直击股东大会丨“新帅”首秀，水井坊回应大股东“砍成本”传闻、“双品牌”如何迭代等热点问题

Core Viewpoint - Water Jiufang's annual shareholder meeting highlighted the company's performance and management stability, with new CEO Hu Tingzhou emphasizing growth opportunities and the implementation of a dual-brand strategy to adapt to changing consumer demands in the liquor industry [1][3][4]. Financial Performance - In 2024, Water Jiufang achieved revenue of 5.217 billion yuan, a year-on-year increase of 5.32%, and a net profit of 1.341 billion yuan, up 5.69% [3]. - In Q1 2024, the company reported revenue of 959 million yuan, a 2.74% increase, and a net profit of 190 million yuan, up 2.15%, successfully meeting its operational goals [3][4]. Management Stability - The stability of the core management team has been a concern for investors, especially after the prolonged vacancy of the CEO position prior to Hu Tingzhou's appointment [4]. - Hu emphasized the implementation of an "achievement culture" to enhance management efficiency, which includes performance tracking and incentives for employees [4]. Brand Strategy - The dual-brand strategy involves the "Water Jiufang" brand targeting mid-range consumers (priced between 300-800 yuan) and the "First Fang" brand aimed at high-end consumers (priced above 800 yuan) [6][8]. - This strategy is designed to meet the evolving consumer preferences and to capture new growth opportunities in the market [7][8]. Market Trends - The liquor industry is experiencing a shift in consumer demand, with a decline in formal business settings and an increase in social and family gatherings driving growth [7]. - The company is also focusing on younger consumers, with plans to introduce lower-alcohol products to cater to this demographic [9]. Future Plans - The company aims to launch the "First Fang" product and introduce iterative products from the Water Jiufang series by 2025 [8]. - Ongoing product iterations are expected to differentiate new offerings from existing products, addressing consumer desires for quality and value [8].