Investment Rating - The investment rating for the company is "Buy" (maintained) [7][11]. Core Views - The company has announced a three-year cash dividend plan that exceeds expectations, highlighting its investment value [6][11]. - The company is expected to achieve stable revenue growth despite a weak recovery in consumption, with projected revenues of 341.63 billion, 349.98 billion, and 356.15 billion yuan for 2024-2026, representing year-on-year growth of 3.13%, 2.45%, and 1.76% respectively [3][11]. - The net profit attributable to the parent company is forecasted to be 101.01 billion, 103.64 billion, and 105.54 billion yuan for the same period, with year-on-year growth of 0.85%, 2.60%, and 1.84% respectively [3][11]. - The company maintains a high dividend payout ratio, committing to a cash dividend of no less than 70% of the annual net profit and at least 70 billion yuan (before tax) for the years 2024-2026 [11]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 228.76 billion yuan, a year-on-year increase of 4.58%, and a net profit of 79.47 billion yuan, up 1.08% year-on-year [11]. - The second quarter of 2024 saw a revenue of 66.21 billion yuan, a decrease of 3.02% year-on-year, and a net profit of 18.92 billion yuan, down 9.75% year-on-year [11]. - The gross profit margin for Q2 2024 was 73.67%, a decline of 1.40 percentage points year-on-year, attributed to increased promotional expenses [11]. - The company’s revenue from liquor in H1 2024 was 224.91 billion yuan, with a year-on-year growth of 4.82% [11]. Market Position and Strategy - The company is focusing on expanding its presence outside its home province, with revenue from provincial and non-provincial sales showing different growth rates [11]. - The company has increased its number of distributors in non-provincial areas, indicating a strategic push for market expansion [11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is undergoing adjustments that are reshaping its growth momentum, with high dividends enhancing its safety margin [1] - The company has achieved stable product structure with an increase in the proportion of sales from outside its home province [2] - The company is focusing on a dual-brand, multi-brand, and multi-category development strategy, which is expected to drive future growth [4][5] Financial Performance - For H1 2024, the company reported total revenue of 22.876 billion yuan, a year-on-year increase of 4.58%, and a net profit attributable to shareholders of 7.947 billion yuan, up 1.08% year-on-year [4] - The second quarter of 2024 saw a decline in revenue to 6.621 billion yuan, down 3.02% year-on-year, and a net profit of 1.892 billion yuan, down 9.75% year-on-year [4] - The company's gross margin decreased by 1.41 percentage points to 73.67% in Q2 2024, primarily due to increased sales expenses [5] Dividend Policy - The company announced a dividend plan to distribute no less than 70% of its net profit attributable to shareholders, with a minimum of 7 billion yuan annually from 2024 to 2026, resulting in a dividend yield exceeding 6% as of August 29, 2024 [6] Growth Forecast - The company is projected to achieve revenues of 34.925 billion yuan, 36.706 billion yuan, and 38.486 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 10.259 billion yuan, 10.799 billion yuan, and 11.304 billion yuan for the same years [7][8] - The report anticipates a stable return on equity (ROE) of around 19% for the next few years, with a slight decline to 18% by 2026 [8]

为积极践行"以投资者为本"的指导思想，落实"质量回报双提升" 行动方案，进一步强化股东回报，江苏洋河酒厂股份有限公司（以下简 称"公司"）根据中国证券监督管理委员会《上市公司监管指引第3号— 上市公司现金分红（2023年修订）》及《公司章程》等规定，结合公司 的实际情况，特制定公司《现金分红回报规划（2024年度-2026年度）》 （以下简称"规划"），具体内容如下： 一、规划制定的依据 本规划应符合相关法律法规及《公司章程》的相关规定，综合考虑 公司所处行业特征、战略发展规划、重大资金支出、现金流等因素，兼 顾公司实际经营情况和可持续发展，实施科学合理的股东回报，并保证 利润分配政策的持续性和稳定性。 证券代码：002304 证券简称：洋河股份 公告编号：2024-036 江苏洋河酒厂股份有限公司 关于现金分红回报规划（2024年度-2026年度）的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 二、规划的主要内容 在满足《公司章程》利润分配政策的前提下，2024年度-2026年度， 公司每年度的现金分红总额不低于当年实现归属于上市公司股东净利润 的7 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥22,875,748,893.57, representing a 4.58% increase compared to ¥21,872,929,852.09 in the same period last year[11]. - The net profit attributable to shareholders of the listed company was ¥7,947,245,427.18, showing a 1.08% increase from ¥7,862,381,306.21 year-on-year[11]. - The net cash flow from operating activities surged by 670.97%, amounting to ¥2,043,328,628.29, compared to ¥265,032,390.62 in the previous year[11]. - The total revenue from the subsidiary Jiangsu Yanghe Liquor Operation was CNY 8,278,442,439.52, showcasing its importance in the company's portfolio[46]. - The total comprehensive income for the first half of 2024 was ¥7,945,488,042.15, compared to ¥7,879,272,040.35 in the previous year, indicating a growth of 0.8%[102]. - The total profit for the first half of 2024 was ¥1,332,948,692.18, compared to ¥1,295,440,645.99 in the same period of 2023, reflecting an increase of 2.9%[104]. Revenue Breakdown - The revenue from high-end liquor reached CNY 19.961 billion, with a year-on-year increase of 4.78%[19]. - The revenue from ordinary liquor was CNY 2.530 billion, showing a year-on-year growth of 5.16%[19]. - The company's wholesale distribution generated CNY 22.254 billion in revenue, up 5.00% year-on-year, with a gross margin of 76.04%[20]. - Online direct sales revenue was CNY 236.9 million, down 9.33% year-on-year, with a gross margin of 79.50%[20]. Asset and Liability Management - The total assets at the end of the reporting period were ¥62,718,284,541.62, a decrease of 10.14% from ¥69,792,287,455.91 at the end of the previous year[11]. - Cash and cash equivalents decreased to ¥21,012,668,768.30, which is 33.50% of total assets, down from 36.99% last year[36]. - Inventory increased to ¥18,007,546,312.32, representing 28.71% of total assets, up from 27.16% last year[36]. - Total liabilities decreased from ¥17,742,423,481.05 to ¥9,742,966,569.45, a reduction of approximately 45%[96]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The employee stock ownership plan includes 4,738 employees holding a total of 9,118,384 shares, representing 0.61% of the company's total equity[54]. - The largest shareholder, Jiangsu Yanghe Group Co., Ltd., holds 514,858,939 shares, accounting for 34.18% of total shares[88]. - The total number of ordinary shareholders at the end of the reporting period is 193,172[86]. Operational Efficiency - The company faced various operational risks, which are detailed in the report, and investors are advised to pay attention to these risks[2]. - The company’s advertising and promotion expenses increased by 19.61% to ¥1,836,455,021.80, accounting for 70.30% of total sales expenses[33]. - The sales volume of the main product, liquor, was 115,586.48 tons, showing a slight decrease of 0.27% from 115,897.46 tons in the first half of 2023[26]. - The production volume of liquor increased by 6.94% to 101,083.83 tons, compared to 94,522.71 tons in the same period last year[26]. Environmental and Social Responsibility - The company has obtained pollution discharge permits for its subsidiaries, with validity periods extending until 2027[57]. - The company strictly adheres to environmental protection laws and industry standards, including the "Environmental Protection Law of the People's Republic of China" and various pollution discharge standards[57]. - Jiangsu Yanghe Brewery Co., Ltd. processed 1.03 million tons of wastewater in the first half of 2024, achieving a COD reduction of 12,325 tons, ammonia nitrogen reduction of 100 tons, total nitrogen reduction of 184 tons, and total phosphorus reduction of 87 tons, all below national discharge standards[61]. - The company received the "Annual Charity Enterprise" award in the 2024 China Charity List[67]. Future Outlook - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 12%[134]. - New product launches are expected to contribute an additional 200 million RMB in revenue by the end of 2024[134]. - The company plans to implement new strategies to improve operational efficiency, aiming for a 5% reduction in operational costs by the end of 2024[134]. - The company is exploring potential mergers and acquisitions to strengthen its market position, with a budget of 500 million RMB allocated for this purpose[134]. Governance and Compliance - Jiangsu Yanghe Brewery is committed to enhancing its governance structure and investor communication, as evidenced by the implementation of various governance policies[49]. - The company has not engaged in any derivative investments or significant asset sales during the reporting period[44][45]. - The half-year financial report has not been audited[69]. - The company adheres to the accounting standards set by the Shenzhen Stock Exchange for the food and beverage manufacturing industry[126].

江苏洋河酒厂股份有限公司 2024 年 1-6 月非经营性资金占用及其他关联资金往来情况汇总表 法定代表人：张联东 主管会计工作负责人：尹秋明 会计机构负责人：赵其科 编制单位：江苏洋河酒厂股份有限公司 编制单位：人民币元 | | | 占用方 与上市 | 上市公 | | | 年 2024 1-6 | 月占 | 2024 年 月占 1-6 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金 | 资金占用方名 | 公司的 | 司核算 | 2024 | 年期初占用 | 用累计发生金额 | | 用资金 | 2024 年 1-6 | 月偿 | 2024 年 6 | 月期末 | 占用形 | 占用性质 | | 占用 | 称 | | 的会计 | | 资金余额 | | | | 还累计发生金额 | | 占用资金余额 | | 成原因 | | | | | 关联关 | 科目 | | | （不含利息） | | 的利息 | | | | | | | | | | 系 ...

证券代码：002304 证券简称：洋河股份 公告编号：2024-034 江苏洋河酒厂股份有限公司 第八届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 江苏洋河酒厂股份有限公司（以下简称"公司"）第八届监事会第 三次会议，于 2024 年 8 月 28 日在江苏省宿迁市洋河酒都大道 118 号， 公司总部办公楼 19 楼会议室，以现场会议方式召开。会议通知于 2024 年 8 月 19 日以送达和通讯相结合方式发出。本次会议应到监事 4 名，实 际出席监事 4 名，与会人数符合《公司法》和《公司章程》的规定。本 次会议由监事会主席林青女士召集和主持，会议的召集、召开符合《公 司法》等有关法律法规和《公司章程》的规定。 二、监事会会议审议情况 1、会议以 4 票同意，0 票反对，0 票弃权，审议通过了《公司 2024 年半年度报告》及摘要。 经审核，董事会编制和审核公司《2024年半年度报告》及摘要的程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完 整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重 大遗漏 ...

证券代码：002304 证券简称：洋河股份 公告编号：2024-033 二、董事会会议审议情况 1、会议以10票同意，0票反对，0票弃权，审议通过了《公司2024 年半年度报告》及摘要。 《 2024 年 半 年 度 报 告 》 及 摘 要 详 见 " 巨 潮 资 讯 网 " （www.cninfo.com.cn）；《2024年半年度报告摘要》同时刊登于《证券 时报》《中国证券报》《上海证券报》《证券日报》。 1 江苏洋河酒厂股份有限公司 第八届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 江苏洋河酒厂股份有限公司（以下简称"公司"）第八届董事会第 五次会议，于 2024 年 8 月 28 日在江苏省宿迁市洋河酒都大道 118 号， 公司总部办公楼 19 楼会议室，以现场结合视频会议方式召开。会议通知 于 2024 年 8 月 19 日以送达和通讯相结合方式发出。本次会议应到董事 10 名，实际出席董事 10 名，其中：董事郑步军先生以视频会议方式出 席，与会人数符合《公司法》和《公司章程》的规定。公司监事和 ...

证券代码：002304 证券简称：洋河股份 公告编号：2024-032 江苏洋河酒厂股份有限公司 关于监事辞职的公告 根据相关法律法规及公司制度的规定，许有恒先生的辞职不会导 致公司监事会成员低于法定最低人数，其辞职申请自送达公司监事会 时生效。 许有恒先生在任职期间，勤勉尽责，踏实工作，公司监事会对他 富有成效的工作，表示衷心的感谢！ 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 近日，江苏洋河酒厂股份有限公司（以下简称"公司"）监事会 收到许有恒先生的书面辞职申请，许有恒先生因工作调动原因，申请 辞去公司第八届监事会监事职务，辞职后不在公司及控股子公司担任 任何职务。截至本公告日，许有恒先生未持有公司股份。 江苏洋河酒厂股份有限公司 监事会 2024 年 8 月 20 日 特此公告。 ...

证券代码：002304 证券简称：洋河股份 公告编号：2024-031 江苏洋河酒厂股份有限公司 关于第一期核心骨干持股计划存续期展期的公告 江苏洋河酒厂股份有限公司（以下简称"公司"）于 2024 年 8 月 9 日 召开第八届董事会第四次会议，审议通过了《关于公司第一期核心骨干 持股计划存续期展期的议案》，同意将公司第一期核心骨干持股计划（以 下简称"本持股计划"）存续期展期 12 个月，即存续期展期至 2025 年 9 月 10 日。具体情况如下： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、本持股计划的基本情况 公司于 2021 年 7 月 15 日召开第七届董事会第三次会议和第七届监 事会第三次会议，于 2021 年 8 月 2 日召开 2021 年第二次临时股东大会， 审议通过了《关于〈江苏洋河酒厂股份有限公司第一期核心骨干持股计 划（草案）〉及其摘要的议案》《关于〈江苏洋河酒厂股份有限公司第一 期核心骨干持股计划管理办法〉的议案》等相关议案，具体内容详见公 司于 2021 年 7 月 16 日、2021 年 8 月 3 日在《证券时报》《 ...

证券代码：002304 证券简称：洋河股份 公告编号：2024-030 江苏洋河酒厂股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 江苏洋河酒厂股份有限公司（以下简称"公司"）第八届董事会第四 次会议，于 2024 年 8 月 9 日在江苏省宿迁市洋河酒都大道 118 号，公司 总部办公楼 19 楼会议室，以现场结合视频及通讯方式召开。会议通知于 2024 年 8 月 5 日以送达和通讯相结合方式发出。本次会议应到董事 10 名，实际出席董事 10 名，其中：董事陈军先生、郑步军先生、戴建兵先 生、独立董事聂尧先生、路国平先生、毛凌霄先生、洪金明先生以视频 会议方式出席，董事杨卫国先生以通讯方式表决，与会人数符合《公司 法》和《公司章程》的规定。本次会议由董事长张联东先生召集和主持， 会议的召集、召开符合《公司法》等有关法律法规和《公司章程》的规 定。 二、董事会会议审议情况 1、会议以6票同意，0票反对，0票弃权，4票回避，审议通过了《关 于公司第一期核心骨干持股计划存续期展期的议案》。 鉴于公司第一期核心骨干持股计划存 ...