LZLJ(SZ:000568) Zheng Quan Ri Bao Zhi Sheng·2026-01-10 03:56Core Viewpoint - Luzhou Laojiao has announced a mid-term profit distribution plan for 2025, proposing a cash dividend of 13.58 yuan per 10 shares, totaling approximately 2 billion yuan, reflecting the company's commitment to shareholder returns and financial stability [1][2]. Company Performance - Luzhou Laojiao reported a cumulative cash dividend of 52.059 billion yuan since its listing, with a dividend payout ratio of 61.58%, ranking among the top in the Shanghai and Shenzhen stock markets [1]. - For the first three quarters of 2025, the company achieved an operating income of 23.127 billion yuan and a net profit attributable to shareholders of 10.762 billion yuan, demonstrating stable performance amid industry challenges [2]. Market Position and Strategy - The company maintains a strong market position with its flagship product, Guojiao 1573, showing resilient pricing performance [3]. - Luzhou Laojiao has implemented a five-step marketing system and engaged in consumer interaction through events like "Jiao Master Festival," enhancing brand reputation and facilitating inventory turnover [3]. Industry Outlook - The white liquor industry is currently in an adjustment phase, but long-term growth prospects remain positive, with expectations for structural upgrades and innovative consumption scenarios in 2026 [4]. - The industry is anticipated to experience a bottoming process in 2026, with narrowing declines in terminal demand and continued supply-side adjustments, leading to the emergence of long-term value [4]. Future Development - Key focus areas for the industry include high-end market stability, innovative consumption experiences, and digital channel expansion to attract younger consumers [4]. - Luzhou Laojiao's strategic initiatives, including refined channel operations and international marketing efforts, are expected to bolster its long-term competitiveness [4].