Core Viewpoint - The recent leaked shareholder meeting materials of Sichuan Jian Nan Chun Co., Ltd. have raised questions about the company's actual operating status and future prospects, highlighting its struggles to regain past glory in the competitive liquor market [1][3]. Financial Performance - In 2024, Jian Nan Chun is projected to achieve revenue of 10.66 billion yuan, a year-on-year increase of 14.9%, with liquor sales contributing 10.53 billion yuan, up 15.4%. The net profit attributable to shareholders is expected to reach 2.06 billion yuan, growing by 17.9% [3]. - In 2023, Jian Nan Chun reported revenue of 9.28 billion yuan, reflecting a year-on-year growth of 19.58% [3]. Challenges and Goals - Jian Nan Chun aims to reach a revenue target of 30 billion yuan by 2025, a goal that appears increasingly unattainable given its current performance and market conditions [4]. - The company ranked 25th in the 2024 Sichuan Province's top 100 private enterprises with a revenue of 16.94 billion yuan, showing a modest growth rate of 3.74% [4]. Market Position and Competition - Jian Nan Chun's market position has weakened, as evidenced by its absence from key industry events, indicating a decline in its competitive standing compared to leading brands like Moutai and Wuliangye [4][6]. - The company has invested significantly in expanding production capacity, including a 3 billion yuan investment in the Datang National Liquor Ecological Park project, but faces challenges in a saturated market where demand is not keeping pace with supply [6]. Product Dependency and Pricing Issues - The core product, "Crystal Sword," remains a significant revenue driver, accounting for over 70% of total sales, but faces intense competition in the 400 yuan price range [7][9]. - Recent pricing pressures have led to significant discounts on "Crystal Sword" in e-commerce platforms, undermining brand value and creating challenges for the distribution network [9]. Historical Challenges and Future Outlook - Jian Nan Chun has struggled with historical issues, including management instability and missed opportunities for growth, which have hindered its ability to capitalize on market recovery [10][12]. - The company has proposed an aggressive dividend plan, distributing 3 billion yuan, which raises concerns about prioritizing family financial needs over strategic investments for growth [12][13].