Core Viewpoint - The financial report of Zhenjiu Lidu reveals a significant decline in net profit for 2024, indicating challenges in the current liquor industry cycle and highlighting issues with brand performance and market positioning [1][3][8]. Financial Performance - Zhenjiu Lidu reported an operating income of 7.07 billion yuan, a slight increase of 0.5% year-on-year, while the net profit attributable to shareholders plummeted by 43.1% to 1.324 billion yuan, primarily due to changes in the fair value of non-operating financial instruments [1][3]. - Adjusted net profit stood at 1.68 billion yuan, reflecting a year-on-year growth of 3.3% [1]. - The overall net profit margin decreased from 33.10% in 2023 to 18.73% in 2024 [3]. Brand Performance - The core brand, Zhenjiu, generated revenue of 4.48 billion yuan, down 2.3% year-on-year, and has seen a continuous decline in sales for four consecutive years, with sales dropping to 12,284 tons [3][5]. - The Lidu brand, however, achieved revenue growth of 1.313 billion yuan, an 18% increase, attributed to market expansion beyond Jiangxi [3][5]. - The other brands, Xiangjiao and Kaikouxiao, focused on the Hunan market, with revenues accounting for 11.4% and 4.8% respectively, and Kaikouxiao's revenue decreased by 12% due to a sluggish wedding market [3][5]. Product Segmentation - Revenue from high-end products accounted for approximately 24% of total revenue, with a decline of nearly 11% to 1.709 billion yuan; mid-range and below products generated about 2.36 billion yuan, with a minimal growth of 0.1% [5]. - The company has implemented various strategies to enhance its high-end offerings, including launching new premium products and hosting experiential events, but faces ongoing challenges in achieving higher market positioning [5]. Inventory and Operational Challenges - The inventory turnover days increased significantly to 854.95 days in Q4 2024 from 679.64 days at the end of Q3, indicating rising inventory pressure [7]. - Despite expressing confidence in future growth and aspirations to become a world-class brewing enterprise, the company faces numerous uncertainties and challenges in navigating the current adjustment period in the liquor industry [8].
30年“老将”吴向东也无奈！珍酒李渡2024年归母净利润骤减四成，珍酒销量连续连续四年下滑