Media OutReach
ZJLD Group FY2024 Performance Shows High-Quality and Stable Development with a Remarkable 116.3% Surge in Operating Cash Flow
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.”
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.
Media OutReach
Can Gio Awakens as Ho Chi Minh City’s Next Growth Frontier
After decades of quiet, Can Gio is awakening on Vietnam’s southern coast, as fresh investment and grand designs breathe new life into the once-remote district of Saigon.
HO CHI MINH CITY, VIETNAM – Media OutReach Newswire – 27 December 2024 – Six months after the groundbreaking of a 2,870-hectare coastal urban project backed by Vingroup, Vietnam’s largest private conglomerate, Can Gio, once seen as a forgotten corner of Ho Chi Minh City, is now emerging as a new growth engine for Vietnam’s southern metropolis.
Breaking Isolation
For years, Can Gio was often left out of the city’s rapid development. Surrounded by dense forests and accessible mainly by ferry, it remained a world apart. Now, that is beginning to change.
Six months ago, the large-scale land reclamation project officially started construction. Locals call it a “game changer” that awakened a land long left behind. Along the coast that once lay quiet, a vast construction site has emerged, with heavy machinery working day and night. “I was very surprised by the speed,” said Prof. Pham Van Song, president of the Mien Dong University of Technology, noting that hundreds of hectares have already been filled and stabilized within months.
The project, developed by Vingroup through its real estate arm Vinhomes, represents one of the group’s most ambitious coastal developments, part of a long-term vision to extend Ho Chi Minh City’s urban footprint toward the sea. With billions of U.S. dollars in investment, it combines housing, tourism, and modern infrastructure within a single master plan that anchors Can Gio’s transformation.
Complementing this project, a series of major infrastructure works are also reshaping the district. By the end of 2025, the Phu My Hung–Can Gio high-speed railway, designed to reach 350 kilometers per hour, is expected to begin construction, linking the area to the city’s southern urban core. In 2026, the long-awaited Can Gio Bridge will break ground, cutting the journey to the city center to around 45 to 60 minutes.
At the same time, the Rung Sac interchange, with an investment of 3,000 billion VND (about 120 million U.S. dollars), will connect Can Gio directly with the Ben Luc–Long Thanh Expressway. Expected to be completed in 2028, it will link Can Gio with both the Southwest and Southeast regions, including Long Thanh International Airport.
In addition, a sea-crossing expressway between Can Gio and Vung Tau, 50 meters wide and proposed by Vingroup, would stretch across the sea for more than 10 kilometers. The plan envisions a wide eight-lane road that could reduce travel between Can Gio and Vung Tau to under 15 minutes, creating a strategic connection between the two coastal economies.
These efforts fit within a broader regional plan that combines road, rail, water, and sea transport. Another key project is the Can Gio International Transshipment Port, covering 571 hectares with an investment of 50,000 billion VND. The port is designed to become a new symbol of Vietnam’s maritime economy, with its first phase scheduled to begin operations in 2027 and full completion before 2045.
“A Single Project Ignites the South”
According to Prof. Pham Van Song, the rise of Can Gio is a natural development, especially with the involvement of Vingroup through its Vinhomes Green Paradise project. He believes that Can Gio is moving from an ecological area on the fringe of development to a new center of growth. “All modes of transportation will be available in Can Gio,” he said. “The district’s GRDP will grow rapidly in line with ongoing construction and investment. Both the number of residents and visitors will surge. Local people will be the first to directly benefit from these projects, and their lives will become increasingly prosperous.”
The changes are already drawing attention from investors. Dinh Minh Tuan, southern regional director of Batdongsan.com.vn, said the number of searches related to Can Gio has tripled since the beginning of the year. After the Vinhomes Green Paradise project broke ground, property interest in the district doubled again. “Just one single project has heated up the entire southern market,” he said.
Experts say this follows a familiar pattern. In the 1990s, Nguyen Van Linh Boulevard helped turn southern Ho Chi Minh City into a thriving area and drew nearly two million residents. In the 2010s, the completion of the Thu Thiem Tunnel and Bridge attracted more than one million people to the city’s east. “Investors who followed the infrastructure development wave then saw huge gains,” Tuan noted. “Can Gio now stands at a similar starting point, but with a stronger push.”
With a population of about 80,000, Can Gio has long faced a single challenge: lack of connectivity. But, “with the series of large-scale investments now under way, Can Gio is expected to grow faster than many of the city’s earlier new urban areas,” said Tuan.
Hashtag: #Vinhomes
The issuer is solely responsible for the content of this announcement.
Media OutReach
Z.ai Open-Sources GLM-4.7, a New Generation Large Language Model Built for Real Development Workflows
The new model is designed around practical engineering workflows, with a focus on long-running task execution, stable tool calling, and multi-step reasoning, capabilities that have become increasingly important as developers deploy large language models in complex, agent-based systems.
Compared with its predecessor, GLM-4.6, GLM-4.7 shows notable gains in code generation, complex reasoning, and agent execution. According to Z.ai, the model delivers more consistent and controllable performance over extended tasks, while producing cleaner and more concise language output, addressing a common weakness in many open-source models.
To evaluate performance in realistic settings, Z.ai tested GLM-4.7 on 100 practical programming tasks in production-like environments such as Claude Code, spanning front-end, back-end, and command-execution scenarios. The company said GLM-4.7 achieved higher task completion rates and greater stability than GLM-4.6, and has since been adopted as the default model for its GLM Coding Plan.
Benchmark results also place GLM-4.7 among the strongest open-source models currently available. It scored 67.5 on BrowseComp and 87.4 on τ²-Bench, the latter marking a new high for open-source systems. In coding-focused evaluations, including SWE-bench Verified and LiveCodeBench v6, its overall performance approaches that of Claude Sonnet 4.5. In Code Arena’s large-scale blind evaluation, which aggregates votes from more than one million comparisons, GLM-4.7 ranked first among open-source models.
The model is available through the BigModel.cn API and has been integrated into Z.ai’s full-stack development platform, according to the company. As open-source models take on a more prominent role in the global technology ecosystem, Z.ai’s progress offers a clear indication of how such systems may continue to evolve, and what they might enable next.
Default Model for Coding Plan: https://z.ai/subscribe
Try it now: https://chat.z.ai/
Weights: https://huggingface.co/zai-org/GLM-4.7
Technical blog: https://z.ai/blog/glm-4.7
Hashtag: #ZAI
The issuer is solely responsible for the content of this announcement.
Media OutReach
NIA Joins Forces with TAT to Reignite ‘Amazing Thailand’ Through Innovation Power, Transforming Thai Tourism and Leveraging Creativity and Culture to Drive a New Tourism Economy
Towards the end of this year, Thailand is preparing to reignite global attention with a renewed wave of ‘Amazing Thailand.’ The government and private sector are rolling out a comprehensive set of tourism-stimulus measures that address both economic impact and national image. One of the most talked-about highlights is the appointment of Lalisa ‘Lisa’ Manobal as the new brand ambassador — not only a global-level artist, but also a powerful representation of Thailand’s contemporary image on the world stage.
Another key highlight to watch closely is the launch of the ‘Amazing Thailand Innovation Gadget’ platform, developed through a collaboration between the National Innovation Agency (Public Organisation), or NIA, and the Tourism Authority of Thailand (TAT). This initiative aims to elevate Thailand’s tourism industry into the era of Smart Tourism in a tangible and comprehensive way.
The platform is designed to function as Thailand’s first-ever tourism innovation repository, bringing together tourism-related technologies and solutions in one centralised space. These range from route-planning technologies, accommodation booking systems, and tourist-data management, to experience-creation tools that personalise journeys and enhance engagement. More than a simple innovation directory, the platform represents a turning point — a mechanism that connects entrepreneurs, developers, and creative talents to co-create new ‘Amazing’ experiences, spanning the entire traveller journey from trip planning to the final moment of travel for visitors worldwide.
Learning from Global Leaders Where Tourism Meets Technology
The world has entered an era where tourism is no longer driven solely by beautiful destinations and cultural heritage. Instead, competitiveness increasingly depends on experiences and technology. As a result, many countries are rapidly upgrading their tourism sectors to become smarter, more emotionally engaging, and better aligned with the expectations of modern travellers.
Japan, for example, stands as a model of cultural-innovation integration, leveraging anime, music, cuisine, and fashion as globally recognisable soft power. Recently, the Japanese government has rebooted efforts to fuse cultural roots with advanced technology through initiatives such as Virtual Remix Japan, which enables global audiences to participate in art exhibitions, festivals, and anime worlds in real time via VR and AR. This exemplifies a seamless blend of past and future.
Meanwhile, South Korea has aggressively combined technology and tourism to enhance attractiveness and vibrancy. The country actively promotes start-ups offering cloud-based hotel-management platforms, real-time translation technologies, blockchain services for international tourists, and platforms linking tourism with overseas education. South Korea has also built a tourism ecosystem that integrates smart cities, digital technology, and contemporary culture, using K-pop artists as a major driving force.
In Barcelona, Spain, one of Europe’s leading smart cities, tourism has been elevated through intelligent urban and visitor-experience management. From smart traffic systems and energy-saving public bike services to big-data-driven analysis of tourist behaviour, visitors can plan accommodation, restaurants, and travel routes through a single integrated application. This approach creates a balanced coexistence between tourism and urban life. Together, these examples demonstrate that technology is no longer merely a supporting tool, but the core differentiator in the modern tourism economy.
Amazing Thailand Innovation Gadget: Elevating Thai Tourism Through a Fully Integrated Innovation Ecosystem
NIA and TAT have officially announced a landmark collaboration with the launch of the ‘Amazing Thailand Innovation Gadget’ platform, which serves as Thailand’s first tourism innovation repository. The initiative aims to propel Thai tourism fully into the Smart Tourism era.
The platform aggregates tourism-related technologies and innovative solutions from start-ups and entrepreneurs nationwide, enabling real-world deployment across the entire Thai tourism value chain. Its objective is to build a strong tourism-innovation ecosystem through integrated collaboration across all sectors, while enhancing entrepreneurs’ capacity to apply innovation and technology suited to the specific contexts of different destinations.
This approach is designed to create premium tourism experiences for both domestic and international travellers, delivering sustainable economic and social benefits for Thailand. Importantly, the country will gain a continuously expandable tourism-innovation repository, strengthening long-term competitiveness in the global tourism market.
From Creative Power and Culture to Driving Thailand’s Tourism Economy
Dr. Krithpaka Boonfueng, Executive Director of the National Innovation Agency, stated that the innovations featured on the platform will primarily be Travel Tech-related technologies. The platform is open to start-ups, entrepreneurs, developers, and business partners with the interest and capability to co-create elevated tourism experiences while advancing Thailand’s Smart Tourism ecosystem.
Currently, NIA supports and has incubated more than 80 high-potential tourism-technology start-ups and entrepreneurs, spanning areas such as community-based tourism (Local Alike), hospitality solutions (Ascend Travel), urban mobility (MuvMi), social impact marketplaces (SocialGiver), and backend customer-journey management systems (Appointment Anywhere). These solutions enable entrepreneurs and developers to access tools tailored to their specific contexts.
NIA believes that all stakeholders play a vital role in elevating Thailand’s tourism industry by integrating technology with creativity, culture, and local identity. This integration goes beyond artists, cuisine, or traditional culture, extending into tangible, scalable innovations that create new economic value for local communities.
Thai – Tech – Tourism: A Major Integrated Leap Forward
Dr Krithpaka further noted that tourism is one of the core engines of the global economy, particularly following recovery from the COVID-19 pandemic. According to data from the World Travel & Tourism Council (WTTC), in 2024 the global travel and tourism sector contributed USD 10.9 trillion, or 10% of global GDP, and supported 357 million jobs worldwide.
The United Nations World Tourism Organization (UN Tourism) has emphasised that innovation is a critical driver of economic growth, enabling new business models, attracting investment, and differentiating destinations through unique tourism formats.
Another crucial factor not to be overlooked is the global TravelTech investment ecosystem, which remains robust. In the post-pandemic era, major tourism companies have increased technology investment by an average of 14% in 2024, reflecting strong confidence in technology as a competitive advantage.
Key areas of investment focus include Smarter Retailing and Personalisation, which deliver highly tailored customer experiences; GenAI and Autonomous Agents, next-generation AI capable of analysing, planning, and executing tasks independently — such as automated travel recommendations, trip planning, and booking management; and Sustainability, with growing investment in start-ups that reduce carbon emissions through diverse solutions.
These global trends align closely with the capabilities and diversity of Thai start-ups, positioning Thailand to connect seamlessly with international movements and deliver truly tangible ‘Amazing’ experiences.
NIA stands ready to connect knowledge, technology, and innovation capital across public agencies, private enterprises, and Thai start-ups to drive concrete outcomes in the tourism-innovation ecosystem. This effort extends beyond enhancing tourism businesses; it represents the creation of a future-oriented industry that fuses creativity and culture with technological power.
Through this integrated approach, Thailand aims to elevate economic value, cultural richness, and sustainability — and to advance decisively towards becoming a Global Innovation Tourism Hub in a meaningful and lasting way.
Hashtag: #NIA #NationalInnovationAgency
The issuer is solely responsible for the content of this announcement.
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