Core Viewpoint - Shanxi Fenjiu held an online performance briefing for Q1 2025, highlighting its growth strategies and financial performance [3][4]. Financial Performance - In Q1 2025, Shanxi Fenjiu reported revenue of 16.522 billion yuan, a year-on-year increase of 7.72%, and a net profit attributable to shareholders of 6.648 billion yuan, up 6.15% year-on-year [5]. Strategic Focus - The company is advancing its annual marketing plan and aims for steady growth through strategies focused on regional sales, product volume increases, and profit growth [6]. - The company is implementing a product strategy that includes controlling the volume of "Glass Fen" and increasing the volume of "Old White Fen" and "Qinghua 20" [6]. Industry Trends - The white liquor industry is experiencing a trend where consumption is concentrating on quality, production capacity is focusing on specific regions, and market share is consolidating around well-known brands [6][12]. - The consensus in the industry is to maintain stability in the market, channels, and prices [12]. Growth Initiatives - Shanxi Fenjiu is launching the second phase of its revival program (2025-2030), focusing on national expansion 2.0, youth-oriented strategies 1.0, and internationalization 1.0 [6][8]. - The company aims to enhance its brand strategy and market positioning, particularly for the "Qinghua Fen" series and "Bamboo Leaf Green" targeting the silver-haired market [6][7]. Internationalization Strategy - The company has elevated internationalization to a strategic level, aiming to enhance brand innovation and management through global market competition [10]. - The goal is to establish a strong presence in both domestic and international markets, with a focus on the Yangtze River Delta and southern China for future growth [11].

Performance and Financials - In 2024, the company reported a revenue of 36.011 billion yuan, a year-on-year increase of 12.79%, and a net profit attributable to shareholders of 12.243 billion yuan, up 17.29% year-on-year [1][2] - The company's R&D expenses reached 148 million yuan, a significant increase of 67.60% year-on-year, focusing on projects related to the "Fenjiu Technology Strategy" [1][19] - The gross profit margin improved by 0.9 percentage points to 76.2%, while sales expenses increased by 15.84% [1] Market and Channels - The company is enhancing its market layout with a focus on the Yangtze River Delta and Pearl River Delta regions, achieving steady growth and continuous market potential activation [5] - The internationalization strategy has successfully filled market gaps in 11 countries, with over 700 promotional activities organized in international markets [6][12] - The company aims to expand its presence in the southern regions of China by focusing on county-level markets and nurturing core distributors [7] Products and Quality - The company launched the strategic new product "Qinghua Fenjiu 26" and is developing a complete product lineup with Qinghua 20, Qinghua 26, and Qinghua 30 [9][11] - The product strategy emphasizes a "four-wheel drive" approach, focusing on Qinghua 30 and its combinations, while maintaining quality and market acceptance [10][11] - The company is committed to quality improvement through the establishment of a provincial-level research platform and continuous innovation in production technology [11][16] Industry Trends - The white liquor industry is experiencing structural differentiation, with a notable trend towards high-end and concentrated markets [12] - The company recognizes the importance of younger consumers in driving market changes and is adapting its product structure accordingly [13][17] - The international market is seen as a crucial area for future growth, with efforts to enhance the global recognition of Chinese liquor [12][13] Cultural and Young Consumer Engagement - The company is promoting traditional Chinese liquor culture through various initiatives, including the establishment of cultural centers and collaborations with traditional art forms [15] - The "youngization" strategy aims to resonate with younger consumers through modern marketing and product presentation [17] - The company is focused on creating a cultural narrative that enhances brand identity and consumer connection [14][15]

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