Entive(300911) Chang Jiang Shang Bao·2025-05-27 23:22Core Viewpoint - Yitian Intelligent (300911.SZ) is implementing a substantial dividend distribution despite a significant decline in profitability, with cash dividends exceeding 515% of its net profit for 2024 [1][4]. Financial Performance - In 2024, Yitian Intelligent reported revenue of 703 million yuan, a year-on-year decrease of 42.73% [1][7]. - The net profit attributable to shareholders was 26.54 million yuan, down 85.17% year-on-year [1][7]. - The net profit after deducting non-recurring gains and losses was 11.25 million yuan, a decline of 93.17% compared to the previous year [1][7]. - The company's gross margin for its main appliance business was 39.71%, down 8.95 percentage points year-on-year [8]. Dividend Distribution - The company plans to distribute 137 million yuan in cash dividends, amounting to 10 yuan per 10 shares, and to issue 3 additional shares for every 10 shares held [1][3][4]. - This dividend distribution is the highest level since the company went public [4]. Shareholder Structure - Yitian Intelligent is a family-owned business, with the controlling shareholders holding 46.52% of the company's shares [2][5]. - The controlling shareholders, including Sun Weiyong and his family, are expected to receive approximately 63.6 million yuan from the upcoming dividend distribution [6]. Market Conditions - The company attributes its poor performance to fluctuations in industry orders, declining demand, and a decrease in product prices [2][7]. - The core product, integrated stoves, saw a revenue drop of 46.33% in 2024 [8]. - The company has faced challenges in utilizing the funds raised from a convertible bond issuance, with only 5.1% of the investment projects completed as of the end of 2024 [8].