金徽酒业绩增长驱动分红加码，2.48 亿元派现占比提升至 64%

Core Viewpoint - Jinhuijiu's recent dividend announcement has garnered significant attention, showcasing the company's strong profitability and commitment to shareholder returns through a high cash dividend distribution [1][2][3]. Dividend History - Since its listing in 2016, Jinhuijiu has distributed over 1.1 billion yuan in dividends, consistently demonstrating a commitment to shareholder returns [2]. - In 2022, the company distributed 1.52 billion yuan in cash dividends, amounting to 3 yuan per 10 shares, which represented 54.30% of that year's net profit [2]. - In 2023, the cash dividend increased to 3.89 yuan per 10 shares, totaling 1.97 billion yuan, accounting for 60% of the net profit [2]. - For 2024, Jinhuijiu announced a cash dividend of 5 yuan per 10 shares, totaling 2.48 billion yuan, which is 64% of the net profit [3]. Financial Performance - In 2024, Jinhuijiu achieved a record revenue of 3.021 billion yuan, reflecting an 18.59% year-on-year growth, and a net profit of 388 million yuan, up 18.03% [4]. - The company's revenue growth is attributed to optimized marketing strategies and increased brand recognition, particularly in both established and new markets [4]. - The product mix has improved, with revenue from high-end products (priced above 300 yuan) reaching 566 million yuan, a 41.17% increase, and accounting for 19.52% of total revenue [4]. Profitability and Cost Management - Jinhuijiu's net profit growth is supported by effective cost control and operational efficiency improvements [5]. - The company has focused on precise marketing strategies, resulting in a decrease in the sales expense ratio by 1.29 percentage points [5]. - Continuous optimization of production processes has led to reduced production costs, further enhancing profitability [5]. Market Response and Investor Sentiment - The high dividend payout has been positively received by shareholders, with many expressing satisfaction and confidence in the company's future [6][7]. - Securities firms have recognized Jinhuijiu's performance, with reports highlighting the company's product structure upgrades and strong cash flow, leading to buy and hold ratings [6][7]. - The company's commitment to shareholder returns is viewed as a reflection of its stable operations and growth potential, attracting both individual and institutional investors [7][8].