证券代码：002304 证券简称：洋河股份 公告编号：2025-019 3、本次实施的分配方案与 2024 年度股东大会审议通过的分配方案 及其调整原则一致。如在实施 2024 年度分红派息的股权登记日前公司总 股本发生变动，将按照分配总额不变的原则对分配比例进行调整。 4、本次实施的分配方案距离 2024 年度股东大会审议通过的时间未 超过两个月。 二、本次实施的利润分配方案 江苏洋河酒厂股份有限公司 2024年度分红派息实施公告 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、股东大会审议通过利润分配方案情况 1、江苏洋河酒厂股份有限公司（以下简称"公司""本公司"）2024 年度利润分配方案，已获 2025 年 6 月 12 日召开的公司 2024 年度股东大 会审议通过，具体分配方案为：以公司现有总股本 1,506,445,074 股为基 数，用未分配利润向全体股东每 10 股派发现金红利人民币 23.17 元（含 税），合计派发现金红利人民币 3,490,433,236.45 元（含税），不送红股、 不转增股本。 2、自公司 2024 年度利润分 ...

Group 1 - The company has named the Suqian team, its hometown team, in the Jiangsu Province Urban Football League [1] - The company has launched interactive activities such as "gift wine + tourism" and "goal draw lucky bags" [1] - The company aims to actively conduct a series of related activities to support the development of the Suzhou Super League and contribute to Jiangsu's sports industry [1]

智通财经6月19日电，针对投资者关于"国家鼓励优秀公司去香港上市，请问公司有没有这方面的计 划？"的提问，洋河股份6月19日在互动平台回复称，暂无相关计划。 洋河股份：暂无赴港上市相关计划 ...

Core Viewpoint - Yanghe Co., Ltd. has reported its worst performance since going public, with all major revenue indicators declining, leading to a significant drop in stock price and market confidence [2][3][8] Financial Performance - In 2024, Yanghe's net profit attributable to shareholders decreased by 33.37% to 6.673 billion yuan, marking the largest drop since its IPO and returning to 2017 levels [3] - Revenue for 2024 was 28.876 billion yuan, a significant decline from previous years, resulting in a drop from the third to the fifth position in the industry rankings [3] - The company experienced a comprehensive collapse in revenue across various segments, including mid-to-high-end products, regional sales, and online channels, with declines of 14.79%, 11.43%, and 9.7% respectively [4][5] Market Impact - Following the issuance of the strict "ban on alcohol" policy on May 18, 2025, Yanghe's market capitalization fell below 100 billion yuan, with a total market value loss exceeding 300 billion yuan since its peak in 2021 [3][6] - The stock price has dropped nearly 20% in 2025, reflecting a broader trend of declining stock prices in the liquor sector [5][6] Management Response - At the recent shareholders' meeting, Chairman Zhang Liandong apologized multiple times, attributing the company's issues to management shortcomings and acknowledging outdated brand strategies and rigid marketing models [3][5] - The company plans to focus on developing core products like "Hai Zhi Lan" as part of its strategic initiatives moving forward [5] Regulatory Environment - The new "ban on alcohol" has significantly impacted the liquor industry, particularly affecting high-end brands that relied on government consumption [6][7] - The policy has prompted many liquor companies to pivot towards market-driven strategies rather than relying on government contracts [6][7] Future Outlook - The effectiveness of initiatives to promote "intangible cultural heritage" in enhancing brand value and restoring market confidence remains uncertain for Yanghe [2][8]

Group 1: 2024 Market Characteristics - The liquor industry is undergoing a deep adjustment period in 2024, showing a "declining volume but increasing profit" trend, with production down 1.8% to 4.145 million kiloliters, while sales revenue increased by 5.3% to 796.38 billion yuan [1][21][22] - The profit total reached 250.87 billion yuan, a year-on-year increase of 7.8%, with A-share listed liquor companies reporting a total revenue of 442.23 billion yuan, up 7.3% [1][22] - The CR6 companies (Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Yanghe, and Gujinggong) accounted for 86% of the industry's total profit, indicating a significant increase in industry concentration [1][22][27] Group 2: 2025 Market Conditions - In Q1 2025, liquor production fell by 7.2% to 1.032 million kiloliters, continuing the trend of declining production [2][40] - Listed companies showed resilience with a revenue of 153.42 billion yuan, up 1.7%, and a net profit of 64.91 billion yuan, up 2.3% [2][40] - The industry faces challenges with "declining volume and price, and rising costs," as 59.7% of companies reported reduced operating profits [2][49] Group 3: Market Environment Changes and Competitive Landscape - The revised regulations in May 2025 expanded the ban on alcohol consumption, impacting market sentiment and causing a 2-3% overall decline in the liquor sector [3] - The CR6 brands accounted for 87.6% of the revenue of the 20 A-share liquor brands in Q1 2025, indicating further concentration in the market [4] - The younger consumer demographic is emerging, with those born between 1985 and 1994 becoming a key market segment, although business and management personnel still represent 85.1% of the consumer base [4] Group 4: Market Outlook and Development Suggestions - Companies are adopting pragmatic strategies, with 64.9% focusing on core products and 40.4% targeting the mass market [5] - Recommendations for industry health include optimizing capacity and focusing on high-quality development, with a shift from quantity-driven growth to quality-driven strategies [6] - Emphasis on digital marketing and technological innovation is crucial, with 34.9% of companies prioritizing instant retail channel expansion [7] Group 5: Online Sales and Consumer Behavior - Online sales in the first five months of 2025 exceeded 60 million bottles, generating over 30 billion yuan, although national brands are struggling with growth [2][53] - The average online sales revenue for A-share listed companies was 5.0% of total revenue, reflecting a slight increase from the previous year [53] - Consumer behavior is shifting, with a notable decline in traditional consumption scenarios, leading to a decrease in demand during holiday periods [63][70]

Group 1 - The 2025 Sichuan International Wine Expo, hosted by various associations, features a dual venue format and emphasizes the cultural heritage of Chinese liquor, particularly the "Six Golden Flowers" of Sichuan [1][2][4] - The event runs from June 18 to June 22, 2023, in Mianzhu, a key production area for Chinese liquor, offering a blend of tasting experiences, cultural activities, and consumer engagement [1][2] - Over 100 renowned liquor companies from more than 10 countries are participating, including major brands like Wuliangye, Luzhou Laojiao, and Moutai, highlighting the significance of Sichuan liquor on the global stage [2][4] Group 2 - The event aligns with the "Ten Cities Sharing Gourmet Drinks" initiative by the Ministry of Commerce and other departments, promoting local consumption through the distribution of food and beverage vouchers [2] - The expo features a focus on intangible cultural heritage, with master brewers from the "Six Golden Flowers" declaring a commitment to craftsmanship and innovation in liquor production [4][6] - The 2025 International Spirits Judges Annual Meeting is also taking place, aiming to establish international sensory standards for spirits and enhance the global competitiveness of Chinese liquor [8] Group 3 - The global spirits market is projected to reach approximately $525.3 billion in 2023, with an expected annual growth rate of 4.56% from 2023 to 2027, indicating significant potential for Chinese liquor in international markets [8] - The event includes the announcement of the "Top Ten Innovative Marketing Cases for Sichuan Liquor Brands" for 2024-2025, recognizing excellence among local producers [6] - The expo aims to integrate traditional brewing techniques with modern marketing strategies, enhancing the visibility and appeal of Chinese liquor on the world stage [4][8]

Core Viewpoint - Yanghe Co., Ltd. is experiencing significant declines in revenue and profit, reflecting broader challenges in the Chinese liquor industry, which is undergoing a period of intense competition and adjustment [1][2][7]. Company Performance - In 2024, Yanghe reported revenue of 28.876 billion yuan, a decrease of 12.83% year-on-year, and a net profit of 6.673 billion yuan, down 33.37% year-on-year, marking the highest decline in both metrics in its history [1]. - The company's performance continued to decline into 2025, with Q1 revenue dropping by 31.92% and net profit falling nearly 40% [2]. - Since the beginning of 2025, Yanghe's stock price has fallen over 18%, reflecting investor concerns and a lack of confidence in the industry [2]. Industry Context - The liquor industry is entering a phase of "stock competition," with increasing pressure on mid-range and high-end products, leading to a general slowdown in growth among major players [1][2]. - The China Alcoholic Drinks Association reported that the loss-making rate in the beverage alcohol manufacturing industry increased from 17% in 2020 to 33% in the first three quarters of 2024 [2]. Strategic Responses - Yanghe is implementing a "big single product" strategy, aiming to develop its flagship product, "Hai Zhi Lan," into a 20 billion yuan annual revenue product by 2025, with plans for product upgrades [3][5]. - The company is focusing on the "daily consumption" market, particularly in the competitive 100 yuan price range, starting with its home market in Jiangsu Province, which has significant growth potential [6]. - Yanghe is also expanding into international markets, having established a presence in 80 countries and emphasizing the importance of overseas growth [6]. - The company is targeting younger consumers through social e-commerce and live streaming, recognizing a shift in consumer demographics towards higher education and younger age groups [6]. Industry Outlook - Yanghe's chairman, Zhang Liandong, expressed confidence in the enduring value of liquor products, suggesting that the cultural significance of Chinese liquor will help the industry navigate current challenges [7]. - The future success of Yanghe's strategies, particularly the "Hai Zhi Lan" product, remains to be seen, as the company and the industry as a whole work to overcome current obstacles [7].

Group 1: Market Performance - The consumption ETF managed by Jiashi recorded a trading volume of 982,300 yuan on the trading day, with an average daily trading volume of 10.1366 million yuan over the past year [2] - The consumption ETF's scale increased by 12.4 million yuan over the past year, with a recent weekly share increase of 3.9 million shares [2] - The latest price-to-earnings ratio (PE-TTM) of the index tracked by the consumption ETF is 18.76, which is in the 0.4% percentile over the past year, indicating a valuation lower than 99.6% of the time in the past year, suggesting historical low valuations [2] Group 2: Economic Indicators - In May, the total retail sales of consumer goods reached 41,326 billion yuan, showing a year-on-year growth of 6.4%, marking the highest growth rate in 2024 [2] - The retail sales of goods in May amounted to 36,748 billion yuan, with a year-on-year increase of 6.5%, also the highest growth rate in 2024 [2] - The catering revenue in May was 4,578 billion yuan, growing by 5.9%, the highest growth rate since April 2024 [2] Group 3: Industry Composition - The consumption ETF tracks the CSI Major Consumption Index, which includes leading consumer stocks in A-shares, covering various sectors from liquor, pork, dairy, condiments to food processing [3] - The liquor industry is the largest sector within the index, accounting for 45% of the total weight, indicating a significant focus on alcoholic beverages [3] Group 4: Investment Opportunities - Investors can also access the consumption recovery trend through the Jiashi Consumption ETF linked fund (009180) [5]

Group 1: Market Performance - As of June 18, 2025, the CSI Major Consumer Index (000932) increased by 0.82%, with notable gains from Yanjing Beer (000729) at 3.58%, Jinshiyuan (603369) at 2.96%, and Gujing Gongjiu (000596) at 1.87% [1] - The Major Consumer ETF (159672) rose by 0.93%, with the latest price reported at 0.76 yuan [1] Group 2: Beer Consumption Trends - With rising temperatures, beer consumption is entering a peak season, supported by consumption policies that are expected to boost beer sales [1] - Yanjing Beer reported strong growth in its U8 product line from January to May, indicating a positive sales trend [1] Group 3: ETF Performance Metrics - The Major Consumer ETF has achieved a maximum monthly return of 24.35% since its inception, with an average monthly return of 4.87% [2] - The ETF's maximum drawdown this year is 6.05%, with a relative benchmark drawdown of 0.34% [2] - The management fee for the ETF is 0.50%, and the custody fee is 0.10%, making it one of the lowest in its category [2] Group 4: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the CSI Major Consumer Index is 18.76, indicating it is at a historical low, below 99.6% of the time over the past year [2] Group 5: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the CSI Major Consumer Index account for 67.15% of the index, with notable companies including Yili (600887), Kweichow Moutai (600519), and Wuliangye (000858) [3]

Investment Rating - The report maintains an "OUTPERFORM" rating for Jiangsu Yanghe Brewery [2] Core Views - The company is responding to the down cycle in the baijiu industry with a long-term strategy, focusing on brand strength and product matrix to navigate challenges [3][4] - The recent ban on alcohol in official receptions is expected to accelerate the industry's transformation towards market-oriented and diversified operations [12] - The company has a strong multi-brand matrix with a significant proportion of medium- and high-end products, which positions it well against competitors [13] Financial Performance and Projections - The company is projected to have revenues of Rmb 25.5 billion, Rmb 26 billion, and Rmb 27 billion for 2025, 2026, and 2027 respectively, with net profits of Rmb 5.6 billion, Rmb 5.9 billion, and Rmb 6.4 billion [5][16] - The diluted EPS is expected to be Rmb 3.70, Rmb 3.92, and Rmb 4.22 for the years 2025, 2026, and 2027 [5][16] - The company has committed to a cash dividend ratio of not less than 70% of net profit for the years 2024-2026, with a total dividend payout of Rmb 7 billion in 2024 [5][16] Strategic Initiatives - The company is focusing on its core products, particularly the Hai Zhi Lan and Meng Zhi Lan M6+, and plans to launch new products to strengthen its market position [4][14] - There is a strategic emphasis on regional market penetration, particularly in Jiangsu Province and the Yangtze River Delta, with a focus on maintaining price stability [15]