贵州茅台董事长张德芹上任后首份年报：营收利润双位数增长，分红额再创新高

Core Insights - Guizhou Moutai achieved total operating revenue of 174.14 billion yuan in 2024, representing a year-on-year growth of 15.66% [1] - The total profit reached 119.64 billion yuan, with a year-on-year increase of 15.41% [1] - The net profit attributable to shareholders was 86.23 billion yuan, up 15.38% compared to the previous year [1] Financial Performance - The company reported a net cash flow from operating activities of 92.46 billion yuan, an increase of 38.85% year-on-year [1] - The total assets at the end of 2024 were 298.94 billion yuan, reflecting a 9.62% increase from the previous year [1] - The net assets attributable to shareholders were 233.11 billion yuan, up 8.09% from the end of 2023 [1] Revenue Breakdown - Overseas revenue for Guizhou Moutai reached 5.19 billion yuan, marking a year-on-year growth of 19.27% [2] - The liquor business generated revenue of 170.61 billion yuan, a 15.89% increase year-on-year, with a gross margin of 92.01% [2] - Moutai liquor and other series liquor achieved revenues of 145.93 billion yuan and 24.68 billion yuan, respectively, with year-on-year growth of 15.28% and 19.65% [2] Distribution Channels - Wholesale and direct sales channels generated revenues of 95.77 billion yuan and 74.84 billion yuan, respectively, with increases of 19.73% and 11.32% year-on-year [2] - The gross margins for wholesale and direct sales channels were 89.42% and 95.33%, respectively [2] Dividend Distribution - Guizhou Moutai plans to distribute a total cash dividend of 64.7 billion yuan for 2024, with 30 billion yuan already distributed [2] Management Compensation - The total remuneration for directors, supervisors, and senior management in 2024 was 6.81 million yuan, with the chairman Zhang Deqing not receiving any salary from the company [3] Leadership Changes - Zhang Deqing has been recommended as the chairman of Guizhou Moutai, succeeding Ding Xiongjun [4]