江苏洋河酒厂股份有限公司 市值管理制度 （2024 年 12 月 30 日经公司第八届董事会第七次会议审议通过） 第一章 总则 第一条 为加强江苏洋河酒厂股份有限公司（以下简称"公司"）市值管 理，推动提升公司投资价值，维护公司、投资者及其他利益相关者的合法 权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《国务 院关于加强监管防范风险推动资本市场高质量发展的若干意见》《上市公 司监管指引第 10 号—市值管理》《深圳证券交易所股票上市规则》等相关 法律、行政法规、规范性文件和《江苏洋河酒厂股份有限公司章程》（以 下简称"《公司章程》"）等规定，并结合公司实际情况，制定本制度。 第二章 市值管理的目的与基本原则 第三条 公司在开展市值管理过程中，应当牢固树立回报股东意识，采 取措施保护投资者尤其是中小投资者利益，诚实守信、规范运作、专注主 业、稳健经营，推动经营水平和发展质量提升，并在此基础上做好投资者 关系管理，提高信息披露质量和透明度，必要时积极采取措施提振投资者 信心，推动公司投资价值合理反映公司发展。 第四条 市值管理基本原则包括： （一）合规性原则。应当在严格遵守相关法律、行政法规、规范性 ...

证券代码：002304 证券简称：洋河股份 公告编号：2024-041 江苏洋河酒厂股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日分别召开第八届董事会第七次会议和第八届监事会第五次会议， 审议通过了《关于 2024 年度中期利润分配的预案》，现将有关情况公 告如下： 一、利润分配预案基本内容 截至 2024 年 9 月 30 日，母公司未经审计未分配利润为 32,087,998,671.96 元。为进一步增强投资者回报，公司拟实施 2024 年 度中期利润分配，方案如下：公司拟以现有总股本 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 23.30 元 （含税），合计派发现金红利人民币 3,510,017,022.42 元（含税）。 如在实施权益分派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。 二、利润分配预案审议程序 1、公司于 2024 年 12 月 30 日召开第八届董事会第七次会议，审 议通过了《关于 2024 年度中期利润分配的预案》。 1 2、公司于 2024 年 12 月 30 日召开第八届监 ...

板块在近段时间迎来一轮整体估值修复，随着业绩拐点的逐步到来，明年情绪 上可以更加乐观。 白酒板块看，当下白酒渠道从加杠杆阶段进入到去杠杆阶段，渠道库存有望逐 步出清，在龙头公司估值较低、预期已经下修，现金分红回报有吸引力的时点，股 价有望领先于业绩触底。 25 年关注政策刺激带动下的商务需求修复，高端白酒有望率先受益实现量价齐 升，次高端白酒承接，更具弹性。大众品 板块今年提前完成去库存，为明年增长蓄力，乳制品、调味品等板块进入改善 周期，龙头率先企稳业绩复苏带动盈利上修，饮料、零食、保健品、餐饮供应链等 细分板块仍有充足的成长驱动力。同时建议更多关注当前估值低具有一定安全垫， 并且有分红提升预期的标的，板块估值修复中反弹空间更高。 核心观点 证券研究报告| 行业深度报告 2024 年 12 月 17 日 签约客户可长按扫码阅读报告： 白酒板块：渠道包袱出清，股价拐点或先于业绩拐点。 经销商盈利水平持续性下降，导致其再投资意愿低迷。从企业应收账款（融资支持回款）数据来看， 24Q3 出现了拐 点，渠道进入去杠杆阶段。预计 2025 年实际销售与报表差异将收敛，产业进入真实动销去库存阶段。复盘 12-14 年上 ...

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company is actively adjusting its operational pace to strengthen long-term development, emphasizing rational growth and adapting to market conditions [3] - The third quarter performance showed a significant decline in revenue and net profit, with a year-on-year revenue drop of 44.82% and a net profit decrease of 73.03% [3] - The company maintains a robust product matrix and focuses on high-end products, with a planned annual cash dividend of no less than 7 billion yuan, indicating significant investment value [3] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 27.516 billion yuan, down 9.14% year-on-year, and a net profit of 8.579 billion yuan, down 15.92% year-on-year [3] - The third quarter revenue was 4.641 billion yuan, a decrease of 44.82% year-on-year, and the net profit was 631 million yuan, down 73.03% year-on-year [3] - The gross margin for Q3 was 66.24%, down 8.63 percentage points year-on-year, attributed to a shift in product structure and increased operating costs [3] Future Projections - The company’s projected net profits for 2024, 2025, and 2026 are 8.51 billion yuan, 8.56 billion yuan, and 9.03 billion yuan, respectively, with year-on-year changes of -15.0%, 0.6%, and 5.4% [4] - The current stock price corresponds to a PE ratio of 16 for 2024, 16 for 2025, and 15 for 2026 [4] Strategic Focus - The company is focusing on deepening its market presence domestically while expanding nationally, with an emphasis on enhancing its core market operations and optimizing sales strategies [3] - The product strategy includes a focus on flagship products like "Dream 6+", "Crystal Edition Dream Blue", and "Sky Blue", aiming to establish high-end value benchmarks [3]

Group 1 - The event "China Airshow Dream Viewing Activity" was held in Zhuhai, Guangdong, showcasing advanced aerospace technology and promoting the spirit of Chinese aerospace among youth representatives [1] - The event featured the J-20 stealth fighter and domestic large aircraft, with significant public interest in flight performances and rocket displays [1] - Yanghe Co. invited former astronaut Chen Quan to explain the highlights of the airshow and share the history and achievements of China's aerospace development [1] Group 2 - Yanghe Co. has been a strategic partner of China's aerospace industry, participating in the airshow for three consecutive years and supporting the development of aviation and aerospace [2] - The company showcased its "Dream Blue" series products, particularly the "Dream Blue·J-20" co-branded product, which received positive feedback for its innovative design inspired by the J-20 aircraft [2] - This product highlights the unique value of Chinese liquor and integrates aerospace culture into its branding [2] Group 3 - During the airshow, a call was made for youth to engage in aerospace public welfare initiatives, emphasizing the importance of supporting China's aerospace endeavors [3] - Since becoming a partner of China's aerospace industry in 2019, Yanghe Co. has contributed through various initiatives, including funding the "Qian Xuesen Book House" and establishing scholarships [3] - The organization of the airshow event marks the launch of a youth talent aerospace science popularization program aimed at enhancing public scientific literacy [3]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3]. Core Views - The company is currently focusing on inventory reduction and optimizing channel relationships, which has led to pressure on the third-quarter financial results [4][5]. - The company's revenue for the first three quarters of 2024 was 27.516 billion yuan, a year-on-year decrease of 9.14%, while the net profit attributable to the parent company was 8.579 billion yuan, down 15.92% [4]. - In Q3 2024, the total revenue was 4.641 billion yuan, reflecting a significant year-on-year decline of 44.82%, and the net profit attributable to the parent company dropped by 73.03% to 631 million yuan [4][5]. - The company has experienced a notable decline in gross margin, which fell by 8.63 percentage points to 66.24% in Q3 2024, primarily due to pressure on high-end products and increased expenses to assist distributors in inventory reduction [5]. - The company has implemented internal reforms, clarifying product and channel strategies, and stabilizing personnel, which is expected to lead to a recovery in growth after a phase of adjustment [5]. Financial Summary - The company's cash flow from sales and services received in the first three quarters of 2024 was 24.232 billion yuan, a decrease of 5.13% year-on-year, with Q3 cash flow at 6.42 billion yuan, down 33.49% [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.53 yuan, 5.17 yuan, and 5.21 yuan respectively, with corresponding price-to-earnings (PE) ratios of 15, 16, and 15 times [5].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company has actively reduced inventory and adjusted its delivery pace, leading to a significant decline in revenue for Q3 2024, with a year-on-year decrease of 44.8% [3][5] - The company is expected to recover its fundamentals after a deep adjustment period, with a projected revenue growth of -10.2%, +1.1%, and +6.9% for 2024-2026 [3][4] - The company plans to distribute cash dividends amounting to no less than 70% of the net profit attributable to shareholders for the years 2024-2026, with a dividend yield exceeding 5% [3][4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 27.52 billion RMB, down 9.1% year-on-year, and a net profit of 8.58 billion RMB, down 15.9% year-on-year [3][5] - In Q3 2024, the company reported revenue of 4.64 billion RMB and a net profit of 631 million RMB, reflecting a year-on-year decline of 44.8% and 73.0% respectively [5][6] Revenue and Profitability - The gross margin for Q3 2024 was 66.2%, a decrease of 8.6 percentage points year-on-year, attributed to product mix adjustments and increased promotional expenses [3][5] - The company’s operating cash flow for Q3 2024 was 1.41 billion RMB, down 65.3% year-on-year, indicating pressure on cash flow [3][5] Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 5.36 RMB, 5.48 RMB, and 5.88 RMB respectively, with corresponding price-to-earnings (PE) ratios of 15.4X, 15.1X, and 14.1X [4][6] - The company’s total market capitalization is approximately 129.78 billion RMB, with a circulating share count of 1,506.45 million [2][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant decline in revenue and net profit for Q3 2024, with total revenue of 27.52 billion yuan, down 9.1% year-on-year, and net profit of 8.58 billion yuan, down 15.9% year-on-year. The Q3 revenue alone was 4.64 billion yuan, reflecting a drastic drop of 44.8% year-on-year, primarily due to a slowdown in industry sales and delayed channel payments [2] - The company is undergoing a restructuring phase in its marketing strategy and channel management, with a focus on stabilizing its revenue and improving cash flow. The report indicates that the revenue decline is exacerbated by weak performance in non-core markets and increased competition [2][4] - The company is expected to focus on major products and enhance its market presence through improved channel management and project-based initiatives. The aim is to rebuild a strong operational team and improve brand image [4] Financial Summary - The company's total revenue for 2022 was 30.105 billion yuan, with a projected decline to 29.813 billion yuan in 2024, representing a year-on-year decrease of 10%. The net profit for 2022 was 9.378 billion yuan, expected to drop to 8.145 billion yuan in 2024, a decrease of 18.68% year-on-year [1][4] - The latest diluted EPS is projected to be 5.41 yuan per share in 2024, down from 6.65 yuan in 2023. The P/E ratio is expected to be 14.89 in 2024, indicating a slight increase from 12.11 in 2023 [1][4] - The report highlights a significant drop in gross margin, with Q3 gross margin decreasing by 8.6 percentage points to 66.2%. The net profit margin also fell by 14.4 percentage points to 13.5% due to negative scale effects and increased costs [3]

Investment Rating - The report does not explicitly provide an investment rating for the company [1] Core Views - The company is experiencing short-term operational pressure but is focusing on long-term development through channel adjustments and product upgrades [1][3] - The company reported a revenue of 27.52 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.1%, and a net profit of 8.58 billion yuan, down 15.9% year-on-year [1] - The company is actively restructuring its product offerings and enhancing brand value, particularly in high-end segments [3][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 4.64 billion yuan, a significant decline of 44.8% year-on-year, with a net profit of 630 million yuan, down 73.0% year-on-year [1][2] - The gross margin for Q3 2024 was 66.2%, down 8.6 percentage points year-on-year, primarily due to external environmental impacts [2] - The net profit margin for Q3 2024 was 13.6%, a decrease of 14.2 percentage points year-on-year, influenced by rising expense ratios [2] Product and Channel Strategy - The company is focusing on product structure upgrades, particularly in its "Dream" series, and is adjusting its sales strategies to stabilize dealer confidence [1][3] - The company is enhancing its brand positioning by emphasizing the quality and rarity of its aged products, particularly in the high-end market [3][6] Market Outlook - The company anticipates continued pressure on sales and inventory clearance into 2024, with expectations of a gradual recovery post-inventory digestion [3][6] - Revenue projections for 2024-2026 indicate a decline in sales, with expected revenues of 29.82 billion yuan in 2024, down 10.0% year-on-year, and a slight recovery in 2026 [4][6] Earnings Forecast - The report forecasts earnings per share (EPS) of 5.71 yuan for 2024, 5.58 yuan for 2025, and 6.10 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 14, 14, and 13 respectively [3][4][6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company reported a revenue of 27.52 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.1%, and a net profit attributable to shareholders of 8.58 billion yuan, down 15.9% year-on-year. In Q3 2024, revenue was 4.64 billion yuan, a significant decline of 44.8% year-on-year, with a net profit of 630 million yuan, down 73.0% year-on-year [1][2]. Summary by Sections Business Performance - The company is undergoing a deep adjustment of its distribution channels to strengthen long-term development. In Q1 2024, the "Hai Zhi Lan" and "Meng 6+" products showed rapid growth. In Q2, the factory price of "Meng 6+" was raised, maintaining brand momentum. In Q3, sales weakened, prompting the company to adjust its collection requirements and focus on product structure upgrades [2]. - The company is enhancing its brand through high-quality expressions and emphasizing the scarcity value of aged liquor, aiming to establish a high-end brand benchmark [4]. Financial Metrics - In Q3 2024, the gross margin was 66.2%, down 8.6 percentage points year-on-year, primarily due to external environmental impacts and a decline in product structure. The sales expense ratio increased by 12.3 percentage points to 27.8%, and the management expense ratio rose by 4.3 percentage points to 10.3% [3]. - The net profit margin for Q3 2024 was 13.6%, down 14.2 percentage points year-on-year, reflecting the impact of rising expense ratios and a lack of revenue scale support [3]. Future Outlook - The company expects to continue reducing inventory at a slower pace, with sales volume projected to decline by 15.0% in 2024, followed by a 10.0% decline in 2025, before a slight recovery in 2026 [7]. - The earnings per share (EPS) forecast for 2024-2026 is 5.71 yuan, 5.58 yuan, and 6.10 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 14x, 14x, and 13x [4][7].