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ZJLD Group FY2024 Performance Shows High-Quality and Stable Development with a Remarkable 116.3% Surge in Operating Cash Flow

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Steadfastly Implements High-Quality Development Strategies and Optimize Channel Structures with a Focus on Global Market Expansion

HONG KONG SAR – Media OutReach Neswire – 21 March 2025 – ZJLD Group Inc. (“ZJLD” or the “Company”, together with the Company’s subsidiaries, collectively the “Group”) (SEHK stock code: 06979. HK), an outstanding representative in the Chinese baijiu industry and the first baijiu company listed in Hong Kong Stock Exchange, is pleased to announce its annual results for the fiscal year ended December 31, 2024 (“Fiscal Year 2024”, “FY2024” or the “Year”).

The key financial and business highlights are as follows:

FY 2024

(for the year ended December 31, 2024)

(RMB’000)

FY 2023

(for the year ended December 31, 2023)

(RMB’000)

Increased by
Revenue 7,066,784 7,030,467 0.5%
Gross profit 4,143,040 4,079,948 1.5%
Gross profit margin 58.6% 58.0% 0.6 percentage points
Net cash generated from/(used in) operating activities 781,003 361,226 116.3%
Adjusted net profit (non-IFRS measure) 1,676,275 1,622,602 3.3%
Adjusted net profit margin (non-IFRS measure) 23.7% 23.1% 0.6 percentage points
  • During the Year, the Group experienced a significant increase in net cash flow from operating activities, demonstrating a stable upward trend that reflects financial health and long-term resilience. In 2022, the Company reported negative net operating cash flow; however, with continuous optimization of business structures and successful implementation of market strategies, net operating cash flow rose to approximately RMB360 million in 2023 and further escalated to about RMB780 million in 2024. This remarkable leap signifies the Company’s steadily improving financial framework and robust operations, showcasing operational resilience and financial confidence, while also reflecting the market’s strong trust in its products and business model.

  • As the primary growth engine of the Group, the flagship brand, Zhenjiu, has maintained its position as the fourth-largest sauce-aroma baijiu brand in China for two consecutive years (2023 and 2024)[1]. Additionally, the influence and market positioning of its premium and above products have been further solidified. Since the second quarter of 2024, the demand in the baijiu consumption market has remained subdued. To proactively address intense competition in traditional distribution channels, Zhenjiu has steadfastly adhered to its “Dual-Channel Growth Strategy,” consolidating traditional distributor networks while actively exploring emerging customers characterized by high social engagement and frequent baijiu consumption. Despite facing cyclical industry adjustments and market pressures during the Year, the sales revenue of Zhenjiu’s premium baijiu business division achieved impressive double-digit growth. Thanks to that, the Zhenjiu brand recorded a total revenue of approximately RMB4,479.7 million, accounting for approximately 63.4% of the Group’s total revenue.

  • The Board of Directors has proposed a final dividend of HKD0.21 per share for the year ended December 31, 2024 (2023: HKD0.18 per ordinary share), amounting to a total of HKD711.61 million, reflecting a substantial increase of 16.7% compared to the Fiscal Year 2023.

Navigating Multiple Challenges Amid Industry Adjustments: Timely Strategic Adjustments for Breakthrough Opportunities

In 2024, the baijiu industry experienced a sustained decline in consumer demand starting from the second quarter, with sluggish market dynamics. The Group swiftly assessed risks and proactively implemented measures to control inventory and stabilize pricing, ensuring healthy channel stock levels while balancing growth momentum. By focusing on four core pillars – brand, base liquor, distribution channels, and team capabilities – the Group reinforced its foundation, fostered continuous innovation, and actively adjusted strategies to navigate cyclical industry changes while exploring and seizing potential growth opportunities.

The flagship brand, Zhenjiu, capitalized on its rapidly rising brand influence to develop a series of well-defined expansion initiatives, such as actively exploring broader consumption scenarios for baijiu beyond traditional business contexts. The brand also pursued cross-sector collaborations, aiming to create diversified consumption scenarios and growth drivers. Additionally, the Group is committed to cultivating corporate client resources to expand orders from business-driven demand. Through the comprehensive implementation of Zhenjiu’s “Dual-Channel Growth Strategy,” the Group expanded its presence in emerging sales channels and among premium clientele, further enhancing the distributor network construction and effectively improving overall market competitiveness.

During the Year, Zhenjiu’s signature high-end tasting events and distillery tours were continuously elevated, strengthening the sales framework for its sealed storage baijiu while optimizing the allocation of marketing resources and costs. The Group also proactively reduced the proportion of certain mid-range and below products with lower-unit prices and profit margins sold via e-commerce platforms. For the fiscal year 2024, the Group reported a gross profit of approximately RMB4,143.0 million (FY2023: RMB 4,079.9 million), with a stable gross profit margin of 58.6%, marking an increase for four consecutive years.

Commitment to High-Quality Sustainable Development: Continuous Optimization of Distribution Network Management with a Focus on Global Expansion

The Group primarily distributes its baijiu products through a nationwide network of distributors and its direct sales team. In 2024, the Group reinforced channel monitoring by using digital tools and innovatively adjusted channel policies for premium and deluxe product series, thereby optimizing channel order and price stability. Simultaneously, by preferentially allocating resources to premium distributors, the Group further deepened its mutually beneficial partnerships with distributor partners. As a result, distributor sales revenue for Fiscal Year 2024 increased by 2.1% year-on-year to approximately RMB6,355.7 million (FY2023: RMB6,227.3 million), accounting for 89.9% of the Group’s total revenue.

Looking ahead to 2025, despite ongoing industry challenges, the Group remains steadfast in its core strategies of high-quality and sustainable development with a focus on brand building, product quality enhancement, and channel innovation. The Group plans to further expand diverse consumption scenarios, such as banquets, and explore segmented sales channels with high baijiu purchasing potential. At the same time, efforts will continue to advance the dual-channel growth model, optimize the distributor network structure, and upgrade experiential marketing initiatives, including high-end tasting events and distillery tours. This will be complemented by diversified promotional strategies, including short videos and landmark advertisements, to enhance brand outreach. The Group will also continue to invest in developing core premium products to meet varying consumer needs and consolidate its market position.

Four Major Brands: Three-Tier Growth Engines with Clear Strategic Positioning

The Group’s four major brands have gradually formed a three-tier growth engine with a clear and distinct strategic positioning. The flagship brand, Zhenjiu, primarily operates in the premium and above segments of the sauce-aroma baijiu market, serving as the Group’s key growth engine, demonstrating strong performance nationwide while leveraging the market potential of sauce-aroma baijiu. Li Du, as the second growth engine, specializes in premium and above price ranges for mixed-aroma baijiu, achieving rapid growth and further enhancing its development by increasing brand recognition and expanding its nationwide sales network. Xiang Jiao and Kai Kou Xiao stand as regionally dominant brands in Hunan, significantly contributing to the Company’s long-term stable growth. The Group’s product portfolio encompasses three aroma profiles (i.e., sauce-aroma, mixed-aroma, and strong-aroma) across diverse price ranges, primarily targeting premium and above baijiu markets to maximize the satisfaction of the diverse preferences of consumers in different regions. These three growth engines complement one another and collectively propel the Group’s sustainable and high-quality development.

ZJLD Group is actively expanding its global brand influence and making solid strides in its internationalization efforts. In April 2024, the Group successfully hosted the “The First Anniversary of ZJLD Listing cum 2024 International Development Trend of the National Treasure Li Du” seminar in Hong Kong and Macau, collaborating with 50 leading partners to explore the potential of the Li Du brand globally. In May, Li Du Song Banquet made a dazzling debut in Kyoto, Japan, marking its global premiere. This feast of Song Dynasty aesthetics signifies Li Du’s formal entry onto the international stage and establishes a vital platform for promoting exchanges between the Chinese and Japanese liquor industries. These initiatives have laid a solid foundation for the Group’s global expansion, showcasing its determination and confidence in realizing its international ambitions.

Mr. Wu Xiangdong, Founder and Chairman of ZJLD Group, stated, “As a private enterprise with warmth and a strong sense of social responsibility, crafting high-quality baijiu is the “core duty” of ZJLD Group. At the same time, our “key mission” is to provide consumers with exceptional baijiu while creating better lives for our partners and employees. Throughout our journey of corporate development, we have consistently upheld the principle of giving back to society and contributing to regional economic prosperity. Since 2009, the number of employment positions provided by the Group has increased 40-fold and tax contributions increased by 340-fold.

The year 2025 marks a significant milestone for the Group, as we celebrate the 50th anniversary of Zhenjiu and solidify our vision of becoming a world-class baijiu enterprise. We will launch meticulously crafted affiliated products, strengthen our brand presence, and enhance our influence while comprehensively optimizing all aspects of production, management, and sales. The expectations of our consumers, the trust of our shareholders and partners, and the confidence placed in us by society are the driving forces behind our progress. With continuous innovation and a forward-looking approach, we aim to infuse new vitality into the baijiu industry, create greater value for our shareholders, and compose a new chapter of growth and development.”


[1] According to Frost & Sullivan’s data, based on revenue for 2023 and 2024, Zhenjiu ranks as the fourth largest sauce-aroma baijiu brand in China.

Hashtag: #ZJLD

The issuer is solely responsible for the content of this announcement.

About ZJLD Group Inc.

Zhen Jiu was established in 1975 in Zunyi, Kweichow, China’s primary production area of sauce-aroma baijiu. In 1988, it was honored with the National Quality Award at the 5th National Wine Appreciation Conference. In the same year, it was announced by the Protocol Department of the Ministry of Foreign Affairs, the Communication Department of the Ministry of Economy and Trade, and the Great Hall of the People Management Bureau to become one of the two sauce-aroma baijiu served at state banquets. It is also known as one of the “Three Representative Baijiu Brands in Kweichow”.

ZJLD Group Inc. is a leading baijiu group in China that is devoted to offering premium baijiu products, including sauce-aroma, mixed-aroma, and strong-aroma. According to Frost & Sullivan statistics, the flagship brand Zhenjiu has maintained its position for two consecutive years (2023 and 2024) as the fourth largest sauce-aroma baijiu brand in China and the third largest in Guizhou Province, based on revenue. The Company operates four baijiu brands in China, including two national baijiu, Zhen Jiu and Li Du, and two regional brands, Xiangjiao and Kaikouxiao. ZJLD prides itself on inheriting the time-honored baijiu-brewing techniques and reinvigorating them to develop iconic products. It strives to create a wide variety of aromatic and mellow baijiu products to meet the diverse preferences of consumers, seize broader market opportunities, and promote traditional Chinese baijiu culture.

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Apical Strengthens Women’s Health to Support Stunting Prevention in Cilincing, North Jakarta

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SINGAPORE – Media OutReach Newswire – 26 December 2025 – Apical continues to reinforce its commitment to preventing and reducing stunting by prioritising women’s health in Cilincing subdistrict, North Jakarta. Through its business unit, PT Asianagro Agungjaya (PT AAJ), Apical collaborated with the Cilincing Community Health Centre (Puskesmas Cilincing) to implement community-based programmes focused on women’s health and early stunting prevention.

The initiative was launched on 15 December 2025 at the RW 03, RW 09 and RW 10 community offices within the Cilincing public housing complex. Targeting women of reproductive age, the programme was designed as a preventive effort to raise awareness and improve access to essential health services, particularly reproductive health, as a foundation for healthy families and future generations.

Apical’s CSR Manager, Sugiantoro, said the collaboration reflects the company’s long-term, preventive approach to public health. “We believe that healthy women are the pillars of strong families and a key force in shaping healthy communities. Through PT AAJ’s involvement, we aim to create tangible impact by prioritising early prevention, rather than focusing solely on treatment,” he said.

A key focus of the initiative was the early detection of cervical cancer, a serious but largely preventable disease when identified through routine screening and timely intervention. Services provided included IVA screening (visual inspection with acetic acid) and HPV (human papillomavirus) testing.

Dr Kezia Ivana from the Cilincing Community Health Centre explained that IVA and HPV screenings are effective methods for detecting cervical cancer at an early stage.

“Early detection allows us to identify the virus that causes cervical cancer sooner, significantly reducing the risk of disease progression. When detected early, the chances of recovery are very high. However, if left undetected, cervical cancer can lead to severe pain, abnormal bleeding, kidney and urinary tract disorders, swelling of the legs, and fertility problems that may prevent women from having children,” she said.

Apical’s participation in this initiative aligns with the company’s 5Cs philosophy that whatever it does must be good for the Community, Country, Climate and Customer, and only then will it be good for the Company, which underpins its commitment to inclusive and sustainable growth. Through partnerships with local stakeholders, Apical, a member of the RGE group of companies founded by Sukanto Tanoto, continues to support government efforts to address stunting while contributing to improved social and women’s health outcomes, particularly in communities surrounding its operational areas.
Hashtag: #RGE #Apical #CSR #Stunting #Indonesia #Women #Health #Communities

The issuer is solely responsible for the content of this announcement.

About Apical

Apical is a leading vegetable oil processor with an expanding global footprint. Our vertically integrated mid-stream refining and value-added downstream processing makes us an integral supplier that supports the needs of various industries namely food, feed, oleochemicals and renewable fuel, including sustainable aviation fuel (SAF) which enables a great reduction of CO2 emissions.

With integrated assets in strategic locations spanning Indonesia, China and Spain, Apical operates numerous refineries, oleochemical plants, renewable fuel plants and kernel crushing plants. Through joint ventures and strategic partnerships, Apical also has processing and distribution operations in Brazil, India, Pakistan, Philippines, Middle East, Africa, USA and Vietnam.

Apical’s growth is built on the foundations of sustainability and transparency, and motivated by our strong belief that we can contribute to a circular economy for a more meaningful impact, even as we continue to grow our business and deliver innovative solutions to our customers.

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Vingroup Signs Strategic Cooperation with The Government of Uzbekistan, Opening Large-Scale Investment Opportunities in Central Asia

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HANOI, VIETNAM – Media OutReach Newswire – 25 December 2025 – Vingroup announced the signing of a Memorandum of Understanding (MOU) with the Ministry of Investment, Industry and Trade of the Republic of Uzbekistan to promote cooperation and implement multi-sector projects in Uzbekistan. The agreement marks the beginning of a long-term cooperation plan between the two sides across multiple key sectors, while opening large-scale investment opportunities for the Vietnamese corporation in Central Asia, contributing to the strengthening of economic and investment ties between Vietnam and Uzbekistan.

Mr. Kasimov Ilzat Ablaxatovich, Deputy Minister of Investment, Industry and Trade of the Republic of Uzbekistan (left), and Mr. Nguyen Viet Quang, Vice Chairman and CEO of Vingroup (right), at the signing ceremony of the Memorandum of Understanding (MOU).

Under the MOU, the two parties agreed to jointly study and develop strategic cooperation opportunities in areas such as urban development, sustainable transportation, tourism and leisure infrastructure, as well as other investment projects aligned with Uzbekistan’s development orientation, affirming the scale and capabilities of Vietnamese enterprises on the global economic map.

Specifically, in the area of urban development, Uzbekistan is ready to allocate approximately 1,000 hectares of land in a prime location of the capital Tashkent for Vingroup to study, propose, and invest in the development of a large-scale, integrated urban complex. The project would include residential areas, living infrastructure, commercial and cultural facilities, and public infrastructure facilities. The development is envisioned to form a “Vietnam Town”, creating a modern and sustainable urban landmark while enhancing cultural exchange and economic cooperation between the two countries.

In the field of sustainable transportation, Vingroup has proposed studying the deployment of electric taxi and urban mobility services using VinFast electric vehicles in Uzbekistan, together with a charging infrastructure system and support services. The project is expected to contribute to the green transition, reduce emissions, and improve the quality of urban transportation services in major Uzbek cities.

In tourism and leisure infrastructure, the two sides will explore the potential development of integrated tourism and recreational center, including entertainment facilities, hotels, golf courses and related tourism infrastructure, aiming to unlock tourism potential and enhance Uzbekistan’s attractiveness to international visitors.

In addition, this strategic cooperation also establishes a framework for the two parties to identify, assess, and select other potential investment projects that align with the development strategies and long-term priorities of each side.

On the Uzbek government’s side, the Ministry of Investment, Industry and Trade committed to supporting Vingroup by providing information on the investment environment, legal framework, and incentive policies, as well as coordinating with relevant authorities and local governments in project preparation, including land allocation, licensing, and access to investment support mechanisms in accordance with legislation.

On Vingroup’s side, the Group will propose conceptual proposals, technical expertise and investment plans, participate in feasibility studies and project structuring, and mobilize member companies within the Vingroup ecosystem to implement suitable projects in Uzbekistan.

Mr. Kasimov Ilzat Ablaxatovich, Deputy Minister of Investment, Industry and Trade of Uzbekistan, stated: “We welcome Vingroup’s interest and commitment to cooperation in Uzbekistan. With its experience in urban development, sustainable transportation, and infrastructure projects, Vingroup is considered a strategic partner to jointly explore and implement investment initiatives aligned with Uzbekistan’s socio-economic development priorities in the coming period.”

Mr. Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, shared: “Uzbekistan is a market with strong potential, supported by a clear development direction and an improving investment environment. Through this Memorandum of Understanding, Vingroup aims to gradually explore suitable cooperation opportunities and work alongside the Government of Uzbekistan in developing urban areas, sustainable transportation, and sectors that bring positive contributions to local communities.”

Uzbekistan holds a strategic position in Central Asia, with a growing economy and strong potential in urban development, infrastructure, tourism, and services. The Government of Uzbekistan is actively promoting reforms and attracting foreign investment to drive sustainable economic growth and international integration.

Vingroup is Vietnam’s leading private multi-sector corporation, operating across six core pillars: Industrials & Technology, Real Estate & Services, Infrastructure, Green Energy, Culture, and Social Enterprises, with the vision “To create a better life for people”. With its proven reputation, scale and capabilities, Vingroup is steadily expanding globally, contributing to elevate the global standing of Vietnamese enterprises.

Hashtag: #Vingroup

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Vietnam Is Shining, and Can Gio Is the Hidden Jewel Awaiting Its Moment

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CAN GIO, VIETNAM – Media OutReach Newswire – 25 December 2025 – In 2024, when Hines released its seminal report Why Asia Now, the message was simple yet profound: The world’s most compelling growth story was shifting eastward. At that time, global markets were turbulent but still predictable.

Vinhomes Green Paradise: A Hidden Gem Poised to Shine in Vietnam’s Real Estate Market.

A year later, the landscape has morphed into something far more complex, rippling with tariff shocks, persistent inflation, rising bond yields, and growth downgrades across traditional economic powerhouses. The world feels as if it is moving through a narrow channel, buffeted by waves from every direction. And yet, amid all the noise, Asia has not only held its ground but stepped forward with a clarity and confidence that few regions can match.

Why Asia Now: A New Era of Resilience, Growth, and Opportunity

The forces shaping Asia’s rise have been gathering momentum for decades. What we are witnessing now is their convergence. Asia is not simply adapting to global volatility, it is redefining the foundations of resilience and growth. Its economies are becoming wealthier, stronger, and more self-reliant, and its real estate markets are revealing layers of opportunity that long-term investors have waited years to see.

The near-term picture, though challenged, underscores this resilience. Tariffs have uneven effects, and countries with strong domestic engines such as Australia are absorbing shocks with surprising ease.

But it is the longer horizon that illuminates Asia’s true arc. The region’s working-age population and middle class have expanded at a breathtaking pace, setting the stage for decades of consumption-led dynamism. Education levels are rising, service sectors are flourishing, and manufacturing capabilities are climbing the value chain.

Meanwhile, intra-Asia trade has quietly become the backbone of global commerce, with Asia-to-Asia routes now forming the largest share of world trade. As the region turns inward, not in isolation, but in self-reinforcing collaboration, Asia ex-China is projected to contribute more to global growth than the United States and Europe combined.

Real estate, often seen as a mirror for economic sentiment, is telling a similar story. Transaction volumes across Asia have been less volatile than those in Western markets, and pricing has remained more stable, offering a predictable return profile. Supply constraints, elevated construction costs, and a decade-low pricing position relative to long-term trends are creating what can only be described as an extraordinary entry window.

Why Capital is Flowing into Vietnam

If Asia’s trajectory could be captured in a single idea, it would be the beginning of a Value Uprising, a structural rise in long-term asset worth, powered by demographics, policy, and economic integration, rather than speculation.

From this continental narrative emerges Vietnam, a nation whose ascent is increasingly impossible to ignore. Over the past decade, Vietnam has transformed from a rising star into a gravitational force for global investors. Supply chain diversification has accelerated its role as a manufacturing and logistics nexus. Even with global tariffs shifting, Vietnam’s logistics sector continues to expand in sophistication, efficiency, and international relevance. Its demographic profile, marked by a median age years younger than China, offers a demographic dividend that many Asian economies have already spent. And as Southeast Asia’s digital backbone grows, Vietnam is stepping into the spotlight as one of the region’s next major data-center markets, a signifier of future industrial depth.

Ho Chi Minh City, in particular, has entered a new chapter. Its standing among Asia-Pacific cities for investment and development has climbed steadily, reflecting not only macroeconomic resilience but the confidence of global capital. It has become a symbolic frontier, an emerging metropolis where the contours of modern Asia are being redrawn.

At the heart of Vietnam’s momentum lies another extraordinary phenomenon: The consistent and rising flow of remittances. Vietnam ranks among the world’s top recipients, and Ho Chi Minh City alone welcomed over USD 9.46 billion in 2023, USD 9.6 billion in 2024, and more than USD 5.3 billion in the second quarter of 2025.

A remarkable portion of these funds, around one-fifth, finds its way into real estate. But this is not passive investment. It is a gesture of return, of building a future homeland, of preparing for business, family, and retirement. It is long-term capital with long-term intent.

Vinhomes Green Paradise: A Hidden Gem Poised to Shine in Vietnam’s Real Estate Market

Regulatory reform is reinforcing this trust. The revised Land Law and Real Estate Business Law offer stronger protections and broader rights for Vietnamese citizens, including those living abroad. In a period where global currencies fluctuate and deposit rates decline, investors are increasingly confronting a hard truth: Holding cash is, in many cases, a slow erosion of value. As economist Can Van Luc notes, the VND has lost 3.4 percent of its value in two years, even as the USD depreciated. Real estate, therefore, is not merely an alternative, it has become one of the few asset classes capable of preserving and multiplying value in real terms.

Against this backdrop, regions entering new cycles of infrastructure development are drawing accelerated capital inflows. And among them, one name rises above all others: Can Gio.

For decades, Can Gio stood quietly at the edge of Ho Chi Minh City, an ecological jewel, admired but distant. Today, it has become the most powerful symbol of Vietnam’s coastal urban future. Massive infrastructure investment is reshaping its accessibility, and yet its real estate prices remain a fraction of central districts. Compared to Phu My Hung, Can Gio’s price base is nearly half; compared to Districts 1 and 3, just one-fifth. The gap is not a discount, it is untapped potential waiting to be realized.

The emergence of Vinhomes Green Paradise has pushed this transformation into global consciousness. As the first official participant in the New7Wonders “7 Wonders of Future Cities” campaign, the project is channeling the same catalytic energy once witnessed in iconic developments. Internationally, such recognitions do not merely elevate prestige, they accelerate valuation cycles, attract global capital, and redefine a city’s future skyline.

With its one-of-a-kind geographic formation and proximity to Can Gio’s million-year-old biosphere reserve, Vinhomes Green Paradise stands as a once-in-a-century asset. It embodies scarcity in its purest form, an asset class that cannot be replicated, reshaped, or reborn elsewhere.

And that is where the narrative converges. Asia’s rise, Vietnam’s momentum, Ho Chi Minh City’s evolution, and Can Gio’s emergence are not isolated stories. Together, they form a new investment epoch characterized by structural uplift, demographic acceleration, and a rapidly expanding middle class. It is the era of the Value Uprising, a phase in which the forces of economics, policy, population, and global capital align to propel real estate into a new price horizon.

In moments like this, markets rarely wait. History shows that investors who move early define the benchmark for everyone who follows. The question is no longer whether Asia will rise, or whether Vietnam will lead, or whether Can Gio will transform. The question, now, is whether investors will seize a moment that may not return for another generation.

Sources:

https://www.hines.com/asia-real-estate-opportunity-in-the-midst-of-uncertainty

https://knowledge.uli.org/-/media/files/emerging-trends/2026/emerging-trends-in-real-estate-2026-asia-pacific-report.pdf?rev=2036660434a44fa982b1ba913ffc2a2a&hash=87D5584C38EA219C1F1A50DC8E04FC7B

Hashtag: #Vinhomes

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