山西汾酒：2024年报亮眼 2025稳健前行

Core Insights - Shanxi Fenjiu demonstrates strong performance in 2024 with a revenue of 36.011 billion yuan, a year-on-year increase of 12.79%, and a net profit of 12.243 billion yuan, up 17.29% [1] - The company aims for steady growth in 2025, focusing on both domestic and international market expansion while maintaining a solid foundation [1] Financial Performance - In 2023, the company reported a net cash flow from operating activities of 12.172 billion yuan, reflecting a significant increase of 68.47% [1] - For Q1 2024, revenue reached 16.522 billion yuan, a 7.72% increase year-on-year, with net profit at 6.648 billion yuan, up 6.15% [1] - The revenue from mid-to-high-end liquor was 26.532 billion yuan, growing by 14.35%, while ordinary liquor revenue was 9.342 billion yuan, increasing by 9.40% [1] Strategic Initiatives - The company has implemented a "four-wheel drive" strategy to enhance channel construction, with an increase in the number of distributors achieving over 100 million yuan in sales [1] - E-commerce channels showed strong performance, generating 2.105 billion yuan in revenue, a year-on-year growth of 26.22% [1] - Shanxi Fenjiu's revenue from the domestic market reached 13.5 billion yuan, up 11.72%, while revenue from outside Shanxi was 22.374 billion yuan, increasing by 13.81%, accounting for over 60% of total revenue [1] Brand and Market Development - The company emphasizes cultural branding to enhance value and has made solid progress in its internationalization strategy, developing new products tailored to different markets [1] - Shanxi Fenjiu has a history of returning value to investors, with cumulative cash dividends amounting to approximately 19.933 billion yuan since its listing, and an additional 4.392 billion yuan in dividends to be distributed, totaling 24.325 billion yuan [1]