Core Viewpoint - The financial performance of Huazhi Wine has significantly declined in 2024, with major drops in revenue and net profit, indicating challenges in the liquor industry cycle [1][4][6]. Financial Performance - Total revenue for Huazhi Wine in 2024 was 9.464 billion yuan, a year-on-year decrease of 6.49% [1][4]. - Net profit attributable to shareholders was 44 million yuan, down 81.11% year-on-year [1][4]. - Non-recurring net profit was 25.1735 million yuan, a decline of 85.97% compared to the previous year [1][4]. - In Q4 2024, revenue was 1.633 billion yuan, a 12.62% decrease year-on-year, with a net loss of 123 million yuan [4][6]. - The gross profit margin in Q4 was only 4.14%, the lowest since the company went public [4]. Inventory and Impairment - The inventory impairment provision doubled to 60.8373 million yuan by the end of 2024, reflecting vulnerability to price fluctuations in the liquor market [4][5]. Market Position and Strategy - Despite efforts in channel development and brand promotion, including the opening of 127 new Huazhi Wine 3.0 stores, these initiatives did not reverse the declining trend in performance [5]. - Revenue from white wine, red wine, and imported spirits fell by 6.77%, 13.68%, and 43.75% respectively, with a notable decrease in the gross margin of white wine by approximately 2 percentage points [5]. Industry Challenges - The liquor industry is undergoing cyclical adjustments, with declining prices in major liquor markets leading to reduced gross margins and slight revenue declines [6]. - The rise of e-commerce and new sales formats is intensifying competition, prompting traditional distributors to initiate business transformations [6]. - The company plans to accelerate digital marketing and develop retail channels to meet diverse consumer needs, but faces significant uncertainty in achieving a recovery in 2025 [6].
华致酒行2024年净利润暴跌81%，存货跌价准备翻倍