中高档酒营收贡献近九成！2024年泸州老窖营收超300亿元，净利润超134亿元

Core Viewpoint - Luzhou Laojiao reported its 2024 annual and 2025 Q1 financial results, showing modest growth in revenue and net profit compared to the previous year, indicating a competitive market environment and overall industry slowdown [1][2]. Financial Performance - In 2024, the company achieved revenue of approximately 31.196 billion yuan, a year-on-year increase of 3.19%, and a net profit attributable to shareholders of approximately 13.473 billion yuan, up 1.71% [1]. - The 2023 figures showed revenue and net profit growth exceeding 20% [1]. - For Q1 2025, the company reported revenue of about 9.352 billion yuan, a 1.78% increase year-on-year, and a net profit of approximately 4.593 billion yuan, up 0.41% [1]. Product Segment Performance - The production, sales volume, and revenue of mid-to-high-end liquor all experienced year-on-year growth in 2024, with production increasing by 26.18%, sales volume by 14.39%, and revenue reaching approximately 27.585 billion yuan, a growth of 2.77% [1]. - Mid-to-high-end liquor contributed nearly 90% of the company's total revenue [1]. Channel Performance - Both traditional and emerging channel operating models saw revenue growth, with gross margins exceeding 80% [1]. - Revenue from traditional channels was approximately 29.573 billion yuan, up 3.2%, while emerging channels generated about 1.479 billion yuan, a growth of 4.16% [1]. Dividend Distribution - The company plans to distribute nearly 6.8 billion yuan in cash dividends, proposing a payout of 45.92 yuan per 10 shares, totaling approximately 6.759 billion yuan [2]. - If approved, the total cash dividend for 2024 would amount to about 8.758 billion yuan, representing approximately 65% of the net profit attributable to shareholders for the year [2].