FY24 Results Year ended March 31 2025 June 24 2025 DISCLAIMER The information contained in this presentation is intended solely for your personal reference. Such information is subject to change without notice and no representation or warranty express or implied is made as to, and no reliance, should be placed on, the fairness, accuracy, completeness or correctness of the information contained in this presentation. This presentation does not intend to provide, and you may not rely on this presentation as pr ...

近日，工业和信息化部办公厅发布首批"中国消费名品名单"。 云门酒业成功跻身"中国消费名品成长企业"，成为山东唯一入选白酒企业。 这不仅是对云门践行"品质+品牌"战略的肯定，更彰显了云门作为北方酱酒创领者、高端鲁酒引领者的实力与担当。 荣膺"中国消费名品成长企业"背后，是文化赋能力、产品品质力、品牌影响力的多维度展现。今天，就让我们寻着云门背后的千年酒脉，探究品牌破圈的 文化密码。 青州，古九州之一。历史上曾长期作为山东地区的政治经济文化中心。深厚的历史文化积淀，为云门酱酒的孕育提供了肥沃的土壤。 在山东省博物馆中，珍藏着一件出土自古青州地区北辛文化时期的"陶觚"。这件7000年前的酒器，与后来青州苏埠屯商代墓葬中出土的亚醜"青铜觚"遥相 呼应。 两者虽相隔3000年岁月，器型却十分相似，不仅印证了青州地区酿酒文明的源远流长，更成为云门酒业追溯中国酒文化源头的重要依据。 青州美酒自古闻名。南朝刘义庆所著的《世说新语》中，有主簿辩酒的故事："好者谓'青州从事'，恶者谓'平原督邮'"，生动记录了当时人们对美酒的赞 誉。 至唐宋时期，皮日休、欧阳修、范仲淹、苏轼、李清照等文豪大家，皆将青州从事融入自己的诗词中，挥笔写 ...

Core Viewpoint - Hebei Hengshui Laobaigan Liquor Co., Ltd. reported significant changes in its financial data for the 2024 annual report, particularly in cash flow from operating and investing activities, which warrant investor attention [1][10][12]. Financial Performance - The company achieved operating revenue of 5,357,503,866.29 yuan, a year-on-year increase of 1.91%, attributed to effective market expansion and brand influence enhancement through various marketing activities [2]. - Net profit attributable to shareholders reached 787,098,492.78 yuan, up 18.19%, while the net profit excluding non-recurring gains and losses was 738,105,885.54 yuan, reflecting a 20.12% increase, driven by cost control and performance optimization [3]. - Basic earnings per share rose to 0.86 yuan, a 17.81% increase, and the diluted earnings per share increased to 0.81 yuan, up 20.90%, indicating enhanced profitability and shareholder value creation [4]. Cost Management - Overall expense control was effective, with sales expenses decreasing by 11.12% to 1,269,199,677.69 yuan, attributed to improved marketing efficiency [6]. - Management expenses slightly decreased by 6.15% to 389,372,248.74 yuan, due to optimized internal management processes [7]. - R&D expenses increased by 20.48% to 15,944,904.64 yuan, reflecting the company's commitment to product innovation and quality improvement [9]. Cash Flow Analysis - Cash flow from operating activities decreased by 32.63% to 535,470,778.51 yuan, primarily due to reduced cash receipts related to operating activities, which may impact short-term liquidity [11]. - Cash flow from investing activities saw a drastic decline of 526.63%, amounting to -243,067,492.50 yuan, mainly due to increased financial investments, necessitating careful investment planning [12]. - Cash flow from financing activities was negative at -410,678,038.68 yuan, an increase in outflows due to higher dividend distributions compared to the previous year [13]. Market and Operational Challenges - The white liquor industry is experiencing intensified competition, with regional brands like Laobaigan facing pressure from premium brands, highlighting the need for strategic market positioning [14]. - The company faces risks related to raw material storage and quality control, which could impact operational efficiency and brand reputation [15][18]. - The concentration of sales in specific regions poses a risk if market demand declines or if the company fails to expand effectively [17]. Management and Governance - The management team, including Chairman Liu Yanlong and General Manager Zhao Xudong, received reasonable compensation, and the implementation of a restricted stock incentive plan aligns the interests of management and shareholders [20].