Core Viewpoint - Shéde Jiǔyè demonstrates resilience and strategic adaptability in a challenging industry environment, focusing on long-term growth through its "old liquor strategy" and proactive measures to enhance quality and market presence [1][3][6]. Group 1: Financial Performance - In 2024, Shéde Jiǔyè reported revenue of 5.357 billion yuan and a net profit of 346 million yuan, reflecting the impact of the overall industry environment [1]. - Total assets reached 11.802 billion yuan, an increase of 5.348 billion yuan since 2020, while net assets grew to 6.808 billion yuan, nearly doubling in the same period [3][6]. - The company plans to distribute a cash dividend of 4.30 yuan per 10 shares, totaling 142 million yuan, which represents 40.94% of the net profit attributable to shareholders [7]. Group 2: Strategic Initiatives - Shéde Jiǔyè is focusing on its "old liquor strategy," which emphasizes quality improvement, brand enhancement, and market expansion to navigate through industry cycles [1][6]. - The company has implemented a "control volume, support price, clear inventory" policy to stabilize channel confidence and profitability [5]. - New product launches, including the Shéde Wisdom series and various other brands, aim to enhance the product matrix and adapt to market trends [4][5]. Group 3: Market and Policy Environment - Recent government policies aimed at boosting domestic demand and supporting the private sector are expected to positively influence the white liquor market [2]. - The company is leveraging these policy changes to stimulate both consumer and business demand for white liquor [2]. Group 4: Operational Improvements - Management expenses decreased by 15.37% year-on-year, indicating improved operational efficiency [3]. - The company has made significant investments in production capacity and sustainability initiatives, including the establishment of a green industrial chain [7].