2025 年，我国经济运行稳中有进，高质量发展取得新成效。在这一进程中，汽车消费充分发挥了 对经济增长的关键拉动作用，成为扩大内需、稳定产业的重要支撑。与此同时，汽车产业正进入以汽车 属性变革为核心的重构阶段，推动汽车品牌厂商及流通行业加速进入结构性调整的"淘汰赛"。汽车流通 行业需主动拥抱新能源汽车渗透率持续提升的趋势，把握产业链价值重塑中的机遇与挑战。 党中央、国务院高度重视汽车市场发展。去年以来，政策红利密集释放，汽车以旧换新加力实施， 在稳投资、扩消费、促转型、惠民生等方面取得明显成效。汽车流通消费改革试点工作的开展，也给行 业指出了一条包含新车、二手车、汽车后市场、汽车文化等领域的创新之路。特别是，针对汽车行业无 序价格竞争等问题，政策层面近期密集出手，精准切中行业痛点，为深陷"内卷"的汽车经销商们带来了 新的希望。 为帮助行业企业抢抓机遇，让增量政策"组合拳"和行业持续创新力为汽车市场注入更多动能， 中 国汽车流通协会定于 2025 年 11 月 5 日至 7 日在海口市举办 "2025 中国汽车流通行业年会暨博览会 " ，本届年会以 "以质驭变 向新而生" 为主题，旨在汇聚全球汽车流通市场的专业 ...

Core Insights - The company achieved a total revenue of 1157.80 billion yuan in 2024, maintaining its position as the leading dairy enterprise in Asia, with a net profit of 115.39 billion yuan after excluding goodwill impairment, representing a year-on-year growth of 12.2% [2][3] - In Q1 2025, the company reported a revenue of 330.18 billion yuan, a year-on-year increase of 1.35%, and a net profit of 46.29 billion yuan, reflecting a significant growth of 24.19% [2] - The company aims to maintain a positive trend in operating profit margins, targeting a profit margin of 9% for 2025 [2] Financial Performance - The overall gross profit margin for 2024 was 34.03%, an increase of 131 basis points [3] - The management expense ratio decreased by 23 basis points to 3.86% in 2024, while the sales expense ratio for Q1 2025 was 16.9%, down 152 basis points [3] - Operating cash flow for 2024 reached 217.40 billion yuan, up 18.86% year-on-year, attributed to increased prepayments from distributors due to inventory buildup for the Spring Festival [3] Shareholder Returns - The company plans to distribute dividends of 77.26 billion yuan for 2024, with a payout ratio of 91.4%, marking a historical high [4] - Cumulatively, the company has distributed 508 billion yuan in dividends since its listing in 1996, leading the dairy industry in China [5] - The company commits to maintaining a dividend payout ratio of no less than 70% and aims to increase shareholder returns [5] Business Segments - The milk powder and dairy products segment achieved revenue of 296.75 billion yuan in 2024, a year-on-year growth of 7.53% [10] - The liquid milk segment generated approximately 750 billion yuan in revenue, contributing about 65% to the total revenue [7] - The company’s market share in liquid milk continues to expand, with significant growth in high-end low-temperature milk products [8] Strategic Initiatives - The company is focusing on functional nutrition and deep processing of dairy products, collaborating with traditional Chinese medicine brand Tongrentang to develop new products [13] - A new national dairy technology innovation center is under construction, aimed at addressing structural issues in the cheese industry [13] - The company plans to outline a five-year strategic plan in the second half of the year, emphasizing the reshaping of the dairy industry value chain [15]