Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the reform of Yili Wang is showing positive effects, while the performance of Xiao Lao Jiao needs improvement [1][10] - The company aims for a revenue target of 2.3 billion yuan for 2025, representing a year-on-year increase of 4.4% [10] - The report indicates that the company is gradually optimizing its product matrix and channel management, which is expected to contribute to revenue growth [10] Financial Performance Summary - For FY 2024, the total revenue is projected to be 2.2 billion yuan, with a year-on-year decrease of 1.27% [1][10] - The net profit attributable to shareholders is expected to be 285.8 million yuan in FY 2024, down 15.91% year-on-year [1][10] - The gross profit margin for FY 2024 is forecasted to be 52.3%, an increase of 4.1 percentage points year-on-year [3] - The report notes that the sales expenses increased by 25.1% in FY 2024, primarily due to increased sponsorship and advertising costs [3] Product and Market Performance - In Q1 2025, the company's liquor revenue decreased by 4.03% year-on-year, with high-end products growing by 8.8% while mid and low-end products saw declines of 30.7% and 41.0% respectively [4] - The report indicates that Yili Wang maintained rapid growth, while Xiao Lao Jiao's sales were slower than expected due to contract delays [4] - For FY 2024, the revenue from Yili Wang reached over 600 million yuan, a year-on-year increase of 48% [9][10] - The report mentions that the company is focusing on stabilizing sales in the Xinjiang region while planning for a 20% increase in sales outside the region [10]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a slight decline in revenue and net profit, indicating pressure from external market conditions [1] Revenue and Profit Performance - In 2024, the company achieved revenue of 2.2 billion yuan, a year-on-year decrease of 1.3%, and a net profit of 290 million yuan, down 15.9% year-on-year [1] - For Q1 2025, revenue was 800 million yuan, a decline of 4.3% year-on-year, with a net profit of 140 million yuan, down 9.3% year-on-year [1] Product Structure and Sales Channels - The product structure continues to optimize, with significant growth in self-operated sales outside the region. In 2024, high-end, mid-range, and low-end products generated revenues of 1.53 billion, 510 million, and 130 million yuan, respectively, with year-on-year changes of +4.3%, -8.2%, and -20.5% [2] - In Q1 2025, revenue from high-end, mid-range, and low-end products was 620 million, 130 million, and 30 million yuan, with year-on-year changes of +8.8%, -30.7%, and -41.0% [2] - The company’s direct sales channel showed resilience, with revenue of 490 million yuan in 2024, up 90.9% year-on-year, and 200 million yuan in Q1 2025, up 69.9% year-on-year [2] Gross Margin and Cost Structure - The gross margin for 2024 was 52.3%, an increase of 4.1 percentage points year-on-year, while Q1 2025 saw a gross margin of 48.8%, a decrease of 3.1 percentage points year-on-year [3] - The sales and management expense ratios for 2024 were 11.9% and 4.1%, respectively, with increases of 2.5 percentage points and 0.5 percentage points year-on-year [3] - The net profit margin for 2024 was 13.1%, down 2.4 percentage points year-on-year, while Q1 2025 had a net profit margin of 18.0%, down 1.3 percentage points year-on-year [3] Strategic Initiatives and Future Outlook - The company is undergoing significant transformation, focusing on core products and optimizing its marketing system to enhance sales team performance [4] - New product launches and external sales efforts are expected to drive growth, particularly in high-end product segments [4] - Profit forecasts for 2025-2027 are projected at 320 million, 370 million, and 430 million yuan, with corresponding EPS of 0.68, 0.77, and 0.90 yuan [4]

Core Insights - The company reported a total revenue of 796 million yuan for Q1 2025, ranking 15th among peers, with a year-on-year decrease of 35.88 million yuan, representing a decline of 4.32% [1] - The net profit attributable to shareholders was 144 million yuan, also ranking 15th among peers, with a decrease of 14.76 million yuan year-on-year, reflecting a decline of 9.29% [1] - The net cash flow from operating activities was -59.19 million yuan, ranking 15th among peers, with a decrease of 219 million yuan year-on-year, indicating a decline of 137.09% [1] Financial Ratios - The latest debt-to-asset ratio is 23.97%, ranking 8th among peers, with an increase of 1.85 percentage points from the previous quarter and an increase of 2.88 percentage points year-on-year [3] - The latest gross profit margin is 48.77%, ranking 17th among peers, with a decrease of 3.51 percentage points from the previous quarter and a decrease of 3.12 percentage points year-on-year [3] - The latest return on equity (ROE) is 3.57%, ranking 13th among peers, with a decrease of 0.42 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.31 yuan, ranking 14th among peers, with a decrease of 0.03 yuan year-on-year, reflecting a decline of 8.82% [3] - The latest total asset turnover ratio is 0.15 times, ranking 9th among peers, with a decrease of 0.01 times year-on-year, indicating a decline of 7.40% [3] - The latest inventory turnover ratio is 0.19 times, ranking 7th among peers, with a decrease of 0.02 times year-on-year, reflecting a decline of 10.70% [3] Shareholder Structure - The number of shareholders is 60,900, with the top ten shareholders holding 241 million shares, accounting for 50.89% of the total share capital [3] - The largest shareholder is Xinjiang Yili Group Co., Ltd., holding 43.04% of the shares [3]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a strategic focus on product upgrades and market expansion despite industry pressures [1][4]. Financial Performance - In 2024, the company achieved total revenue of 2.203 billion yuan, a year-on-year decrease of 1.3% - The net profit attributable to shareholders was 286 million yuan, down 15.9% year-on-year - The net profit excluding non-recurring items was 278 million yuan, a decrease of 16.5% year-on-year - For Q4 2024, total revenue was 549 million yuan, down 6.6% year-on-year, with a net profit of 45 million yuan, down 59.6% year-on-year [1] - In Q1 2025, total revenue reached 796 million yuan, a decrease of 4.3% year-on-year, with a net profit of 144 million yuan, down 9.3% year-on-year [1] Product Structure - In 2024, revenue from high-end, mid-range, and low-end products was 1.529 billion yuan, 506 million yuan, and 134 million yuan, respectively, with year-on-year changes of +4.3%, -8.2%, and -20.5% - High-end liquor revenue accounted for 70.5% of total revenue, an increase of 3.4 percentage points [2] - In Q1 2025, high-end liquor revenue was 620 million yuan, up 8.8% year-on-year [2] Channel Structure - In 2024, revenue from direct sales, wholesale agents, and online sales was 492 million yuan, 1.544 billion yuan, and 133 million yuan, with year-on-year changes of +90.9%, -13.9%, and -1.7% - In Q1 2025, direct sales revenue was 197 million yuan, up 69.9% year-on-year [2] Regional Performance - In 2024, sales revenue from within and outside the region was 1.598 billion yuan and 571 million yuan, with year-on-year changes of -5.8% and +16.7% - In Q1 2025, sales revenue from within and outside the region was 695 million yuan and 93 million yuan, with year-on-year changes of +3.5% and -37.9% [2] Strategic Initiatives - The company is accelerating its strategic layout within the region, focusing on market expansion outside the region, particularly in Sichuan [3] - The gross profit margin for 2024 was 52.3%, an increase of 4.1 percentage points year-on-year, while Q1 2025 gross profit margin was 48.8%, down 3.1 percentage points year-on-year [3] - The company is implementing organizational reforms and product system upgrades, with a focus on major product strategies and market expansion [4] Future Outlook - The company expects to achieve revenues of 2.295 billion yuan and 2.483 billion yuan in 2025 and 2026, respectively, with year-on-year growth rates of 4.2% and 8.2% - Projected net profits for 2025 and 2026 are 376 million yuan and 422 million yuan, respectively [4]

Group 1: Market Developments - Jiang Jia led a team to investigate the UAE market, emphasizing the importance of the region for Wuliangye's strategic layout and future efforts in channel construction and brand promotion [1] - Xifeng Wine held a business meeting to deploy strategies for the Jiangsu market, highlighting its strong development foundation [1] - Yunmen Wine established a liaison office in Japan and an Osaka tasting center, marking a significant step in its internationalization strategy [1] Group 2: Financial Performance - Shanxi Fenjiu reported a revenue of 36.011 billion in 2024, a year-on-year increase of 12.79%, with a net profit of 12.243 billion, up 17.29% [1] - Yanghe Co. achieved a revenue of 28.876 billion in 2024, with a net profit of 6.673 billion [1] - Yingjia Gongjiu's revenue for 2024 was 7.344 billion, up 8.46%, with a net profit increase of 13.45% to 2.589 billion [1] - Kouzi Jiao reported a revenue of 6.015 billion in 2024, a slight increase of 0.89%, but a net profit decrease of 3.83% to 1.655 billion [1] - Yilite's revenue for 2024 was 2.203 billion, down 1.27%, with a net profit decline of 15.91% to 0.286 billion [1] - Jiugui Wine's revenue fell to 1.423 billion in 2024, a decrease of 49.70%, with a net profit drop of 97.72% to 0.012 billion [1][2] - Jinzongzi Wine reported a revenue of 0.925 billion in 2024, down 37.04%, resulting in a net loss of 0.258 billion [2] Group 3: Industry Standards and Sustainability - The national standard for "Rice Aroma Type Baijiu" was released, indicating regulatory developments in the industry [3] - New Zealand's wine industry reported significant sustainability achievements, with 68% of wineries implementing carbon reduction measures, reflecting a growing trend towards environmental responsibility [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 5% to 15% over the next 6 to 12 months [5][13]. Core Views - The company reported a revenue of 2.2 billion RMB in 2024, a decrease of 1.3% year-on-year, and a net profit of 290 million RMB, down 15.9% year-on-year. For Q1 2025, revenue was 800 million RMB, a decline of 4.3%, with a net profit of 140 million RMB, down 9.3% year-on-year. The performance aligns with expectations despite external pressures [2][5]. - The revenue structure shows a significant improvement in product mix, with high-end products achieving a revenue of 1.53 billion RMB in 2024, up 4.3% year-on-year, while mid-range and low-end products saw declines of 8.2% and 20.5% respectively. In Q1 2025, high-end products generated 620 million RMB, an increase of 8.8% year-on-year [3][4]. - The company aims for a revenue target of 2.3 billion RMB in 2025, representing a 4% increase, and a net profit target of 405 million RMB, remaining flat compared to 2024 [4][5]. Revenue Structure Summary - **Product Segment**: In 2024, high-end products generated 1.53 billion RMB, mid-range products 510 million RMB, and low-end products 130 million RMB. For Q1 2025, high-end products saw revenue of 620 million RMB, while mid-range and low-end products dropped significantly [3]. - **Regional Performance**: In 2024, revenue from within the region was 1.6 billion RMB, down 5.8%, while revenue from outside the region increased by 16.7% to 570 million RMB. In Q1 2025, regional revenue was 700 million RMB, up 3.5%, while outside revenue fell by 37.9% to 90 million RMB [3]. - **Channel Performance**: Direct sales in 2024 reached 490 million RMB, up 90.9%, while online and wholesale channels saw declines. In Q1 2025, direct sales were 200 million RMB, an increase of 69.9% [3]. Financial Metrics Summary - The company's net profit margin decreased by 2.3 percentage points to 13.0% in 2024, with a gross margin increase of 4.1 percentage points. For Q1 2025, the net profit margin was 18.1%, down 1.0 percentage point year-on-year [4]. - The cash dividend payout ratio significantly increased to 74.5% in 2024, indicating a strong commitment to returning value to shareholders [4]. - The forecast for net profit in 2025 is 320 million RMB, with an expected growth of 10.6% in 2026 and 13.9% in 2027 [5][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 5% to 15% over the next 6 to 12 months [12]. Core Views - The company reported a revenue of 2.2 billion RMB in 2024, a slight decrease of 1.3% year-on-year, and a net profit of 290 million RMB, down 15.9% year-on-year. For Q1 2025, revenue was 800 million RMB, down 4.3% year-on-year, with a net profit of 140 million RMB, down 9.3% year-on-year, indicating performance in line with expectations despite external pressures [2][3]. - The revenue structure shows a significant improvement in product mix, with high-end products achieving a revenue of 1.53 billion RMB in 2024, up 4.3% year-on-year, while mid-range and low-end products saw declines of 8.2% and 20.5% respectively. In Q1 2025, high-end products continued to grow, while mid-range and low-end products faced substantial declines [3]. - The company aims for a revenue target of 2.3 billion RMB in 2025, representing a 4% increase, and a net profit target of 405 million RMB, remaining flat compared to 2024 [4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross profit margin of 13.0%, a decrease of 2.3 percentage points, while the gross margin increased by 4.1 percentage points. The sales expense ratio rose by 2.5 percentage points [4]. - For Q1 2025, the net profit margin was 18.1%, down 1.0 percentage points year-on-year, with a gross margin decrease of 3.1 percentage points [4]. Revenue Breakdown - Product revenue in 2024 was 1.53 billion RMB for high-end, 510 million RMB for mid-range, and 130 million RMB for low-end products, with respective year-on-year changes of +4.3%, -8.2%, and -20.5% [3]. - In Q1 2025, high-end products generated 620 million RMB, mid-range 130 million RMB, and low-end 30 million RMB, with year-on-year changes of +8.8%, -30.7%, and -41.0% respectively [3]. Future Projections - The company expects revenue growth of 4.6% in 2025, 6.1% in 2026, and 10.0% in 2027, with net profit growth of 10.6%, 13.9%, and 18.5% respectively [5]. - The earnings per share (EPS) are projected to be 0.67 RMB in 2025, 0.76 RMB in 2026, and 0.90 RMB in 2027, with corresponding price-to-earnings (P/E) ratios of 21.8, 19.1, and 16.2 [5].

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民生证券股份有限公司 关于新疆伊力特实业股份有限公司 2024 年持续督导年度报告书 | 保荐机构全称： | 民生证券股份有限公司 | | --- | --- | | 受保荐公司证券代码： | 600197 | | 证券简称： | 伊力特 | | 具体负责的保荐代表人： | 魏微 | | 具体负责的保荐代表人： | 于洋 | 经中国证券监督管理委员会（以下简称"中国证监会"）核发的《关于核准新 疆伊力特实业股份有限公司公开发行可转换公司债券的批复》（证监许可 [2018]2225 号）批准，新疆伊力特实业股份有限公司（以下简称"伊力特"或"公 司"）向社会公开发行面值总额 87,600 万元可转换公司债券，期限 6 年。本次可 转换公司债券实际募集资金总额为 87,600.00 万元，扣除发行费用 957.97 万元， 募集资金净额为 86,642.03 万元。天职国际会计师事务所（特殊普通合伙）已对 本次发行的募集资金到位情况进行审验，并出具了天职业字[2019]16298 号《验 资报告》。 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为伊力 特可转债的保荐机构，按照《证券发行上市保荐业务 ...

新疆伊力特实业股份有限公司 2024 年度独立董事述职报告 （冉斌） 本人作为新疆伊力特实业股份有限公司（以下简称"公司"）的独立董事， 在 2024 年度的工作中，我严格按照《公司法》、《证券法》、《关于在上市公 司建立独立董事制度的指导意见》、《公司章程》、《独立董事工作制度》等有 关法律、法规的规定，忠实履行独立董事职责，谨慎、认真、勤勉地行使法律所 赋予的权利。参与了 8 次董事会，从助力公司发展、切实保护中小股东利益为出 发点，认真审议董事会的各项议案，希望为公司未来的发展竭诚尽能，贡献自己 的力量。 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 冉斌，男，57 岁，律师，现任天阳律师事务所高级合伙人。 （二）独立性说明 作为公司独立董事，本人及直系亲属、主要社会关系均未直接或间接持有公 司股份，不在直接或间接持有公司已发行股份 5%或 5%以上的股东单位任职，没 有从公司及其主要股东或有利害关系的机构和人员处取得额外的、未予披露的其 他利益，具备法律法规所要求的独立性，不存在影响独立性的情况。 二、独立董事年度履职概况 （一）出席会议情况 1、出席董事会、股东大会情况 2024 ...