水井坊2024年营收、净利润双双创历史新高 展现长期发展韧性

Core Insights - Sichuan Shui Jing Fang Co., Ltd. reported record high revenues and net profits for 2024, with revenues of 5.217 billion and net profits of 1.341 billion, reflecting year-on-year growth of 5.32% and 5.69% respectively [1] - In Q1 2025, the company continued its positive trend with revenues of 959 million and net profits of 190 million, showing year-on-year growth of 2.74% and 2.15% respectively [1] - Analysts highlight the company's resilience and long-term investment value amid industry adjustments and external uncertainties [1] Company Strategy - The company aims for "extreme consumer experience, expansion growth momentum, and healthy leapfrog development" as part of its five-year strategic plan [1] - Shui Jing Fang focuses on consumer-centric approaches and aims to establish a solid foundation for high-quality execution of its strategic plan [1] Industry Trends - The Chinese liquor industry is undergoing a structural transformation from "supply-driven" to "demand-led," with increasing emotional needs and diverse consumption scenarios [2] - The company emphasizes a consumer-centric approach and performance-driven sales to boost growth [2] Market Expansion - Shui Jing Fang has significantly expanded its offline and online channels, signing over ten thousand new offline stores in 2024 [2] - The company is actively developing e-commerce platforms and O2O channels, providing "30-minute delivery" services in over 50 cities [2] Brand Development - The brand focuses on the mid-to-high-end market, enhancing emotional resonance with consumers, which is a key driver of performance growth [3] - The launch of the "First Fang" high-end brand aims to activate the "China's First Liquor" brand asset and meet high-end consumer demands for personalization and rarity [3] International Performance - The overseas market for Shui Jing Fang saw a remarkable revenue increase of 44.6% in 2024 [3] Sustainability Efforts - The company released its first ESG report, outlining progress in sustainable development and carbon reduction goals [3] - Shui Jing Fang plans to enhance collaboration across the supply chain to build a low-carbon ecosystem and strengthen long-term resilience [3]