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Jiang Chuya, reporter of Yangtze Business Daily Pentium News

Jinhui Liquor's revenue and net profit both increased in the first half of the year.

On August 19, Jinhui Liquor (603919.SH) released its 2024 semi-annual report. During the reporting period, the company achieved operating income of 1.754 billion yuan, a year-on-year increase of 15.17%; net profit attributable to shareholders of listed companies was 295 million yuan, a year-on-year increase of 15.96%.

The company stated that it continued to optimize its marketing strategy in the first half of the year, gradually strengthened its brand influence, steadily expanded its market area, continuously optimized its product structure, and achieved steady growth in performance.

According to the classification, Jinhui liquor products are divided into three grades: low, medium and high: high-end products above 300 yuan mainly include Jinhui vintage series and Jinhui Laojiao series; mid-range products between 100 yuan and 300 yuan/500ml mainly include Soft Jinhui series, Jinhui positive energy series, Century Jinhui five-star series, etc.; low-end products below 100 yuan/500ml mainly include Century Jinhui four-star, Century Jinhui three-star, Century Jinhui two-star, Jinhui aged wine, etc.

The reporter of Yangtze Business Daily Pentium News noted that in recent years, Jinhui Liquor has continuously optimized and upgraded its product structure, with steady growth in mid- and low-end products and continuous expansion of high-end products, maintaining a strong growth momentum. In the first half of this year, the revenue of high-end products above 300 yuan increased by 44.71%, and the revenue of mid-end products between 100 and 300 yuan increased by 14.97%; the revenue of low-end products below 100 yuan/500ml was 522 million yuan, a year-on-year increase of 1.77%.

As the leading liquor brand in Gansu, Jinhui Liquor's strategic path remains to "deploy nationwide, cultivate the northwest, and make key breakthroughs", consolidate the base market in Gansu Province, actively expand the northwest market around Gansu, and newly develop the east China market, northern market and Internet market, and continue to expand the breadth and depth of the market layout outside the province to achieve coordinated development inside and outside the province. During the reporting period, Jinhui Liquor's revenue in the province was 1.349 billion yuan, a year-on-year increase of 16.84%; the revenue outside the province was 376 million yuan, a year-on-year increase of 7.79%.

At the same time, the company built Jinhui's nationwide online marketing platform, which became the third curve of brand empowerment, consumer cultivation, and sales growth. In the first half of the year, Jinhui Liquor's Internet channel achieved operating income of 44.0762 million yuan, a year-on-year increase of 36.51%.

According to the previously announced performance targets, Jinhui Liquor strives to achieve "revenue of 3 billion yuan and net profit of 400 million yuan" this year. At present, it has completed half of the task in the first half of the year, and has also laid the foundation for growth in the second half of the year. From the perspective of contract liabilities, as of the end of the first half of the year, Jinhui Liquor's contract liabilities balance was 483 million yuan, a new high compared with the same period last year.

With the surge in performance, Jinhui Liquor has realized its development dividends. Since its listing in 2016, Jinhui Liquor has implemented cash dividends 8 times, with a total cash dividend of 920 million yuan. The cash dividends from 2021 to 2023 accounted for 34.35%, 54.3% and 60% of the company's net profit respectively.

In addition, the company plans to use no more than 200 million yuan of its own funds to repurchase shares, with the repurchase price not exceeding 28 yuan per share. The repurchased shares will be used to implement employee stock ownership plans or equity incentives.