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"）第八届董事会第九 次会议，于 2025 年 4 月 27 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 2025 年 4 月 16 日以送达和通讯相结合方式发出。本次会议应到董事 11 名，实际出席董事 11 名，其中：独立董事毛凌霄先生以视频会议方式出 席；独立董事聂尧先生因出差，委托独立董事路国平先生代为出席并行 使表决权，与会人数符合《公司法》和《公司章程》的规定。公司监事 和部分高级管理人员列席了本次会议。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11票同意，0票反对，0票弃权，审议通过了《2024年度总 裁工作报告》。 证券代码：002304 证券简称：洋河股份 公告编号：2025-006 江苏洋河酒厂股份有限公司 第八届董事会第九次会议决议公告 2、会议以11票同意 ...

证券代码：002304 证券简称：洋河股份 公告编号：2025-013 江苏洋河酒厂股份有限公司 关于 2024 年度利润分配预案的公告 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。 特别提示：江苏洋河酒厂股份有限公司（以下简称"公司"）披露 2024 年度利润分配预案后，不触及《深圳证券交易所股票上市规则》第 9.8.1 条规定的可能被实施其他风险警示情形。 一、2024 年度利润分配预案审议程序 1、公司于 2025 年 4 月 27 日召开第八届董事会第九次会议，审议通 过了《关于公司 2024 年度利润分配的预案》。 2、公司于 2025 年 4 月 27 日召开第八届监事会第六次会议，审议通 过了《关于公司 2024 年度利润分配的预案》。 3、2024 年度利润分配预案尚需提交公司股东大会审议。股东大会 将采取现场会议与网络投票相结合的方式进行表决，为中小股东参与公 司现金分红决策提供便利。 二、2024 年度利润分配预案基本情况 （一）2024 年度利润分配预案基本内容 1、本着既保证公司长远发展，又积极回报股东的原则，公司 2024 年度利润 ...

关于江苏洋河酒厂股份有限公司 非经营性资金占用及其他关联资金往来情况的 专项说明 中喜专审 2025Z00322 号 中喜会计师事务所（特殊普通合伙） 地址：北京市东城区崇文门外大街11 号新成文化大厦A 座 11层 邮编：100062 电话：010-67085873 传真：010-67084147 邮箱：zhongxi@zhongxicpa.net 中喜会计师事务所(特殊普通合伙) ZHONGXI CPAs (SPECIAL GENERAL PARTNERSHIP) 关于江苏洋河酒厂股份有限公司 2024年度非经营性资金占用及其他关联资金往来情况的专项说明 中喜专审2025Z00322号 江苏洋河酒厂股份有限公司全体股东: 我们接受委托,审计了江苏洋河酒厂股份有限公司(以下简称洋河股份)2024 年度财务报表,包括2024年12月31目的合并及母公司资产负债表,2024年度的合并 及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以 及财务报表附注,并于2025年4月27日出具了中喜财审2025S01382号标准无保留意见 的审计报告。 洋河股份管理层按照中国证券监督管理委员会《上市公司 ...

江苏洋河酒厂股份有限公司 内部控制审计报告 中喜特审 2025T00190 号 中喜会计师事务所（特殊普通合伙） 地址：北京市东城区崇文门外大街11 号新成文化大厦A 座 11层 邮编：100062 电话：010-67085873 传真：010-67084147 邮箱：zhongxi@zhongxicpa.net 中 喜 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) ZHONGXI CPAs (SPECIAL GENERAL PARTNERSHIP) 内部控制审计报告 中喜特审2025T00190号 江苏洋河酒厂股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们 审计了江苏洋河酒厂股份有限公司(以下简称洋河股份)2024年12月31日的财务报 告内部控制的有效性。 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审 计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情 况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根 ...

江苏洋河酒厂股份有限公司 审计报告 中喜财审 2025S01382 号 中喜会计师事务所（特殊普通合伙） 地址：北京市东城区崇文门外大街11 号新成文化大厦A 座 11层 邮编：100062 电话：010-67085873 传真：010-67084147 邮箱：zhongxi@zhongxicpa.net 中喜会计师事务所(特殊普通合伙) ZHONGXI CPAs (SPECIAL GENERAL PARTNERSHIP) 审计 报告 中喜财审 2025S01382 号 江苏洋河酒厂股份有限公司全体股东: 一、审计意见 我们审计了江苏洋河酒厂股份有限公司(以下简称洋河股份)财务报表,包括 2024 年 12 月 31 目的合并资产负债表及资产负债表,2024年度的合并利润表及利润 表、合并现金流量表及现金流量表、合并所有者权益变动表及所有者权益变动表以 及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公 允反映了洋河股份 2024年 12月 31 日的财务状况以及 2024 年度的经营成果和现金 流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了 ...

洋河股份（002304）公告，2024年营业收入为288.76亿元，同比下降12.83%。归属于上市公司股东的净 利润为66.73亿元，同比下降33.37%。基本每股收益为4.43元/股，同比下降33.37%。公司拟向全体股东 每10股派发现金红利23.17元(含税)，送红股0股(含税)，不以公积金转增股本。 ...

Core Viewpoint - Yanghe Co., Ltd. reported a significant decline in both revenue and net profit for the first quarter of 2025, primarily due to adverse market conditions in the liquor sales sector [1] Financial Performance - The company's operating revenue for Q1 2025 was 11.066 billion yuan, representing a year-on-year decrease of 31.92% [1] - The net profit attributable to shareholders was 3.637 billion yuan, reflecting a year-on-year decline of 39.93% [1] Market Impact - The decline in sales volume and revenue is attributed to the overall market conditions affecting the liquor sales industry [1]

Financial Performance - The company's operating revenue for 2024 was approximately ¥28.88 billion, a decrease of 12.83% compared to ¥33.13 billion in 2023[19] - The net profit attributable to shareholders for 2024 was approximately ¥6.67 billion, down 33.37% from ¥10.02 billion in 2023[19] - The net profit after deducting non-recurring gains and losses was approximately ¥6.84 billion, a decrease of 30.56% from ¥9.84 billion in 2023[19] - The cash flow from operating activities for 2024 was approximately ¥4.63 billion, down 24.49% from ¥6.13 billion in 2023[19] - The basic earnings per share for 2024 was ¥4.43, a decline of 33.37% from ¥6.65 in 2023[19] - The total assets at the end of 2024 were approximately ¥67.35 billion, a decrease of 3.51% from ¥69.79 billion at the end of 2023[19] - The net assets attributable to shareholders at the end of 2024 were approximately ¥51.59 billion, a slight decrease of 0.67% from ¥51.94 billion at the end of 2023[19] - The weighted average return on equity for 2024 was 12.07%, down from 20.34% in 2023, reflecting an 8.27% decline[19] Revenue Breakdown - The company's total revenue for 2024 was approximately ¥28.25 billion, representing a decrease of 13.05% compared to the previous year[33] - The liquor industry accounted for ¥28.25 billion, representing 97.83% of total revenue, down 13.05% from ¥32.49 billion in 2023[58] - Revenue from high-end liquor decreased by 14.79% year-on-year, totaling approximately ¥24.32 billion[33] - Online sales revenue for liquor was approximately ¥394.13 million, down 9.77% from the previous year[40] Production and Inventory - The production volume of liquor was 145,494.73 tons, a decrease of 8.40% compared to 158,834.29 tons in 2023, while sales volume was 139,076.05 tons, down from 166,154.73 tons[44] - The inventory of finished liquor at the end of the period was 46,169.17 tons, while semi-finished liquor inventory was 697,082.59 tons[45] - The company’s total inventory increased by 16.38% to 45,594.72 tons for baijiu, indicating a potential overstock situation[61] Expenses and Costs - Total sales expenses increased by 2.40% to ¥5.52 billion, while management expenses rose by 9.09% to ¥1.92 billion[71] - The cost of direct materials for liquor was 5.524 billion yuan, accounting for 71.27% of total operating costs, a decrease of 3.77% from 5.741 billion yuan in 2023[43] - Research and development expenses decreased significantly by 63.20% to ¥104.80 million due to a reduction in ongoing projects[71] - Total R&D investment decreased by 62.85% to ¥108,276,667.57, representing 0.37% of operating revenue[77] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥23.17 per 10 shares, totaling approximately ¥3.49 billion based on 1,506,445,074 shares[6] - In 2023, the company distributed cash dividends of 7.02 billion RMB, accounting for 70.09% of the net profit attributable to shareholders[106] - The proposed cash dividend for 2024 is 3.49 billion RMB, with a distribution of 23.17 RMB per 10 shares, pending shareholder approval[107] Governance and Management - The board consists of 11 members, including 4 independent directors, ensuring compliance with legal requirements[109] - The supervisory board has 4 members, including 2 employee representatives, fulfilling its responsibilities effectively[110] - The company emphasizes investor relations management, ensuring transparent communication with shareholders[111] - The company has established a complete and independent financial management system, with no intervention from the controlling shareholder in financial decisions[114] Environmental and Social Responsibility - The company has implemented sustainable practices, including creating two zero-carbon workshops and receiving recognition as a "2024 China Industrial Carbon Peak and Carbon Neutrality Leader"[55] - The company actively participates in social responsibility initiatives, providing free haircuts to 3,000 villagers and donating organic fertilizers to support local agriculture[179] - The company has been awarded the "Annual Charity Enterprise" honor by the China Charity Federation for three consecutive years[180] Future Outlook and Strategies - The company aims for a revenue growth of 5%-10% in 2024, focusing on product quality and marketing strategies to adapt to market competition[53] - The company plans to focus on maintaining stable prices for its leading products through quota management and optimizing supply-demand relationships[100] - The company aims to enhance its brand image by promoting the "Mellow Vintage Old Liquor" and strengthening brand scenario expression[100] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[127] Risk Management - The company has indicated potential risks in its future development outlook, which investors should be aware of[5] - The company is facing risks from external uncertainties and intensified competition within the liquor industry[102] Internal Controls and Audits - The internal control system is designed to ensure that decision-making, execution, and supervision are separated to form checks and balances[156] - The internal control evaluation report indicates that 99.62% of the total assets and 99.97% of the total revenue of the evaluated units are included in the company's consolidated financial statements[162] - The internal control audit report confirmed that the company maintained effective financial reporting internal controls as of December 31, 2024, with a standard unqualified opinion issued[164]

Financial Performance - The company's revenue for Q1 2025 was ¥11,066,201,907.73, a decrease of 31.92% compared to ¥16,254,884,718.38 in the same period last year[5] - Net profit attributable to shareholders was ¥3,637,099,588.91, down 39.93% from ¥6,055,230,532.04 year-on-year[5] - Basic earnings per share fell to ¥2.4144, a decline of 39.93% from ¥4.0195 in the same period last year[5] - Total operating revenue for the current period was ¥11,066,201,907.73, a decrease of 31.9% compared to ¥16,254,884,718.38 in the previous period[38] - Net profit for the current period was ¥3,632,715,771.96, a decline of 40.0% from ¥6,052,988,206.49 in the previous period[39] - Earnings per share (EPS) for the current period was ¥2.4144, down from ¥4.0195 in the previous period[40] - The company reported a total comprehensive income of ¥3,634,587,736.76, down from ¥6,049,329,572.90 in the previous period[40] Cash Flow - The net cash flow from operating activities decreased by 47.72%, amounting to ¥2,535,741,055.56 compared to ¥4,850,465,091.64 in the previous year[5] - Cash inflow from operating activities totaled ¥9,942,860,564.14, a decrease of 27.5% compared to ¥13,665,732,726.01 in the previous period[41] - The net cash flow from operating activities was 2,535,741,055.56, a decrease of 47.8% compared to 4,850,465,091.64 from the previous period[42] - The total cash outflow from investing activities was 11,036,781,463.50, significantly higher than 5,507,722,039.08 in the prior period, resulting in a net cash flow from investing activities of -2,212,809,909.82[42] - The net cash flow from financing activities was -3,424,137,353.90, reflecting a significant decrease compared to -6,927,704.68 in the previous period[42] - The cash and cash equivalents at the end of the period totaled 18,379,031,124.00, down from 27,563,863,283.92 at the end of the previous period[42] - The company paid 3,510,147,538.19 in cash for dividends and interest, indicating a focus on returning value to shareholders[42] Assets and Liabilities - Total assets at the end of the reporting period were ¥64,129,803,574.26, down 4.77% from ¥67,345,265,219.62 at the end of the previous year[5] - The company’s total equity reached ¥51,817,616,568.22, slightly up from ¥51,693,045,853.88 in the previous period[36] - Total liabilities amounted to ¥12,312,187,006.04, a decrease from ¥15,652,219,365.74 in the previous period[36] - The company experienced a 95.50% decline in minority shareholder profit, mainly due to increased losses from a subsidiary[27] - Total current liabilities decreased from 15,258,522,338.13 to 11,869,179,634.96, a reduction of approximately 22.1%[35] - Contract liabilities decreased from 10,343,779,848.07 to 7,023,970,238.37, a decline of about 32.5%[35] - Total current assets decreased from 50,324,864,503.54 to 47,184,995,193.11, a decline of approximately 4.25%[35] - Total non-current liabilities increased to ¥443,007,371.08 from ¥393,697,027.61 in the previous period[36] Research and Development - Research and development expenses increased by 246.35%, reflecting a rise in R&D projects[19] - Research and development expenses increased to ¥64,193,060.16, up from ¥18,534,173.82 in the previous period, indicating a focus on innovation[39] Shareholder Information - Total number of common shareholders at the end of the reporting period was 187,577[31] - Jiangsu Yanghe Group holds 34.18% of shares, totaling 514,858,939 shares[31] - The top ten shareholders do not have any shares under pledge, marking a stable ownership structure[32] Market Strategy - The company has no plans for new product launches or market expansions mentioned in the conference call[33]

Group 1 - The overall performance of liquor companies was weak, with stock prices declining, particularly for major liquor brands, as their 2024 annual reports and 2025 Q1 reports were released, which were generally in line with or slightly below market expectations [1] - Public funds have significantly reduced their holdings in Yanghe and Yingjia Gongjiu, indicating concerns about the competitive strength of these companies in their respective regions [1][5] - The liquor sector saw a notable divergence in stock performance, with yellow wine companies like Kuaijishan and Guyue Longshan showing significant weekly gains of 12.39% and 5.39%, respectively, while the white liquor sector continued to decline [2][3] Group 2 - The white liquor index experienced a weekly decline of 1.61%, marking three consecutive weeks of losses, with major brands like Luzhou Laojiao and Shanxi Fenjiu seeing declines exceeding 3% [3] - Companies facing operational difficulties, such as ST Yanshi, saw substantial weekly declines, with ST Yanshi down 14.95% and Mogao Co. and Hainan Yedao down 7.65% and 8.11%, respectively [4] - As of March 31, 2025, public funds held a total market value of 257.1 billion yuan in the white liquor sector, a decrease of 0.23 percentage points from the previous quarter, continuing a downward trend since 2022 [5]