Core Viewpoint - Guizhou Moutai held its 2024 annual shareholder meeting, showcasing its resilience and strategic adjustments amid a challenging white liquor industry environment, with revenue and net profit growth exceeding 15% [2][11]. Group 1: Company Leadership and Strategy - Chairman Zhang Deqin expressed gratitude to shareholders and emphasized the importance of maintaining the Moutai brand, urging for support and understanding from investors [2][9]. - Zhang highlighted the company's commitment to quality, stating that quality is the "soul of life" for Moutai, and this principle is deeply ingrained in the company's culture [8][9]. - The company aims for a revenue growth target of approximately 9% by 2025, reflecting a cautious yet optimistic outlook [2]. Group 2: Industry Context and Challenges - The white liquor industry is currently undergoing a deep adjustment period, prompting Moutai to adopt a prudent strategy to navigate these challenges [2][11]. - Zhang acknowledged the changing consumption scenarios and investor concerns, assuring that Moutai's quality, culture, and foundational strengths remain intact [11][12]. Group 3: Marketing and Innovation - Moutai is transitioning from a focus on selling liquor to promoting a lifestyle, aligning with government guidance to adapt to market changes [12]. - The company has introduced a new marketing model and committed to a minimum dividend payout of 75% over the next three years, indicating a focus on shareholder returns [12].

Core Viewpoint - In 2024, Kweichow Moutai achieved a revenue of 170.899 billion yuan, a year-on-year increase of 15.71%, and a net profit attributable to shareholders of 86.228 billion yuan, up 15.38% from the previous year, meeting its target of approximately 15% growth set for 2023 [1] Revenue and Profit Performance - Kweichow Moutai's revenue from Moutai liquor reached 145.928 billion yuan, growing by 15.28%, while revenue from other series of liquor was 24.684 billion yuan, increasing by 19.65% [2] - The company aims for a revenue growth target of around 9% for 2025 [1] Pricing Challenges - The wholesale reference price for the core product, Flying Moutai, peaked at over 3,000 yuan per bottle in early 2024 but fell to 2,160 yuan per bottle by year-end, indicating significant price volatility [1][2] - The price of Moutai 1935 has also dropped over 55% from its peak, with the current wholesale reference price at 750 yuan per bottle [3][4] Distribution and Sales Channels - The growth rate of direct sales revenue has slowed, with 2024 showing an 11.32% increase to 74.843 billion yuan, while wholesale and agency channel revenue grew by 19.73% to 95.769 billion yuan, surpassing direct sales growth [6][5] - Kweichow Moutai has increased its number of domestic distributors to 2,143 and international distributors to 104, adding 61 new distributors compared to 2023 [4] Strategic Adjustments - The company is focusing on enhancing relationships with distributors and targeting new consumer groups, particularly in emerging industries [8] - Kweichow Moutai has decided to retract its ice cream business, closing several flagship stores in major cities, indicating a strategic shift [7] Market Outlook - The company faces challenges with the declining prices of its flagship products, which may impact future growth [8]