葡萄酒卖不动了？2024年张裕A营收净利“双降”，最高1亿元回购B股+2.7亿元分红，能增强投资者信心吗？

Core Viewpoint - Zhangyu A, known as the "king of domestic wine," reported disappointing financial results for 2024, failing to meet its revenue target, with a significant decline in both revenue and net profit [1][2][3] Financial Performance - In 2024, Zhangyu A achieved revenue of approximately 3.277 billion yuan, a year-on-year decrease of 25.26%, and a net profit attributable to shareholders of about 305 million yuan, down 42.68% from the previous year [2][3] - The company's revenue performance over the past five years shows a downward trend, with 2024 marking the lowest revenue and net profit figures in this period [5] - Revenue figures from 2020 to 2024 were 3.395 billion yuan, 3.953 billion yuan, 3.919 billion yuan, 4.385 billion yuan, and 3.277 billion yuan, with corresponding year-on-year growth rates of -33.08%, 16.42%, -0.86%, 11.89%, and -25.26% [5] - Net profit figures for the same period were 471 million yuan, 500 million yuan, 429 million yuan, 532 million yuan, and 305 million yuan, with growth rates of -58.75%, 6.21%, -14.28%, 24.2%, and -42.68% [5] Revenue Breakdown - Wine and brandy are the main revenue contributors, with wine generating approximately 2.438 billion yuan in 2024, accounting for over 74% of total revenue, despite a year-on-year decline of 22.32% [7][10] - Brandy revenue in 2024 was about 740 million yuan, down 35.8%, making up 22.85% of total revenue [10] - Domestic market revenue was approximately 2.686 billion yuan, a decline of 28.6%, while international market revenue was about 591 million yuan, down 5.11% [10] Strategic Initiatives - In response to the disappointing performance, Zhangyu A announced a share buyback plan with a total amount not exceeding 100 million yuan and a cash dividend distribution of approximately 270 million yuan to boost investor confidence [2][12] - The buyback plan aims to repurchase between 10 million to 15 million shares, representing about 1.49% to 2.23% of the total share capital [12][16]