摩根大通：五粮液-2024 年销售额同比增长 7.1%，靠放宽信贷及提高经销商返利实现；2025 年销售目标约 5%（与 GDP 增速相符）；评级中性

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) ...