五粮液：战略定力引领高质量发展

Core Insights - The article highlights the strong performance and strategic initiatives of Wuliangye during the "14th Five-Year Plan" period, showcasing its resilience and commitment to high-quality development in the face of industry challenges [1][2]. Revenue and Profit Growth - Wuliangye achieved steady revenue and net profit growth from 2021 to 2024, with revenues of 662.09 billion, 739.69 billion, 832.72 billion, and 891.75 billion yuan, reflecting year-on-year growth rates of 15.51%, 11.72%, 12.58%, and 7.09% respectively [2] - Net profits for the same period were 233.77 billion, 266.90 billion, 302.11 billion, and 318.53 billion yuan, with year-on-year growth rates of 17.15%, 14.17%, 13.19%, and 5.44% respectively [2] Product Innovation and Market Strategy - Wuliangye launched new products and optimized its product structure to cater to diverse consumer needs, maintaining a stable market share in the premium segment [3] - The company reported a sales revenue of 491.19 billion yuan in the first half of 2025, with direct sales contributing 211.95 billion yuan and distribution channels 279.25 billion yuan [3] Dividend Policy and Shareholder Returns - Wuliangye maintained a high dividend payout, distributing over 100 billion yuan annually from 2021 to 2024, totaling 668.41 billion yuan over four years [4] - The company announced a shareholder return plan for 2024-2026, committing to a minimum cash dividend of 70% of net profit and at least 200 billion yuan annually [5] Sustainable Development Initiatives - Wuliangye is committed to sustainable development, aiming for a "zero-carbon" brewery by 2030, with plans for 100% green electricity usage in brewing facilities [6] - The company has implemented a digital traceability system to ensure raw material quality and enhance farmer income through cooperative models [6] Digital Transformation and Internationalization - Wuliangye has made significant strides in digital transformation, winning awards for its data-driven projects that enhance operational efficiency and decision-making [7] - The company is accelerating its internationalization strategy, aiming for global market expansion to become a key growth driver in the next 5 to 10 years [7][8]