Core 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 embrace opportunities [2] Company Overview - Wu Xiangdong, chairman of Zhenjiu Lidu Group, has gained significant attention in the liquor industry through his outspoken views on social media, becoming a new "internet celebrity" in the sector [5] - Zhenjiu Lidu has experienced fluctuations in performance amid the industry's adjustment cycle, with 2024 revenue reaching 70.67 billion yuan, a slight increase of 0.52% year-on-year, while net profit attributable to shareholders fell by 43.12% to 13.24 billion yuan [6][19] Strategic Initiatives - To adapt to current consumer trends, Zhenjiu Lidu has reintroduced the strategic new product "Da Zhen·Zhenjiu" and signed Yao Anna as the "Cultural Heritage Ambassador," with Wu Xiangdong personally promoting the product [8][22] - The company aims to enhance its market position by focusing on the next high-end product segment, with "Da Zhen" priced at 888 yuan, and has allocated a significant portion of its budget towards this initiative [22][24] Market Position and Competition - Zhenjiu Lidu has maintained its position as the third-largest sauce-flavored liquor brand in Guizhou for two consecutive years, with revenue from the Zhenjiu brand at 44.80 billion yuan in 2024 [18][20] - The company faces competition from other brands like Guotai, which has set a sales target of 60 billion yuan for 2025, intensifying the competitive landscape [18] Financial Performance - The company's financial performance shows a decline in net profit primarily due to non-operating financial instrument valuation changes, stock incentive costs, and listing expenses [20] - Revenue breakdown indicates that only the Lidu brand saw growth, with an 18.3% increase to 13.13 billion yuan, while the core brand Zhenjiu experienced a revenue decline [20][21] Future Outlook - 2025 marks the 50th anniversary of Zhenjiu, and the company aims to transition towards becoming a world-class brewing enterprise, indicating a need for transformation and enhanced industry adaptability [25]
珍酒李渡董事长吴向东：从白酒教父到新晋网红，公司去年营收 71 亿元，大珍能否扛起突围大旗？