证券代码：000596、200596 证券简称：古井贡酒、古井贡B 公告编号：2025-015 安徽古井贡酒股份有限公司 关于举办2024年度业绩说明会的公告 本公司及董事会全体成员保证本公告内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 安徽古井贡酒股份有限公司（以下简称"公司"）2024年年度报告已于2025年4月28日正式披露。为方便 广大投资者更深入全面的了解公司经营情况，公司将于2025年5月20日（星期二）下午15:00一16:30 在 全景网举行2024年度业绩说明会，本次业绩说明会将采用网络远程的方式举行，投资者可登陆全景 网"投资者关系互动平台"（http://ir.p5w.net）参与本次业绩说明会。 出席本次业绩说明会的人员：公司总经理周庆伍先生；公司独立董事李静女士；公司常务副总经理闫立 军先生；公司副总经理许鹏先生；公司副总经理朱向红先生；公司副总经理、总会计师、董事会秘书朱 家峰先生（如有特殊情况，参会人员会有调整）。 为充分尊重投资者、提升交流的针对性，现就公司本次业绩说明会提前向投资者公开征集问题，广泛听 取投资者的意见和建议。投资者可于2025年5月16日（星期五 ...

Group 1: Industry Overview - As of April 29, 2024, 17 A-share liquor companies reported a total revenue of 386.21 billion yuan, a year-on-year increase of 6.61% [1] - The net profit attributable to shareholders of listed companies reached 149.63 billion yuan, up 6.65% year-on-year [1] - The net cash flow from operating activities was 158.20 billion yuan, reflecting a 17.28% increase year-on-year [1] - The white liquor industry is expected to experience structural differentiation in 2025, with leading companies consolidating their advantages through branding, channels, and innovation [1] Group 2: Leading Companies Performance - Guizhou Moutai ranked first in revenue with 170.90 billion yuan, a 15.71% increase year-on-year [2] - Other companies like Wuliangye, Luzhou Laojiao, and Yanghe Brewery also reported revenues exceeding 20 billion yuan [2] - Guizhou Moutai and Wuliangye together accounted for 67.34% of total revenue among the 17 companies, with a combined net profit share of 78.91% [2] Group 3: Market Dynamics - The total production of white liquor in 2024 was 4.14 million kiloliters, a decrease of 1.80% year-on-year, while sales revenue grew by 5.30% [3] - The industry is characterized by a shift from volume and price increases to prioritizing quality and efficiency, alongside multi-dimensional innovation [1][3] - High inventory levels and price inversions have been significant issues in the past two years, with total inventory for the 17 companies rising by 12.50% to 146.33 billion yuan [5] Group 4: International Expansion - In 2024, the export value of white liquor reached 970 million USD, accounting for 51% of total liquor exports, with a year-on-year growth of 20.4% [6] - The average export price increased to 59.0 USD per liter, reflecting a 13.3% rise [6] - Leading companies are focusing on international market expansion as a key strategy for growth, with Guizhou Moutai and Wuliangye outlining plans for global outreach [7]

Core Viewpoint - The white liquor industry is experiencing a significant slowdown in growth, with many companies reporting declining revenues and profits, indicating a challenging market environment [1][12][18]. Group 1: Industry Performance - As of April 29, nearly all listed white liquor companies reported a slowdown in performance for 2024, with six companies experiencing a year-on-year revenue decline [1][4]. - In the first quarter of 2025, nearly half of the white liquor companies reported negative performance, with some experiencing revenue declines of 20% to 30% [1][12]. - The total revenue of all white liquor companies in 2024 exceeded 440 billion yuan, primarily driven by growth from leading companies like Moutai [4][7]. Group 2: Market Dynamics - The competitive landscape of the white liquor industry has shifted, with Shanxi Fenjiu rising to the third position among leading brands, indicating a consolidation of market power among top players [2][8]. - Over the past five years, the rankings of the top ten white liquor companies have changed significantly, with new entrants and established brands experiencing shifts in their market positions [10][11]. - The performance of mid-sized and smaller liquor companies has generally been poor, with some facing delisting risks [2][12]. Group 3: Future Outlook - Analysts suggest that the white liquor industry is currently in a "bottoming out" phase, with expectations of continued low performance in the second quarter of 2025 [2][17]. - The core issue facing the industry is weak consumer demand, with a need for companies to connect with younger consumers and explore new market segments [18].

Core Viewpoint - The white liquor industry is experiencing a significant slowdown in growth, with many companies reporting declining revenues and profits, indicating a challenging market environment [1][2][8]. Group 1: Industry Performance - As of April 29, nearly all listed white liquor companies reported a slowdown in performance for the 2024 annual report and the first quarter of 2025, with six companies experiencing a year-on-year revenue decline [1][2]. - In the first quarter of 2025, nearly half of the white liquor companies reported negative performance, with some experiencing revenue declines of 20% to 30% [1][8]. - The total revenue of all white liquor companies in 2024 exceeded 440 billion yuan, primarily driven by growth from leading companies like Moutai [3][5]. Group 2: Market Dynamics - The competitive landscape of the white liquor industry has shifted, with Shanxi Fenjiu rising to the third position among leading brands, indicating a consolidation of the market among top players [2][5]. - The top ten white liquor companies have seen significant changes in rankings over the past five years, with new entrants and established brands experiencing shifts in their market positions [6][7]. - The performance of mid-sized and smaller liquor companies has generally been poor, with some facing delisting risks due to continued underperformance [2][12]. Group 3: Future Outlook - Analysts suggest that the white liquor industry is currently in a "bottoming out" phase, with expectations of continued low performance in the second quarter of 2025 [2][13]. - The industry faces challenges in consumer demand, particularly in attracting younger consumers, which is crucial for future growth [12][13]. - Despite some companies maintaining double-digit growth, the overall market sentiment remains pessimistic, with concerns about the sustainability of this growth amid macroeconomic uncertainties [12][13].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company demonstrated resilience as a leading Anhui liquor brand, achieving a revenue of 23.578 billion yuan and a net profit of 5.517 billion yuan for 2024, representing year-on-year growth of 16.41% and 20.22% respectively, despite not meeting the annual revenue target of 24.45 billion yuan [2][3]. - The company is expected to continue its growth trajectory, with projected revenues of 26 billion yuan, 28.737 billion yuan, and 31.841 billion yuan for 2025, 2026, and 2027 respectively, reflecting a compound annual growth rate of approximately 10.3% to 10.8% [7][8]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.509 billion yuan and a net profit of 771 million yuan, with a year-on-year growth of 4.85% and a slight decline in net profit of 0.74% [2]. - For Q1 2025, the company reported a revenue of 9.146 billion yuan and a net profit of 2.330 billion yuan, marking a year-on-year increase of 10.38% and 12.78% respectively [2]. - The company’s dividend payout ratio reached 57.49% in 2024, up by 5.66 percentage points from the previous year, corresponding to a dividend yield of 3.51% [2]. Product Performance - The main liquor business generated a revenue of 22.865 billion yuan in 2024, with a gross margin of 81.71%, reflecting a year-on-year increase of 0.93 percentage points [3][5]. - The "Year Original" product line led the revenue growth with 18.086 billion yuan, a year-on-year increase of 17.31%, driven by an 11.99% increase in volume and a 4.75% increase in price [5]. Regional and Channel Performance - Revenue from different regions showed growth, with North China, Central China, South China, and international markets achieving revenues of 1.979 billion yuan, 20.151 billion yuan, 1.426 billion yuan, and 22 million yuan respectively [5]. - Online and offline channels reported revenues of 772 million yuan and 22.806 billion yuan, with year-on-year growth of 5.81% and 16.81% respectively [5]. Profitability and Efficiency - The overall gross margin for 2024 was 79.90%, with a slight increase in the fourth quarter to 80.74% [6]. - The company’s net profit margin for 2024 was 23.40%, reflecting a year-on-year increase of 0.74 percentage points [6][9]. Future Outlook - The company is expected to maintain its strong performance with a projected net profit of 6.165 billion yuan in 2025, growing at a rate of 11.7% [8][9]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 14 for 2025, indicating a favorable valuation [7][8].

Core Insights - The company reported a revenue of 23.578 billion yuan for 2024, representing a year-on-year growth of 16.41%, and a net profit attributable to shareholders of 5.517 billion yuan, up 20.22% year-on-year [1] - In Q1 of this year, the company achieved a revenue of 9.146 billion yuan, with a year-on-year increase of 10.38%, and a net profit of 2.33 billion yuan, growing by 12.78% year-on-year [1] Revenue Breakdown - The revenue from the company's main products in 2024 was as follows: Yearly Original Liquor (18.086 billion yuan), Gujing Gongjiu (2.241 billion yuan), and Huanghelou (2.538 billion yuan), with year-on-year growth rates of 17.31%, 11.17%, and 15.08% respectively [1] - The contribution of the Yearly Original Liquor series to total revenue continues to increase, with a gross margin of 86.12%, up 0.47 percentage points year-on-year, indicating effective product structure optimization [1] Market Expansion - The company is deepening its market presence nationwide, with the Central China region remaining the primary market, generating revenues of 20.151 billion yuan, a year-on-year increase of 17.80% [2] - The number of distributors in Central China, North China, and South China increased to 3,041, 1,360, and 661 respectively, showing growth of 238, 136, and 68 distributors year-on-year [2] - Online channels also performed well, achieving revenue of 0.772 billion yuan, up 5.81% year-on-year, with a gross margin increase of 2.18 percentage points to 76.29% [2] Profitability and Cost Control - The company's net profit margin and gross profit margin for 2024 improved by 0.86 and 0.83 percentage points to 24.20% and 79.90% respectively, driven by breakthroughs in the mid-to-high-end market [3] - The company effectively controlled expenses, with sales expense ratio and management expense ratio decreasing by 0.62 and 0.63 percentage points to 26.22% and 6.12% respectively [3] Investment Outlook - The company is positioned as a leading Anhui liquor brand with significant growth potential in the white liquor market, having established several billion-level markets and continuing to expand [4] - Future revenue projections for 2025-2027 are 26.090 billion yuan, 28.674 billion yuan, and 31.458 billion yuan, with year-on-year growth rates of 10.65%, 9.90%, and 9.71% respectively [4] - Net profit forecasts for the same period are 6.271 billion yuan, 7.060 billion yuan, and 7.876 billion yuan, with year-on-year growth rates of 13.66%, 12.59%, and 11.55% respectively [4]

Core Viewpoint - Company reported strong financial performance for 2024 and Q1 2025, demonstrating resilience in a challenging industry environment [1][2][3] Financial Performance - In 2024, the company achieved total revenue of 23.578 billion, a year-on-year increase of 16.41%, and a net profit attributable to shareholders of 5.517 billion, up 20.22% [1] - For Q1 2025, total revenue reached 9.146 billion, reflecting a 10.38% year-on-year growth, with a net profit of 2.330 billion, increasing by 12.78% [1] Product Performance - Revenue from different product lines in 2024: Yearly original liquor 18.086 billion (+17.31%), Gujing Gongjiu 2.241 billion (+11.17%), and Huanghelou and other liquors 2.538 billion (+15.08%) [2] - The company expects continued rapid growth for its Gu8 and Gu16 products [2] Market Performance - Revenue by region in 2024: Central China 20.151 billion (+17.80%), North China 1.979 billion (+7.40%), South China 1.426 billion (+11.16%), and international markets 0.022 billion (+2.87%) [2] - The company maintains a stronghold in its home market of Anhui, which remains a primary source of revenue growth [2] Channel Performance - In 2024, offline revenue was 22.806 billion (+16.81%) and online revenue was 0.772 billion (+5.81%) [2] - The number of distributors increased in various regions, with North China having 1,360 (+136), South China 661 (+68), Central China 3,041 (+238), and international markets 27 (+6) [2] Profitability and Cost Structure - The gross profit margin for 2024 improved by 0.83 percentage points to 79.90%, with net profit margin reaching 24.20%, an increase of 0.86 percentage points [3] - Operating cash flow showed a decline in Q1 2025, primarily due to a significant drop in cash received from operating activities [3] Future Outlook - The company aims for steady revenue growth in 2025, with projected revenues for 2025-2027 at 25.983 billion, 28.685 billion, and 31.927 billion respectively [4] - Expected net profits for the same period are 6.163 billion, 6.859 billion, and 7.592 billion, with corresponding EPS of 11.66, 12.98, and 14.36 [4]

安徽古井贡酒股份有限公司（以下简称"公司"）2024 年年度报 告已于 2025 年 4 月 28 日正式披露。为方便广大投资者更深入全面的 了解公司经营情况，公司将于 2025 年 5 月 20 日（星期二）下午 15:00— 16:30 在全景网举行 2024 年度业绩说明会，本次业绩说明会将采用 网络远程的方式举行，投资者可登陆全景网"投资者关系互动平台" （http://ir.p5w.net）参与本次业绩说明会。 安徽古井贡酒股份有限公司 证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2025-015 关于举办 2024 年度业绩说明会的公告 本公司及董事会全体成员保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 出席本次业绩说明会的人员：公司总经理周庆伍先生；公司独立 董事李静女士；公司常务副总经理闫立军先生；公司副总经理许鹏先 生；公司副总经理朱向红先生；公司副总经理、总会计师、董事会秘 书朱家峰先生（如有特殊情况，参会人员会有调整）。 特此公告。 安徽古井贡酒股份有限公司 董 事 会 二〇二五年四月三十日 2 为充分尊重投资者、提升交流的针 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 245.86 CNY for 2025, based on a 19x PE ratio [4][10]. Core Insights - The company reported a revenue of 23.58 billion CNY for 2024, representing a year-on-year growth of 16.4%, and a net profit attributable to the parent company of 5.52 billion CNY, up 20.2% year-on-year [9]. - The core driver of revenue growth is the "Year Original" series, which generated 18.09 billion CNY in revenue, with sales volume and price per ton increasing by 12% and 5% respectively [9]. - The company has seen a solid performance in its main market, with revenue from the Central China region reaching 20.15 billion CNY, a growth of 17.8% year-on-year [9]. Financial Summary - The company’s financial projections for 2025-2027 indicate an EPS of 12.94 CNY, 15.16 CNY, and 17.43 CNY respectively, with a downward adjustment from previous estimates [10]. - The gross margin for 2024 is projected to be 79.9%, with a slight increase from the previous year, driven by product mix upgrades [9]. - The net profit margin is expected to improve to 25.0% by 2025, reflecting ongoing enhancements in profitability [3][9]. Revenue and Profit Forecast - The company anticipates revenues of 27.36 billion CNY in 2025, 31.15 billion CNY in 2026, and 35.03 billion CNY in 2027, with respective growth rates of 16.0%, 13.8%, and 12.5% [3]. - Operating profit is projected to reach 9.38 billion CNY in 2025, with a year-on-year growth of 21.0% [3]. Market Position and Strategy - The company has expanded its distributor network to 5,089, with a notable increase in Central China, indicating a strategy focused on regional market penetration [9]. - The product structure continues to upgrade, with a significant contribution from mid-to-high-end products, enhancing overall profitability [9].

Investment Rating - The report maintains a "Buy" rating for the company [1][12]. Core Insights - The company demonstrated strong performance with a revenue of 23.578 billion yuan in 2024, reflecting a year-on-year growth of 16.41%, and a net profit of 5.517 billion yuan, up 20.22% year-on-year [6][11]. - In Q1 2025, the company achieved a revenue of 9.146 billion yuan, representing a 10.38% increase year-on-year, and a net profit of 2.33 billion yuan, which is a 12.78% growth year-on-year [6][11]. - The company is expected to continue its growth trajectory with projected revenues of 25.983 billion yuan, 28.685 billion yuan, and 31.927 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 6.163 billion yuan, 6.859 billion yuan, and 7.592 billion yuan for the same years [10][11]. Performance Analysis - The company maintained a robust market position as a leading player in the liquor industry, with significant growth in both product lines and market segments [8]. - The revenue from the main product lines in 2024 was 18.086 billion yuan for original liquor, 2.241 billion yuan for Gujing Gongjiu, and 2.538 billion yuan for Huanghelou, with respective year-on-year growth rates of 17.31%, 11.17%, and 15.08% [8]. - The company’s sales gross margin improved to 79.90%, with a net profit margin of 24.20%, indicating effective cost management and operational efficiency [8][11]. Market and Channel Insights - The company’s revenue from different regions showed strong performance, with Central China, North China, South China, and international markets achieving year-on-year growth rates of 17.80%, 7.40%, 11.16%, and 2.87% respectively [8]. - The offline and online sales channels reported revenues of 22.806 billion yuan and 0.772 billion yuan, with year-on-year growth rates of 16.81% and 5.81% respectively [8]. Financial Projections - The report forecasts a steady increase in earnings per share (EPS) from 10.44 yuan in 2024 to 14.36 yuan in 2027, reflecting the company's strong growth potential [10][11]. - The projected price-to-earnings (P/E) ratios are expected to decrease from 16.60 in 2024 to 11.92 in 2027, indicating an attractive valuation as earnings grow [10][11].