2025 年公司已推出详细的发展规划，即横下“一条心”，狠抓“两条线”，落实“三个作为”。其中，“一条心”即一心一意为客户，坚持“用户为先”的理念；“两条线”即产品线和人才线，要不断做大基本盘，持续拓展新版图；“三个作为”即公司作为、客户作为、个人作为，要共同推动古井事业健康发展。Incidents:
On December 30, the company announced the 2024 mid-term profit distribution plan. Based on confidence in the company's future sustainable development, in order to enhance the company's investment value, share the high-quality development results of the company's operations with investors, and effectively fulfill its social responsibilities, on the premise of ensuring the company's continued steady operation and long-term development, the company formulated the 2024 mid-term profit distribution plan as follows: the company plans to distribute RMB 10.00 (tax included) for every 10 shares based on the total share capital of 528,600,000 shares on September 30, 2024. All distributed profits are carried forward to the next year.
24 years of performance reached a new high, and 25 years of progress towards higher goals. On December 26, the company held a global dealer conference for Gujing Gongjiu and Vintage Puree in Shanghai. Chairman Liang Jinhui said at the conference that in 2024, in addition to a new high level of performance, Furui also achieved a series of achievements: continuous improvement in brand influence, new sales results, steady improvement in product quality, and continuous improvement in terms of conduct. 2025 is the end year of the “14th Five-Year Plan” and the beginning of the “15th Five-Year Plan”. Furui needs to change his style of work, strong management, and full marketing to overcome difficulties and ensure the achievement of annual goals and the steady development of Furui.
In 2025, the company introduced a detailed development plan, that is, lay down “one heart”, pay close attention to the “two lines”, and implement the “three actions”. Among them, “one heart” means being dedicated to the customer and adhering to the concept of “customer first”; “two lines”, the product line and talent line, must continuously expand the basic market and continue to expand the new layout; and the “three actions”, that is, as a company, as a customer, and as individuals, must jointly promote the healthy development of Furui's business.
Considering the relatively weak overall demand, we lowered the company's profit forecast slightly. The company's revenue for 24-26 is 23.92/26.95/29.97 billion yuan (previous values were 23.96/28.16/32.68 billion yuan, respectively), and net profit to mother is 5.55/6.46/7.35 billion yuan (previous values were 5.57/6.91/8.39 billion yuan, respectively), and the corresponding PE is 16.5X/14.2X/12.5X to maintain “buy” “Enter” rating.
Risk warning: Industry competition intensifies; consumer demand falls short of expectations; promotion of nationalization falls short of expectations; promotion of high-end products falls short of expectations.
