4月29日晚间，我国清香型白酒龙头——山西汾酒（600809）对外披露了2024年财报。公告显 示，报告期内，公司实现营业收入360.11亿元，同比增幅达12.79%；归母净利润为122.43亿元， 较去年同期增长17.29%，两大关键运营指标均保持两位数高增，显著跑赢白酒上市公司平均行业增 速，印证清香型品类扩容红利。 值得一提的是，同日，山西汾酒还披露了2025年一季报。截至今年3月，公司营业收入和归母净利 润分别录得165.23亿元和66.48亿元，同比分别增长7.72%和6.15%，显示出其盈利韧性超预期。 对此，有资深业内人士分析表示，自2017年启动国企改革三年行动以来，山西汾酒通过产品矩阵优 化、引入华润战略投资者、实施激励政策等举措，为全国化扩张储备了战略势能，配套产能扩张与全 链条数智化转型等，最终在白酒深度调整周期中，以汾酒速度实现"三分天下有其一"的战略突破， 重构行业格局。 未来，白酒行业仍存在结构性机会，次高端价格带品牌竞争格局仍然较为分散，全国性品牌和强势区 域品牌具备各自的竞争优势。其中，汾酒的青花系列品牌，在汾酒的品牌势能和清香型的香型差异化 上具备独特的优势，其通过品牌矩阵突 ...

白酒出海最大的东南亚市场，正在发生细微变化。 据中国海关总署最新发布的数据，2025年2月在亚洲出口量降幅达37.25%的背景下，出口金额却环比显著提升32.16%。这标志着白酒出海出现价格的明显 提升。 深度研究海外市场的香港酒业总商会中国烈酒和葡萄酒委员会主席席康，前不久曾向知酒君分析，相对关税、文化、标准等各类问题，价格可能才是影响 出海最主要的因素，"海外酒类消费主要是自饮场景，产品性价比高，这比白酒更具优势。" 这似乎与今年2月呈现的趋势有异，但从长远计，白酒出海既要求规模，也要求价格，而价格提升是更困难的事。发生在2月的价格增长，是否打开了一个 出海好局面？ 统计学上的增长，不是全部真相 在海外市场保持价格优势，对中国白酒内外市场都是重大利好。 席康曾举例，海外酒类消费场景主要是自饮，酒品9成左右定价都很亲民，这和中国白酒高端化不同。对中国白酒企业而言，如何处理海外市场的价格， 涉及到维护产品定价权、品牌形象和国外消费者接受度各个方面，需要平衡。 从海关公布的数据看，参与出海的白酒能够守住价格。 2025年1月至2月，中国白酒出口至亚洲地区的总数量为257.1万升，总金额为6.29亿元人民币，平均 ...

Core Viewpoint - The liquor industry, particularly represented by Kweichow Moutai, is facing challenges such as demand contraction, supply shocks, and weakened expectations, yet the company has reported stable growth in its 2024 annual report, achieving a revenue target of approximately 15% growth compared to the previous year [1] Financial Performance - Kweichow Moutai achieved a revenue of 174.14 billion yuan in 2024, marking a year-on-year increase of 15.66%, driven by increased product sales and price adjustments [3] - The company's net profit for 2024 reached 86.23 billion yuan, reflecting a 15.38% year-on-year growth, with a continuous increase in net profit for eight consecutive years [3] - Cash flow net amount reached a record high of 92.46 billion yuan in 2024, up nearly 40% from the previous year, indicating strong operational capabilities [5] Dividend Policy - Kweichow Moutai has a robust dividend policy, with a proposed cash dividend of 276.24 yuan per 10 shares for 2024, totaling approximately 34.67 billion yuan, contributing to a cumulative dividend exceeding 336 billion yuan since its listing [7][8] - The company plans to distribute at least 75% of its net profit as cash dividends annually from 2024 to 2026, positioning itself as a leader in the food and beverage industry for dividend payouts [8] Product Structure and Growth - The revenue from Moutai liquor reached approximately 146 billion yuan in 2024, while series liquor revenue stood at around 24.68 billion yuan, indicating a growing importance of series liquor as a significant growth driver [10][11] - Series liquor has shown a revenue growth rate of 19.65% in 2024, surpassing the growth rate of Moutai liquor, highlighting a shift in consumer preferences [10] International Expansion - Kweichow Moutai's international revenue reached 5.19 billion yuan in 2024, a year-on-year increase of 19.27%, reflecting the company's successful efforts in expanding its global footprint [12] - The company has set ambitious goals for international markets, aiming to enhance its global presence and brand recognition by 2035 [13] Market Confidence - The company's pre-receivables remained stable at 10.81 billion yuan by the end of 2024, indicating strong confidence from distributors and a solid demand outlook [15]

Group 1 - The core idea of the articles revolves around the strategies employed by Wuliangye to enhance brand visibility and sales during the off-peak season of the liquor industry, particularly through participation in the Boao Forum for Asia 2025 [1][2][3] - Wuliangye has positioned itself as the "designated wine" for the Boao Forum, leveraging this partnership to implement targeted marketing strategies that resonate with specific demographics and scenarios, resulting in significant brand exposure beyond traditional means [2][6] - The company has reported a notable increase in sales, particularly in the Hainan market, with expectations of over 20% growth compared to the same period last year, attributed to the promotional activities during the Boao Forum [7][6] Group 2 - The liquor industry is currently facing challenges related to supply and demand, with a focus on collaboration between manufacturers and distributors to achieve mutual benefits [5][4] - The industry is experiencing a shift towards innovation in production technology, marketing, and cultural communication due to market saturation and increased competition for resources [5] - Despite the challenges, some distributors have reported improvements in cash flow, indicating potential signs of market stabilization [4] Group 3 - The articles highlight the difficulties faced by the Chinese liquor industry in expanding internationally, including varying regulations and high entry barriers in different countries [8][9] - The export of Chinese liquor has shown a trend of decreasing volume but increasing value, indicating a shift towards higher-value products [9][11] - The lack of a unified international standard for Chinese liquor, along with high taxation and regulatory hurdles, poses significant challenges for market penetration abroad [12][11] Group 4 - Wuliangye is actively engaging in high-end marketing strategies, including organizing tasting events and exclusive experiences to cultivate brand recognition among international consumers [12] - The company is also focusing on optimizing its product offerings in duty-free stores, which are seen as premium channels for international tourists [12][13] - There are ongoing discussions to relax restrictions on the sale of liquor in duty-free channels, which could further enhance sales opportunities for Wuliangye [14]