Core Viewpoint - In the context of overall pressure in the liquor industry, Shanxi Fenjiu has achieved double-digit growth in both revenue and net profit, making it one of the few liquor companies to do so in 2024, with a revenue of 36.01 billion yuan, up 12.8%, and a net profit of 12.24 billion yuan, up 17.3% [1] Group 1: Financial Performance - In 2024, Fenjiu maintained a high-quality growth trend despite the overall poor performance of the liquor industry, with a production and sales rate of 95.96% and positive growth in production, sales, and inventory [3] - The revenue from mid-to-high-end liquor (priced at 130 yuan per liter and above) increased by 14.4% to 26.53 billion yuan, accounting for 74% of total revenue, with a gross margin rising to 84.5% [3] - The revenue from other liquor categories (priced below 130 yuan per liter) increased by 9.4% to 9.34 billion yuan, nearing 10 billion yuan in sales [4] Group 2: Strategic Initiatives - Fenjiu has implemented a "Revitalization Program" strategy, focusing on brand upgrades, channel reforms, and cultural empowerment, which has built a core competitive advantage that stands out during industry adjustments [1][6] - The company is transitioning from a "land grab" phase to a "deep-rooted" phase in its national expansion strategy, focusing on key economic circles and penetrating county-level markets [8] - Fenjiu's cultural empowerment strategy includes creating experiences that allow consumers to appreciate Fenjiu culture and enhancing brand image through modern design and storytelling [9] Group 3: Market Positioning - Fenjiu's national revenue growth outpaced local growth, with provincial sales reaching 13.5 billion yuan, up 11.7%, and provincial sales accounting for 62.37% of total sales [4] - The company aims to balance traditional heritage with innovative expressions to appeal to younger consumers, focusing on low-alcohol products and cultural marketing [8] - The brand is expected to solidify its position among the top three in the industry and lead the fragrance category from "category heat" to "industry strength" [9]

Core Viewpoint - The liquor market in 2024 faces challenges such as "consumer fatigue," "price inversion," and "high inventory pressure," yet Shanxi Fenjiu (600809) stands out with impressive performance, showcasing strong market competitiveness and resilience amid industry adjustments [1] Financial Performance - In 2024, Shanxi Fenjiu achieved a revenue of 36.011 billion yuan, a year-on-year increase of 12.79% - The net profit attributable to shareholders reached 12.243 billion yuan, growing by 17.29% - For Q1 2025, the company reported a revenue of 16.522 billion yuan, up 7.72%, and a net profit of 6.648 billion yuan, increasing by 6.15% [1] Product Strategy - The company's product strategy focuses on optimizing product structure through "grasping Qinghua, strengthening the waist, and stabilizing glass Fen," leading to clear product positioning and strong synergy [2] - The flagship product, Glass Fen, maintains a dominant position in the light bottle liquor market, with over 200 million bottles sold annually, over 50% of which are purchased by the post-90s demographic [2] - The Old White Fen product is positioned as a key growth driver in the mid-range liquor market, contributing stable revenue growth [3] - The Qinghua Fen series accounted for over 50% of revenue in 2024, marking significant progress in the company's high-end strategy [3] Global Expansion - In 2024, the number of distributors reached 4,553, with 51 distributors generating over 100 million yuan in sales, supporting both domestic and global market expansion [5] - Sales in Shanxi reached 13.5 billion yuan, up 11.72%, while sales outside Shanxi surged to 22.374 billion yuan, a 13.81% increase, indicating successful transformation into a national liquor giant [6] - The company has established a presence in over 60 countries, with a 35% increase in export revenue in 2024 [7] Brand Development - Shanxi Fenjiu enhances brand value through diverse marketing strategies and cultural promotion, achieving a 24.4% increase in brand value, ranking it among the top in the liquor industry [9] - The launch of Qinghua 26 fills a price gap in the Qinghua series, further strengthening its competitive edge [9] - The company actively engages in digital marketing initiatives to improve efficiency and effectiveness [10] ESG Initiatives - The company integrates ESG principles into its development strategy, focusing on green production, social responsibility, and corporate governance [11][12] - Efforts include optimizing production processes to reduce energy consumption and pollution, as well as participating in rural revitalization initiatives [12] Future Outlook - Analysts predict that Shanxi Fenjiu will continue to release growth potential through optimized product structure, global market expansion, and enhanced brand value [12][13] - The company aims to deepen the high-end process of the Qinghua series and expand its market share in emerging and mature markets [12]

Core Viewpoint - Shanxi Fenjiu achieved significant growth in 2024, with revenue reaching 36.011 billion yuan, a year-on-year increase of 12.79%, and net profit of 12.243 billion yuan, up 17.29%, solidifying its position among the top three in the industry [1][3]. Group 1: Performance Resilience - In 2024, despite being in an industry adjustment cycle, the company optimized its product and market structure, resulting in double-digit growth in revenue and net profit [3]. - High-end liquor sales contributed significantly, with revenue from mid-to-high-end products reaching 26.532 billion yuan, a 14.35% increase, accounting for 73.68% of total revenue [3]. - The Qinghua Fen series remains a strategic focus, with the launch of "Qinghua Fenjiu 26·Revival" aimed at expanding market reach [3]. Group 2: Market Expansion - Revenue from markets outside Shanxi reached 22.374 billion yuan, growing by 13.81% [4]. - The number of external distributors increased to 3,718, adding 598 new distributors during the reporting period, supporting the company's national expansion strategy [4]. Group 3: Brand Empowerment - The company emphasizes cultural integration as a key advantage, launching various cultural initiatives and collaborations to engage with consumers [5]. - The "Youngization 1.0 Strategy" will be fully implemented by 2025, aiming to attract younger demographics and reshape the narrative of Chinese liquor [5]. Group 4: Sustainable Development - The company plans to maintain steady revenue growth and integrate ESG principles into its revival strategy, focusing on green, low-carbon, and high-quality development [7]. - The release of the 2024 ESG report highlights the commitment to environmental, social, and governance responsibilities as part of the company's growth strategy [7].

白酒深度调整期，山西汾酒延续了"汾酒速度"，交出了一份逆势上扬的成绩单。 4月3 0日，山西汾酒披露2 0 2 4年年度报告和2 0 2 5年一季度报。财报显示，2 0 2 4年全年汾酒实 现 营 业 收 入 3 6 0 . 11 亿 元 ， 同 比 增 长 1 2 . 7 9% ， 稳 居 行 业 前 三 ； 归 属 于 上 市 公 司 股 东 的 净 利 润 1 2 2 . 4 3亿元，同比增长1 7 . 2 9%。 2 0 2 5年一季度也表现不俗，营业收入1 6 5 . 2 2亿元，同比增长7 . 7 2%，净利润6 6 . 4 8亿元，同比 增长6 . 1 5%。 2 0 2 4年的白酒行业，饱受"产能过剩" "价格倒挂" "库存高压"的压力。当多数酒企承受阵痛之 时，山西汾酒营收与净利润双增长的成绩，颇为不易。 穿越周期的韧性背后，是汾酒通过产品结构、市场等维度的坚实筑基，实现高端化及全国化 布局的进一步突围。随着清香型白酒不断攀高，市场持续扩容，在汾酒的带领下，清香大时 代已全面开启。 高端产品成功卡位 玻汾稳固"霸主地位" 在市场持续消化能力不足，营销刺激效果减弱，渠道库存压力增大，产品动销频 ...

Core Insights - Shanxi Fenjiu reported a dual growth in revenue and net profit for 2024, achieving a revenue of 36.011 billion yuan, a year-on-year increase of 12.79%, and a net profit of 12.243 billion yuan, up 17.29% [2][3] - The company’s performance reflects its successful high-end strategy and national expansion efforts, indicating a strong momentum in the premium liquor market [2][6] Financial Performance - In Q1 2025, Shanxi Fenjiu recorded a revenue of 16.522 billion yuan, a 7.72% increase year-on-year, and a net profit of 6.648 billion yuan, up 6.15% [2] - The proportion of mid-to-high-end products increased to 73.97%, driven by the company's strategy of focusing on premium offerings [4][5] Market Strategy - The company’s strategy includes enhancing the sales of its core products, particularly the Qinghua Fen series, which saw a revenue increase of 14.35% to 26.532 billion yuan in 2024 [5] - The company has established a robust dealer network with 4,553 dealers, including 57 dealers with over 100 million yuan in sales, facilitating its national expansion [6] Brand Value and Marketing - Shanxi Fenjiu achieved a 24.4% increase in brand value, ranking first among liquor companies in China, reflecting effective marketing strategies [7] - The marketing expenses for 2024 were 3.726 billion yuan, with a marketing efficiency ratio of 10.35%, showcasing the effectiveness of its digital marketing initiatives [7] Industry Context - The white liquor industry in 2024 faced challenges such as "consumer fatigue" and "high inventory," yet Shanxi Fenjiu managed to accelerate its growth, demonstrating resilience [3][6] - The company’s performance is indicative of a broader trend in the liquor industry, where premium brands are gaining market share amid increasing consumer demand for high-quality products [2][4]