Company Overview - Wuliangye Group emphasizes the long-term value and continuous concentration development trend of the liquor industry, maintaining development resilience and improving quality despite external uncertainties [1] - The company has consistently increased shareholder returns, with a dividend payout ratio exceeding 50% for 8 consecutive years and cash dividends surpassing 10 billion yuan annually for the past three years [2] - Wuliangye released a shareholder return plan for 2024-2026, committing to a cash dividend ratio of no less than 70% of net profit attributable to the parent company and a total dividend of no less than 20 billion yuan (including tax) annually [3] Strategic Development - Wuliangye has focused on capacity building, technological innovation, digital marketing, brand building, and talent development, leading to comprehensive improvements in enterprise development and strong market performance of its main products [4] - The company has optimized its product portfolio, launching new products such as the 45-degree and 68-degree Wuliangye, the Classic Wuliangye series, and over 10 cultural wines, while also expanding its mid-to-high-end brand offerings [6] - Wuliangye aims to lead industry responsibility by promoting cluster development, revitalizing Sichuan liquor, addressing e-commerce platform challenges, advancing international standards, and fostering healthy competition [7] Financial Performance and Shareholder Returns - Wuliangye completed its 2023 profit distribution, distributing 46.7 yuan per 10 shares, totaling 18.127 billion yuan in cash dividends, with a payout ratio of 60%, both record highs since its listing [15] - The company announced a 2024 interim dividend plan, proposing to distribute 25.76 yuan per 10 shares, totaling 10 billion yuan in cash dividends, representing 40% of the net profit for the first three quarters of 2024 [16] - Since its listing in 1998, Wuliangye has implemented cash dividends 23 times, with cumulative dividends reaching 104.1 billion yuan, 28 times the funds raised from its IPO, and has maintained a dividend payout ratio exceeding 50% for 5 consecutive years [10] Market and Operational Highlights - Wuliangye's core products have solidified their position as the top choice in the 1,000-yuan price range and among high-end strong-flavor liquors [17] - The company's marketing innovations, including banquet activities, QR code red packets, and terminal rankings, have effectively driven sales, while the "95195" customer service hotline has served over 20,000 people [13] - Wuliangye has optimized its channel layout, adding 138 specialty stores, 5 cultural experience stores, 490 He Mei collection stores, and 2 large liquor stores, while also strengthening its presence in the banquet market with nearly 30,000 events, serving over 6 million people [20] Industry Outlook - The liquor industry is undergoing a deep adjustment period, with increased market concentration and structural differentiation, but the underlying logic of meeting people's aspirations for a better life remains unchanged [12] - Wuliangye views 2025 as a critical year for marketing execution improvement, aiming to enhance brand value, product sales, channel optimization, and service capabilities to achieve both brand value and market share growth [14] - Despite challenges, Wuliangye has maintained a stable development trend, achieving record high production of first-grade and special-grade liquor and expanding its dedicated grain base to 1.51 million acres [19]

证券代码：000858 证券简称：五粮液 公告编号：2024/第 039 号 宜宾五粮液股份有限公司 第六届董事会 2024 年第 17 次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 三、备查文件 第六届董事会 2024 年第 17 次会议决议。 特此公告 宜宾五粮液股份有限公司董事会 宜宾五粮液股份有限公司（以下简称"公司"）第六届董事会 2024 年第 17 次会议，于 2024 年 12 月 30 日以通讯及传阅方式完成议案审 议，应参与审议表决董事 10 人，实际参与审议表决董事 10 人。会议 的召开方式符合《公司法》及公司《章程》的规定。 二、董事会会议审议情况 议案：关于聘任公司高级管理人员的议案 根据《宜宾市市属国有企业领导人员管理办法》《关于市属国有 重要骨干企业董事会选聘高级管理人员的指导意见（试行）》文件精 神，公司董事会按照市场化选聘方式，聘任陈翀先生、王源培先生为 公司副总经理。（简历附后） 本议案同意 10 票，反对 0 票，弃权 0 票。表决结果：通过。 二、王源培先生，男，汉族，1987 ...

Investment Rating - The investment rating for Wuliangye (000858.SZ) is "Outperform the Market" (maintained) [1][4][17]. Core Views - The report emphasizes that Wuliangye is rationally adjusting its operational pace to enhance marketing execution, with a focus on maintaining strong relationships with distributors and improving product and channel management [1][17]. - The company is expected to achieve steady revenue growth, with projected total operating revenue of 89.168 billion, 96.555 billion, and 104.337 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of +7.1%, +8.3%, and +8.1% [1][17]. - The net profit attributable to the parent company is forecasted to be 32.669 billion, 35.858 billion, and 39.498 billion yuan for the same years, with year-on-year growth rates of +8.1%, +9.8%, and +10.2% [1][17]. Summary by Sections Company Overview - Wuliangye is focusing on enhancing its marketing execution capabilities and maintaining strong distributor relationships, which are crucial for navigating the competitive landscape of the liquor industry [1][17]. Financial Projections - The report maintains revenue and profit forecasts, projecting total operating revenue of 89.168 billion yuan in 2024, 96.555 billion yuan in 2025, and 104.337 billion yuan in 2026, with corresponding net profits of 32.669 billion yuan, 35.858 billion yuan, and 39.498 billion yuan [1][17]. Market Position - Wuliangye is positioned as the leading brand in the 1,000 yuan price segment, with expectations for price increases as economic activity picks up, which will further enhance its market share [2][17]. Strategic Initiatives - The company plans to continue optimizing its product portfolio and expanding its market presence, particularly in underdeveloped markets and through new product launches [1][17].

Group 1 - Wuliangye received the highest attention with 5 institutional buy ratings [1] - Other stocks such as Zhaoyi Innovation, Yun Aluminum, Yonghui Supermarket, Sanofi Biologics, Huaneng Hydropower, and Funiu Co. each received 1 institutional buy rating [1] - A total of 26 stocks received institutional buy ratings on December 20 [1]

Investment Rating - The report maintains a "Recommend" rating for Wuliangye (000858 SZ) [4][5] Core Views - Wuliangye is expected to achieve revenue of 89 7/94 5/99 1 billion yuan in 2024-2026 with YoY growth of 7 7%/5 4%/4 8% respectively Net profit attributable to parent company is forecasted at 32 7/34 4/36 1 billion yuan with YoY growth of 8 3%/5 2%/4 9% [4] - The company is focusing on enhancing five key areas product strength brand strength channel strength market responsiveness and execution capability [4] - Wuliangye aims to optimize dealer profitability through comprehensive measures including cost control market governance and channel optimization [4] Financial Forecasts Income Statement - Revenue is projected to grow from 83 272 million yuan in 2023A to 99 063 million yuan in 2026E with a CAGR of 6 0% [8][13] - Net profit attributable to parent company is expected to increase from 30 211 million yuan in 2023A to 36 108 million yuan in 2026E [13] - EPS is forecasted to rise from 7 78 yuan in 2023A to 9 30 yuan in 2026E [13] Balance Sheet - Total assets are expected to grow from 165 433 million yuan in 2023A to 220 828 million yuan in 2026E [8] - Shareholders' equity is projected to increase from 132 349 million yuan in 2023A to 181 668 million yuan in 2026E [8] - The debt-to-asset ratio is forecasted to decline from 20 0% in 2023A to 17 73% in 2026E [8] Cash Flow Statement - Operating cash flow is expected to remain strong ranging from 34 935 million yuan in 2024E to 39 005 million yuan in 2026E [8] - Capital expenditures are projected to decrease from 2 955 million yuan in 2023A to 1 024 million yuan in 2026E [8] Valuation Metrics - PE ratio is forecasted to decline from 18x in 2023A to 15x in 2026E [4][13] - PB ratio is expected to decrease from 4 3x in 2023A to 3 2x in 2026E [8][13] - EV/EBITDA is projected to decline from 10 70x in 2023A to 8 72x in 2026E [22] Operational Highlights - Wuliangye's main brand continues to optimize its 1+3 product system with stable pricing for core products [10] - The company has expanded its terminal network by 18 2% YoY adding 16 000 new outlets in 2024 [10] - Wuliangye has strengthened its presence in the banquet market with 30 000 events serving over 6 million people in 2024 [10] - The company has made significant progress in international markets reaching 7 7 billion people across five continents [10]

Core Viewpoint - The annual "12·18" conference serves as a significant platform for Wuliangye to summarize its progress, motivate stakeholders, and provide insights into market trends amidst a complex economic environment [4][8][22]. Group 1: Company Achievements and Strategies - Wuliangye has been recognized for its commitment to quality, receiving a nomination for the fifth China Quality Award and achieving a brand exposure of over 12 billion people throughout the year [3]. - The company aims to enhance its marketing effectiveness in 2024 by focusing on five key battles: improving brand image, market share, market expansion, quality enhancement, and profitability [6][11]. - Wuliangye's brand value intensity index has achieved the highest AAA+ rating globally, positioning it as the leading brand in the global spirits market [3]. Group 2: Industry Context and Challenges - The white liquor industry is undergoing significant adjustments, with new challenges and changes emerging, necessitating a focus on quality improvement and innovation [9][20]. - The company emphasizes the importance of recognizing and adapting to macroeconomic fluctuations and industry adjustments to seize opportunities for long-term growth [10][21]. Group 3: Cultural and Collaborative Initiatives - The theme of "He Mei" (Harmony and Beauty) has been consistently highlighted in recent conferences, reflecting the company's commitment to building a collaborative ecosystem with distributors and stakeholders [7][15][22]. - Wuliangye aims to create a community of shared destiny with its distributors, focusing on brand, quality, and consumer engagement to foster a prosperous future [7][13]. Group 4: Future Outlook - In 2024, Wuliangye plans to enhance its operational strategies by focusing on product quality, brand precision, market cultivation, and management efficiency to achieve high-quality marketing outcomes [11][18]. - The company is determined to maintain a steady growth trajectory while adapting to external challenges and leveraging favorable conditions for sustainable development [20][24].

Investment Rating - The report maintains a "Buy" rating for Wuliangye (000858 SZ) with a current PE valuation of 17 1x for 2024 15 9x for 2025 and 14 6x for 2026 [2] Core Views - Wuliangye has defined 2024 as the "Year of Marketing Execution" focusing on product innovation channel optimization and market expansion [2] - Product innovation includes the launch of 45-degree and 68-degree Wuliangye as well as the Classic Wuliangye series and over ten cultural products [2] - Channel optimization saw the addition of 138 specialty stores 5 experience stores and 490 He Mei collection stores with a 18 2% YoY increase in terminal outlets [2] - Market expansion efforts included nearly 30 000 banquet events serving over 6 million people with a 30% YoY growth in banquet activities [2] - For 2025 the company plans to enhance marketing execution with a focus on product sales channel quality and service capabilities [2] - Product strategy will emphasize balanced pricing and ensuring reasonable profits for distributors [2] - Channel strategy will focus on selecting and supporting high-quality dealers with plans to add over 120 specialty stores [2] - The company will also optimize channel investments and strengthen supervision to prevent policy discounting [2] - Wuliangye has announced a cash dividend payout ratio of no less than 70% from 2024 to 2026 with a minimum of RMB 20 billion in dividends [2] Financial Projections - Revenue is expected to grow by 7 6% in 2024 7 0% in 2025 and 8 0% in 2026 reaching RMB 89 627 million RMB 95 893 million and RMB 103 535 million respectively [2][5] - Net profit attributable to shareholders is projected to increase by 8 0% in 2024 7 5% in 2025 and 9 0% in 2026 reaching RMB 32 619 million RMB 35 063 million and RMB 38 227 million respectively [2][5] - EPS is forecasted to be RMB 8 40 in 2024 RMB 9 03 in 2025 and RMB 9 85 in 2026 [2][5] Market Sentiment - Market sentiment is positive with 6 "Buy" ratings in the past week 17 in the past month and 220 in the past six months [13] - The overall market rating score is 1 14 for the past week 1 11 for the past month and 1 01 for the past six months indicating a strong "Buy" consensus [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on improving quality and efficiency in 2024, with a comprehensive strategy to enhance product layout and market expansion despite a challenging consumption environment [2] - The company plans to deepen reforms in 2025, maintaining a stable pricing strategy and improving operational efficiency [2] - The report emphasizes the importance of balancing volume and price to ensure channel profitability and market expansion [2] Financial Forecasts and Valuation - Total revenue is projected to grow from 83,272 million yuan in 2023 to 104,591 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.23% [1] - Net profit attributable to shareholders is expected to increase from 30,211 million yuan in 2023 to 38,574 million yuan in 2026, reflecting a CAGR of about 11.95% [1] - The earnings per share (EPS) is forecasted to rise from 7.78 yuan in 2024 to 9.94 yuan in 2026, with a corresponding price-to-earnings (P/E) ratio decreasing from 17.29 to 14.44 [1] Strategic Initiatives - The company aims to enhance brand image and product sales through five key initiatives, including brand culture promotion, market share growth, and channel optimization [2] - The company plans to expand its retail presence by upgrading 715 existing stores and adding 138 new stores in 2024, with a target of 120 additional stores in 2025 [2] - A focus on dynamic adjustment of product delivery and pricing strategies is intended to maintain profitability and balance in product sales [2]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The report emphasizes that 2024 is a marketing execution year for the company, focusing on five key battles to enhance brand image, market share, product quality, profitability, and channel optimization [1] - The company aims to enhance its brand value and expand its market presence through strategic initiatives, including the launch of classic product series and the establishment of new retail channels [1][3] Summary by Sections Marketing Strategy - In 2024, the company will focus on five key battles: improving brand image, increasing market share, enhancing product quality, boosting profitability, and optimizing channel layout [1] - Specific initiatives include launching a classic product series, expanding the high-end product matrix, and enhancing marketing services [1] Future Outlook - The company anticipates that 2025 will be a year of marketing execution enhancement, concentrating on product quality, brand building, market penetration, service improvement, and management efficiency [1] - The report projects that the company's earnings per share (EPS) will be 8.49, 8.99, and 9.98 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 17, 16, and 15 times [1][3] Financial Projections - The company's main revenue is projected to grow from 83,272 million yuan in 2023 to 103,724 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.1% [3][6] - The net profit attributable to shareholders is expected to increase from 30,211 million yuan in 2023 to 38,720 million yuan in 2026, reflecting a growth rate of 10.9% [3][6]

证券代码：000858 证券简称：五粮液 公告编号：2024/第 038 号 宜宾五粮液股份有限公司 第六届董事会 2024 年第 15 次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 宜宾五粮液股份有限公司（以下简称"公司"）第六届董事会 2024 年第 15 次会议，于 2024 年 12 月 16 日以通讯及传阅方式完成 议案审议，应参与审议表决董事10人，实际参与审议表决董事 10人。 会议的召开方式符合《公司法》及公司《章程》的规定。 议案一：关于设立 ESG 委员会的议案 公司在董事会下设 ESG 委员会，由 4 名董事组成：曾从钦（召集 人）、章欣、吴越、罗华伟。 本议案同意 10 票，反对 0 票，弃权 0 票。表决结果：通过。 议案二：关于制定《ESG 委员会实施细则》的议案 二、董事会会议审议情况 1 三、备查文件 第六届董事会 2024 年第 15 次会议决议。 特此公告 宜宾五粮液股份有限公司董事会 公司制定《ESG 委员会实施细则》，主要明确 ESG 委员会的人员 组成、职能职责、决策程序、议事 ...