舍得酒业年报透视：控量挺价清库存，以发展应对发展中的挑战

Core Viewpoint - Shede Liquor's 2024 annual report reflects a stable performance amid industry challenges, with a focus on its "old liquor strategy" to maintain competitiveness and prepare for long-term growth [1][5][8] Financial Performance - In 2024, Shede Liquor achieved operating revenue of 5.357 billion yuan and a net profit attributable to shareholders of 346 million yuan [1] - The company plans to distribute a cash dividend of 4.30 yuan per 10 shares, totaling 142 million yuan, which represents 40.94% of the net profit [1] Strategic Initiatives - The company is actively managing inventory and pricing to adapt to a challenging market environment, emphasizing quality over quantity in its growth strategy [2][4] - Shede Liquor's total assets reached 11.802 billion yuan, an increase of 5.348 billion yuan since 2020, while net assets grew to 6.808 billion yuan, nearly doubling in the same period [2] Market Development - The company is expanding its e-commerce presence, with sales through this channel reaching 446 million yuan in 2024 [2] - Shede Liquor has successfully entered 36 countries and regions, with average sales growth of 200% in two key markets [3] Product and Brand Strategy - The product lineup has been optimized, with strategic offerings like "Taste Shede" solidifying its position in the mid-to-high-end market [3] - The brand's influence is being enhanced through various marketing initiatives, including the "Shede Wisdom Characters" campaign and regional promotional events [3] Quality and Standards - Shede Liquor is transitioning to a "standard year," having established two significant industry standards for old liquor, enhancing its competitive edge [5][6] - The company is investing in capacity expansion and sustainability initiatives, including a carbon neutrality action plan [6] Future Outlook - For 2025, Shede Liquor aims to leverage its "old liquor strategy" to navigate market challenges, focusing on channel development and brand enhancement [7] - The company anticipates continued growth potential as it refines its inventory and capitalizes on the benefits of its established strategies [8]