Investment Rating - The investment rating for the company is "Buy" [7][15] Core Views - The company is expected to achieve total operating revenue of 31.196 billion yuan in 2024, with a year-on-year growth of 3.19% [3] - The company aims for steady growth in revenue for 2025, with projected revenues of 31.576 billion yuan, reflecting a growth rate of 1.22% [9] - The company plans to maintain a high dividend payout ratio, with a target of at least 65% of net profit distributed as dividends [8] Financial Performance Summary - For 2024, the company anticipates a gross profit margin of 87.54% and a net profit margin of 43.19%, with slight declines from the previous year [3] - In Q4 2024, the company reported a total operating revenue of 6.893 billion yuan, a decrease of 16.86% year-on-year [4] - The company achieved a significant increase in cash receipts, totaling 40.036 billion yuan for the year, up 26.74% year-on-year [3] Revenue Breakdown - In 2024, the company expects revenue from mid-to-high-end liquor to reach 27.585 billion yuan, with a year-on-year growth of 2.77% [5] - The company reported a total of 1,701 domestic distributors and 85 overseas distributors by the end of 2024, showing a slight decrease in numbers [5] Earnings Forecast - The company projects net profit for 2025 to be 13.585 billion yuan, reflecting a growth of 0.83% [11] - The expected earnings per share (EPS) for 2025 is 9.23 yuan, with a price-to-earnings (P/E) ratio of 13.61 [11]

Group 1 - The company has conducted a series of performance roadshows, including a 2024 annual performance release meeting in Hong Kong and an overseas roadshow in Singapore, focusing on energy security and green low-carbon development [1][2] - As of December 31, 2024, the company's total installed capacity reached approximately 17.437 million kilowatts, with non-fossil energy capacity at 12.662 million kilowatts, a year-on-year increase of 29.5% [1] - The total revenue for 2024 was approximately 20.562 billion yuan, an increase of 0.57% year-on-year, and the profit attributable to equity holders was about 3.245 billion yuan, up 6.13% year-on-year [1] Group 2 - The company has initiated a three-year dividend plan for 2025-2027, with a cash dividend ratio of no less than 42%, 44%, and 46% of the distributable profits for each respective year [3] - The management emphasizes the importance of policy guidance and compliance in business development, aiming to enhance investor relations and information disclosure quality through a multi-dimensional communication mechanism [2][3] - The company aims to adapt to new market conditions and strengthen its market awareness while promoting a virtuous cycle of performance growth, valuation recovery, and shareholder returns [3]

东富龙（300171）公告，公司制定了未来三年(2025-2027年)股东分红回报规划。公司利润分配应重视对 投资者的合理投资回报，利润分配政策应保持连续性和稳定性，并兼顾公司的可持续发展。公司上一会 计年度盈利，累计可分配利润为正数，且不存在影响利润分配的重大投资计划或现金支出事项，可以进 行利润分配。公司可以采取现金、股票或者现金与股票相结合的方式分配股利，并积极推行以现金方式 分配股利；公司在选择利润分配方式时，现金分红应优先于股票股利。公司最近三年以现金形式累计分 配的利润不少于最近三年实现的年均可供分配利润的30%。 ...

天下秀（600556）公告，公司董事会制定了《未来三年(2025年—2027年)股东分红回报规划》。规划中 提出，公司单一年度以现金方式分配的利润应不少于当年度实现的合并报表可供分配利润的百分之十。 公司发展阶段属成熟期且无重大资金支出安排的，进行利润分配时，现金分红在本次利润分配中所占比 例最低应当达到百分之八十；公司发展阶段属成熟期且有重大资金支出安排的，进行利润分配时，现金 分红在本次利润分配中所占比例最低应当达到百分之四十；公司发展阶段属成长期且有重大资金支出安 排的，进行利润分配时，现金分红在本次利润分配中所占比例最低应当达到百分之二十。 ...

郑中设计（002811）公告，公司制定了《未来三年(2025-2027年)股东分红回报规划》。规划指出，公司 每年以现金形式分配的利润应当不少于当年实现的可供分配利润的10%。公司实行连续、稳定的利润分 配政策，重视对投资者的合理的、稳定的投资回报并兼顾公司的长远和可持续发展。公司将优先考虑采 取现金方式分配股利，若公司增长快速，在考虑实际经营情况的基础上，可采取股票或者现金股票相结 合的方式分配股利。 ...

溢多利（300381）公告，为完善和健全公司分红机制，积极回报投资者，切实保护中小投资者的合法权 益，根据相关法律、法规和规范性文件及《公司章程》的相关规定，结合公司的盈利能力、经营发展规 划、股东回报等因素，公司董事会制定了《广东溢多利生物科技股份有限公司未来三年股东分红回报规 划(2025-2027年)》。公司未来三年具体股东回报规划如下：公司可以采取现金或股票等方式分配利润， 利润分配不得超过累计可分配利润的范围，不得损害公司持续经营能力。公司进行现金分红的间隔期限 为一年，董事会可以根据公司的资金状况提议公司进行中期现金分配。在符合《公司法》及相关规定的 前提下，经股东大会决议，公司应当进行利润分配，其中，现金分红优先于股票股利。公司进行利润分 配时，现金分红在本次利润分配中所占的比例不低于百分之二十。 ...

Group 1 - The company has announced a three-year shareholder dividend return plan for the period of 2025-2027, stating that the cumulative cash distribution of profits over these three years will not be less than 30% of the average annual distributable profits achieved during this period [1] - For companies in a mature development stage with no significant capital expenditure plans, the cash dividend should account for at least 80% of the profit distribution [1] - For companies in a mature development stage with significant capital expenditure plans, the cash dividend should account for at least 40% of the profit distribution [1] Group 2 - For companies in a growth stage with significant capital expenditure plans, the cash dividend should account for at least 20% of the profit distribution [1] - For companies whose development stage is difficult to classify but have significant capital expenditure plans, the cash dividend should also account for at least 20% of the profit distribution [1]

常熟汽饰（603035）公告，公司董事会审议通过了《关于未来三年(2025-2027)股东分红回报规划的议 案》。根据规划，公司将在未来三年内采取现金股利、股票股利或两者相结合的方式进行利润分配，每 年分配的利润不少于当年实现的可供分配利润的20%。同时，现金分红优先于股票股利分配。如果公司 发展阶段属成长期且有重大资金支出安排，现金分红在本次利润分配中所占比例最低应达到20%。 ...

Core Viewpoint - The company has established a three-year shareholder dividend return plan for 2025-2027, prioritizing cash dividends as the primary method of profit distribution [1] Summary by Relevant Sections - **Dividend Distribution Method**: The company will distribute dividends in cash, stock, or a combination of both, with a preference for cash dividends [1] - **Minimum Cash Dividend Requirement**: The company commits to distributing at least 10% of the annual distributable profit in cash each year [1] - **Conditions for Stock Dividends**: If the company's operational performance is strong and the board believes that the stock price does not align with the company's capital scale, a stock dividend proposal may be made, provided the cash dividend conditions are met [1]

Group 1 - The company will hold its first extraordinary general meeting of 2025 on April 18, 2025 [2][24] - The meeting will be conducted using a combination of on-site and online voting methods [2][21] - The location for the on-site meeting is the company's conference room in Chengdu, Sichuan [2][24] Group 2 - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available from 9:15 AM to 3:00 PM on the day of the meeting [3][4] - Shareholders must register to attend the meeting, with specific requirements for both corporate and individual shareholders [13][14] - The registration deadline for attending the meeting is April 17, 2025 [14] Group 3 - The meeting will review several proposals that have been previously approved by the board of directors [6][22] - There are no special resolutions for this meeting, but there are proposals that require separate voting for minority investors [7][22] - Related shareholders, such as Fujian Nanping Aluminum Co., Ltd., are required to abstain from voting on certain proposals [7]