WLY(SZ:000858) Zheng Quan Ri Bao·2025-06-21 03:41Core Insights - The 2024 annual shareholder meeting of Wuliangye highlighted the company's strategic response to the challenges in the liquor industry, signaling a commitment to "certainty in the face of uncertainty" [2][3] - Wuliangye's performance in 2024 demonstrated resilience with revenue of 89.175 billion yuan and net profit of 31.853 billion yuan, marking ten consecutive years of steady growth [3] - The company aims to build long-term resilience through a "five first-class" system focusing on strategic management, value creation, cultural branding, talent development, and modern governance [3][4] Industry Context - The liquor industry is undergoing a deep adjustment phase, referred to as the "deep water zone," with Wuliangye emphasizing the importance of maintaining quality and cultural attributes while adapting to new consumer behaviors [3][4] - The company is actively addressing market demands by reforming its marketing structure and implementing direct distribution strategies in key cities [4][5] Market Strategy - Wuliangye reported a 24% year-on-year increase in banquet events, with a significant rise in the opening rate of banquet wines from under 40% to over 54% [5] - The company is focusing on youth engagement and internationalization, planning to launch new products targeting younger consumers and expanding its global market presence [5][6] Financial Performance - Wuliangye announced a substantial dividend plan for 2024, totaling 22.3 billion yuan, with a projected dividend yield of 4.9% based on the closing price [6] - The company has committed to maintaining a dividend payout ratio of no less than 70% from 2024 to 2026, reflecting its dedication to shareholder returns [6]