoY growth) - 2025: 13,294 million RMB (0.28% YoY growth) - 2026: 14,877 million RMB (11.91% YoY growth) [1][9] - The report adjusts the net profit forecast for 2024-2026 to 133 billion RMB, 133 billion RMB, and 149 billion RMB respectively, maintaining a PE ratio of 14/14/12X [8]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company has shown steady growth in various indicators for 2024, with digital transformation yielding initial results. Key products, membership assets, and strategic terminal quality have all improved. The company aims to focus on market cultivation and enhance profitability through digital empowerment [2][3] - For 2025, the company will emphasize sales and implement six major shifts in marketing strategy, focusing on consumer-centric approaches and digitalization to drive growth [4][5] - The management's strengths and marketing execution capabilities are highlighted as core advantages in a competitive industry landscape, with a strategic focus on long-term digital transformation [5][6] Financial Projections - Revenue projections for 2024-2026 are estimated at 31.805 billion, 33.491 billion, and 36.898 billion yuan, representing year-on-year growth of 5.2%, 5.3%, and 10.2% respectively. Net profit is projected at 13.883 billion, 14.817 billion, and 16.619 billion yuan, with growth rates of 4.8%, 6.7%, and 12.2% [7][10] - The earnings per share (EPS) for 2024-2026 are forecasted to be 9.43, 10.07, and 11.29 yuan, with corresponding price-to-earnings (PE) ratios of 13.4, 12.6, and 11.2 [2][10] - The company is expected to maintain a dividend payout ratio of 60%, leading to a projected dividend yield of 4.5% in 2024, providing strong valuation support [7]

Investment Rating - The investment rating for Luzhou Laojiao is "Outperform the Market" (maintained) [1] Core Views - The report highlights that Luzhou Laojiao achieved steady growth in 2024, with digital transformation showing initial results. Key performance indicators such as core product opening rates, membership assets, and the number and quality of strategic terminals have all improved. The company aims to focus on market cultivation and enhance profitability through its distributors in 2025, maintaining a long-term perspective [2][3][4] Summary by Sections 2024 Performance Review - In 2024, Luzhou Laojiao's revenue and net profit grew by 11% and 10% year-on-year, respectively. The company is expected to achieve record-high performance, with the Guojiao brand sales exceeding 20 billion and Luzhou Laojiao brand sales surpassing 10 billion. The digital transformation framework has been established, leading to improvements in core product opening numbers and terminal quality [3][4] 2025 Outlook - For 2025, the company will focus on six major shifts in its marketing strategy, emphasizing sales and consumer-centric approaches. The strategy includes deepening market penetration in strategic areas and enhancing digital capabilities to support sales and channel management [4][5] Management and Digital Transformation - Luzhou Laojiao's management capabilities and marketing execution remain strong, with a proactive sales team that excels in network refinement and consumer engagement. The company is leading the industry in digital transformation, transitioning from a "single merchant model" to a "single customer model" to drive channel profitability [5][6] Financial Forecasts - The revenue forecasts for 2024-2026 are 31.805 billion, 33.491 billion, and 36.898 billion, respectively, with year-on-year growth rates of 5.2%, 5.3%, and 10.2%. The projected net profit for the same period is 13.883 billion, 14.817 billion, and 16.619 billion, reflecting growth rates of 4.8%, 6.7%, and 12.2%. The current stock price corresponds to a valuation of 13.4x, 12.6x, and 11.2x for the respective years, indicating a strong valuation support [7][10]

Investment Rating - The report maintains a "Buy" rating for Luzhou Laojiao [1] Core Views - The company is focusing on mechanism innovation and meticulous growth strategies to achieve breakthroughs in 2025 [8] - The company has successfully implemented digital innovation in 2024, leading to significant growth in its core products and consumer engagement [8] - Luzhou Laojiao is adapting its sales strategies to market changes through six major mindset shifts, emphasizing consumer-centric approaches and profit maintenance [8] Financial Projections - Total revenue is projected to grow from 30,233 million RMB in 2023 to 33,557 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 10.23% [1][9] - Net profit attributable to shareholders is expected to increase from 13,246 million RMB in 2023 to 14,877 million RMB in 2026, reflecting a CAGR of about 11.91% [1][9] - The earnings per share (EPS) is forecasted to rise from 9.00 RMB in 2023 to 10.11 RMB in 2026 [1][9] Market Position and Strategy - Luzhou Laojiao's flagship product, Guojiao 1573, is expected to maintain a strong market presence, with the brand's revenue surpassing 20 billion RMB [8] - The company plans to enhance its market penetration through targeted strategies in various regions, focusing on both high-end and mid-range products [8] - The digital transformation initiatives have positioned the company ahead of its competitors in terms of consumer engagement and data utilization [8]

Core Viewpoint - Luzhou Laojiao is focusing on quality and digital transformation to adapt to the evolving white liquor industry landscape, aiming for sustained growth and historical performance highs in 2024 [1][9]. Group 1: Company Strategy and Performance - Luzhou Laojiao's Chairman Liu Miao emphasizes the importance of quality and the establishment of a comprehensive quality supervision system that exceeds national standards [4]. - The company expects to achieve record highs in key performance indicators for 2024, with a strong growth momentum observed in 2023 [1][9]. - In the first three quarters of 2023, Luzhou Laojiao reported revenues of 24.304 billion and net profits of 11.593 billion, representing year-on-year growth of 10.76% and 9.72% respectively [9]. Group 2: Market Trends and Opportunities - The company plans to leverage trends such as product low-alcoholization, younger consumer demographics, and experiential consumption to capture new market opportunities [2][14]. - The internationalization of Chinese liquor is gaining traction, with increasing acceptance among international consumers, primarily among the Chinese diaspora [5][6]. - Luzhou Laojiao aims to enhance its marketing strategies by focusing on strategic, incremental, and niche markets while adapting to the evolving consumer landscape [10][11]. Group 3: Digital Transformation and Consumer Engagement - The company is advancing its digital transformation efforts, utilizing a "five-code association" strategy to enhance communication between manufacturers, distributors, and consumers [9][13]. - Luzhou Laojiao is shifting from a channel-driven sales model to a consumer-driven approach, emphasizing the importance of consumer experience in driving sales [12][13]. - The company is also exploring innovative marketing techniques, including brand integration and cross-industry collaborations, to engage younger consumers and enhance brand loyalty [14].

Summary of the Conference Call on Luzhou Laojiao Company Overview - **Company**: Luzhou Laojiao - **Industry**: Baijiu (Chinese liquor) Key Points and Arguments Market Sentiment and Valuation - The market is skeptical about the authenticity of Luzhou Laojiao's double-digit growth over the past three years, leading to a significant decline in the company's valuation, which now negates past growth [2] - The current price-to-earnings (P/E) ratio of Luzhou Laojiao is below the 25 times P/E central tendency of stable growth food companies in the U.S., indicating low market expectations for future growth [2][4] - The dividend yield is currently higher than the yield on ten-year government bonds, reflecting concerns about the stability of the company's performance [2][5] Industry Dynamics - Unlike the adjustments in the baijiu industry in 2013-2014, leading companies now have stronger pricing power, and prepayments in the industry remain high, enhancing overall certainty [2][7] - The price of Feitian Moutai is closely related to the Producer Price Index (PPI), and it is expected to stabilize as domestic demand recovers and the economy stabilizes [2][8] - The high-end price segment (above 1,000 yuan) is stabilizing, while some lower-end products are experiencing price declines, indicating potential brand reshuffling in the industry [2][10] Growth Opportunities - Luzhou Laojiao is accelerating its national expansion, establishing strongholds in Sichuan and Hebei, with rapid growth in the East China market [2][14] - The company is expected to maintain net profit growth from 2024 to 2026, with an estimated increase of approximately 12.1% [2][14] - The 600 yuan price segment is emerging as a new growth area, with opportunities for brands to capture significant market share [2][11][12] Risks in the Industry - The proportion of loss-making baijiu companies has increased to 33.5%, with second and third-tier brands facing significant pressure [2][13] - Competition in the sub-100 yuan market is intense, while opportunities are concentrated in the 1,000 yuan, 600 yuan, and 200-300 yuan price segments [2][13] Company-Specific Developments - Since 2021, Luzhou Laojiao has undergone significant changes, with a strong brand culture and a diversified product lineup [2][14] - The company has established a solid market presence in various regions, particularly in Sichuan and Hebei, and is well-positioned to benefit from the recovery of the real estate market [2][14] Additional Important Insights - The market's perception of Luzhou Laojiao's past growth is questioned, with investors expressing doubts about the sustainability of its performance [3] - The historical context of the baijiu industry suggests that the current market dynamics differ significantly from previous downturns, providing a more stable outlook for leading companies [7] - The potential for brand reshuffling in the baijiu industry could lead to significant changes in market leadership, particularly in the high-end and emerging price segments [10][13]