Core Viewpoint - The financial report of Zhenjiu Lidu reveals a significant decline in net profit for 2024, indicating challenges in the current liquor industry cycle and highlighting issues with brand performance and market positioning [1][3][8]. Financial Performance - Zhenjiu Lidu reported an operating income of 7.07 billion yuan, a slight increase of 0.5% year-on-year, while the net profit attributable to shareholders plummeted by 43.1% to 1.324 billion yuan, primarily due to changes in the fair value of non-operating financial instruments [1][3]. - Adjusted net profit stood at 1.68 billion yuan, reflecting a year-on-year growth of 3.3% [1]. - The overall net profit margin decreased from 33.10% in 2023 to 18.73% in 2024 [3]. Brand Performance - The core brand, Zhenjiu, generated revenue of 4.48 billion yuan, down 2.3% year-on-year, and has seen a continuous decline in sales for four consecutive years, with sales dropping to 12,284 tons [3][5]. - The Lidu brand, however, achieved revenue growth of 1.313 billion yuan, an 18% increase, attributed to market expansion beyond Jiangxi [3][5]. - The other brands, Xiangjiao and Kaikouxiao, focused on the Hunan market, with revenues accounting for 11.4% and 4.8% respectively, and Kaikouxiao's revenue decreased by 12% due to a sluggish wedding market [3][5]. Product Segmentation - Revenue from high-end products accounted for approximately 24% of total revenue, with a decline of nearly 11% to 1.709 billion yuan; mid-range and below products generated about 2.36 billion yuan, with a minimal growth of 0.1% [5]. - The company has implemented various strategies to enhance its high-end offerings, including launching new premium products and hosting experiential events, but faces ongoing challenges in achieving higher market positioning [5]. Inventory and Operational Challenges - The inventory turnover days increased significantly to 854.95 days in Q4 2024 from 679.64 days at the end of Q3, indicating rising inventory pressure [7]. - Despite expressing confidence in future growth and aspirations to become a world-class brewing enterprise, the company faces numerous uncertainties and challenges in navigating the current adjustment period in the liquor industry [8].

春糖会期间，渠道反馈显示行业基本面呈现"底部企稳"特征。一方面，飞天茅台批价稳定在2200元 以上，五粮液（000858）、国窖1573等高端单品价格持平，核心大单品的价格韧性为行业盈利预期提供 了锚点。另一方面，终端动销呈现区域分化，五一宴席订单恢复带动局部市场回暖，但整体需求尚未形 成系统性复苏趋势，库存周期仍处于3个月左右的常态水平。 白酒行业观察：春糖反馈企稳分化，珍酒李渡控价 承压；洋河新品迭代升级 第112届全国春季糖酒会的落幕为白酒行业提供了阶段性观察窗口。尽管春节后淡季尚未迎来明显 复苏，但渠道情绪逐步企稳，飞天茅台批价稳定成为市场信心的重要支撑。行业分化加剧，头部酒企集 中度进一步提升，而部分二线品牌则在调整期中面临挑战。 春糖反馈：渠道企稳与新品迭代 从行业数据看，2024年规上白酒企业产量同比下降1.8%，但销售收入与利润分别增长5.3%和 7.76%，印证"量缩价升"的集中化逻辑。头部酒企通过控货保价、渠道优化持续挤压中小品牌，行业调 整期仍将延续。 品牌分化：珍酒李渡高端承压，回款进度滞后 近期财报进一步凸显品牌分化。珍酒李渡2024年营收微增0.5%，但核心品牌"珍酒"销量连续四年 ...