LZLJ(SZ:000568) Nan Fang Du Shi Bao·2025-06-28 00:40Group 1: Product Development - The company plans to launch a 28-degree Guojiao 1573 and is developing a 6-degree product to meet the demand for lower-alcohol beverages [1][3][4] - The low-alcohol Guojiao 1573 has increased its proportion from 15% to 50%, becoming a new growth driver for the company [3][4] - The company aims to capture the younger demographic, which prefers personalized, lower-alcohol, and visually appealing products [4] Group 2: Financial Performance - In 2024, the company achieved a revenue of 31.196 billion yuan, a year-on-year increase of 3.19%, and a net profit of 13.473 billion yuan, up 1.71% [4] - The Guojiao brand remains in the 20 billion yuan category, while the Luzhou Laojiao brand has surpassed 10 billion yuan [4] Group 3: Market Trends and Channels - The company noted a significant growth in instant retail, with a market size nearing 20 billion yuan and an expected penetration rate of 6% by 2027 [5][6] - E-commerce live streaming has become a core platform for new product launches, with sales figures showing explosive growth [5][6] Group 4: Industry Insights - The chairman stated that the idea of simultaneous volume and price increases is a fallacy, emphasizing that achieving one often requires sacrificing the other [10] - The company sees substantial market potential, with only 1/10 of the market share in cities and less than 1% in county-level markets [12] Group 5: Dividend Policy - The company approved a dividend plan for 2024-2026, ensuring that cash dividends will not be less than 65%, 70%, and 75% of the net profit for those years, respectively [13][15] - The proposed cash dividend for 2024 is 45.92 yuan per 10 shares, totaling approximately 6.759 billion yuan, which is about 65% of the net profit [13][15]