Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 23.58 billion yuan for FY 2024, representing a year-on-year increase of 16.4%. The net profit attributable to shareholders reached 5.514 billion yuan, up 20.2% year-on-year. The performance is generally in line with market expectations, although tax impacts have slightly hindered net profit growth [7] - The company continues to strengthen its market presence both domestically and in selected external markets, with a focus on product segmentation and regional growth strategies. The company is expected to maintain strong growth in its core products, particularly in the domestic market [7] - The net profit margin for FY 2024 increased by 0.7 percentage points to 23.4%, with an estimated actual increase of nearly 2 percentage points after adjusting for tax impacts. This improvement is attributed to enhanced efficiency in resource allocation and marketing expenditures [7] Summary by Sections Financial Performance - Total revenue for FY 2024 is projected at 23.58 billion yuan, with a year-on-year growth of 16.41% for FY 2025 and 11.01% for FY 2026. The net profit attributable to shareholders is expected to reach 6.314 billion yuan in FY 2025, reflecting a 14.52% increase [1][8] - The earnings per share (EPS) for FY 2024 is estimated at 10.43 yuan, with projections of 11.95 yuan for FY 2025 and 14.02 yuan for FY 2026 [1][8] Market Strategy - The company is focusing on deepening its market penetration in both domestic and external markets, with a particular emphasis on enhancing the sales of its premium products. The company aims to leverage its brand strength to drive growth in the face of a challenging market environment [7] - The company plans to continue its strategy of product diversification and innovation, including the introduction of new products priced below 100 yuan to capture additional market share [7] Profitability Outlook - The company is expected to see improvements in its net profit margin in FY 2025, with a projected net profit margin of 24.12% for FY 2026. The overall profitability is anticipated to benefit from ongoing efficiency improvements and cost management strategies [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 23.58 billion yuan for FY 2024, representing a year-on-year increase of 16.4%. The net profit attributable to shareholders reached 5.514 billion yuan, up 20.2% year-on-year. The performance is generally in line with market expectations, although tax impacts have slightly hindered net profit growth [7] - The company continues to strengthen its market presence both domestically and in selected external markets, with a focus on product segmentation and regional growth strategies. The company is expected to maintain strong growth in its core products, particularly in the domestic market [7] - The net profit margin for FY 2024 increased by 0.7 percentage points to 23.4%, with an estimated actual increase of nearly 2 percentage points after adjusting for tax impacts. This improvement is attributed to enhanced efficiency in resource allocation and marketing strategies [7] Summary by Sections Financial Performance - Total revenue for FY 2024 is estimated at 23.58 billion yuan, with a year-on-year growth of 16.4% - Net profit attributable to shareholders is projected at 5.514 billion yuan, reflecting a 20.2% increase year-on-year - The company expects to achieve double-digit revenue growth in FY 2025, with net profit margin showing potential for improvement [7][8] Product and Market Strategy - The company is focusing on deepening its market penetration in both domestic and external markets, with a strong emphasis on product structure and regional performance - Key products such as Gu 8 and Gu 16 are anticipated to maintain robust growth, while new product launches are expected to contribute to revenue [7][8] Profitability and Efficiency - The company’s net profit margin has improved, with a significant contribution from cost management and marketing efficiency - The overall gross margin is expected to show a slight increase, although growth may be more moderate compared to previous years [7][8]

Core Viewpoint - The company reported a strong performance for 2024, with total revenue of 23.578 billion yuan, a year-on-year increase of 16.41%, and a net profit attributable to shareholders of 5.514 billion yuan, up 20.15% year-on-year [1] Financial Performance - For the fourth quarter of 2024, the company achieved revenue of 4.509 billion yuan, a year-on-year growth of 4.85%, while net profit attributable to shareholders was 767 million yuan, a decrease of 1.17% year-on-year [1] - The company maintained a steady operational pace throughout the year, with revenue and profit growth rates exceeding 15% [1] - The company’s proactive inventory reduction strategy in Q4 laid a solid foundation for a strong start in Q1 2025 [1] Market Strategy and Product Development - The company has a well-structured product layout and flexible market strategies, leading to sustained growth both domestically and nationally [2] - Key products such as Gu 5 and Gu 8 have stable sales, while efforts to enhance market recognition for Gu 16 are showing strong momentum [2] - The company’s strong control over product lines and regional channels enhances its resilience against market cycles [2] Earnings Forecast and Investment Recommendation - The company is projected to achieve revenues of 23.58 billion yuan, 26.36 billion yuan, and 29.67 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.4%, 11.8%, and 12.6% [2] - Expected net profits attributable to shareholders are 5.51 billion yuan, 6.35 billion yuan, and 7.29 billion yuan for the same years, with growth rates of 20.1%, 15.2%, and 14.7% [2] - The company is expected to have a price-to-earnings ratio of 14 and 12 for 2025 and 2026, respectively, maintaining a "recommended" rating [2]

Financial Performance - The company achieved a total operating revenue of 23.578 billion yuan, representing a year-on-year increase of 16.41% [1] - Operating profit reached 7.751 billion yuan, up 23.36% compared to the previous year [1] - Total profit amounted to 7.787 billion yuan, reflecting a growth of 22.98% year-on-year [1] - Net profit attributable to shareholders was 5.514 billion yuan, an increase of 20.15% from the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 5.456 billion yuan, up 21.38% year-on-year [1] - Basic earnings per share were 10.43 yuan, marking a 20.16% increase compared to the previous year [1] Financial Position - As of the end of the reporting period, total assets were 40.516 billion yuan, which is a 14.38% increase from the beginning of the reporting period [2] - Total equity attributable to the parent company was 24.654 billion yuan, reflecting a growth of 14.53% from the beginning of the reporting period [2] Performance Forecast - The company did not disclose any performance forecasts or profit predictions prior to this earnings announcement [3] Additional Notes - The financial data presented is preliminary and subject to change pending the completion of the audit, with final figures to be disclosed in the annual report [4]

Core Viewpoint - The growth trajectory of Gujing Gongjiu is accelerating, positioning it closer to competing with other top liquor brands in China, despite still being behind in market size [1][2]. Group 1: Company Performance - Gujing Gongjiu reported a revenue of 23.578 billion yuan for 2024, marking a year-on-year increase of 16.41%, and a net profit of 5.514 billion yuan, up 20.15% year-on-year [1]. - The company has maintained double-digit growth in both revenue and profit for four consecutive years, with net profit doubling compared to five years ago [1]. - In 2023, Gujing Gongjiu's revenue surpassed 20 billion yuan for the first time, achieving this milestone in five years [1]. Group 2: Market Position and Competition - Gujing Gongjiu ranks sixth among liquor stocks, while the top five brands have a revenue threshold of 30 billion yuan [1]. - The company is poised to capitalize on the slowdown of competitors, as many have reported declining revenue, potentially lowering the entry barrier for the top five [2]. - The gap in market size between Gujing Gongjiu and the leading brands is narrowing, with a potential catch-up period of two to three years [2]. Group 3: Product Strategy - The high-end series, particularly the aged raw liquor, has been a significant driver of growth, with a 23% year-on-year increase in revenue for this segment in the first half of 2024 [2]. - The gross margin for the aged raw liquor increased by 1.16 percentage points to 86.3% in the first half of last year [2]. - Gujing Gongjiu has been a long-term exclusive partner for the CCTV Spring Festival Gala, promoting its high-end products, which indicates a strategic focus on brand elevation [2]. Group 4: Future Outlook - The company's growth pace and its ability to join the top five will depend on its strategic decisions in response to industry challenges [3]. - Gujing Gongjiu plans to disclose its formal annual report at the end of April, which may include its growth targets for the year [3]. - Following the performance announcement, the stock price rose by 4.86%, closing at 172.08 yuan, with a market capitalization exceeding 90 billion yuan [4].

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2025-005 安徽古井贡酒股份有限公司 2024年度业绩快报 一、2024年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | | --- | --- | --- | --- | --- | | 营业总收入 | 23,577,928,065.99 | 20,253,526,598.02 | | 16.41% | | 营业利润 | 7,750,779,166.21 | 6,282,930,114.77 | | 23.36% | | 利润总额 | 7,787,343,832.78 | 6,332,145,832.55 | | 22.98% | | 归属于上市公司股东的 | 5,513,917,926.63 | 4,589,164,052.80 | | 20.15% | | 净利润 | | | | | | 扣除非经常性损益后的 归属于上市公司股东的 | 5,456,336,321.92 | 4,495,219,187.57 | | 21.38% | | 净利润 | | | | | | 基本 ...

Group 1 - The spring marketing wave in the liquor industry has been reignited following the Spring Sugar Conference, with many liquor companies launching new marketing initiatives [1] - Gujing Gongjiu's Peach Blossom Spring Festival and Gu Fan Festival have successfully integrated distributors and core consumers through engaging activities [1][3] - The event showcased traditional brewing techniques and cultural performances, blending historical elements with modern youth appeal [1][4] Group 2 - The eighth Peach Blossom Spring Festival and fourth Gu Fan Festival were held on March 29, emphasizing the promotion of the ancient city of Bozhou and Chinese brewing culture [3] - Gujing Gongjiu has a rich history dating back to the Eastern Han Dynasty, with its name derived from a famous well known for its excellent water quality [3][4] - The company has won multiple national awards and is recognized as a famous Chinese liquor brand [3] Group 3 - The festival featured live demonstrations of traditional brewing methods, highlighting the complexity and heritage of the Peach Blossom Spring production process [4] - Gujing Gongjiu aims to build a high-quality development community in the liquor industry and continues to promote its cultural events [4] Group 4 - The liquor industry is expected to see growth concentrated in the 500 yuan price range, with the 100-400 yuan range benefiting from consumption upgrades and downgrades [5] - Gujing Gongjiu has established core products across various price segments, leveraging a deep distribution model to enhance control over distributors and terminals [5] Group 5 - In the first three quarters of 2024, Gujing Gongjiu achieved revenue of 19.069 billion yuan, a year-on-year increase of 19.5%, and a net profit of 4.746 billion yuan, up 24.5% year-on-year [6] Group 6 - Gujing Health Technology launched three strategic products in the "Herbal Fermentation Nutrition" category during the festival, marking a significant expansion of its product line [7] - The company has established itself as the largest and most diverse herbal fermentation base in China, focusing on modern biological fermentation technology [7][8] - A new standard for herbal fermentation products is being developed to establish quality benchmarks in the industry [8]

桃夭灼灼渲绯云，春曲为媒贡酒香。3月29日，古井贡酒·年份原浆2025第八届桃花春曲节暨第四届古粉 节在古井酒神广场盛大开幕。相关政府部门领导、国际友人、企业家代表、媒体嘉宾、重点经销商、古 粉代表、核心消费者代表，古井集团党委书记、董事长梁金辉等古井集团及古井贡酒股份公司高管参加 了活动。 辉致词 "阳春三月桃花开，温和湿润原生态，千年曲根薪火传，非遗技艺桃花曲……"伴随着桃花春曲制曲心法 口诀的朗朗诵读声，古井贡酒的制曲师傅们现场展演桃花春曲非遗制曲古法技艺。从堆麦粮、撒曲根， 到制曲、润曲，再到成曲，一系列严谨且精细的工序，在师傅们手中有条不紊地进行。活态的演绎让现 场嘉宾真切领略到古法制曲的独特魅力，彰显出古井人对传统工艺的坚守与创新。 图丨古井 贡酒的制曲师傅们现场展演桃花春曲非遗制曲古法技艺 八载春秋，八届盛会。每年一届的桃花春曲节是古井与古粉的双向奔赴之旅，活动现场举行了古井贡酒 推广大使证书颁发仪式，感恩古粉与古井同心同行，共酿岁月芬芳。 "贡献 贡创 贡享"第二届古井贡酒·年份原浆三贡节四大赛事正式启动。当美酒邂逅"三贡节"，创作者的 灵感如同春曲发酵，孕育出无限的创意与活力。 开幕仪式上， ...

Core Insights - Gujing Gongjiu has successfully upgraded its product offerings in the high-end liquor market, with its flagship product, Gu20, achieving nearly 5 billion in annual sales nationwide [1] - The company is experiencing strong performance in the banquet market, with local distributors reporting better sales this year compared to last year, particularly for Gu8 and Gu16 products [1][3] - The company aims to reach a sales target of 30 billion, supported by a well-structured product lineup and flexible sales strategies [1] Product Performance - Gu8 and Gu16 dominate the banquet market, with Gu8 accounting for two-thirds and Gu16 for one-third of sales [1] - Gu16's market share has increased by 5-6 percentage points, now representing 16-17% of sales, driven by increased banquet consumption [3] - The overall consumption of liquor for banquets is decreasing, with average consumption per table dropping [3] Cultural and Marketing Initiatives - The 8th Peach Blossom Spring Festival and the 4th Gu Fan Festival were held to promote Gujing Gongjiu's unique brewing techniques and cultural heritage [1][2] - The festival serves as a platform for cultural exchange and marketing, showcasing the brand's commitment to high-quality development and community engagement [2] - Various events during the festival included the launch of a commemorative liquor for the 2025 Osaka World Expo and a collaborative ceremony with French guests [3] Market Strategy - Gujing Gongjiu is strategically positioned in key price segments, with stable sales for core products like Gu5 and Gu8, and significant investments in promoting Gu16 and Gu20 [4] - The company has achieved substantial sales growth, with Gu16 and Gu20 experiencing annual growth rates exceeding 50% [4] - The company is expanding its market presence outside of Anhui, with double-digit growth in provinces like Jiangsu, Henan, and Shandong [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][27]. Core Views - The company is focusing on enhancing its product offerings under two brands, aiming for robust growth in the sub-100 yuan product segment. The strategy includes launching new products and strengthening its market presence through effective channel management [2][7]. - The company is expected to achieve double-digit growth in revenue and profit, driven by a solid product foundation and strategic adjustments in marketing and distribution [7][8]. Financial Summary - **Main Financial Indicators**: - Revenue for 2023 is projected at 20,254 million yuan, with a year-on-year growth rate of 21.2%. By 2026, revenue is expected to reach 29,194 million yuan [3]. - Net profit attributable to shareholders is forecasted to be 4,589 million yuan in 2023, growing at 46.0% year-on-year, and reaching 7,021 million yuan by 2026 [3]. - Earnings per share (EPS) is estimated to be 8.68 yuan in 2023, increasing to 13.28 yuan by 2026 [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 20 in 2023 to 13 in 2026, indicating improving valuation attractiveness [3]. Market Performance - The company has shown resilience in its market performance, with a steady growth trajectory despite industry challenges. The report highlights a strong performance in key markets, particularly in the domestic sector [7][8]. - The company has effectively managed inventory and sales strategies, leading to improved cash flow and operational efficiency [7][8]. Product and Channel Strategy - The company is enhancing its product lineup with strategic upgrades, such as increasing the volume of certain products without raising prices, thereby improving value for consumers [7]. - A focus on channel partnerships and profit-sharing with distributors is expected to unlock growth potential and stabilize pricing across markets [7][8].