高盛：中国白酒行业_2024 - 2025 年第一季度总结_2025 年谨慎指引与增强股东回报，需求有待回升

5 May 2025 | 6:21PM HKT China Spirits 2024/1Q25 Wrap: Prudent 2025 guidance and strengthening shareholder returns; Demand yet to pick Post 2024/1Q25 prints, we found this round of results to be largely in line with our 4Q24/1Q25 previews. Our spirits coverage saw growth slow down to 7%/8% 2024 sales/NP growth on average in a prolonged cycle, with a tough 4Q24 (3%/0% sales/NP) followed by steadier 3%/3% growth in 1Q25, mainly supported by relatively resilient LNY demand post destocking in 4Q24. We expect a r ...