洋河股份(002304) - 2024 Q4 - 年度财报

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]