泸州老窖|多维战略破周期，品牌韧性锚定长期价值

Core Viewpoint - The liquor industry is entering a "volume reduction and quality improvement" adjustment period, with intensified competition and upgraded consumer demand, leading to a transformation towards "value creation" [2] Group 1: Strategic Focus - Luzhou Laojiao is implementing four key strategies: "low-alcohol, youth-oriented, scenario-based, and digitalization" [4] - The core high-end product, Guojiao 1573, maintains its position among the "top three high-end brands," with stable pricing above 900 yuan in key cities [4][6] - The company has established a competitive advantage with a "dual brand, three product lines, and major single product" strategy, ensuring comprehensive coverage across all price ranges [4][6] Group 2: Market Adaptation - Luzhou Laojiao is actively targeting the low-alcohol market to attract younger consumers, combining low-alcohol offerings with innovative marketing strategies [6][8] - The new channel operation model contributed to a 27.55% year-on-year revenue increase to 932 million yuan, with a gross margin improvement of 4.52 percentage points to 83.52% [8] Group 3: Scenario Innovation - The company is accelerating its scenario-based layout, with traditional settings like weddings and self-drinking becoming stable revenue sources [10] - Luzhou Laojiao is exploring new scenarios, such as tourism and cultural experiences, to enhance its innovative capabilities [10] Group 4: Long-term Commitment - The company adheres to a "long-termism" approach, with a cash dividend of 8.759 billion yuan in 2024 and a dividend rate of 65%, maintaining over 60% for four consecutive years [10] - Luzhou Laojiao's strategies demonstrate resilience and commitment to long-term value creation, focusing on low-alcohol market penetration, digital ecosystem enhancement, and comprehensive consumer engagement [10]