酒鬼酒2024年营收同比腰斩，净利润创十年新低

Core Viewpoint - The company, JiuGuiJiu, reported a significant decline in both revenue and net profit for the fiscal year 2024, facing severe challenges in the market [1][2]. Financial Performance - Revenue decreased by 49.7% year-on-year to 1.423 billion yuan, while net profit fell by 97.72% to 12.49 million yuan, marking the lowest profit since 2015 [1]. - The high-end product, Neican, saw a dramatic sales drop of 67.06%, generating only 235 million yuan, down from 1.157 billion yuan in 2022 [2]. - The company experienced a slight profit of 12.49 million yuan for the year, following losses in the third and fourth quarters of 64.53 million yuan and 43.99 million yuan, respectively [2]. Product Performance - The core product, Neican, accounted for only 16.55% of total revenue in 2024, a sharp decline from 25% [2]. - The mid-range product line also faced challenges, with the average price per ton dropping by 5.8% [3]. - The low-end product, Xiangquan, experienced a 7.64% growth, but its gross margin was significantly lower at 56.35% compared to the overall company margin of 71.4% [3]. Market Dynamics - The number of distributors decreased from 1,774 in 2023 to 1,336 in 2024, reversing the growth trend of the previous two years [3]. - The concentration of sales among the top five customers declined, with their share dropping to 26.01% in 2024 from 34.84% in 2023 [3]. Cost Structure - Despite a significant drop in revenue, sales expenses only decreased by 32.96%, leading to an increase in the expense ratio from 32.22% to 42.95% [3]. - Advertising and market service expenses accounted for 71% of total costs, with a notable decline in the return on promotional spending [3]. Strategic Initiatives - The company initiated a marketing reform and promotional cost restructuring to enhance market presence and consumer engagement [4]. - In the first quarter of 2025, the company reported a profit of 31.71 million yuan, indicating a potential recovery [5]. - The company aims to optimize its product structure by reducing SKUs by 50% and focusing on high-quality sales and channel management [6]. Industry Context - In 2024, the total production of major liquor companies in China was 4.145 million kiloliters, a decrease of 1.8%, while sales revenue increased by 5.3% to 796.384 billion yuan [7].