Jiangsu Yanghe Distillery ( 002304) H2 2023 earnings summary

Executive summary

• Achieved operating revenue of CNY33.13 billion in 2023, up 10.04% year-over-year; net profit attributable to shareholders reached CNY10.02 billion, up 6.8% year-over-year.

• Maintained high gross margin of 76.11% and strong brand presence, with mid/high-end products accounting for 87.8% of revenue.

• Distributed a cash dividend of CNY46.60 per 10 shares, totaling CNY7.02 billion.

Financial highlights

• Operating revenue: CNY33.13 billion (+10.04% YoY); net profit: CNY10.02 billion (+6.8% YoY).

• Net cash flow from operating activities: CNY6.13 billion (+68.06% YoY).

• Basic and diluted EPS: CNY6.6487 (+6.8% YoY).

• Weighted average ROE: 20.34%.

• Total assets: CNY69.79 billion; net assets attributable to shareholders: CNY51.94 billion.

Outlook and guidance

• Targets 5–10% YoY growth in operating revenue for 2024.

• Focus on strengthening brand momentum, expanding sales, enhancing product quality, and improving management efficiency.

• Identifies macroeconomic uncertainty, intensifying competition, and shifting consumer demand as key risks.