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。 江苏洋河酒厂股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日在指定信息披露媒体披露了公司《2024 年年度报告》，为便于广大投 资者进一步了解公司情况，公司决定举行 2024 年度业绩说明会。 证券代码：002304 证券简称：洋河股份 公告编号：2025-016 江苏洋河酒厂股份有限公司 关于举行2024年度网上业绩说明会的公告 董事会 一、召开时间和方式 1、召开时间：2025 年 5 月 19 日（星期一）15:00 至 17:00 1 特此公告。 江苏洋河酒厂股份有限公司 2、召开方式：本次业绩说明会将采用网络远程方式举行，投资者可 登录深圳证券交易所"互动易"平台（https://irm.cninfo.com.cn），进入"云 访谈"栏目参与本次业绩说明会。 二、公司出席人员 公司出席本次年度业绩说明会的人员有：董事长张联东先生，副董 事长、总裁钟雨先生，独立董事洪金明先生，副总裁、财务负责人尹秋 明先生，董事会秘书陆红珍女士。 为充分尊重投资者、提升交流的针对性，现就公司 2024 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, the sector's revenue was CNY 152.933 billion, growing 1.82%, with a net profit of CNY 63.340 billion, up 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns to investors, with expected dividend yields for 2025 ranging from 1.39% to 6.28% across various brands [18][20] 2. Consumer Goods - The frozen food sector is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others struggle due to intense price competition [6] - The snack food industry is diversifying through new channels such as e-commerce and overseas markets, with companies like Yanjinpuzi achieving significant growth through brand investment [6] - The soft drink segment is witnessing strong growth from brands like Dongpeng, while other established brands maintain operational resilience [6] 3. Pet Food - The pet food industry is maintaining high growth, with leading companies like Guibao Pet and Zhongchong Co. reporting revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 4. Bakery Products - The bakery sector is recovering, with significant growth in the supermarket channel, particularly for new products from brands like Sam's Club [8] 5. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements [8] 6. Beer - The beer market is showing signs of recovery, with major brands like Qingdao Beer and Chongqing Beer reporting volume increases in Q1 2025 [9] 7. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce showing robust growth [9]

Group 1 - The A-share market experienced a strong rebound after the May Day holiday, with the WIND white liquor index ending a four-week decline, rising by 2.06% this week [1][2] - 33 liquor companies saw their stock prices increase, accounting for over 80% of the sector, with *ST Lanhuang and *ST Yedao leading the gains at 14.05% and 8.46% respectively [2][4] - The performance of liquor companies that reported a decline in net profit for Q1 2025 was generally weak, with stock price increases of less than 1%, underperforming the white liquor index [1][7] Group 2 - The report from Huachuang Securities indicates that liquor companies are entering a phase of easing pressure, with the industry expected to reach a bottom signal after further clearing in Q2 2025, potentially leading to a recovery in the second half of the year [6] - Some liquor stocks showed weak rebounds due to significant declines in Q1 performance, with companies like Yanghe and Shede experiencing over 30% drops in both revenue and net profit [7] - The competitive landscape in the liquor industry is intensifying, and companies that fall behind in operational and brand competitiveness may face capital abandonment [8]

Core Viewpoint - The white liquor industry is experiencing a significant divergence among leading companies, with Fenjiu entering the top three, creating a new competitive landscape of "Mao, Wu, and Fen" [1] Group 1: Company Performance - Yanghe's revenue and net profit for 2024 were 28.876 billion and 6.673 billion respectively, showing declines of 12.83% and 33.37%, with net profit returning to 2017 levels [2] - Gujing Gongjiu reported revenue and net profit of 23.578 billion and 5.517 billion respectively, with year-on-year growth of 16.41% and 20.22%, achieving historical highs [2] - The revenue gap between Yanghe and Gujing Gongjiu has narrowed significantly over five years, with Yanghe's lead in revenue decreasing from 10.809 billion to 5.298 billion and in net profit from 5.627 billion to 1.151 billion [2] Group 2: Product Performance - Yanghe's mid-to-high-end liquor products saw a revenue decline of 14.79%, significantly impacting net profit, which fell more than revenue [4] - Gujing Gongjiu's mid-to-high-end products, particularly the year-round original series, achieved revenue of 18.086 billion, growing by 17.31% and accounting for 76.7% of total revenue [4] Group 3: Market Dynamics - Yanghe's revenue from domestic and external markets fell by 11.43% and 14.35% respectively, indicating pressure in both areas [5] - Gujing Gongjiu maintained strong growth across all regions, with significant increases in Central, North, and South China [7] Group 4: Strategic Positioning - Yanghe claims to be undergoing a "proactive deceleration transformation" for sustainable development, although this has not aligned with market expectations [8] - The competitive landscape is intensifying, with Yanghe facing challenges from both internal and external competitors, particularly in its home market [10][11] Group 5: Channel Effectiveness - Yanghe has the highest number of distributors at 8,866, but its average revenue per distributor is lower than Gujing Gongjiu's, indicating less channel efficiency [12] - Yanghe's distributor count increased by only 77, while Gujing Gongjiu added 448, reflecting a stronger market appeal for Gujing Gongjiu [14] Group 6: Industry Trends - The white liquor industry is shifting towards a new normal of stock competition and volume reduction, with Yanghe's challenges highlighting the need for strategic adjustments [15]

Industry Dynamics - Ten individuals from the liquor industry were recognized as national labor models and advanced workers at a ceremony celebrating the 100th anniversary of the All-China Federation of Trade Unions [3] - A new national standard for rice-flavored liquor will be implemented on May 1, 2026, focusing on sensory quality and production process control, which aims to enhance consumer perception and trust in the product [5] - Five major liquor exhibitions have been included in the "Ten Cities Linkage Sharing Food and Drink" initiative for 2025, organized by various government departments [6] - The first local safety production standard for the Helan Mountain East Ridge wine region will take effect on June 3, 2025, providing guidelines for safety hazard inspections in wine production [7] - Yibin's projected liquor production for 2024 is 213,500 kiloliters, reflecting a year-on-year decrease of 3.6% [7] Company Dynamics - As of April 30, 2024, 21 listed liquor companies reported a total revenue of 443.96 billion yuan, a year-on-year increase of 7.63%, and a net profit of 167.72 billion yuan, up 6.79% [8] - In Q1 2025, 19 listed liquor companies achieved a revenue of 149.32 billion yuan, growing by 2.20%, and a net profit of 63.11 billion yuan, increasing by 2.26% [10] - Major companies like Kweichow Moutai and Luzhou Laojiao are leveraging AI tools to enhance brand influence and operational efficiency [11] - Jiangsu Jinshiyuan has established a Customer Relationship Management Department to improve internal management and resource allocation [11] - Qingdao Beer plans to acquire 100% equity of Shandong Jimo Yellow Wine Factory for 665 million yuan [12]

Core Viewpoint - The Chinese liquor industry is experiencing a deep adjustment in 2024, characterized by declining production and sales, sluggish terminal movement, shrinking consumption scenarios, and insufficient consumer confidence, leading to price inversions for various products [1] Group 1: Industry Trends - The liquor industry is facing dual declines in production and sales, with a notable slowdown in revenue growth for liquor companies in 2024 [1] - The number of liquor companies experiencing revenue declines increased from 2 to 6 compared to the previous year, with brands like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Group 2: Sales Expenses - The total sales expenses for 19 listed liquor companies reached 45.87 billion yuan in the previous year, marking an 11% year-on-year increase, which outpaced revenue growth [2] - The median sales expense ratio rose from 16.26% to 19.1%, indicating a growing burden on companies [2] - Notably, Wu Liang Ye had the highest sales expenses at 10.692 billion yuan, followed by Gu Qing Gong Jiu and Kweichow Moutai [2] Group 3: Management Expenses - The total management expenses for listed liquor companies amounted to 22.85 billion yuan, slightly up from 22.66 billion yuan the previous year, with a median management expense ratio of 7.27% [3] - Eleven companies reported an increase in management expenses, while eight companies saw a decline [3] - Companies like Shanxi Fen Jiu, Shui Jing Fang, and Tian You De Jiu experienced management expense growth exceeding 10% [3] Group 4: Expense Ratios - Jiu Gui Jiu had the highest sales expense ratio at 42.94%, followed by Jin Zhong Zi Jiu at 31.84% and Gu Qing Gong Jiu at 26.22% [4] - Kweichow Moutai had the lowest sales expense ratio at 3.24%, indicating efficient cost management [4] - The management expense ratios for Tian You De Jiu, Jiu Gui Jiu, and Jin Zhong Zi Jiu exceeded 10%, while companies like Wu Liang Ye and Kweichow Moutai maintained lower ratios [4]

Industry Overview - The Chinese liquor industry is undergoing a deep adjustment in 2024, characterized by a decline in both production and sales, a slowdown in terminal sales, shrinking consumption scenarios, and insufficient consumer confidence [1] - The number of liquor companies experiencing revenue decline has increased from 2 to 6 compared to the previous year, with companies like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Contract Liabilities - The total contract liabilities for 19 listed liquor companies in 2024 reached 55.986 billion yuan, an increase of 2.9 billion yuan from the previous year [2] - Major companies such as Wu Liang Ye, Yang He, Guizhou Moutai, and Shanxi Fenjiu accounted for 72% of the total contract liabilities, amounting to 40.299 billion yuan [2] - Luzhou Laojiao reported a contract liability of only 3.978 billion yuan, significantly lower than its peers despite similar revenue levels [2] Changes in Contract Liabilities - Eleven companies saw a decline in contract liabilities, with Guizhou Moutai's liabilities decreasing by 32% from 14.126 billion yuan to 9.592 billion yuan [4] - The reduction in Guizhou Moutai's contract liabilities is attributed to a slowdown in the payment pace from distributors and an increase in direct sales channels [4] Cash Collection Ratio - In 2024, two liquor companies reported a cash collection ratio below 100%, down from five the previous year [5] - Jin Zhong Zi Jiu has consistently reported a cash collection ratio below 100% for two years, with a revenue decrease of 37% and a loss of 258 million yuan in 2024 [5] - The company's core revenue from low-end products decreased by 29%, with significant declines in gross margins across all product categories [6] Summary of Key Financial Metrics - A table summarizes the contract liabilities and cash collection ratios for various companies, highlighting significant changes from 2023 to 2024 [7]

有9家酒企归母净利润低于10亿元，4家净利润低于1亿元。去年只有金种子酒一家酒企亏损，亏损金额 从上年的0.22亿元扩大到2.58亿元。 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2024年，白酒行业进入深度调整！ "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒 挂，"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧，头部酒企仍能维持稳健增长，中小酒企则开始面对压力。 从上市公司层面来看，2024年酒企收入增速大幅放缓，收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 19家上市白酒公司归母净利润增长7.6% 贵州茅台一家占比达到52% 2024年19家上市白酒公司（剔除*ST岩石（维权）），总共实现归母净利润1668.48亿元，同比增长 7.6%。 贵州茅台去年净利润达到862.28亿元，占上市白酒净利润的近52%，提升了3.48个百分点。其次是五粮 液、泸州老窖和山西汾酒，归母净利润分别为318.5 ...

出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2024年，白酒行业进入深度调整！ "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒 挂，"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧，头部酒企仍能维持稳健增长，中小酒企则开始面对压力。 从上市公司层面来看，2024年酒企收入增速大幅放缓，收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 3家酒企经营活动现金流净额转负 经营活动现金流是衡量上市公司核心盈利能力和财务健康度的关键指标，2024年3家酒企经营活动现金 流净额转负，分别为舍得酒业、酒鬼酒、金种子酒，比上年多了两家。 去年8家公司经营活动现金流净额同比增长，剔除皇台酒业之后，增速最快的是泸州老窖、山西汾酒、 口子窖。此外贵州茅台增长38.85%，也排在前列。 此外，伊力特、洋河股份、顺鑫农业、舍得酒业、金种子酒、酒鬼酒在收入下滑的情况下，存货仍在增 长。 | | | 2024年上市白酒公司存货、现金 ...