WLY(SZ:000858)2024-05-27 06:41Industry Outlook - The industry continues to show steady growth, with a focus on leading brands, enterprises, and production areas, resulting in an increasing share of revenue and profit for top liquor companies [1] - The trend of "stronger becoming stronger" is evident, with structural growth being the main theme for high-quality industry development [1] 2024 Business Goals - The company aims to maintain a balance between current growth and long-term development, seizing favorable opportunities to enhance stable growth [1] Brand Development - The company will focus on enhancing value and reputation through brand culture initiatives, optimizing communication methods, and innovating storytelling around the "Happiness Five Series" [2] - Collaboration with national and international media will be deepened, and new communication methods appealing to younger consumers will be adopted [2] Sales Strategy Product Development - The company has established a "1+3" product system, including generational series, vintage series, ancient cellar series, and cultural custom series [2] - New products, including 45° and 68° versions of Wuliangye, will be launched to cover a range of alcohol degrees [2][3] - The company will continue to strengthen the core position of the 8th generation Wuliangye and optimize the product supply to maintain competitive advantages in the price range [3] Market Expansion - The company plans to increase market investment for 1618 and 39° Wuliangye to capture market share in the 1000+ price segment [3] - Focus will be placed on enhancing the quality management and consumer education for the 45° and 68° products, targeting specific consumer demographics [3] Construction and Innovation Ongoing Projects - The 100,000-ton ecological brewing project (Phase I) began in December 2023, with Phase II expected to start brewing by December 2024 [4] - Various capacity enhancement projects are underway, including automated grain processing and intelligent storage facilities [4] Technological Innovation - The company has maintained its leading position in technological innovation, achieving significant awards and publishing high-level research papers [4] Cost Management - The company has implemented comprehensive budget management, achieving a reduction in operating cost rate by 0.37 percentage points and management expense rate by 0.16 percentage points in 2023 [4] Dividend Policy - The company has distributed a total of 76 billion CNY in cash dividends since its listing, with a dividend rate exceeding 50% for eight consecutive years [5] - The proposed dividend for 2023 is 18.1 billion CNY, with a dividend rate of 60%, marking a historical high [5]