宜宾五粮液股份有限公司 投资者关系活动记录表 编号：2025-1 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 活动参与 | 公司董事长、副董事长、总经理、董秘、副总经 | | 人员 | 理等相关高管；通过全景网参与本次业绩说明会的投 | | 资者 | | | 时间 | 2025 年 5 月 9 日 | | 地点 | 线上 | | 形式 | 网络远程形式 | | | 公司就投资者在本次业绩说明会中提出的问题进 | | | 行了回复，整理如下： | | | 一、行业及公司目标方面 | | | （一）如何看待当前的宏观环境和白酒行业，尤 | | | 其高端白酒的未来前景？ | | 交流内容及 | 今年国家将大力提振消费摆在更加突出的位置， | | 具体问答 | 从"着力扩大国内需求"转变为"全方位扩大国内需 | | | 求"，先后出台《提振消费专项行动方案》《关于支 | | 记录 | 持国际消费中心城市培育建设的若干措施》等文件， | | | 这些有利条件将 ...

Core Insights - Wuliangye reported a revenue of 89.175 billion yuan for 2024, a year-on-year increase of 7.09%, and a net profit of 31.853 billion yuan, up 5.44% year-on-year, marking ten consecutive years of steady growth in revenue and net profit [1] - The company achieved a record high gross margin of over 77% in 2024, reflecting its resilience in a challenging industry environment [5] - Wuliangye's marketing strategy for 2025 focuses on enhancing brand value and market share, with significant restructuring of its marketing system and channel innovations [9] Financial Performance - In Q1 2025, Wuliangye achieved a revenue of 36.94 billion yuan, a 6.05% increase year-on-year, and a net profit of 14.86 billion yuan, up 5.8% year-on-year [2] - For 2024, the main brand generated revenue of 67.875 billion yuan, an 8.07% increase, while the Wuliang fragrant series and other products contributed 15.251 billion yuan, up 11.79% [3] - The direct sales channel saw a revenue increase of 12.89%, reaching 34.389 billion yuan, with its share of total revenue exceeding 41% [3] Channel Development - Wuliangye expanded its distribution network significantly, adding 16,000 core terminals and enhancing its direct sales channel with new stores and upgraded outlets [4] - The company’s revenue from traditional channels grew by nearly 6%, with the eastern and southern regions being the main contributors [3] Strategic Initiatives - Wuliangye emphasized a balanced approach to volume and price, launching new products and enhancing its product matrix to maintain its leading position in the premium price segment [6] - The company’s marketing activities included participation in major events and collaborations with popular media, significantly increasing brand exposure [7] Management and Governance - Wuliangye's management team is undergoing a youth-oriented transformation, with new appointments aimed at enhancing cohesion and operational effectiveness [8] - The company plans to implement a deep transformation of its sales system to improve decision-making efficiency and market responsiveness [9] Shareholder Returns - Wuliangye announced a record dividend of 22.3 billion yuan for 2024, with a payout ratio increasing to 70%, reflecting its commitment to shareholder returns [11] - The company’s major shareholder plans to increase its stake by investing an additional 500 million to 1 billion yuan, signaling confidence in Wuliangye's investment value [12]

证券研究报告 | 公司点评报告 2024 年 12 月 19 日 签约客户可长按扫码阅读报告： 五粮液召开第二十八届 1218 共商共建共享大会，面对白酒产业的深度调整，公司 2025 年定位"营销执行提升年"，将经销商合理利润放在营销工作首位，目标制定 和经营节奏将充分结合经济环境、政策变化审慎决策。稳价战略坚定，战术动作灵 活，以推动品牌价值和市场份额双提升。 报告正文 直面行业调整，强化营销执行。 24年五粮液面对白酒产业深度调整的外部环境，围绕"抓动销、稳价格、提费效、转 作风"营销方针打好了形象提升、份额提升、市场拓展、提质增效、盈利提升五大攻坚战役。核心产品市场价格总体 稳定；1618、39度五粮液消费氛围浓厚；生肖龙酒等文创产品持续火热；浓香酒开瓶扫码同比均超过四成、宴席同 比均超过五成，表现出强劲势头。25年公司定位"营销执行提升年"，将经销商合理利润放在营销工作首位，在继续 优化渠道布局、加大消费市场培育、品牌宣传推广的基础上，着重强调行业责任担当，引领秩序治理和行业竞合发 展。 思路延续，推动品牌价值和市场份额双提升。 大会上总经理华涛提出，25年公司将在守好品质品牌之正的同时，更 加注重 ...