WLY(000858) 财经网·2025-04-26 10:46Core Viewpoint - The company is navigating a deep adjustment period in the liquor industry by implementing marketing reforms and reducing supply to enhance profitability for merchants, aiming for stable growth in both performance and market share in 2024 [1][3]. Financial Performance - In 2023, the company achieved revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit of 31.853 billion yuan, up 5.44% [1]. - For Q1 2024, revenue grew by 6.05% to 36.94 billion yuan, with net profit increasing by 5.80% to 14.86 billion yuan [4]. Marketing Strategy - The company has designated 2025 as the year for enhancing marketing execution, focusing on balancing volume and price, optimizing channels, cultivating consumption, promoting the brand, and taking industry responsibility [3]. - A significant marketing reform includes a flat management structure for 27 marketing regions and a focus on performance assessment and role suitability within the marketing team [3]. Supply Chain Adjustments - The company is reducing dealer quotas by approximately 15%-25% to align with actual sales capabilities, which helps mitigate the motivation for low-price sales and channel conflicts [4]. - The reduction in traditional channel quotas allows for better management of pricing and inventory, with a focus on direct sales to consumers [4]. Product Innovation - The company plans to launch 17 new product series targeting various consumption scenarios, including banquets and gifts, to stimulate demand and drive growth [6]. - Recent upgrades to cultural products aim to meet the increasing consumer demand for cultural and artistic value [6]. Market Positioning - The company is actively enhancing its recognition in the wedding market and has seen growth in business banquet demand, particularly in the engineering machinery sector [7]. - The brand's marketing efforts during the Spring Festival and collaborations with major media have significantly increased brand visibility and consumer engagement [8]. Industry Context - The liquor industry is experiencing intensified competition and structural changes, but it remains on a steady growth trajectory with good resilience and growth potential [5]. - The company emphasizes the importance of maintaining relationships with distributors and creating new market opportunities rather than succumbing to competitive pressures [10].