WLY(SZ:000858) Zheng Quan Shi Bao Wang·2025-06-20 13:59Core Viewpoint - The Chinese liquor industry is undergoing significant changes, with trends such as younger consumer demographics, daily consumption scenarios, quality enhancement, digital channels, and emotional value becoming increasingly prominent. The company aims to leverage its stable development to navigate external uncertainties [1][2]. Industry Overview - The overall growth rate of the Chinese liquor industry is slowing down, facing multiple challenges, and the differentiation among liquor companies is intensifying, leading to a "Matthew Effect" where regional concentration continues to rise [2]. - The industry has experienced various phases: a golden period (2003-2012), a deep adjustment period (2013-2015), a structural prosperity period (2016-2023), and is currently in another deep adjustment phase (2024 onwards) [2]. Company Performance - In 2024, the company achieved an operating revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44%, marking ten consecutive years of stable growth [2]. - The company plans to implement a large-scale cash dividend of 10 billion yuan, alongside an annual dividend plan of 12.3 billion yuan, totaling 22.3 billion yuan for the year, with a dividend payout ratio of 70%, the highest in its history [3]. Strategic Initiatives - The company is focusing on enhancing its market-oriented thinking and promoting the professional transformation of its management team, including competitive recruitment for key positions and performance assessments for all employees [4]. - The company is actively reforming its marketing strategies to adapt to changing consumer demands, including establishing a liquor sales company and implementing a "quantity-price balance" strategy in major cities [5][6]. Future Plans - For 2025, the company will focus on market strategies, channel models, product planning, and mechanism guarantees to ensure performance growth, emphasizing a dynamic and flexible market response [6]. - The company aims to enhance its competitiveness in banquet activities, with a 24% year-on-year increase in banquet events and an improvement in the opening rate of banquet wines [7]. - Targeting the younger consumer demographic is a core strategy for future growth, with plans to launch new products that resonate with their tastes and preferences [7].