ST西发：2024年经营改善扭亏为盈 高端啤酒产品营收同比高增296.50%

Core Viewpoint - ST Xifa (000752.SZ) reported significant growth in revenue and profit for 2024, indicating a strong recovery and operational improvement [1][2][3] Financial Performance - In 2024, ST Xifa achieved a revenue of 421 million yuan, a year-on-year increase of 25.11%, and turned a net loss of 25.77 million yuan from the previous year into a profit of 26.20 million yuan [1] - The gross profit reached 164 million yuan, up 8.72% year-on-year, with operating cash flow netting 100 million yuan, a 14.28% increase [1] - For Q1 2025, the company reported a revenue of 10.4 million yuan, a 15.80% increase, and a net profit of 6.93 million yuan, up 791.12% [1] Product and Market Development - ST Xifa focused on enhancing its core business, leading to a significant increase in product sales, particularly in high-end products [2][4] - The sales of the flagship product, Lhasa Beer, saw a revenue of 231 million yuan, an increase of 11.93%, while the new high-end product "3650" achieved a revenue of 91.03 million yuan, growing by 296.50% [3] - The company expanded its product range to include both classic and specialty beers, catering to diverse consumer preferences [3][4] Strategic Initiatives - The company has made significant strides in expanding its sales channels, increasing the number of distributors outside Tibet from 0 to 17 [5] - ST Xifa is enhancing its marketing strategy by promoting its quality attributes and optimizing its brand image through new product iterations [6] - The company is also improving its internal controls and governance, which has led to better cash flow and resolution of historical issues [6] Market Environment - The beer industry is shifting towards high-end, diversified, and specialty products, with ST Xifa adapting to these trends by upgrading brewing technology and enhancing production capacity [4] - The favorable external environment, including increased domestic tourism to Tibet, is expected to boost ST Xifa's brand recognition and sales [4]