分红率高达589.51% 豫园股份业绩下滑大手笔分红遭疑

Core Viewpoint - Yuyuan Group (豫园股份) reported a significant decline in multiple core financial indicators for the year 2024, with revenue dropping by 19.30% and net profit decreasing by 93.81, raising concerns about its business performance and sustainability [1][2]. Financial Performance - In 2024, Yuyuan Group's revenue was 46.924 billion yuan, a year-on-year decrease of 19.30%, while net profit attributable to shareholders was 1.25 billion yuan, down 93.81% [2][3]. - The company's non-recurring net profit was -2.109 billion yuan, reflecting a dramatic decline of 367.43% compared to the previous year [2][3]. - In 2023, Yuyuan Group had a revenue of 58.147 billion yuan, which was a 15.83% increase, but net profit fell by 45.00% to 2.024 billion yuan [2]. Business Segment Performance - The company's core business segments, including industrial operations, commercial operations, and property services, all experienced negative revenue growth in 2024 [1][2]. - The industrial operations segment generated approximately 34.034 billion yuan in revenue, down 18.37%, while the commercial operations and property services segment brought in 2.852 billion yuan, a decrease of 1.47% [3]. - The jewelry fashion business, a key area for Yuyuan Group, saw an 18.37% decline in revenue, with over 370 stores closed [2][3]. Debt and Cash Flow Management - Yuyuan Group reported a net operating cash inflow exceeding 4 billion yuan, indicating a strong liquidity position to support daily operations [1]. - The company's debt-to-asset ratio decreased to 67.82%, which is considered a safe and reasonable level [1]. - The company held cash reserves of 10.69 billion yuan, an increase of over 1.5 billion yuan since the beginning of 2024 [1]. Dividend Policy Controversy - Yuyuan Group announced a planned dividend distribution of 738 million yuan, resulting in a dividend payout ratio of 589.51%, which has raised market skepticism given the company's declining performance [1][7]. - The high dividend payout has led to questions regarding the financial health of the company and its ability to support such distributions amidst significant losses [7][8]. Future Strategies - The management indicated plans to focus on core business areas and enhance operational efficiency through resource integration and management upgrades [3][5]. - The company aims to adopt a "light asset" strategy in its real estate operations, emphasizing project exits and expanding light asset management [5][6].