Investment Rating - The report maintains a "Buy" rating for the company, citing high dividend yield as a key attraction despite slowing earnings growth [3][5] Core Views - The company's Q2 performance was under pressure, with revenue declining 3.02% YoY and net profit dropping 9.75% YoY [2] - The company announced a cash dividend payout plan, committing to a minimum 70% payout ratio and at least 7 billion RMB annually from 2024-2026 [2] - Despite short-term challenges, the company's high dividend yield (around 6%) provides a safety margin and makes it attractive from a dividend perspective [3] Financial Performance Revenue and Profit - H1 2024 total revenue reached 22.876 billion RMB, up 4.58% YoY, with net profit of 7.947 billion RMB, a 1.08% increase [2] - Q2 2024 revenue was 6.621 billion RMB, down 3.02% YoY, with net profit of 1.892 billion RMB, a 9.75% decline [2] - The company's mid-to-high-end products contributed 19.96 billion RMB in H1, up 4.78% YoY [2] Regional Performance - Domestic revenue in H1 was 9.6 billion RMB (+1.42% YoY), while out-of-province revenue grew 7.50% to 12.9 billion RMB [2] - The company has 2,942 domestic and 5,891 out-of-province distributors, with a net increase of 62 out-of-province dealers [2] Profitability and Valuation - Q2 2024 gross margin was 73.67%, down 1.4 percentage points YoY [3] - The company's P/E ratio is projected at 11x for 2024 and 10x for 2026 [4] - ROE is expected to decline slightly from 19.28% in 2023 to 17.85% in 2026 [4] Cash Flow and Balance Sheet - Q2 2024 operating cash flow was -2.81 billion RMB, compared to -1.14 billion RMB in Q2 2023 [3] - Contract liabilities decreased by 1.88 billion RMB to 3.94 billion RMB at the end of Q2 [3] - The company's cash position is expected to grow from 25.813 billion RMB in 2023 to 40.974 billion RMB in 2026 [8] Future Projections - Revenue is forecast to grow from 34.661 billion RMB in 2024E to 39.265 billion RMB in 2026E [4] - Net profit is projected to increase from 10.208 billion RMB in 2024E to 11.591 billion RMB in 2026E [4] - EPS is expected to rise from 6.78 RMB in 2024E to 7.69 RMB in 2026E [4]

Investment Rating - Buy/Upgrade rating with a target price of 102.6 RMB, compared to the previous closing price of 77.24 RMB [1] Core Views - Short-term performance pressure but a commitment to shareholder returns with a minimum dividend of 7 billion RMB annually from 2024 to 2026 [1][3] - Revenue growth of 4.58% YoY in H1 2024, with net profit attributable to shareholders increasing by 1.08% YoY [3] - Product structure slightly shifted downward, with mid-to-high-end liquor revenue growing by 4.78% YoY and ordinary liquor revenue growing by 5.16% YoY [3] - Regional performance shows slower growth in the domestic market (+1.42% YoY) compared to the external market (+7.50% YoY) [3] - Increased expense investment in Q2 2024, leading to a decline in net profit margin to 28.58% [3] - The company aims for a 5%-10% revenue growth in 2024, focusing on deepening its domestic market and expanding nationally [3] Financial Performance Summary - H1 2024 revenue: 22.876 billion RMB (+4.58% YoY), net profit: 7.947 billion RMB (+1.08% YoY) [3] - Q2 2024 revenue: 6.621 billion RMB (-3.02% YoY), net profit: 1.892 billion RMB (-9.75% YoY) [3] - Gross margin in H1 2024: 75.4% (-0.8 pct YoY), Q2 gross margin: 73.7% (-1.4 pct YoY) [3] - Contract liabilities at the end of Q2 2024: 3.938 billion RMB, a decrease of 18.8% QoQ and 13.9% YoY [3] Product and Market Strategy - Mid-to-high-end liquor revenue: 19.961 billion RMB (+4.78% YoY), gross margin: 79.40% (-1.37 pct YoY) [3] - Ordinary liquor revenue: 2.530 billion RMB (+5.16% YoY), gross margin: 49.82% (+2.76 pct YoY) [3] - Focus on stabilizing the price of M6+ and limiting the supply of Handmade Class products [3] - Domestic market strategy: Optimizing the dealer system, with 2,942 dealers at the end of Q2 2024 [3] - External market strategy: Increasing penetration, with 5,891 dealers at the end of Q2 2024 [3] Financial Forecasts - Expected revenue growth for 2024-2026: 5%/7%/6% [3] - Expected net profit growth for 2024-2026: 3%/8%/7% [3] - EPS for 2024-2026: 6.84/7.41/7.93 RMB, with PE ratios of 11x/10x/10x [3] - Dividend yield based on current market value: 6% [3] Valuation and Target Price - Target price adjusted to 102.60 RMB based on 2024 performance, with a 15x PE ratio [3] - Current PE ratio: 11x for 2024, 10x for 2025 and 2026 [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][5] Core Views - The company experienced a decline in revenue and net profit in the second quarter of 2024, but has announced a three-year cash dividend plan with a minimum payout ratio of 70% and a total dividend amount of no less than 7 billion yuan (including tax) for the years 2024-2026, indicating a commitment to return value to shareholders [4][5] - In the first half of 2024, the company achieved total revenue of 22.876 billion yuan, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 7.947 billion yuan, a year-on-year increase of 1.1% [4][5] - The company is focusing on both domestic and international markets, with domestic revenue growing by 1.42% and international revenue growing by 7.50% in the first half of 2024 [4][5] Summary by Sections Financial Performance - In Q2 2024, the company reported total revenue of 6.621 billion yuan, a year-on-year decrease of 3.0%, and a net profit of 1.892 billion yuan, a year-on-year decrease of 9.7% [4][5] - The company's white liquor business revenue increased by 4.89% year-on-year in H1 2024, with mid-to-high-end liquor and ordinary liquor revenues of 19.961 billion yuan and 2.530 billion yuan, respectively [4][5] - The gross profit margin for mid-to-high-end liquor decreased by 1.37 percentage points, while that for ordinary liquor increased by 2.76 percentage points [4][5] Market Strategy - The company is implementing a "focus + transformation" strategy in domestic markets while developing high-ground markets in international regions [4][5] - As of the end of Q2, the company had 8,833 distributors, with a net decrease of 18 in domestic markets and an increase of 62 in international markets [4][5] Profitability Forecast - The company has adjusted its revenue forecast for 2024-2025, expecting revenues of 32.247 billion yuan and 33.899 billion yuan, representing year-on-year changes of -2.7% and +5.1%, respectively [5][6] - The net profit forecast for 2024-2025 is set at 9.521 billion yuan and 9.868 billion yuan, with year-on-year changes of -4.9% and +3.6%, respectively [5][6] - The current stock price corresponds to a PE ratio of 12.2 for 2024, with a dividend yield of 6%, indicating a high margin of safety in valuation [5][6]

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company reported a revenue of 22.876 billion yuan for H1 2024, a year-on-year increase of 5%, and a net profit attributable to shareholders of 7.947 billion yuan, up 1% year-on-year [1] - In Q2 2024, the company experienced a revenue decline of 3% to 6.621 billion yuan, primarily due to weakened external demand and intensified market competition [1] - The company has initiated a cash dividend plan for 2024-2026, committing to distribute no less than 70% of the annual net profit attributable to shareholders, with a minimum of 7 billion yuan each year, demonstrating a commitment to shareholder returns [1] Summary by Sections Market Performance - The company faces intensified competition within the province and is undergoing reform adjustments [1] Earnings Forecast - The company’s H1 2024 white liquor revenue was 22.436 billion yuan, a 5% increase year-on-year, with sales volume at 115.6 thousand tons, a slight decrease of 0.3% [2] - The average price per ton of liquor increased by 5% to 194.1 thousand yuan [2] - The company’s mid-to-high-end liquor revenue was 19.961 billion yuan, also up 5% year-on-year, while ordinary liquor revenue was 2.530 billion yuan, maintaining a 5% increase [2] - The company’s sales model showed a 5% increase in wholesale and distribution revenue to 22.254 billion yuan, while online direct sales revenue decreased by 9% to 2.37 billion yuan [2] - The company’s revenue from provincial and non-provincial markets was 9.595 billion yuan and 12.896 billion yuan, respectively, with year-on-year increases of 1% and 8% [2] Financial Adjustments - The report adjusts the EPS forecasts for 2024-2026 to 6.72, 7.14, and 7.59 yuan, respectively, with corresponding PE ratios of 12, 12, and 11 times [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue performance is in line with market expectations, with a further increase in dividend rate, indicating a gradual accumulation value [4] - The company achieved a revenue of 22.88 billion yuan in H1 2024, representing a year-on-year increase of 4.6%, while the net profit attributable to shareholders was 7.95 billion yuan, up 1.1% year-on-year [4] - In Q2 2024, the company reported a revenue of 6.62 billion yuan, a decrease of 3.0% year-on-year, and a net profit of 1.89 billion yuan, down 9.8% year-on-year [4] - The company plans to maintain a cash dividend of no less than 70% of the net profit attributable to shareholders, with a minimum of 7 billion yuan annually, resulting in a current dividend yield of around 6% [7] Revenue Performance - The company's mid-to-high-end liquor and regular liquor revenues increased by 4.8% and 5.2% respectively in H1 2024, with provincial and out-of-province revenues at 9.6 billion yuan and 12.9 billion yuan, reflecting year-on-year increases of 1.42% and 7.50% respectively [5] - The internal structure shows that the M6+ product line is significantly affected by business demand, while competition in the province has intensified, impacting the market share of mass-market products [5] Financial Metrics - The company's gross margin decreased by 1.4 percentage points to 73.7% in Q2 2024, primarily due to a decline in the product structure of mid-to-high-end products [6] - The net profit margin in Q2 2024 decreased by 2.1 percentage points to 28.6% [6] - The company's earnings per share (EPS) for 2024-2026 are projected to be 6.79 yuan, 6.99 yuan, and 7.36 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12.1, 11.7, and 11.1 times [4][8] Dividend Policy - The company emphasizes a dividend payout ratio while ensuring an absolute value, effectively guaranteeing shareholder returns [7]

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 ...