Jiangsu Yanghe Distillery (002304) H1 2024 earnings summary

Executive summary

• Achieved revenue of ¥22.88 billion in H1 2024, up 4.58% year-over-year; net profit attributable to shareholders reached ¥7.95 billion, up 1.08% year-over-year.

• Core business remains baijiu production and sales, with a focus on brand building, product quality, and digital marketing.

• Market environment characterized by weak recovery, rational consumption, and intensified competition.

• Continued implementation of the "Quality and Return Enhancement" action plan, emphasizing sustainable growth and shareholder returns.

Financial highlights

• Operating income: ¥22.88 billion, up 4.58% year-over-year.

• Net profit attributable to shareholders: ¥7.95 billion, up 1.08% year-over-year.

• Net profit excluding non-recurring items: ¥7.94 billion, up 2.96% year-over-year.

• Operating cash flow: ¥2.04 billion, up 670.97% year-over-year.

• Basic and diluted EPS: ¥5.2755, up 1.08% year-over-year.

Outlook and guidance

• Company will not distribute interim dividends, bonus shares, or capital reserve transfers for H1 2024.

• Cash dividend payout ratio for 2024–2026 planned at no less than 70% of net profit and not less than ¥7 billion annually, pending shareholder approval.

• Focus remains on sustainable, rational, and high-quality development amid market uncertainties.