YANGYUAN(SH:603156) Zheng Quan Shi Bao Wang·2025-08-23 03:14Core Viewpoint - The company demonstrates strong resilience in its core business despite market fluctuations, supported by product innovation, channel optimization, and operational efficiency, as indicated by a lower decline in net profit compared to revenue and improved cash flow [1][2]. Financial Performance - The company reported a revenue of 2.465 billion yuan, a year-on-year decrease of 16.19% - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 627 million yuan, also showing a decline, primarily due to a temporary adjustment in walnut milk product sales - Basic earnings per share stood at 0.5903 yuan, with a weighted average return on equity of 7.16%, indicating stable capital profitability [2] Cash Flow and Shareholder Returns - Operating cash flow surged by 1358.23% year-on-year to 377 million yuan, significantly improving liquidity - The cash balance reached 1.459 billion yuan, an increase of 58.96% from the end of the previous year, enhancing financial security - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 630 million yuan, which represents 84.7% of the current net profit, reflecting a commitment to sharing growth with shareholders [2] Product Innovation and Market Coverage - The company has established a comprehensive product matrix in the plant protein beverage sector, catering to various consumer needs across all price ranges - Key products include the walnut series, which utilizes proprietary production techniques to enhance nutritional value, and a health series targeting the elderly with low-sugar and prebiotic formulations - New product developments include collaborations with universities and innovative packaging solutions to meet emerging consumer trends [3] Channel Strategy and National Expansion - The company has implemented a differentiated channel strategy to address market fragmentation, optimizing traditional and e-commerce channels while exploring new retail formats - A focus on integrated operations has been established, enhancing the relationship between the brand and end consumers through deep distribution and user engagement - The national production system includes three owned production bases and five contracted manufacturers, achieving an annual production capacity of 1.52 million tons while maintaining quality control [4]