活动亮点纷呈 两城共谱酒香新篇 活动现场，日中友好会馆、中国驻日机构、日本政经界相关代表、亳州市政府代表团、日本徽商协会代 表、古井代表团与媒体嘉宾齐聚一堂，以一杯 "中国酿"年份原浆古20 为纽带，共同见证这场联结亳州 与东京的跨国经贸文化交流盛事。 9月28日，亳州-东京经贸合作交流会暨古井贡酒・年份原浆中国酒文化全球巡礼（日本站）活动在日中 友好会馆盛大启幕。这也是古井贡酒继9月26日大阪世博会古井企业日圆满闭幕后，又一场在日本的品 牌推介盛会。 日本前首相鸠山由纪夫、日中友好会馆理事长小川正史，日中友好会馆中国代表理事黄星原，亳州市委 常委、副市长钟治峰，日中友好协会常务理事永田哲二，全日本华侨华人社团联合会执行会长张书明， 日本徽商协会会长黄平、安徽古井集团党委书记、董事长梁金辉等出席活动。 本次活动亮点纷呈，全面展现了华夏酒城亳州深厚酒文化与古井贡酒的国际化品牌魅力。活动外场，古 井贡酒调酒台精心准备以轻度古 20为底、混饮"欣肝保倍"酵素的鸡尾酒。嘉宾们在品鉴佳酿的同时， 观看古井六届世博酒文化展与国潮快闪节目，"千年贡酒 浓香万里"情景剧更以生动演绎，让千年贡酒 文化跃然眼前。 特别设置的亳州 ...

Core Viewpoint - The company reported a revenue of 23.58 billion yuan for 2024, a year-on-year increase of 16.4%, and a net profit attributable to shareholders of 5.52 billion yuan, up 20.2% year-on-year, with a dividend payout ratio of 57.5%, an increase of 5.7 percentage points year-on-year [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 4.51 billion yuan, a year-on-year increase of 4.9%, while the net profit attributable to shareholders was 770 million yuan, a decrease of 0.7% [1] - For Q1 2025, the company reported revenues and net profits of 9.15 billion yuan and 2.33 billion yuan, respectively, representing year-on-year increases of 10.4% and 12.8% [1] - The contract liabilities at the end of Q1 2025 were 3.67 billion yuan, an increase of 159 million yuan compared to the end of Q4 2024 [1] Group 2: Revenue Growth Analysis - The company focused on inventory control in Q4, leading to a stable but reduced growth rate. The revenue growth for the year was driven by the Year Original Series, Gujing Gongjiu, and Huanghelou, with increases of 17.3%, 11.2%, and 15.1% respectively [2] - The second half of 2024 saw a significant slowdown in growth rates for the Year Original Series, while Gujing Gongjiu benefited from the volume increase of products priced below 100 yuan [2] - Regional performance showed varied results, with North China, Central China, South China, and international markets growing by 7.4%, 17.8%, 11.2%, and 2.9% respectively for the year [2] Group 3: Profitability and Cash Flow - In Q1 2025, the gross profit margin decreased by 0.7 percentage points due to a shift in product mix, while the net profit margin increased by 0.5 percentage points [3] - The contract liabilities at the end of Q4 2024 increased by 81.6% to 3.52 billion yuan, indicating strong accumulation of resources for future growth [3] - The cash flow from operations showed a slight decline of 1.6% year-on-year in Q1 2025, but the contract liabilities increased by 4.5% compared to Q4 2024, aligning with revenue growth [3] Group 4: Strategic Focus - The company aims for stable growth in 2025 without setting specific growth targets, focusing on healthy operations and maintaining double-digit growth in Q1 2025 [4] - The product strategy includes enhancing the Gujing Gongjiu series and expanding the old porcelain and old glass products to drive additional revenue [4] - The company’s dividend payout ratio of 57.5% reflects its commitment to shareholder returns, enhancing its appeal to long-term investors [4] Group 5: Investment Outlook - The company is positioned for stable growth with a strong start in Q1 2025, and the valuation appears attractive with a projected EPS of 11.62 yuan for 2025, corresponding to a valuation of only 14 times [5] - The EPS forecasts for 2025 and 2026 have been adjusted to 11.62 and 12.98 yuan, respectively, with a new forecast for 2027 set at 14.53 yuan, maintaining a target price of 300 yuan [5]

公司研究 证 券 研 究 报 告 古井贡酒（000596）2024 年报及 2025 年一季报点评 强推（维持） Q1 实现开门红，稳健增长可期 事项： ❖ 公司发布 24 年报及 25 年一季报，24 年营收 235.8 亿元，同增 16.4%;归母净 利润 55.2 亿元，同增 20.2%，分红率达 57.5%，同比提升 5.7pcts;测算单 Q4 实 现营收 45.1 亿元，同增 4.9%;归母净利润 7.7 亿元，同减 0.7%。25Q1 营收/归 母净利润分别为 91.5/23.3 亿元，同比+10.4%/+12.8%。Q1 末合同负债 36.7 亿 元，环比 24Q4 末上升 1.59 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 23,578 | 26,086 | 28,813 | 31,758 | | 同比增速(%) | 16.4% | 10.6% | 10.5% | 10.2% | | 归母净利润( ...