顺鑫农业去年增利不增收，牛栏山两大白酒单品销量均下滑

Core Viewpoint - Shunxin Agriculture, the parent company of Niulanshan, reported a revenue decline of 13.85% year-on-year for 2024, but achieved a net profit of 231 million yuan, marking a significant turnaround with a growth of 178.2% compared to the previous year [2] Financial Performance - The company recorded total revenue of 9.126 billion yuan in 2024, with a net profit of 231 million yuan, indicating a recovery from losses in previous quarters [2] - The fourth quarter of 2024 saw the largest loss, with a revenue of approximately 1.809 billion yuan and a net profit loss of 151 million yuan [2] - For 2024, the white liquor business generated 7.041 billion yuan in revenue, a year-on-year increase of 3.19%, accounting for 77.15% of total revenue [3] - The pork business revenue was 1.891 billion yuan, down 27.21% year-on-year, with slaughtering and breeding segments contributing 1.689 billion yuan and 202 million yuan, respectively [3] Product Performance - High-end liquor revenue was 972 million yuan, down 0.59% year-on-year; mid-range liquor revenue was approximately 1.095 billion yuan, down 1.53%; while low-end liquor revenue was 4.974 billion yuan, up 5.08% [4] - Sales volume for several key liquor products declined, with the 42-degree 500ml Niulanshan Chenjiu (White Bull II) and 52-degree 500ml Niulanshan Chenjiu seeing decreases of 2.95% and 9.05%, respectively [6][7] - The company has focused on marketing its key products, particularly the Gold Label Niulanshan, despite recent sales declines [8] Cost Management - In 2024, Shunxin Agriculture significantly reduced marketing expenses, with overall sales expenses down 27.47% and white liquor sales expenses down 18.18% [9] - Advertising expenses decreased by 10.94%, and promotional expenses were cut by 26.98% [10] Future Outlook - The company aims to leverage its brand advantages and national marketing network to establish itself as a leading brand in the "people's liquor" segment, focusing on the Gold Label matrix and upgrading traditional Erguotou [10] - However, the first quarter of 2025 showed a decline in both revenue and net profit, with revenue at approximately 3.258 billion yuan, down 19.69%, and net profit at 282 million yuan, down 37.34% [11]