Core Viewpoint - Zhenjiu Lidu has demonstrated resilience and adaptability in a challenging market, achieving steady growth in revenue and profit while transitioning from scale expansion to value cultivation in the face of industry-wide downturns [3][10]. Financial Performance - In 2024, Zhenjiu Lidu achieved revenue of 7.07 billion yuan, a year-on-year increase of 0.5%, and an adjusted net profit of 1.68 billion yuan, up 3.3% [1]. - The gross margin improved to 58.6%, and the adjusted net profit margin rose to 23.7%, both up by 0.6 percentage points year-on-year [1][5]. - Operating cash flow reached 780 million yuan, reflecting a significant growth of 116.3% [1]. Market Position - Zhenjiu Lidu has maintained its position as the ninth largest listed liquor company in China for two consecutive years and is recognized as the first listed liquor company in Hong Kong [1][3]. - The company has successfully navigated the challenges of the 2024 liquor market, which has seen a decline in consumption demand across various price segments [3][10]. Strategic Shift - The company has shifted its focus from "scale expansion" to "value cultivation," emphasizing high-quality development and optimizing its product, capacity, and market strategies [3][10]. - Zhenjiu Lidu has implemented a major product strategy, concentrating on core products like Zhen 15 and Zhen 30, while reducing low-margin products [5][6]. Product and Brand Development - The flagship brand Zhenjiu generated revenue of 4.48 billion yuan, accounting for 63.4% of total revenue, while Lidu contributed 1.31 billion yuan, representing 18.6% [5]. - The revenue share of mid-to-high-end products has increased to 67% [5]. Channel Strategy - Zhenjiu Lidu employs a dual strategy of deepening domestic market penetration while expanding internationally, with significant growth in high-end liquor sales [6][10]. - The company has entered markets in Malaysia, Singapore, and Australia, enhancing its international presence [6]. Industry Recognition - Zhenjiu Lidu has been recognized as one of the top three private liquor companies in China and the fourth largest sauce liquor brand, following Moutai, Xijiu, and Langjiu [8][10]. - The company has been listed among the "Top 500 Most Valuable Brands in China," ranking third among sauce liquor brands [12].
稳居中国白酒上市公司TOP9，珍酒李渡迎来上市两周年！