WLY(000858) 经济观察网·2025-04-27 04:45Core Viewpoint - Wuliangye's 2024 annual report shows a revenue of 89.175 billion yuan, a year-on-year growth of 7.09%, and a net profit of 31.853 billion yuan, a growth of 5.44%, marking the first single-digit growth in both metrics since 2017 [1] Group 1: Financial Performance - In 2024, Wuliangye's revenue and net profit growth are the lowest in seven years, with both metrics previously exceeding 10% annually [1] - The company did not meet its revenue target for 2024, attributing this to a deep adjustment period in the liquor industry, characterized by increased volatility and intensified competition [1] - In Q1 2025, Wuliangye achieved a revenue of 36.94 billion yuan, a year-on-year increase of approximately 6%, and a net profit of 14.86 billion yuan, up 5.8% [4] Group 2: Market Conditions - The Chinese liquor industry is experiencing a significant price inversion, with a 60% rate for the year, particularly severe in the 800-1500 yuan price range [1] - Wuliangye's reliance on core products is high, with over 80% of revenue coming from key offerings like the eighth generation Wuliangye and 39-degree Wuliangye [1] Group 3: Management Changes - In September 2024, Wuliangye's former general manager resigned due to health reasons, and Huatao was appointed as the new general manager, previously holding various government positions [1] - By the end of 2024, Wuliangye appointed Chen Chong and Wang Yuanpei as vice general managers, both promoted from within the company [2] Group 4: Strategic Adjustments - The new management team is restructuring the organization by establishing a liquor sales company and dissolving the brand affairs department, creating nine functional departments and three marketing regions to streamline decision-making [3] - Wuliangye is adjusting its product distribution strategy by reducing traditional channel shipments and increasing focus on group purchasing channels, while also piloting direct supply models in 20 markets [3] - The company is exploring new collaboration models with distributors, forming platform companies with several large distributors [3] Group 5: Future Outlook - Wuliangye has not set specific numerical growth targets for the current year, indicating that revenue growth will align with macroeconomic indicators [6] - The company's contract liabilities reached 10.166 billion yuan in Q1 2025, reflecting a growth of over 100%, indicating strong market demand and distributor confidence [5]