Core Viewpoint - The first performance announcement for the 2024 fiscal year from the Chinese liquor company Zhenjiu Lidu shows a slight revenue increase of 0.5% to 7.07 billion RMB and a 3.3% rise in adjusted net profit to 1.68 billion RMB, indicating resilience and strategic optimization during a challenging period for the liquor industry [1][3][4]. Financial Summary - Revenue for 2024 reached 7.07 billion RMB, up from 7.03 billion RMB in 2023, reflecting a growth of 0.5% [3]. - Adjusted net profit increased to 1.68 billion RMB from 1.62 billion RMB, marking a growth of 3.3% [3]. - Operating cash flow surged by 116.3% to 781 million RMB, indicating strong cash management [4]. Profit Quality Improvement - Adjusted net profit rose from 520 million RMB in 2020 to 1.68 billion RMB in 2024, achieving a 223% increase over four years [4]. - Gross margin improved to 58.6%, with an adjusted net margin of 23.7%, both up by 0.6 percentage points year-on-year, showcasing effective cost control [4]. Shareholder Returns - The company declared a dividend of 712 million HKD, a 16.7% increase year-on-year, reflecting confidence in cash flow and sustainable profitability [5]. - The growth in revenue from mid-range products (8.8% increase) and strategic adjustments in high-end products highlight a rational approach during industry downturns [5]. Market Trends - The mid-range liquor market (300-800 RMB price range) is experiencing significant growth, with a projected market size increase of 12% in 2024, outpacing the overall industry growth of approximately 5% [5]. - Zhenjiu Lidu's strategic focus on mid-range products aligns with market trends and consumer behavior shifts [5]. Brand Strategy - Zhenjiu Lidu's four brands (Zhenjiu, Lidu, Xiangjiao, and Kaikouxiao) are positioned across various price segments, with Zhenjiu being the main revenue driver, accounting for 63.4% of total revenue [14]. - The company is implementing a "quantity control and price maintenance" strategy, focusing on core products and optimizing customer structure [14]. Future Outlook - The company aims for high-quality development through seven key focus areas, including team building, quality management, and brand awareness [16]. - The 2024 financial report reflects a strategic shift towards "controlled growth" rather than blind expansion, providing a replicable model for other companies in the industry [16].
珍酒李渡2024财报：次高端领衔结构性突围，珍酒夯实“贵州白酒三强”格局