直击业绩说明会丨2025年不再提业绩增速目标，古井贡酒总经理周庆伍：降速发展成为行业共识

Core Viewpoint - The company has decided not to set specific growth targets for 2025, reflecting a broader industry consensus on slowing growth due to various macroeconomic factors and increased competition [2][3][6]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 23.578 billion yuan, a year-on-year increase of 16.41% [2]. - The net profit attributable to shareholders reached 5.517 billion yuan, growing by 20.22% compared to the previous year [2]. - The cash flow from operating activities was 4.727 billion yuan, marking a 5.15% increase year-on-year [2]. - The white liquor business revenue was 22.865 billion yuan, with a growth rate of 16.43% and a gross margin of 81.74% [2]. - The "Year Original Sauce" series saw significant growth, generating 18.086 billion yuan in revenue, up 17.31%, with a gross margin of 86.12% [2]. Group 2: Strategic Direction - The company continues to adhere to a "nationalization and mid-to-high-end" strategy, focusing on market construction and core provincial areas [6][7]. - The company has achieved a national coverage rate of over 70%, with a provincial to non-provincial sales ratio of 6:4 [7]. - The company aims to capture the mid-to-high-end market with its "Gu 20" product while also consolidating its offerings in the mass market [7]. Group 3: Industry Context - The white liquor industry is experiencing a transition from rapid growth to structural growth, influenced by high inventory levels, price inversions, and intense competition [6]. - The declining marriage rates, with a reported 20.5% drop in 2024, are impacting traditional consumption scenarios for liquor [7].