HAOXIANGNI(SZ:002582) Sou Hu Cai Jing·2025-08-17 05:19Core Viewpoint - The company "Hao Xiang Ni," known as the "first stock of red dates," continues to struggle with significant losses while simultaneously distributing large dividends, raising concerns in the market about its financial management and operational performance [1][10]. Financial Performance - The company expects a loss of between 15 million to 25 million yuan for the first half of 2025, marking three consecutive years of losses totaling over 300 million yuan [1][2]. - Revenue has significantly declined from a peak of 5.961 billion yuan in 2019 to only 1.281 billion yuan in 2021, with a slight recovery to 1.670 billion yuan in 2024, representing a year-on-year decrease of 3.39% [6][8]. - The company reported a net profit loss of 189 million yuan in 2022, 51.89 million yuan in 2023, and 71.96 million yuan in 2024, totaling 313 million yuan in losses over three years [8][10]. Dividend Distribution - Despite ongoing losses, the company has distributed over 900 million yuan in dividends over the past three years, with the controlling shareholder's family receiving approximately 30% of this amount [1][10]. - For the 2024 fiscal year, the company plans to distribute a record total of 605 million yuan in dividends, including 173 million yuan for the mid-year distribution [10][11]. Operational Challenges - The company has faced declining sales volumes, with a 7.55% decrease in sales to 36,480 tons in 2024, despite a slight increase in production [9][10]. - Inventory levels surged by 66.10% due to reduced sales, indicating potential overproduction or lack of market demand [9][10]. Investment Strategy - The company has diversified its investments into various sectors, including snacks, beverages, and beer, aiming to leverage these investments to boost its main business [14][17]. - Notably, the company sold its stake in Baicaowei for approximately 4.957 billion yuan in 2020, which significantly boosted its profits that year [14][18]. - The company has also invested in emerging brands like "Ming Ming Hen Mang," which has become its largest customer, contributing 5.62% to its annual sales [15][17]. Management and Governance - The controlling shareholder, Chairman Shi Jubin, received a salary of 2.6024 million yuan in 2024, while other executives also saw salary increases, raising questions about compensation practices amid financial losses [11][13]. - The company has acknowledged the need for better management of costs and expenses, implementing measures to optimize procurement and production processes [4][5].