今年上半年，泸州老窖实现营业收入164.54亿元，实现归属于上市公司股东的净利润76.63亿元，经营活 动产生的现金流量净额达到60.64亿元。 面对白酒行业新一轮深度调整，泸州老窖以战略定力应对市场挑战，通过高分红策略坚定投资者信心， 借助数智化转型重塑营销体系，依托产品创新开拓新兴市场，展现出国有龙头企业的抗周期能力与发展 韧性。 作为中国白酒行业最具代表性的国有企业之一，泸州老窖在行业深度调整期展现出了难得的战略定力与 发展智慧。公司在2025年上半年坚持"稳中求进"工作总基调，通过聚焦酒业主业、优化产品结构、推进 数智化转型等一系列举措，正在为行业复苏周期积蓄能量。其高水平的分红政策和不断增强的品牌价 值，更为投资者提供了良好的安全边际和长期价值回报。 战略定力与品牌提升 头部企业的抗周期布局 2025年，白酒行业步入深度调整阶段，市场竞争格局正在重构。纵观行业发展历程，白酒行业的发展呈 现螺旋式上升的特征，每一轮调整期都是龙头企业巩固优势、提升份额的重要窗口期。 在此背景下，泸州老窖管理层展现出清醒的战略认知和定力，明确提出"稳中求进"的年度目标，不盲目 追求数量扩张，更加注重发展质量和效益提升。公 ...

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].