穿越周期、绵柔蓄力，洋河股份2024年报展现高质量发展新图景

Core Insights - Yanghe Co., Ltd. reported a revenue of 28.876 billion yuan for 2024, with mid-to-high-end liquor series contributing 24.317 billion yuan, accounting for 86% of liquor revenue and approximately 84% of total revenue [1] - The net profit attributable to shareholders reached 6.673 billion yuan, and the company announced a cash dividend of 3.217 yuan per share, totaling 3.49 billion yuan, with an additional mid-year dividend of 3.51 billion yuan, leading to a total cash dividend of 7 billion yuan for 2024, reflecting a strong commitment to shareholder returns [1] - The white liquor industry is currently at a cyclical low, with production capacity declining over 60% from its peak in 2016, highlighting the resilience of Yanghe in navigating industry challenges [2] Industry Context - The white liquor production from January to March 2024 was 1.032 million kiloliters, a year-on-year decrease of 7.3%, indicating a contraction in the industry [3] - Yanghe has established over 20 square kilometers of liquor production parks across various regions, achieving an annual raw liquor production capacity of over 160,000 tons and a storage capacity of 1 million tons, positioning itself as a leader in the industry [3] Strategic Initiatives - Yanghe is implementing a "dual-wheel drive" strategy focusing on both domestic and external markets, increasing the number of distributors by 77 across the country, with a significant emphasis on Jiangsu and the Yangtze River Delta [4] - The company is shifting from "deep distribution" to "precise marketing," resulting in an 8.8% increase in the opening rate of its Hai Zhi Lan product and double-digit growth in self-purchase rates [4] - Yanghe plans to focus on four key areas in 2025: leading brands, mid-range and high-end price segments, domestic markets, and core liquor business, supported by six major initiatives for transformation [5][6][7] Financial Performance - Since its listing in 2009, Yanghe has maintained a continuous dividend payout for 16 years, with a cumulative dividend amounting to 56.344 billion yuan, representing 72% of the cumulative net profit attributable to shareholders, establishing itself as a "cash cow" in the A-share market [7]