珍酒李渡上市两周年：逆势增长重构行业新坐标

Core Viewpoint - Zhenjiu Lidu has demonstrated robust growth since its listing as the first Hong Kong stock liquor company in 2023, achieving a revenue of 7.07 billion yuan in 2024, a year-on-year increase of 0.5%, and an adjusted net profit of 1.68 billion yuan, up 3.3% [2][3] Financial Performance - From 2020 to 2024, adjusted net profit surged from 520 million yuan to 1.68 billion yuan, marking a 223% increase over four years [3] - In 2024, the gross margin reached 58.6%, with an adjusted net profit margin of 23.7%, both showing a year-on-year increase of 0.6 percentage points [3] Market Strategy - The company focuses on two core products, Zhen 15 and Zhen 30, and has introduced high-end products that have received positive market feedback [5] - Zhenjiu Lidu is expanding production capacity in Guizhou, Hunan, and Jiangxi, with a storage of 100,000 tons of quality base liquor and a production capacity of 44,000 tons [7] Brand Development - The company employs a multi-brand strategy, leveraging its quality production and cultural attributes to enhance brand influence [7] - Zhenjiu Lidu has successfully entered international markets, including Hong Kong, Malaysia, Singapore, and Australia, and collaborates with China Duty Free Group to expand its reach [10] Social Responsibility and Sustainability - Zhenjiu Lidu has received multiple awards for its green initiatives, including recognition as a "National Green Factory" [13] - The company actively engages in social responsibility projects, contributing over 17.9 million yuan to various causes and supporting rural development through agricultural partnerships [15] Industry Context - The liquor industry is undergoing structural adjustments, with Zhenjiu Lidu's growth reflecting a broader trend of differentiation among companies [16] - The company emphasizes a long-term strategy focused on quality improvement, channel optimization, and social responsibility, positioning itself as a leader in the evolving market landscape [16]