GUJING(SZ:000596) Sou Hu Cai Jing·2025-06-25 02:45Core Viewpoint - The Chinese liquor industry is entering a deep adjustment period in 2024, with intensified market competition and frequent personnel changes, prompting companies to view "reform" as a key driver for exploring new growth points to meet challenges and seize opportunities [2] Company Overview - Liang Jinhui, the Chairman of Gujing Group, has been with the company for 36 years and has served as chairman for 11 years, with a potential retirement in 2026 due to state-owned enterprise regulations [4][8] - Under Liang's leadership, Gujing Gongjiu has experienced explosive growth, with revenue increasing from 4.651 billion to 23.578 billion yuan from 2014 to 2024, representing a compound annual growth rate (CAGR) of approximately 18%, and net profit rising from 597 million to 5.517 billion yuan, with a CAGR of about 25% [6][9] Strategic Goals - Gujing Gongjiu aims to achieve a revenue target of 30 billion yuan, despite facing challenges in a deeply adjusted industry [7][10] - The company has set a new goal of reaching 30 billion yuan in revenue by 2024, following a successful 2023 where revenue exceeded 20 billion yuan [9][10] Market Performance - In 2024, Gujing Gongjiu reported revenue of 23.578 billion yuan, a year-on-year increase of 16.41%, and net profit of 5.517 billion yuan, up 20.22% [10] - The company's core product, the Year Original Series, generated revenue of 18.086 billion yuan in 2024, accounting for approximately 76.71% of total revenue [10] Regional Focus - The core market for Gujing Gongjiu remains the Central China region, generating 20.151 billion yuan in revenue, which constitutes 85.46% of total revenue [11] Strategic Adjustments - Gujing Gongjiu has shifted its strategic focus, no longer setting specific growth targets for 2025, instead aiming for stable growth in total revenue [12] - The company emphasizes a dual strategy of "nationalization and mid-to-high-end" products while exploring new avenues such as "liquor+" [13][15] Future Outlook - The company is optimistic about the liquor industry's ability to navigate through cycles, citing the unchanged cultural, consumption, and social attributes of liquor [13] - Gujing Gongjiu is actively pursuing "liquor+" strategies, including integration with traditional Chinese medicine, low-alcohol products, and food, to meet diverse consumer demands [15][16]