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【读财报】白酒行业财报透视:2024年合计盈利1666亿元 高端酒表现相对较好
Xin Hua Cai Jing· 2025-05-07 23:30
Core Viewpoint - Despite facing challenges such as product price inversion and slowing channel sales, the overall performance of A-share listed liquor companies remains resilient, with significant differentiation among companies [1][2]. Financial Performance - In 2024, 20 A-share listed liquor companies achieved a total operating revenue of 442.23 billion yuan, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 166.63 billion yuan, up 7.4% [2][5]. - High-end liquor, represented by brands like Moutai, Wuliangye, and Luzhou Laojiao, showed the strongest performance, with both operating revenue and net profit growing by over 11% year-on-year [5][6]. - The total contract liabilities for these companies reached 56.08 billion yuan by the end of 2024, reflecting a year-on-year increase of 5.22% [9][13]. - The total inventory amount for these companies was 168.39 billion yuan at the end of 2024, marking a year-on-year increase of approximately 12.9% [16]. Segment Performance - High-end liquor segment generated 294.52 billion yuan in operating revenue, with a growth rate of 11.53%, and a net profit of 131.55 billion yuan, also up 11% [6][8]. - The regional leading liquor segment achieved a total operating revenue of 77.36 billion yuan, with a modest growth of 1.57%, but a net profit decline of 8% [8][13]. - The sub-high-end liquor segment, including brands like Shanxi Fenjiu and Shede Liquor, saw a revenue increase of 2.6% but a slight net profit decline of 0.6% [8][19]. - Other liquor types experienced a significant revenue decline of 10.95%, although net profit increased by 9.21%, mainly due to better performance from brands like Laobaigan and Jinhui [8][19]. Q1 2025 Performance - In the first quarter of 2025, the performance of the 20 liquor companies continued to grow, but at a slower pace compared to the full year of 2024, with a revenue increase of approximately 1.69% and a net profit increase of about 2.27% [17][19]. - High-end liquor continued to lead the growth, with Moutai's revenue growth exceeding 10% in Q1 2025 [19]. - Some regional leading and sub-high-end liquor brands, such as Yanghe and Jiugui, showed weaker performance, with Yanghe's revenue and net profit declining by 31.92% and 39.93%, respectively [19].
金种子酒:2024年报净利润-2.58亿 同比下降1072.73%
Tong Hua Shun Cai Bao· 2025-04-28 14:53
Financial Performance - The company reported a basic earnings per share of -0.39 yuan for 2024, a significant decrease of 1200% compared to -0.03 yuan in 2023 [1] - The total revenue for 2024 was 9.25 billion yuan, down 37.03% from 14.69 billion yuan in 2023 [1] - The net profit for 2024 was -2.58 billion yuan, a drastic decline from -0.22 billion yuan in 2023, representing a decrease of 1072.73% [1] - The return on equity for 2024 was -10.93%, compared to -0.87% in 2023, indicating a significant deterioration in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 23,590.03 million shares, accounting for 35.85% of the circulating shares, with a decrease of 1,245.52 million shares compared to the previous period [2] - Anhui Jinzongzi Group Co., Ltd. remains the largest shareholder with 17,825.71 million shares, unchanged from the previous report [3] - The number of shares held by Zhou Jianzhong decreased by 238.20 million shares, while new entrants include Zhang Bin with 255.80 million shares and Xizang Xingrui Enterprise Management Service Co., Ltd. with 180.00 million shares [3]
伊力特:2024年报净利润2.86亿 同比下降15.88%
Tong Hua Shun Cai Bao· 2025-04-28 10:40
Financial Data and Indicators - Basic earnings per share decreased by 15.91% to 0.6055 yuan in 2024 from 0.7201 yuan in 2023 [1] - Operating revenue slightly declined by 1.26% to 22.03 billion yuan in 2024 compared to 22.31 billion yuan in 2023 [1] - Net profit fell by 15.88% to 2.86 billion yuan in 2024 from 3.4 billion yuan in 2023 [1] - Return on equity decreased by 17.81% to 7.43% in 2024 from 9.04% in 2023 [1] - Net assets per share increased by 1.75% to 8.13 yuan in 2024 from 7.99 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 24,330.23 million shares, accounting for 51.56% of the circulating shares, with a decrease of 291.85 million shares compared to the previous period [2] - Xinjiang Yili Group Co., Ltd. remains the largest shareholder with 20,366.36 million shares, representing 43.15% of total share capital [2] - New entrants to the top ten shareholders include Li Chen with 157.00 million shares and Zhang Chongshun with 131.32 million shares [2] Dividend Distribution - The company announced a dividend distribution plan of 10 yuan per share, with 4.5 yuan being distributed (including tax) [3]
【贵州茅台(600519.SH)】业绩略超预告,25年目标理性务实——2024年年报点评(叶倩瑜/李嘉祺)
光大证券研究· 2025-04-07 08:46
Core Viewpoint - Guizhou Moutai reported a total revenue of 174.144 billion yuan for 2024, reflecting a year-on-year growth of 15.66%, and a net profit attributable to shareholders of 86.228 billion yuan, with a growth of 15.38% [3][4] Revenue Performance - The company's revenue for 2024 slightly exceeded previous forecasts, with Moutai liquor and series liquor achieving revenues of 145.928 billion yuan and 24.684 billion yuan respectively, marking increases of 15.28% and 19.65% year-on-year [4] - In Q4 2024, total revenue reached 51.022 billion yuan, showing a year-on-year growth of 12.77%, while net profit for the same period was 25.401 billion yuan, up 16.21% year-on-year [3][4] - The sales volume and average price of Moutai liquor increased by 10.22% and 4.58% respectively in 2024, with the average price of Feitian Moutai remaining stable above 2000 yuan per bottle [4] Profitability and Financial Metrics - The gross profit margin for 2024 was 91.93%, remaining stable year-on-year, while the net profit margin was 52.27%, a slight decrease of 0.22% [5] - The company reported cash receipts from sales of 182.645 billion yuan, an increase of 11.57% year-on-year, and a net cash flow from operating activities of 92.464 billion yuan, up 38.85% year-on-year [5] - Contract liabilities at the end of 2024 were 9.592 billion yuan, a decrease of 340 million yuan from the end of Q3 2024 [5] Dividend Distribution - The company proposed a cash dividend of 276.24 yuan per 10 shares (including tax), totaling 34.671 billion yuan (including tax), along with a mid-year dividend of 30 billion yuan (including tax), resulting in a total dividend distribution of 64.671 billion yuan (including tax) for 2024, corresponding to a dividend payout ratio of 75% [3][4]