Core Viewpoint - The article discusses the increasing diversity of shareholder return strategies among listed companies, highlighting the trend of physical rewards alongside traditional cash dividends and share buybacks [1][2]. Group 1: Shareholder Return Activities - Shede Liquor announced a "2025 Shareholder Return" event, allowing registered shareholders to purchase commemorative liquor at a lower price [1][2]. - The event will run from April 23 to May 15, featuring key products like the 2024 Shareholder Meeting Commemorative Liquor priced at 598 yuan per bottle, with a "buy one get one free" offer for shareholders [2]. - Other companies, such as Delisi, BGI, and Caesar Tourism, have also initiated similar shareholder return activities, showcasing a trend in the industry [1][4]. Group 2: Financial Performance - Shede Liquor reported a revenue of 5.357 billion yuan in 2024, a year-on-year decline of 24.41%, and a net profit of 346 million yuan, down 80.46% from the previous year [3]. - The company attributes the decline to intensified competition in the liquor industry and a need for consumer confidence recovery, particularly in the mid-to-high-end product segment [3]. Group 3: Industry Trends - The trend of physical rewards for shareholders is gaining traction, with companies aiming to enhance shareholder loyalty and product recognition [4][5]. - Despite the appeal of physical rewards, analysts suggest that investors prioritize companies' sustainable operational capabilities and performance metrics over such incentives [8].

Core Viewpoint - The article discusses the increasing diversity of shareholder return strategies among listed companies, moving from cash dividends and share buybacks to physical benefits for shareholders [1][2]. Group 1: Shareholder Return Activities - Shede Liquor announced a "2025 Shareholder Return" event, allowing registered shareholders to purchase commemorative liquor at a lower price [2][4]. - Other companies like Delisi, BGI, Caesar Tourism, Hengdian Film, and Haixia Co. have also launched shareholder return activities since 2025 [2]. - The purpose of these activities is to enhance investor understanding of the company's products and business, strengthen shareholder confidence, and cultivate consumers [2][4]. Group 2: Specific Shareholder Benefits - Shede Liquor's event runs from April 23 to May 15, featuring products like the 2024 Shareholder Meeting Commemorative Liquor priced at 598 yuan per bottle, with a "buy one get two" offer for shareholders [4]. - Delisi provided shareholders with free Prague ham valued at approximately 208 yuan per portion [7]. - BGI offered a gut health testing gift box and exclusive discount coupons to shareholders [8]. - Caesar Tourism distributed coupons for a cruise experience [9]. - Hengdian Film provided movie and travel packages, along with discounted membership cards [10]. - Haixia Co. announced discounted cruise tickets for shareholders [11]. Group 3: Objectives of Physical Benefits - The main objectives of physical benefits for shareholders include enhancing shareholder confidence and loyalty, showcasing product quality, increasing brand exposure, and gathering feedback for product improvement [11].

Investment Rating - The investment rating for Midea Group is "Buy-A" with a 6-month target price of 90.40 CNY, compared to the current stock price of 76.87 CNY [6]. Core Views - Midea Group reported a revenue of 409.08 billion CNY for 2024, representing a year-over-year increase of 9.5%, and a net profit attributable to shareholders of 38.54 billion CNY, up 14.3% year-over-year [2]. - The company maintains a high-quality balance sheet, which positions it well to navigate external challenges in 2025 while continuing to achieve steady growth [2]. - Midea's overseas sales grew at a robust pace, with a year-over-year increase of 10.8% in the second half of 2024, while domestic sales benefited from national subsidies, showing a growth of 6.9% [3]. - The company is expected to enhance its overseas OBM business investments, leading to sustained growth in international revenue [3]. - Midea's Q4 2024 net profit margin increased by 0.3 percentage points year-over-year, driven by significant investment-related income [4]. - The company reported a net cash flow from operating activities of 60.51 billion CNY for 2024, which is 1.6 times its net profit attributable to shareholders [5]. Financial Summary - Midea's 2024 revenue is projected to reach 409.08 billion CNY, with net profit expected to be 38.54 billion CNY, and earnings per share (EPS) forecasted at 5.03 CNY [12]. - The company anticipates a revenue growth rate of 8.7% for 2025, with net profit growth of 11.5% [17]. - The net profit margin is expected to improve gradually, reaching 10.2% by 2027 [12]. - Midea's total assets are projected to be 577.25 billion CNY in 2025, with a debt-to-equity ratio of 134.8% [17]. - The company plans to distribute a cash dividend of 35 CNY per 10 shares for 2024, which represents 69.3% of its net profit [5].