Core Insights - Zhenjiu Lidu Group Limited reported a revenue of 7.067 billion RMB for the fiscal year 2024, marking a year-on-year growth of 0.5%, while the net profit attributable to shareholders decreased by 43.1% to 1.324 billion RMB [1][4] - The adjusted net profit for 2024 was 1.676 billion RMB, reflecting a year-on-year increase of 3.3% [1] Revenue and Profit Trends - The company achieved record revenue in 2024, with figures from 2021 to 2024 being 5.102 billion RMB, 5.856 billion RMB, 7.030 billion RMB, and 7.067 billion RMB, showing a declining growth rate from 112.66% to 0.52% [2][3] - The net profit figures from 2021 to 2024 were 1.032 billion RMB, 1.030 billion RMB, 2.327 billion RMB, and 1.324 billion RMB, indicating significant fluctuations in profitability [3] Factors Affecting Profitability - The decline in net profit for 2024 was attributed to three main factors: changes in the fair value of financial instruments, equity-settled share-based payment expenses, and one-time expenses related to the company's listing [4] - The flagship brand, Zhenjiu, generated revenue of 4.480 billion RMB in 2024, down 2.3% from the previous year, with its revenue share decreasing from 65.2% to 63.4% [4] Brand Performance - Li Du brand revenue increased by 18.3% to 1.313 billion RMB, while Xiangjiao and Kaikouxiao brands saw revenue declines, contributing 802 million RMB and 337 million RMB respectively [5] - Zhenjiu's sales volume decreased for the third consecutive year, dropping to 12,284 tons in 2024 from 12,630 tons in the previous year [7] Inventory and Production Capacity - The company's inventory reached a record high of 7.503 billion RMB by the end of 2024, with inventory turnover days increasing to 854.9 days, indicating challenges in sales performance [9] - Zhenjiu Lidu is expanding its production capacity with multiple bases, aiming to strengthen its market position in the premium and high-end baijiu segments [10]
珍酒李渡2024年营收创历史新高，库存攀升难题待解