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As of now, most A-share listed companies have disclosed their annual reports, including those in the liquor sector. Liquor stocks, which previously outperformed the property market with high growth rates, have they managed to surpass the broader market this time? According to Wind data, by 21:00 on April 29, 5,304 A-share listed companies had released their 2024 annual reports, with 3,523 (66.42%) reporting profits and 1,019 (19.21%) achieving net profit growth exceeding 20%. 

Wind data shows that in 2024, A-share listed liquor companies generated total operating revenue of 442.227 billion yuan, up 2.28% year-on-year, and net profit attributable to shareholders of 166.631 billion yuan, a 4.32% increase. From an industrial structure perspective, the A-share market is undergoing optimization, with emerging industries becoming new engines of economic growth, demonstrating strong innovation and transformation capabilities. For instance, the new energy-led automotive sector and electronics industry posted revenues of 3.9 trillion yuan (+6.72% YoY) and 3.47 trillion yuan (+17.33% YoY), respectively, with net profits rising by 11.16% (150.86 billion yuan) and 35.18% (137.368 billion yuan). These growth rates significantly outpace those of the liquor sector. 

Take BYD as an example: its 2024 revenue reached 777.102 billion yuan (+29.02% YoY), with net profit attributable to parent company shareholders surging 34.0% to 40.254 billion yuan. In contrast, Kweichow Moutai, a leader in the liquor industry, lagged far behind in terms of revenue scale and growth rates. Industry experts note that while liquor companies are exploring innovation, diversifying products, and expanding into sectors like cultural tourism and low-alcohol beverages, the industry remains largely traditional, with slower innovation and limited structural upgrades. Liquor stocks prioritize "stability," but lack the high-growth momentum seen in emerging industries. 

In terms of profitability, liquor stocks also underperformed the broader market. While 19.21% of all A-share companies achieved net profit growth exceeding 20%, only three liquor companies—Gujing Gongjiu, Shunxin Agriculture, and Huangtai Wine—surpassed this threshold (with the latter two being special cases). This translates to a mere 1.5% of liquor companies exceeding 20% net profit growth, far below the A-share average. 

Finally, regarding internationalization, the liquor industry’s exports are growing but remain modest. Data from the China Chamber of Commerce for Import and Export of Foodstuffs, Native Produce, and Animal By-Products shows that in 2024, liquor exports reached $970 million (+20.4% YoY), with export volume rising 6.3% to 16.42 million liters and average export prices climbing 13.3% to $59.0 per liter. In comparison, A-share companies collectively generated 8.98 trillion yuan in overseas revenue (+3.89% YoY), with some relying on exports to drive growth. While liquor companies are actively seeking overseas opportunities, their global expansion remains in its early stages, leaving significant room for growth compared to the broader market.