WLY(000858) 第一财经·2025-04-26 23:53Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment, but leading companies like Wuliangye continue to show robust performance with record revenue and net profit growth, marking ten consecutive years of such growth [1][4]. Financial Performance - In 2024, Wuliangye achieved operating 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% [4]. - For Q1 2025, the company reported operating revenue of 36.94 billion yuan, growing by 6.05%, and a net profit of 14.86 billion yuan, an increase of 5.8% [4]. - Wuliangye's revenue and net profit have consistently grown for ten years, outperforming the industry average during a period of declining production in the sector [4]. Strategic Initiatives - Wuliangye is focusing on a strategic approach of "grasping sales, stabilizing prices, improving efficiency, and changing work styles" to adapt to industry changes [3][8]. - The company has introduced innovative products, including new high-end offerings, to enhance its product structure and cater to emerging consumer segments [6][11]. Brand and Marketing - In 2024, Wuliangye's brand exposure exceeded 20 billion views through participation in major events like the CCTV Spring Festival Gala [7]. - The company is optimizing its distribution channels, increasing the number of distributors by 82 to a total of 2,652, and expanding its direct sales channels significantly [7][10]. Shareholder Returns - Wuliangye has implemented a "dividend + buyback" strategy, announcing a total dividend of 22.3 billion yuan for 2024, with a payout ratio of 70%, marking a significant increase from previous years [12][13]. - The company has a history of substantial cash dividends, totaling over 104.1 billion yuan since its IPO, which is 28 times its initial fundraising amount [12][13].