此时的川酒，已然成为连接中塞两国友谊的桥梁，也让中国白酒在国际舞台上赢得更多赞誉。 在"川酒全球行"品鉴交流会上，五粮液"五谷罗尼"鸡尾酒与经典五粮液10成为全场瞩目的焦点。"五谷 罗尼"鸡尾酒以其独特创意将中西方酒品巧妙融合，展现出中西文化碰撞的无限可能；经典五粮液10则 凭借历经时光沉淀的极致品质，让现场嘉宾深刻感受到中国高端白酒的独特魅力与醇厚韵味。这两款酒 品的精彩亮相，不仅赢得现场嘉宾的一致好评，更为五粮液后续开拓热带地区消费市场提供宝贵的经验 与启示。 当地时间7月8日下午，塞舌尔萦绕着东方酒香。随着五粮液（000858）"和美全球行"走过德国慕尼黑、 法兰克福、杜塞尔多夫三城后，首度走进非洲，"香约"塞舌尔首都维多利亚——2025"川酒全球行"品牌 推广活动在此举办。作为川酒龙头企业，五粮液深度融入"川酒全球行"系列活动，旨在向世界展示川酒 独特魅力，讲述川酒故事，塑造国际化品牌形象，培育国际消费群体，并进一步助力川酒及中国白酒提 升全球影响力。 作为五粮液"和美全球行"版图上最新一站，塞舌尔站是继欧洲、大洋洲、美洲、亚洲四大洲活动后，五 粮液首次来到非洲开展文化交流。 活动现场，布置丰富多元， ...

5月25日—29日，以"深化改革增动能 扩大开放促发展"为主题的第二十届中国 西部国际博览会在 成都举行，作为本届西博会"唯一指定用酒"，五粮液携全链成果亮相，立体展现了其"因酒而生，却 不止于酒"的产业跨界融合风采，以多个领域的科技创新，展现东方酿造的产业链革新之路。 开幕式现场 西博会发端于西部大开发、始创于2000年，至今已成功举办了19届，是西部地区规模大、门类全、 影响力强的开放合作展会平台，作为中国对外开放的重要窗口，已经成为世界了解中国西部、中国西 部走向世界的重要桥梁和纽带。 作为川酒代表和行业龙头企业，五粮液积极参与西部大开发，坚持"做强酒业 做优非酒 做大平台"发 展战略，迅速成长为一家以酒业为核心，涉及绿色包装、机械制造、智慧物流、金融投资、大健康产 业等领域的特大型国有企业集团。 跨界融合发展 "因酒而生，却不止于酒" 今年西博会上，五粮液深度参与各项活动，并在欢迎会上，展示中国传统酿造技艺的深厚底蕴，以一 杯"大国浓香"架起中国与世界美美与共的交流桥梁。与此同时，五粮液还创新展陈方式，"从一粒种 子到一瓶美酒，从一瓶美酒到美好生活"，全产业链展示了以酒业为根，多元协同发展，以科技创新 ...

今年西博会上，五粮液深度参与各项活动，并在欢迎会上，展示中国传统酿造技艺的深厚底蕴，以一杯"大国浓香"架起中国与世界美美与共的交流桥梁。与此同时，五粮液还创新展陈方式，"从 "五粮液的展馆内不仅能闻到浓浓酒香，感受到千年酒文化，而且让人惊叹的是，一个根植于传统农耕文明的企业，正以开放的胸襟，积极拥抱科学技术，在产业链上的多个环节创新突破，助推 五粮液展厅位于西博城5号馆，展厅以"守正创新·和美共生"为展陈理念，围绕五粮液"从一粒种子的播种，到一瓶美酒的诞生，再到产业配套和全球流通"的过程，以沉浸式线性动线引导观众， 步入五粮液主题展厅，中心位置陈列着经典五粮液10、第八代五粮液、五粮液1618、五粮液·紫气东来、低度五粮液等核心产品，精美的酒瓶包装，让人瞬间感受到"大国浓香"的魅力；四周精 可以看到，种植环节，五粮液从高粱、大米、糯米、小麦、玉米种子开始，承载大自然的馈赠，展现北纬30°黄金酿酒带，好粮酿好酒的味蕾密码；酿造环节，通过五粮液利川永、长发升、全恒 从一粒孕育于土地的种子开始，五粮液历经精心种植、匠心酿造、精致包装、高效物流，最终化作人们餐桌上的美酒，融入千家万户的美好生活之中。而从产业来看，五粮 ...

2025年5月4日，五粮液发布2024年年报。报告显示，公司实现营业总收入891.75亿元，同比增长 7.09%；归属于上市公司股东的净利润为318.53亿元，同比增长5.44%。尽管公司整体业绩保持增长，但 净利润增速明显放缓，创下近年来新低。五粮液作为中国白酒行业的龙头企业，其核心产品"五粮液 酒"依然是市场的主导力量，但面对行业深度调整和市场竞争加剧，公司未来的增长压力不容忽视。 未来展望：增长压力加大，需应对行业调整 五粮液在2024年年报中表示，公司将继续聚焦提质增效、优化布局、深化改革，力争在2025年实现稳健 增长。然而，面对白酒行业的深度调整和市场竞争的加剧，五粮液的未来增长压力不容忽视。2024年， 公司净利润增速创下近年来新低，且销售费用大幅增加，显示出公司在市场推广和渠道建设上的投入并 未带来预期的业绩提升。 此外，五粮液的合同负债在2024年末达到116.9亿元，同比增长70.3%，显示出公司在2025年一季度有一 定的业绩储备。但如何在行业调整期保持市场份额和盈利能力，将是五粮液未来面临的主要挑战。公司 需要在品牌创新、渠道优化和成本控制上找到新的平衡点，以应对日益复杂的市场环境。 ...

025年4月13日-10月13日，主题为"构想焕发生机的未来社会"的2025年日本大阪世博会在"东方曼彻斯特"大阪举行。作为"2025年大阪世博会中国馆高级合 作伙伴"，五粮液深度融入中国馆展陈活动，发布五粮液2025年大阪世博会中国馆纪念礼盒，举办"五粮飘香・和美之味"——五粮液海外授权体验餐厅授 牌仪式，联动全球市场开启"五粮液·世博季"营销活动，打卡大阪主题快闪店，全程参与2025年大阪世博会中国馆四川活动周系列活动，独家冠名"和美五 粮"熊猫之夜·品味四川国际商务交流会，还深入日本多地调研酒类市场，将蕴含浓厚中国文化的中国元素，以组合式套餐文化输出，正式拉开2025年五粮 液"和美全球行"日本首站之旅，造就多个"高光时刻"。 "组合式"出击五粮液高频绽放"大版时刻" 作为中国文化的名片，五粮液是世博会的老朋友。 从1915年巴拿马万国博览会崭露头角，2015年闪耀米兰世博会，2020年迪拜世博会助力"华夏之光"绽放光彩，到2025年大阪世博会，五粮液已经携手世博 这一国际高端平台走过了110年。 今年的大阪世博会，五粮液更是"有备而来"，为全球观众带来多场精彩活动，充分展现中国传统文化、中国民族品牌的 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a total revenue of 89.175 billion yuan in 2024, representing a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% year-on-year [1][4]. - The company plans to distribute a cash dividend of 31.69 yuan per 10 shares, with a total cash dividend payout of 22.3 billion yuan, corresponding to a payout ratio of approximately 70% [1]. - The company is focusing on controlling inventory and maintaining prices for its flagship product, with a stable market price for its main brand [2]. Summary by Sections Financial Performance - In Q4 2024, total revenue was 21.26 billion yuan, a 2.53% increase year-on-year, while net profit decreased by 6.17% to 6.922 billion yuan [1]. - For Q1 2025, total revenue reached 36.94 billion yuan, up 6.05% year-on-year, and net profit increased by 5.8% to 14.86 billion yuan [1]. Product and Market Strategy - The main brand and other liquor revenues for 2024 were 67.875 billion yuan and 15.251 billion yuan, respectively, with year-on-year growth of 8.07% and 11.79% [2]. - The company has introduced new products and focused on high-end market segments, with a 30% increase in banquet market activities for the main brand [2]. Cost and Profitability - The gross margin for 2024 was 77.05%, with a slight increase from the previous year, while the net profit margin was 35.72% [3]. - Sales expenses increased significantly in 2024 due to higher investments in brand promotion and channel development [3]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 to 33.691 billion yuan and 35.896 billion yuan, respectively, reflecting a downward revision of 6.7% and 8.6% from previous estimates [4]. - The current stock price corresponds to a P/E ratio of 15 for 2025, indicating a favorable valuation [4].

Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment, but leading companies like Wuliangye continue to show robust performance with record revenue and net profit growth, marking ten consecutive years of such growth [1][4]. Financial Performance - In 2024, Wuliangye achieved operating revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit of 31.853 billion yuan, up 5.44% [4]. - For Q1 2025, the company reported operating revenue of 36.94 billion yuan, growing by 6.05%, and a net profit of 14.86 billion yuan, an increase of 5.8% [4]. - Wuliangye's revenue and net profit have consistently grown for ten years, outperforming the industry average during a period of declining production in the sector [4]. Strategic Initiatives - Wuliangye is focusing on a strategic approach of "grasping sales, stabilizing prices, improving efficiency, and changing work styles" to adapt to industry changes [3][8]. - The company has introduced innovative products, including new high-end offerings, to enhance its product structure and cater to emerging consumer segments [6][11]. Brand and Marketing - In 2024, Wuliangye's brand exposure exceeded 20 billion views through participation in major events like the CCTV Spring Festival Gala [7]. - The company is optimizing its distribution channels, increasing the number of distributors by 82 to a total of 2,652, and expanding its direct sales channels significantly [7][10]. Shareholder Returns - Wuliangye has implemented a "dividend + buyback" strategy, announcing a total dividend of 22.3 billion yuan for 2024, with a payout ratio of 70%, marking a significant increase from previous years [12][13]. - The company has a history of substantial cash dividends, totaling over 104.1 billion yuan since its IPO, which is 28 times its initial fundraising amount [12][13].

Core Viewpoint - Wuliangye reported its 2024 annual and 2025 Q1 financial results, showing a steady growth in revenue and net profit, indicating a robust operational strategy despite a competitive market environment [1][2][3] Financial Performance - In 2024, Wuliangye achieved a revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% [1] - For Q1 2025, the company reported a revenue of 36.94 billion yuan, reflecting a 6.05% year-on-year growth, with a net profit of 14.86 billion yuan, increasing by 5.8% [1][6] - The gross profit margin for liquor products exceeded 82% in 2024, marking a continuous increase since 2016, with Wuliangye's product gross margin reaching 87% [1][3] Product and Market Strategy - Wuliangye optimized its product system in 2024, focusing on a balanced pricing strategy and launching new products to meet diverse consumer needs [3] - The company reported a significant increase in sales volume, with liquor products achieving a total sales volume of 162,000 tons and an average price of approximately 513,200 yuan per ton [3] - The revenue from series liquor products reached 15.251 billion yuan, a year-on-year increase of 11.79% [3] Channel Development - Wuliangye emphasized enhancing its distribution channels, achieving a 12.89% year-on-year growth in direct sales channels, which now account for about 40% of total revenue [4] - The company added 16,000 core terminal points and 138 new specialty stores, optimizing its traditional channel structure [4] Contract Liabilities and Cash Flow - As of the end of 2024, Wuliangye's contract liabilities reached 11.69 billion yuan, a year-on-year increase of 70.3%, indicating strong market confidence [5][7] - The company reported a cash flow of 138.55 billion yuan and a significant increase in contract liabilities, both reaching historical highs [7] Shareholder Returns - Wuliangye announced a total cash dividend of 22.301 billion yuan for 2024, with a dividend payout ratio of 70%, the highest in recent years [7]