SCSF(SH:600779) Cai Jing Wang·2025-04-29 11:55Core Insights - Water Jiufang reported a revenue of 5.217 billion yuan for 2024, marking a year-on-year growth of 5.32%, and a net profit of 1.341 billion yuan, up 5.69% [1] - In Q1 2025, the company achieved a revenue of 959 million yuan, a 2.74% increase year-on-year, and a net profit of 190 million yuan, growing by 2.15% [1] - The company maintains a healthy financial status despite a slight decline in cash flow due to the launch of the Qionglai project and credit sales to some distributors [1] Financial Performance - The overall revenue and net profit growth in Q1 2025 continues the positive trend established in 2024 [1] - The company’s financial indicators reflect resilience and long-term investment value amidst industry adjustments and external uncertainties [1][12] Strategic Focus - Water Jiufang is focusing on a consumer-oriented strategy, adapting to the structural transformation in the liquor industry from supply-driven to demand-led [2] - The company aims to enhance brand emotional connections and optimize resource allocation through digital and refined marketing strategies [4] Market Expansion - In 2024, Water Jiufang signed over 15,000 new offline stores, significantly expanding its terminal channel capacity [6] - The company is actively developing e-commerce and O2O channels, partnering with major platforms like Meituan and JD to enhance its retail presence [6] Brand Positioning - Water Jiufang is enhancing its brand experience by focusing on core consumption scenarios and emotional needs, launching high-end products to cater to diverse consumer demands [8] - The company reported a 45% year-on-year growth in overseas markets in 2024, indicating successful international expansion [8] Sustainability Initiatives - Water Jiufang has committed to reducing greenhouse gas emissions by at least 60,000 tons from 2024 to 2030 through production technology upgrades and energy management [9] - The company aims to build a low-carbon ecosystem by collaborating with upstream and downstream partners for a green transformation [9]