WLY(000858) 证券时报网·2025-01-01 13:40Company 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]