KWEICHOW MOUTAI(600519) 观察者网·2025-04-03 10:57Core Viewpoint - Guizhou Moutai's performance remains strong despite the deep adjustment period in the liquor industry, achieving record revenue and profit growth in 2024 [1][2]. Financial Performance - In 2024, Guizhou Moutai reported total revenue of 174.14 billion yuan, a year-on-year increase of approximately 15.66%, and net profit attributable to shareholders of about 86.23 billion yuan, up 15.38% year-on-year [1]. - The company plans to distribute a record dividend of 34.7 billion yuan, marking a new high [1][3]. Production and Sales - Guizhou Moutai produced approximately 56,300 tons of Moutai liquor base and 48,100 tons of series liquor base in the previous year [2]. - The production of Moutai liquor reached 104,400 tons, a year-on-year increase of 4.24%, while sales volume increased by 13.73% to 83,300 tons [2]. Growth Drivers - The series liquor segment has become a new growth engine, achieving revenue of 24.68 billion yuan with a growth rate of 19.65%, significantly exceeding the average growth rate of the liquor industry [2][3]. - The establishment of the Moutai Prince Liquor Division aims to create a second billion-yuan product following Moutai 1935, enhancing the dual-driven development strategy of Moutai liquor and series liquor [3]. International Expansion - In 2024, Guizhou Moutai achieved overseas revenue of 5.189 billion yuan, a year-on-year increase of 19.27%, with export sales exceeding 2,100 tons [3]. - The sales of high-value-added Moutai liquor exceeded 100 tons, growing over 40% year-on-year, while the sales of series liquor reached 150 tons, up 30% [3].