WLY(SZ:000858) 21世纪经济报道·2025-06-22 07:25Core Viewpoint - The article emphasizes the profound transformation in the liquor industry, highlighting trends such as younger consumer demographics, daily consumption scenarios, quality-driven preferences, digital channels, and emotional value. Companies must adapt to these changes and focus on their core strengths to navigate uncertainties in the external environment [1]. Industry Overview - The liquor industry has entered a deep adjustment phase in 2024, testing the operational resilience of companies. Despite this, Wuliangye has maintained steady growth in revenue and net profit for ten consecutive years, with continued positive growth in Q1 2025 [2][3]. - Wuliangye's management has committed to a "steady development" strategy, focusing on qualitative improvements and reasonable growth in revenue, aligning with macroeconomic indicators [2]. Strategic Initiatives - Wuliangye aims to center its strategy around customers and the market, implementing tailored approaches for different products, regions, and channels to reconstruct the "people, goods, and market" logic in liquor consumption [2]. - The company has introduced a marketing system reform, establishing a sales company and implementing a regional responsibility system to enhance market responsiveness [7]. Financial Performance and Shareholder Returns - Wuliangye has committed to a minimum dividend payout ratio of 70% and a cash dividend of no less than 20 billion yuan annually. The 2024 dividend plan includes a cash distribution of 31.69 yuan per 10 shares, totaling 22.3 billion yuan for the year [3][13][14]. - The company has consistently increased its dividend payout ratio over the years, reflecting a commitment to enhancing shareholder returns [14]. Market Position and Growth Strategies - Wuliangye's core product, the eighth generation of Wuliangye, has achieved a balance of volume and price, maintaining its leading position in the premium price segment. The company has also expanded its product matrix with new offerings [4]. - The company is actively exploring new market channels, including e-commerce, which has seen over 20% growth this year [10]. Consumer Engagement and Innovation - Wuliangye is focusing on younger consumers by launching new products that cater to their preferences for lower alcohol content and smoother flavors. The company has opened a trendy experience store to attract younger demographics [11][12]. - The company is also enhancing its brand culture and key personnel operations to strengthen market segmentation and channel expansion [8]. Investor Confidence - Wuliangye's stock price rose nearly 2% following the shareholder meeting, indicating strong investor confidence in the company's stable operations and future growth potential [16].