Core Insights - The company reported a revenue of 89.18 billion in 2024, a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.85 billion, up 5.44% year-on-year [1] - For Q4 2024, the company achieved a revenue of 21.26 billion, a 2.53% increase year-on-year, but net profit decreased by 6.17% to 5.87 billion [1] - In Q1 2025, revenue reached 36.94 billion, growing 6.05% year-on-year, with net profit at 14.86 billion, up 5.80% [1] - The company plans to distribute a cash dividend of 31.7 yuan per 10 shares for 2024, totaling 22.3 billion, with a payout ratio of 70% [1] Financial Performance - The company’s revenue for the liquor segment in 2024 was 83.13 billion, an 8.74% increase, with Wuliangye liquor revenue at 67.88 billion, up 8.07% [3] - The average price per ton of liquor was 1.64 million, a 0.94% increase year-on-year [3] - The company’s net profit margin for 2024 was 37.2%, a decrease of 0.63 percentage points, primarily due to increased sales expenses [4] Cash Flow and Financing - Operating cash flow for 2024 was 33.94 billion, down 18.7% year-on-year, attributed to reduced cash receipts from sales and increased tax payments [5] - In Q1 2025, operating cash flow surged to 15.85 billion, a dramatic increase of 2970.3% year-on-year, driven by a higher cash collection ratio [5] - The company’s accounts receivable financing at the end of 2024 was 19.57 billion, an increase from the previous year [5] Market Position and Strategy - The company aims to consolidate and enhance its stable growth, focusing on brand value and market share improvement, aligning revenue growth with macroeconomic indicators [1][2] - The company continues to be the leading brand in the thousand-yuan price segment, with strong brand power and ongoing reforms expected to drive stable growth [2]
五粮液(000858):24年业绩符合预期 25年经营目标稳健