Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a slight decline in revenue and net profit, indicating pressure from external market conditions [1] Revenue and Profit Performance - In 2024, the company achieved revenue of 2.2 billion yuan, a year-on-year decrease of 1.3%, and a net profit of 290 million yuan, down 15.9% year-on-year [1] - For Q1 2025, revenue was 800 million yuan, a decline of 4.3% year-on-year, with a net profit of 140 million yuan, down 9.3% year-on-year [1] Product Structure and Sales Channels - The product structure continues to optimize, with significant growth in self-operated sales outside the region. In 2024, high-end, mid-range, and low-end products generated revenues of 1.53 billion, 510 million, and 130 million yuan, respectively, with year-on-year changes of +4.3%, -8.2%, and -20.5% [2] - In Q1 2025, revenue from high-end, mid-range, and low-end products was 620 million, 130 million, and 30 million yuan, with year-on-year changes of +8.8%, -30.7%, and -41.0% [2] - The company’s direct sales channel showed resilience, with revenue of 490 million yuan in 2024, up 90.9% year-on-year, and 200 million yuan in Q1 2025, up 69.9% year-on-year [2] Gross Margin and Cost Structure - The gross margin for 2024 was 52.3%, an increase of 4.1 percentage points year-on-year, while Q1 2025 saw a gross margin of 48.8%, a decrease of 3.1 percentage points year-on-year [3] - The sales and management expense ratios for 2024 were 11.9% and 4.1%, respectively, with increases of 2.5 percentage points and 0.5 percentage points year-on-year [3] - The net profit margin for 2024 was 13.1%, down 2.4 percentage points year-on-year, while Q1 2025 had a net profit margin of 18.0%, down 1.3 percentage points year-on-year [3] Strategic Initiatives and Future Outlook - The company is undergoing significant transformation, focusing on core products and optimizing its marketing system to enhance sales team performance [4] - New product launches and external sales efforts are expected to drive growth, particularly in high-end product segments [4] - Profit forecasts for 2025-2027 are projected at 320 million, 370 million, and 430 million yuan, with corresponding EPS of 0.68, 0.77, and 0.90 yuan [4]

事件：公司发布 2024 年年度报告及2025 年第一季度报告。2024 全年实现营业总收入22.03 亿元，同 比-1.3%；实现归母净利润2.86 亿元，同比-15.9%；实现扣非归母净利润2.78 亿元，同比-16.5%。单 24Q4 实现营业总收入5.49 亿元，同比-6.6%；实现归母净利润0.45 亿元，同比-59.6%；实现扣非归母净 利润0.40 亿元，同比-63.2%；单25Q1 实现营业总收入7.96亿元，同比-4.3%；实现归母净利润1.44 亿 元，同比-9.3%；实现扣非归母净利润1.44 亿元，同比-9.8%。 自营产品持续迭代升级，短期调整承压夯基固本，长期战略方向清晰。24年公司量/价分 别-13.7%/+15.0%，价增驱动明显。我们认为行业压力下改革进度有所放缓，新品陆续打样，直销占比 提升，关注自营产品招商等产品体系&渠道端调整措施的成效释放。 1）分产品结构看，2024 年高档/中档/低档产品营收分别为15.29 亿元/5.06亿元/1.34 亿元，分别同比 +4.3%/-8.2%/-20.5%，高档酒营收占比提升3.4pcts 至70.5%；25Q1 高档白酒实现收入 ...