点评：舍得酒业国际化战略成效显著，海外布局覆盖40个国家及地区，免税店与零售终端数量稳步提 升，东南亚市场表现尤为突出。此举将优化公司收入结构，提升品牌全球影响力。白酒行业加速出海或 成趋势，相关企业或积极跟进。 NO.1 珍酒李渡：通过大珍联盟商权益支付计划，兑现"加盟送股票"承诺 9月10日晚间，珍酒李渡发布公告称，公司通过全资附属公司珍酒商贸采纳联盟商权益支付计划，旨在 激励合资格联盟商，促进公司长期可持续增长及发展。而这一支付计划，对应的正是大珍万商联盟项 目。据悉，支付股份来源于控股股东捐赠和二级市场购买。 公告显示，该权益支付计划不时授出的单位股份来源有两种方式——控股股东以无偿捐赠方式捐赠的股 份；信托受托人不时于二级市场购买的股份。拟捐赠或购买现有的股份总数初步设定合计不超过1.69亿 股，该限额可由董事会在适当考虑公司需求与市场状况后全权酌情决定予以调高。联盟商权益支付计划 自采纳之日起生效，有效期为五年，期限届满后不得根据联盟权益支付计划进一步授出。 点评：珍酒李渡推出联盟商权益支付计划，通过控股股东捐赠与二级市场购买股份激励联盟商，推动长 期可持续发展。此举有望优化渠道结构，增强厂商合作 ...

Group 1: Industry Overview - As of April 29, 2024, 17 A-share liquor companies reported a total revenue of 386.21 billion yuan, a year-on-year increase of 6.61% [1] - The net profit attributable to shareholders of listed companies reached 149.63 billion yuan, up 6.65% year-on-year [1] - The net cash flow from operating activities was 158.20 billion yuan, reflecting a 17.28% increase year-on-year [1] - The white liquor industry is expected to experience structural differentiation in 2025, with leading companies consolidating their advantages through branding, channels, and innovation [1] Group 2: Leading Companies Performance - Guizhou Moutai ranked first in revenue with 170.90 billion yuan, a 15.71% increase year-on-year [2] - Other companies like Wuliangye, Luzhou Laojiao, and Yanghe Brewery also reported revenues exceeding 20 billion yuan [2] - Guizhou Moutai and Wuliangye together accounted for 67.34% of total revenue among the 17 companies, with a combined net profit share of 78.91% [2] Group 3: Market Dynamics - The total production of white liquor in 2024 was 4.14 million kiloliters, a decrease of 1.80% year-on-year, while sales revenue grew by 5.30% [3] - The industry is characterized by a shift from volume and price increases to prioritizing quality and efficiency, alongside multi-dimensional innovation [1][3] - High inventory levels and price inversions have been significant issues in the past two years, with total inventory for the 17 companies rising by 12.50% to 146.33 billion yuan [5] Group 4: International Expansion - In 2024, the export value of white liquor reached 970 million USD, accounting for 51% of total liquor exports, with a year-on-year growth of 20.4% [6] - The average export price increased to 59.0 USD per liter, reflecting a 13.3% rise [6] - Leading companies are focusing on international market expansion as a key strategy for growth, with Guizhou Moutai and Wuliangye outlining plans for global outreach [7]