证券日报网讯1月8日，泸州老窖（000568）在互动平台回答投资者提问时表示，公司根据年轻群体的悦 己型消费与情绪价值需求特点，以产品创新为核心、以场景适配为载体、以情感共鸣为纽带，系统性推 进年轻化布局。一是做好产品创新准备。持续深耕38°低度产品线，通过工艺优化强化酒体柔和、顺滑 的饮用特质，适配年轻人对低度利口、微醺体验的核心需求；同时，研究开发精酿啤酒、中式果酿酒等 创新酒品以及生物发酵面膜、香水等酒类衍生品，贴合年轻群体消费需求。二是做好新消费场景打造。 推广冰饮、调饮等全新品饮方式，打造新的消费场景，比如尝试做消费门店，结合餐酒消费集中展示公 司产品。推动产品融入年轻人和女性消费群体日常作息与社交场景，成为生活方式的有机组成部分。 ...

不刻意追求开门红，更在乎国窖1573的品牌价值和价格体系稳定的泸州老窖，在白酒周期调整的大背景下，顺势而为。 其以"双品牌、三品系、大单品"构建起多元产品矩阵，并积极探索年轻化、低度化，扩展场景化布局。由此，凭借多措并举下构建起的品牌护城河与长期价 值，于财经网主办的2025年度新消费·新经济评选中，荣获"年度行业领军企业"的殊荣。 强高端引领 2025年，是"十四五"收官之年。在这一关键节点，泸州老窖围绕"蓄势攻坚，精耕细作稳增长；顺势而为，改革创新谋发展"的年度发展主题，推动高质量发 展，业绩稳中求进。 "泸州老窖走的是一条'稳'和'实'的路，'稳'是稳住当前的良好发展态势，'实'是实事求是，措施得力。"今年6月的股东大会上，泸州老窖董事长刘淼表示。 落子年轻化 随着消费需求升级和消费场景变化，白酒正从过去的社交属性，回到生活情感属性，85后、90后等成为未来最具潜力的消费群体。 瞄准这一趋势，今年，头部酒企纷纷推出低度产品，落子年轻化。而泸州老窖早在低度化、年轻化领域深耕多年，掌握先发优势。 38度国窖1573是行业内首个百亿级的低度酒大单品，已成为国窖品牌的重要组成。 同时，低度酒打破了高度白酒与特定 ...

证券代码：000568 证券简称：泸州老窖 泸州老窖股份有限公司投资者关系活动记录表 编号：2025-12-24 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | ★其他 股东会交流 | | 参与单位名称及 | 中金公司祝美学；中信建投证券刘瑞宇；天风证券张潇倩；广 | | 人员姓名 | 发证券谌保罗等机构、股东共计 28 人。 | | 时间 | 2025 年 12 月 24 日 16:00-17:00 | | 地点 | 公司东楼一楼会议室 | | 上市公司接待人 | 总经理林锋，财务总监谢红，副总经理、董事会秘书李勇 | | 员姓名 | 1.公司如何看待"十五五"发展规划？ | | | "十四五"时期，公司锚定供应链战略，推动酿酒生产、内 部供应链、营销体系及总部管理全链条数字化转型，构建起适 | | | 配行业发展的数字化运营底座，为后续战略升级奠定了坚实基 | | 投资者关系活动 | 础。 | | 主要内容介绍 | 当前，中国产业正加速从劳动、资源密集型向 ...

Core Viewpoint - Luzhou Laojiao demonstrates resilience and strategic determination in navigating the challenges of the liquor industry adjustment period, focusing on consumer-centric innovation and maintaining a stable yet progressive approach [1][2]. Financial Performance - In the first three quarters of 2025, Luzhou Laojiao achieved revenue of 23.127 billion yuan and a net profit attributable to shareholders of 10.762 billion yuan [1]. - The net cash flow from operating activities reached 9.823 billion yuan, indicating a robust financial foundation [2]. Market Position and Strategy - Luzhou Laojiao, as a leading enterprise in the liquor industry, showcases strong brand heritage, a clear product matrix, and deep digital transformation, enhancing its anti-cyclical capabilities [2]. - The company has announced a high dividend policy, with cash dividend ratios set to increase annually to no less than 65%, 70%, and 75% over the next three years, with absolute amounts not less than 8.5 billion yuan [2]. Brand and Product Development - The company adopts a "high-end preservation and innovative attack" strategy, with its flagship brand, Guojiao 1573, solidifying its position in the high-end liquor market, achieving a scale of over 20 billion yuan [3]. - Luzhou Laojiao emphasizes cultural heritage as a core value, leveraging its unique cultural assets to strengthen brand competitiveness [3]. Innovation and Consumer Engagement - The company targets the low-alcohol and younger consumer segments, with its 38-degree Guojiao 1573 becoming the largest single product in the low-alcohol market, reaching a scale of over 10 billion yuan [4]. - Innovative marketing strategies, including collaborations with music and sports events, have successfully engaged younger consumers [4]. Digital Transformation - Luzhou Laojiao has implemented a digital twin system across its production and supply chain, improving equipment utilization by 45%, emergency response efficiency by 40%, and reducing operational costs by 25% [6][7]. - The integration of AI technology into production processes has enabled the company to predict and guide production, transforming traditional craftsmanship into a data-driven model [6][7]. Future Outlook - The company plans to deepen its market penetration, particularly in lower-tier markets, and shift its focus from quantity expansion to quality and efficiency improvement [8]. - Luzhou Laojiao is well-positioned to achieve high-quality development in the new industry cycle, supported by its strategic layout and brand advantages [8].

Core Viewpoint - Luzhou Laojiao demonstrates resilience and strategic determination in the face of a deep adjustment in the liquor industry, focusing on high dividend policies, digital transformation, and product innovation to build a robust response to market challenges [1][10]. Financial Performance - In the first half of 2025, Luzhou Laojiao achieved operating revenue of 16.454 billion yuan and a net profit attributable to shareholders of 7.663 billion yuan, with net cash flow from operating activities reaching 6.064 billion yuan [1]. Strategic Positioning - The company emphasizes a "steady progress" approach, focusing on core liquor business, optimizing product structure, and implementing digital transformation to accumulate energy for the industry's recovery cycle [2][10]. - Luzhou Laojiao's management showcases clear strategic awareness and determination, avoiding blind expansion and prioritizing quality and efficiency [2]. Brand Development - Luzhou Laojiao enhances brand influence through strategic partnerships with high-end cultural and sports events, such as its long-term collaboration with the Australian Open, significantly boosting its international brand recognition [3][5]. - The company launched the "Jiao Master Festival" to strengthen emotional connections with core consumer groups, attracting younger demographics and enhancing brand asset value [3][9]. Dividend Policy - The company continues to implement a high dividend policy, with a commitment to increase the dividend payout ratio to no less than 65%, 70%, and 75% over the next three years, ensuring a minimum absolute amount of 8.5 billion yuan (including tax) [6][7]. - Luzhou Laojiao's high dividend strategy provides a safety margin for investors, with an expected dividend yield of over 6% based on current stock prices [6]. Digital Transformation and Product Innovation - The company is at the forefront of digital transformation, utilizing a "five-in-one" smart management system to enhance sales efficiency and precision marketing [8][9]. - Luzhou Laojiao is expanding into the low-alcohol market, with the 38-degree Guojiao 1573 accounting for nearly 50% of revenue, and has successfully developed a 28-degree version to diversify its product offerings [8][9]. Market Outlook - As the liquor industry undergoes a deep adjustment, Luzhou Laojiao is well-positioned to consolidate its market position and achieve high-quality development, benefiting from its strategic layout and brand advantages [5][10].

Core Viewpoint - Luzhou Laojiao's 2024 performance shows a slowdown in revenue and profit growth, with a focus on adapting to market changes and consumer demands, particularly among younger demographics [3][4]. Financial Performance - In 2024, Luzhou Laojiao achieved revenue of approximately 31.196 billion yuan, a year-on-year increase of 3.19%, and a net profit attributable to shareholders of about 13.473 billion yuan, up 1.71% [3]. - The fourth quarter revenue was around 6.893 billion yuan, with a net profit of approximately 1.88 billion yuan, showing a decline compared to the same period last year [3]. Market Dynamics - The liquor industry is transitioning from a phase of rapid growth to one of quality and sustainability, with increased competition and market differentiation [4]. - Luzhou Laojiao has set a goal for 2025 to achieve stable revenue growth amidst a challenging market environment characterized by high inventory and price discrepancies [4]. Inventory and Channel Management - The company maintains normal supply channels and has prepared adequately for the upcoming Dragon Boat Festival sales, despite previous media reports suggesting a halt in order acceptance [5]. - Luzhou Laojiao collaborates closely with distributors to adjust sales targets and market policies dynamically, ensuring a reasonable profit margin for clients and promoting healthy market development [4][5]. Digital Transformation - The company is undergoing significant digital reforms, shifting from a channel-driven sales strategy to a consumer-focused approach, enhancing marketing capabilities through digital tools [5]. - Concerns regarding the diminishing marginal effects of digital marketing strategies have been acknowledged, with the company emphasizing the importance of management system innovation [5]. Youth Engagement and Product Innovation - Luzhou Laojiao is actively developing products that cater to younger consumers, including innovative and cross-border collaboration products, with the "Three-Body" science fiction-themed liquor set to launch in June [3][7]. - The company has engaged in various promotional activities across cultural, artistic, and sports domains to resonate with the younger generation [7][9].