在行业调整期内，国窖1573坚持"价在量先"的策略，高度国窖酒价格稳定，彰显出坚实的品牌力和价盘 掌控力。 面对行业深度调整期的挑战，泸州老窖（000568）正以"稳中求进"的战略定力与"以消费者为中心"的创 新思维，展现出龙头企业穿越周期的韧性与发展智慧。 10月30日，泸州老窖（000568）发布2025年三季报。前三季度，泸州老窖实现营收231.27亿元，归母净 利润107.62亿元。 泸州老窖指挥中心 图片来源：公司供图 2025年，中国白酒行业在"量减质升"的调整期中持续演进，市场竞争格局加速重构。作为行业龙头企 业，泸州老窖凭借其强大的品牌底蕴、清晰的产品矩阵以及深度的数智化转型，在这场行业排位赛中展 现出国有龙头企业的抗周期能力与发展韧性。 在行业整体承压的背景下，泸州老窖业绩基本盘依然稳固，前三季度经营活动产生的现金流量净额达到 98.23亿元，持续保持充沛状态。 与此同时，泸州老窖延续高分红政策，公司已公布2024—2026年股东分红回报规划，未来三年现金分红 比例将逐年提升，分别不低于65%、70%和75%，且绝对额均不低于85亿元。这体现了公司对股东回报 的高度重视，反映出管理层对未来现 ...

Core Viewpoint - Luzhou Laojiao demonstrates resilience and strategic determination in the face of a deep adjustment in the liquor industry, focusing on high dividend policies, digital transformation, and product innovation to build a robust response to market challenges [1][10]. Financial Performance - In the first half of 2025, Luzhou Laojiao achieved operating revenue of 16.454 billion yuan and a net profit attributable to shareholders of 7.663 billion yuan, with net cash flow from operating activities reaching 6.064 billion yuan [1]. Strategic Positioning - The company emphasizes a "steady progress" approach, focusing on core liquor business, optimizing product structure, and implementing digital transformation to accumulate energy for the industry's recovery cycle [2][10]. - Luzhou Laojiao's management showcases clear strategic awareness and determination, avoiding blind expansion and prioritizing quality and efficiency [2]. Brand Development - Luzhou Laojiao enhances brand influence through strategic partnerships with high-end cultural and sports events, such as its long-term collaboration with the Australian Open, significantly boosting its international brand recognition [3][5]. - The company launched the "Jiao Master Festival" to strengthen emotional connections with core consumer groups, attracting younger demographics and enhancing brand asset value [3][9]. Dividend Policy - The company continues to implement a high dividend policy, with a commitment to increase the dividend payout ratio to no less than 65%, 70%, and 75% over the next three years, ensuring a minimum absolute amount of 8.5 billion yuan (including tax) [6][7]. - Luzhou Laojiao's high dividend strategy provides a safety margin for investors, with an expected dividend yield of over 6% based on current stock prices [6]. Digital Transformation and Product Innovation - The company is at the forefront of digital transformation, utilizing a "five-in-one" smart management system to enhance sales efficiency and precision marketing [8][9]. - Luzhou Laojiao is expanding into the low-alcohol market, with the 38-degree Guojiao 1573 accounting for nearly 50% of revenue, and has successfully developed a 28-degree version to diversify its product offerings [8][9]. Market Outlook - As the liquor industry undergoes a deep adjustment, Luzhou Laojiao is well-positioned to consolidate its market position and achieve high-quality development, benefiting from its strategic layout and brand advantages [5][10].

Core Viewpoint - Luzhou Laojiao's 2024 performance shows a slowdown in revenue and profit growth, with a focus on adapting to market changes and consumer demands, particularly among younger demographics [3][4]. Financial Performance - In 2024, Luzhou Laojiao achieved revenue of approximately 31.196 billion yuan, a year-on-year increase of 3.19%, and a net profit attributable to shareholders of about 13.473 billion yuan, up 1.71% [3]. - The fourth quarter revenue was around 6.893 billion yuan, with a net profit of approximately 1.88 billion yuan, showing a decline compared to the same period last year [3]. Market Dynamics - The liquor industry is transitioning from a phase of rapid growth to one of quality and sustainability, with increased competition and market differentiation [4]. - Luzhou Laojiao has set a goal for 2025 to achieve stable revenue growth amidst a challenging market environment characterized by high inventory and price discrepancies [4]. Inventory and Channel Management - The company maintains normal supply channels and has prepared adequately for the upcoming Dragon Boat Festival sales, despite previous media reports suggesting a halt in order acceptance [5]. - Luzhou Laojiao collaborates closely with distributors to adjust sales targets and market policies dynamically, ensuring a reasonable profit margin for clients and promoting healthy market development [4][5]. Digital Transformation - The company is undergoing significant digital reforms, shifting from a channel-driven sales strategy to a consumer-focused approach, enhancing marketing capabilities through digital tools [5]. - Concerns regarding the diminishing marginal effects of digital marketing strategies have been acknowledged, with the company emphasizing the importance of management system innovation [5]. Youth Engagement and Product Innovation - Luzhou Laojiao is actively developing products that cater to younger consumers, including innovative and cross-border collaboration products, with the "Three-Body" science fiction-themed liquor set to launch in June [3][7]. - The company has engaged in various promotional activities across cultural, artistic, and sports domains to resonate with the younger generation [7][9].