在年报中五粮液方面解释称，白酒产业处于深度调整期，产业波动加大、存量竞争加剧。 2024年第一季度和第二季度，五粮液营业收入同比增长11.86%和10.08%，保持着双位数的增长。然而，第三季度、第四季度，五粮液营业收入仅增长 1.39%、2.53%，从而拖累了全年营收增幅。值得注意的是，2024年前三季度，五粮液净利润达249.31亿元，同比增长9.19%。第四季度，五粮液营业收入虽 在增长，但净利润却下降了6.17%，为69.22亿元。 | | | | benefit ( Print . Intent lieves | | | | | | --- | --- | --- | --- | --- | | | 2024 年 | 2023 年 | 本年比上年增减 | 2022年 | | 营业收入(元) | 89,175,178,322,70 | 83, 272, 067, 317, 19 | 7.09% | 73,968, 640, 704, 54 | | 归属于上市公司股东的 净利润(元) | 31,853, 172, 533. 98 | 30, 210, 585, 269, 30 | 5.44% | 26, ...

"万里长江第一城"宜宾，坐落着利川永、长发升、刘鼎兴等古老的白酒作坊，以这里为起点，香飘千年 的五粮液跨越山海、逐浪前行，销售覆盖全球多个国家和地区，不断向世界展现中国白酒和川酒浓香的 独特魅力。 近日，2025年大阪世博会正式开园。作为"2025年大阪世博会中国馆高级合作伙伴"，五粮液深度融入中 国馆展陈活动，通过一系列文化输出和创新表达，传递东方智慧与和美力量。 从1915年巴拿马万国博览会上崭露头角，到闪耀米兰世博会、迪拜世博会，再到如今深度融入2025年大 阪世博会，五粮液110年的世博之旅是中国白酒品牌从"产品出海"到"文化出海"的缩影，也是向世界持 续展现"大国浓香"开放包容、文明互鉴的生动体现。 在小编看来，五粮液通过"和合共生，美美与共"的全球视野和全球格局，在传承与创新的交融中，传递 出开放包容、共创美好的和美之音，更彰显出中国白酒品牌国际化表达的新范式。 深度融入世博会 推动"文化出海"价值跨越 据了解，本届世博会以"构想焕发生机的未来社会"为主题，共有158个国家和地区及7个国际组织参展。 其中，中国馆坐落于大阪世博园区的中心地带，以"天人合一""绿水青山""生生不息"为叙事脉络，展现 ...

（图源：五粮液供图，下同） 赓续世博情缘，五粮液飘香日本大阪。 4月13日，主题为"构想焕发生机的未来社会"的2025年日本大阪世界博览会（简称"大阪世博会"）在日 本大阪正式开园，共有158个国家和地区及7个国际组织参展。五粮液（000858.SZ）以"2025年大阪世博 会中国馆高级合作伙伴"身份亮相，成为首个正式亮相本届世博会中国馆的中国白酒品牌。 作为中国白酒及民族品牌典型代表，五粮液不仅通过展厅、快闪、授权米其林餐厅，文化经贸交流等形 式展现"大国浓香"之和美风采，还以酒为媒不断创新中华优秀传统文化的国际表达。在共同构建人与自 然生命共同体的理念指引下，以"和合共生"的东方哲学为纽带，将千年酿造智慧、绿色生态理念与全球 化战略深度融合。 某种意义上，这场横跨世纪的世博之约，不仅是中国白酒走向世界的缩影，更是五粮液在国际舞台上重 构品牌价值、引领行业变革的战略新章。 亮相世博会，以"和美"文化展示中国智慧 世博会作为世界各国推动文明交流互鉴和社会繁荣进步的重要平台，至今已有170余年历史，被誉为"全 球经济、科技、文化领域的奥林匹克盛会"。而五粮液与世博会的渊源，可追溯至110年前。 1915年，五粮 ...

J P M O R G A N Asia Pacific Equity Research 27 April 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Wuliangye - A 2024 sales up 7.1% yoy at expense of relaxing credit & rising rebates to distributors; 2025 sales target of c5% (in line with GDP growth) ...

4月25日晚间，五粮液发布了2024年年报。数据显示，2024年，五粮液实现营业收入891.75亿元，同比 增长7.09%；归母净利润318.53亿元，同比增长5.44%；经营活动产生的现金流量净额339.4亿元，下降 了18.69%。 值得注意的是，五粮液2024年的营收增速、净利润增速和扣非后归母净利润增速，均跌到了个位数。 五粮液称，在五粮液产品方面，公司去年紧扣"抓动销、稳价格、提费效、转作风"方针，持续提升五粮 液品牌市场地位。在五粮浓香产品方面，2024年，五粮浓香公司坚持"三性一度""三个聚焦"原则，打造 五粮春、五粮醇、五粮特头曲、尖庄大单品，稳步推进各项工作。 在品牌营销方面，2024年，五粮液深度参与央视春晚秋晚、巴黎奥运会等重大活动，联合打造和美之夜 特别晚会；与湖南卫视合作《中餐厅》《歌手》等高热度节目；持续占位博鳌亚洲论坛、APEC等高端 平台活动。 在发布年报的同日，五粮液还发布了2025年第一季度财报：实现营收369.4亿元，同比增长6.05%；归母 净利润为148.6亿元，同比增长5.8%。 五粮液称，2025年主要发展目标是，巩固和增强稳健发展态势，推动品牌价值和市场份额双提 ...

Group 1 - Five Star Liquor has become the first Chinese liquor brand to officially appear at the 2025 Osaka World Expo, marking its entry into a high-profile international platform [1] - The company launched its "Harmony Global Tour" from the Osaka Expo, which includes the opening of its first overseas authorized experience restaurant in Tokyo and a series of cultural exchange activities [1][8] - The brand emphasizes its commitment to showcasing Chinese culture and wisdom through its participation in the Expo, aligning with the Expo's theme of "Envisioning a Lively Future Society" [3][5] Group 2 - The Osaka Expo features 158 countries and regions, with the China Pavilion focusing on themes of "Harmony between Man and Nature" and "Sustainable Development" [3] - Five Star Liquor's traditional brewing technique, known as the "1366" process, reflects a philosophy of ecological wisdom and balance with nature, resonating with the Expo's themes [5] - The company aims to deepen its international presence and promote Chinese liquor culture through various promotional activities during the Expo [7][17] Group 3 - The company has introduced a limited-time experience store at the Expo, featuring innovative cross-border products like cocktails and white liquor coffee, targeting younger consumers [12] - Five Star Liquor's international strategy includes a focus on the Japanese market, where there is a growing demand for high-quality Chinese liquor [10][12] - The brand's participation in the Expo is part of a broader strategy to enhance its cultural outreach and engage in meaningful dialogues with global consumers [8][17] Group 4 - The company supports cultural initiatives such as the "Panda Partners Global Tour" to promote Chinese culture and the unique qualities of its products [15] - Five Star Liquor aims to create a global "community of shared prosperity" through its "Harmony Global Tour," showcasing the richness of Chinese brewing culture [13][17] - The brand's internationalization efforts are driven by a dual strategy of "cultural export and local operation," enhancing its global footprint [17]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 139.84 CNY, based on a reasonable valuation level of 16 times the earnings per share (EPS) for 2025 [2][10]. Core Insights - The company's performance in Q1 2025 exceeded expectations, with revenue of 36.94 billion CNY, a year-on-year increase of 6.05%, and a net profit of 14.86 billion CNY, up 5.80% year-on-year [9]. - The potential of channel reform is underestimated, with a flat organizational structure enhancing market responsiveness. The company added 16,000 core terminals in 2024 and increased the number of specialty stores from 1,662 to 1,786 [9]. - The company achieved a dividend payout ratio of 70% in 2024, aligning with its commitment to shareholder returns [9]. Financial Forecasts - Revenue projections for 2025-2027 are 93.895 billion CNY, 101.898 billion CNY, and 108.848 billion CNY, respectively, with year-on-year growth rates of 5.3%, 8.5%, and 6.8% [3]. - The EPS estimates for 2025-2027 are 8.74 CNY, 9.63 CNY, and 10.39 CNY, respectively [2][10]. - The gross margin is expected to improve from 77.1% in 2024 to 78.4% in 2027 [3]. Market Performance - The company's stock price as of April 28, 2025, was 130.85 CNY, with a 52-week high of 175.22 CNY and a low of 104.23 CNY [4]. - The company has shown a relative performance of 0.48% over the past month, outperforming the Shanghai-Shenzhen 300 index by 1.62% [5].

Investment Rating - The investment rating for the company is "Buy" with a target price of 139.84 CNY, maintaining the rating based on the current valuation levels [2][10][4]. Core Views - The company's performance in Q1 2025 exceeded expectations, with revenue of 36.94 billion CNY, a year-on-year increase of 6.05%, and a net profit of 14.86 billion CNY, up 5.80% year-on-year. The main brand's revenue grew by 8.07% to 67.88 billion CNY, while series liquor revenue increased by 11.79% to 15.25 billion CNY [9]. - The potential of channel reform is underestimated, with a flat organizational structure enhancing market responsiveness. The company added 16,000 core terminals in 2024 and increased the number of specialty stores from 1,662 to 1,786 [9]. - The company achieved a dividend payout ratio of 70% in 2024, aligning with its commitment to shareholder returns, and aims to enhance market share in 2025 [9]. Financial Forecasts and Investment Recommendations - Revenue forecasts for 2025-2026 have been adjusted downwards, while gross margin and sales expense ratios have been revised upwards. The expected EPS for 2025-2027 is 8.74 CNY, 9.63 CNY, and 10.39 CNY respectively [2][10]. - The company’s reasonable valuation level is estimated at a 16x P/E ratio for 2025, corresponding to the target price of 139.84 CNY [2][10]. - The financial performance metrics indicate a projected revenue of 93.90 billion CNY in 2025, with a year-on-year growth of 5.3% [3].

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, exceeding expectations with revenue and net profit growth [1][3] Financial Performance - For 2024, the company achieved revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% [1] - In Q1 2025, revenue reached 36.940 billion yuan, growing 6.05% year-on-year, while net profit attributable to shareholders was 14.860 billion yuan, an increase of 5.80% [1] - The gross profit margin for 2024 was 77.05%, up 1.26 percentage points year-on-year, while the net profit margin was 35.72%, down 0.56 percentage points [3] Brand and Market Performance - The main brand, Wuliangye, generated revenue of 67.875 billion yuan in 2024, reflecting an 8.07% increase, while series liquor revenue was 15.251 billion yuan, up 11.79% [1] - The company saw a 30% increase in banquet activities for the main brand and a 52% increase for fragrant liquor banquet activities [1] Channel Reform and Organizational Structure - The company is undergoing channel reforms, with a flat organizational structure enhancing market responsiveness [2] - Revenue from the eastern region was 31.290 billion yuan, up 9.75%, while the southern region saw 39.336 billion yuan, a 12.65% increase; however, the northern region experienced a decline of 3.98% [2] - The company added 16,000 core terminals in 2024 and increased the number of specialty stores from 1,662 to 1,786 [2] Dividend Policy and Future Outlook - The total cash dividend for 2024 was 22.3 billion yuan, representing approximately 70.01% of the net profit, aligning with the company's commitment [3] - The company aims to enhance market share in 2025, targeting revenue growth in line with macroeconomic indicators [3] - EPS forecasts for 2025-2027 are adjusted to 8.74, 9.63, and 10.39 yuan, respectively, with a target price of 139.84 yuan based on a 16x P/E ratio for 2025 [3]

Core Insights - The 2025 Osaka World Expo, themed "Envisioning a Future Society," will showcase Wuliangye as a senior partner of the China Pavilion, highlighting its role in promoting Chinese baijiu on a global stage [1][3] - Wuliangye's participation includes launching the "Harmony Global Tour," which aims to express cultural, brand, and product innovations, showcasing the company's commitment to ecological civilization and Eastern wisdom [1][3] Group 1: Brand Positioning and International Engagement - Wuliangye has been recognized as the "Senior Partner of the China Pavilion" at the Osaka Expo, marking its first official appearance as a Chinese baijiu brand at this international event [3] - The company is leveraging its participation to enhance its brand influence and expand business cooperation through various activities, including the "Panda Partners Global Tour" and cultural exhibitions [3][6] - Wuliangye's marketing initiatives in Japan, such as the "Wuliangye Expo Season" campaign, are designed to boost brand recognition and consumer engagement through promotions and collaborations with restaurants [4][6] Group 2: Innovative Marketing Strategies - The establishment of the first overseas authorized experience restaurant, "Piao Xiang," in Tokyo signifies Wuliangye's entry into the international high-end dining sector, enhancing its cultural experience offerings [6] - Wuliangye has introduced a pop-up experience store at the Osaka Expo, featuring innovative cocktails and interactive activities to engage younger audiences and redefine baijiu consumption [7] - The company's strategic initiatives reflect a shift from merely exporting products to fostering cultural exchange and value integration on a global scale [7][8]