WLY(000858) 新浪财经·2025-04-27 00:49Core Insights - The company reported a total revenue of 89.175 billion yuan for 2024, marking a year-on-year growth of 7.09% [2] - Net profit attributable to shareholders reached 31.853 billion yuan, reflecting a 5.44% increase compared to the previous year [3] - Significant increases in sales expenses and a decline in net cash flow from operating activities are noteworthy concerns for investors [1][10] Revenue and Profit - The core liquor business generated 83.127 billion yuan, accounting for 93.22% of total revenue, with an 8.74% year-on-year growth [2] - Revenue from the southern region grew by 12.65% to 39.336 billion yuan, while the northern region saw a decline of 3.98% [2][3] Profitability - The company's net profit was 31.853 billion yuan, up 5.44% from 30.211 billion yuan last year, with a return on equity of 23.35% [3] - Basic earnings per share increased to 8.2062 yuan, reflecting a 5.44% growth [3] Expense Analysis - Sales expenses surged by 37.15% to 10.692 billion yuan, driven by increased market investments [4][5] - Management expenses grew by 7.10% to 3.555 billion yuan, indicating stable operational cost control [6] Cash Flow Analysis - Net cash flow from operating activities decreased by 18.69% to 33.940 billion yuan, influenced by a 2.65% drop in cash inflows [10][11] - Cash outflows from financing activities increased by 20.78% to 19.714 billion yuan, primarily due to higher dividend payments [13]