古井贡酒：暂无股份回购计划

Core Viewpoint - Gujing Gongjiu has been facing investor concerns regarding its stock price performance despite strong operational growth, with no current plans for stock buybacks [1][2]. Group 1: Company Performance - In 2024, Gujing Gongjiu achieved a revenue of 23.578 billion, representing a year-on-year increase of 16.41% [2]. - The net profit attributable to the parent company was 5.517 billion, up 20.22% year-on-year [2]. - The net cash flow from operating activities was 4.728 billion, reflecting a 5.15% increase compared to the previous year [2]. Group 2: Market Strategy - The company has shifted from high-speed growth to structural growth due to macroeconomic cycles and industry competition, indicating a consensus in the liquor industry for slower development [3]. - Gujing Gongjiu continues to focus on a "nationalization and next-high-end" strategy, emphasizing market construction and core provincial areas [3]. Group 3: Financial Management - As of the end of 2024, the company's cash balance was 15.894 billion, raising questions about the need for borrowing [3]. - The short-term and long-term borrowings are primarily for subsidiaries, used for project construction and operational funding [3]. - The company reported a loss of 39.278 million from financial assets measured at fair value, attributed to discount interest from bank acceptance bills [3]. Group 4: Investment Activities - The net cash flow from investment activities decreased by 35.61% year-on-year, mainly due to reduced cash received from investment recoveries [4]. - This decline is not expected to impact the company's future investment plans and strategic layout [4].