Financial Performance - The company's operating revenue for Q1 2025 was CNY 625,962,688.95, representing a 35.97% increase compared to CNY 460,382,267.91 in the same period last year[4] - Net profit attributable to shareholders was CNY 56,519,138.72, a slight increase of 2.36% from CNY 55,216,144.98 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.0514, reflecting a 2.59% increase from CNY 0.0501 in the same period last year[4] - Total operating revenue for Q1 2025 reached ¥625,962,688.95, a 36% increase from ¥460,382,267.91 in Q1 2024[19] - Net profit for Q1 2025 was ¥56,086,660.73, representing a 4.8% increase compared to ¥53,709,848.41 in Q1 2024[20] - Earnings per share for Q1 2025 were ¥0.0514, slightly up from ¥0.0501 in Q1 2024[21] - The company's net profit for Q1 2025 reached CNY 49,923,561.94, an increase of 39.0% compared to CNY 35,895,514.28 in Q1 2024[31] - Total revenue for Q1 2025 was CNY 59,039,212.19, up from CNY 44,718,838.03 in Q1 2024, reflecting a growth of 32.0%[31] - Operating profit for Q1 2025 was CNY 58,213,425.42, compared to CNY 44,214,135.23 in the same period last year, marking a 31.7% increase[31] Cash Flow - The net cash flow from operating activities was negative at CNY -131,767,120.96, a decline of 248.94% compared to CNY -37,762,442.00 in the previous year[4] - Cash inflow from operating activities in Q1 2025 was ¥517,982,401.44, compared to ¥461,970,964.04 in Q1 2024, indicating a 12.1% increase[24] - Cash flow from operating activities showed a net outflow of CNY -174,692,055.52 in Q1 2025, worsening from CNY -62,972,893.67 in Q1 2024[34] - Cash flow from investing activities generated a net inflow of CNY 77,909,191.59 in Q1 2025, compared to CNY 25,434,363.19 in Q1 2024, indicating a significant improvement[34] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,152,413,785.38, down 4.85% from CNY 4,364,251,278.58 at the end of the previous year[5] - Current assets totaled RMB 1,995,271,247.83, down from RMB 2,203,212,618.97, indicating a decrease of about 9.45%[14] - Total liabilities decreased from RMB 1,035,283,776.93 to RMB 769,801,338.98, reflecting a decline of approximately 25.66%[15] - The company's total liabilities decreased to ¥568,205,857.31 from ¥891,421,057.13, a reduction of about 36.2%[29] - Non-current assets remained relatively stable, totaling RMB 2,157,142,537.55 compared to RMB 2,161,038,659.61, a slight decrease of about 0.18%[14] Shareholder Equity - The equity attributable to shareholders was CNY 3,374,909,113.86, showing a 1.71% increase from CNY 3,318,005,991.12 at the end of the last year[5] - The company’s total equity attributable to shareholders increased to ¥3,374,909,113.86 from ¥3,318,005,991.12 year-over-year[16] - The company's total equity increased to ¥3,194,600,030.73 from ¥3,144,292,484.77, reflecting a growth of 1.6%[29] Operational Insights - The increase in operating revenue was primarily driven by a rise in product sales[7] - The company reported a significant reduction in contract liabilities from RMB 250,070,824.25 to RMB 65,716,247.17, a decrease of approximately 73.70%[15] - The company has not reported any new product developments or market expansions during this period[12] - There are no indications of mergers or acquisitions in the recent financial disclosures[12] Government Support - The company received government subsidies amounting to CNY 4,400,697.65, which are closely related to its normal business operations[6]

本次评估报告依据中国资产评估准则编制 镇江恒顺房地产开发有限公司 拟转让资产 涉及的1项投资性房地产价值 资 产 评 估 报 告 中资评报字[2024]539号 中常 手评估有限 00003198 二〇二四年十 月二十五日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3211020017321801202400128 | | | --- | --- | --- | | 合同编号: | JSF2024072 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 中资评报字[2024]539号 | | | 报告名称: | 价值资产评估报告 | 镇江恒顺房地产开发有限公司拟转让资产涉及的1项投资性房地产 | | 评估结论: | 5,939,500.00元 | | | 评估报告日: | 2024年11月25日 | | | 评估机构名称: | 中资资产评估有限公司 | | | 签名人员: | 杭军 (资产评估师) | 正式会员编号:32100040 | | | 张勇 (资产评估师) | 正式会员编号:32240112 | (可扫描二维码查询备案业务信息) 说明：报告备案回 ...

2024 年年度股东会会议资料 股票简称：恒顺醋业 股票代码： 600305 恒顺醋业 2024 年年度股东会资料 江苏恒顺醋业股份有限公司 2024 年年度股东会现场会议规则 为了维护全体股东的合法权益，确保现场股东会的正常秩序和议事效率，保证现场会 议的顺利进行，根据《公司法》《上市公司股东会规则》等有关法律法规和《公司章程》 的规定，现就江苏恒顺醋业股份有限公司 2024 年年度股东会现场会议规则明确如下： 江苏·镇江 二○二五年五月 恒顺醋业 2024 年年度股东会资料 目 录 | 一、2024 年年度股东会现场会议规则 3 | | --- | | 二、2024 年年度股东会会议议程 4 | | 议案一、公司 2024 年度董事会工作报告 6 | | 议案二、公司 2024 年度监事会工作报告 12 | | 议案三、公司 2024 年年度报告和年度报告摘要 17 | | 议案四、关于公司 2024 年年度利润分配预案的议案 18 | | 议案五、公司独立董事 2024 年度述职报告 19 | | 议案六、关于续聘会计师事务所的议案 20 | | 议案七、关于公司使用自有闲置资金进行委托理财的议案 21 ...

二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0514 | 0.0501 | 2.59 | 0.0734 | | 每股净资产（元） | 3.04 | 3.01 | 1 | 2.26 | | 每股公积金(元) | 0.82 | 0.94 | -12.77 | 0.04 | | 每股未分配利润(元) | 1.06 | 1.02 | 3.92 | 1.18 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 6.26 | 4.6 | 36.09 | 6.13 | | 净利润(亿元) | 0.57 | 0.55 | 3.64 | 0.73 | | 净资产收益率(%) | 1.69 | 1.66 | 1.81 | 3.33 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 本次公司不分配不转赠。 前十大流通股东累计持有： 53665.62万股，累 ...

Core Viewpoint - The company reported a total operating revenue of 2.196 billion yuan for 2024, reflecting a year-on-year increase of 4.25%, and a net profit attributable to shareholders of 127 million yuan, up 46.54% year-on-year [1] Revenue Analysis - The revenue from the vinegar series was 1.266 billion yuan, down 2.20% year-on-year, but up 9.45% in Q4 year-on-year [2] - The revenue from the wine series was 329 million yuan, up 0.47% year-on-year, but down 5.91% in Q4 year-on-year [2] - The revenue from the sauce series was 180 million yuan, down 8.07% year-on-year, with a slight decline of 1.08% in Q4 year-on-year [2] - Revenue from East China was 1.053 billion yuan, down 1.89% year-on-year, while South China, Central China, and Western regions saw increases of 5.36%, 5.08%, and 6.50% respectively [2] - The company achieved a total revenue of 1.941 billion yuan through the distribution model, up 0.49% year-on-year, and 104 million yuan through direct sales, up 3.07% year-on-year [2] - Online sales reached 274 million yuan, up 3.65% year-on-year, accounting for 13.11% of total revenue [2] Profitability and Cost Management - The overall gross margin for 2024 was 34.7%, an increase of 1.74 percentage points year-on-year [4] - The gross margin for the vinegar series was 45.31%, up 2.21 percentage points year-on-year, while the wine series gross margin was 31.10%, up 5.47 percentage points [4] - The net profit margin attributable to shareholders increased to 5.80%, up 1.67 percentage points year-on-year, and the net profit margin after deducting non-recurring items rose to 5.17%, up 1.54 percentage points [4] Strategic Initiatives - The company is actively adapting to channel changes by expanding into B-end catering and community store channels [3] - Continuous deepening of state-owned enterprise reforms and the implementation of employee stock ownership plans have effectively motivated employees, particularly in the marketing team [5] - New production capacity from projects such as the 100,000-ton yellow wine and seasoning production facilities has been put into operation, providing a solid foundation for future growth [5] - The company plans to focus on the three core product lines of vinegar, wine, and sauce, while launching cost-effective new products and expanding into new retail formats [5] - Expected EPS for 2025 and 2026 are projected to be 0.13 billion yuan and 0.16 billion yuan, with corresponding PE ratios of 62 and 49 [5]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a total revenue of 2.196 billion yuan for 2024, representing a year-on-year increase of 4.25%. The net profit attributable to shareholders was 127 million yuan, up 46.54% year-on-year, while the net profit excluding non-recurring items was 113 million yuan, an increase of 48.30% year-on-year [2][4] Revenue Analysis - In Q4 2024, the company achieved a total revenue of 665 million yuan, a year-on-year increase of 41.87%. The net profit attributable to shareholders was 7.2028 million yuan, marking a turnaround from losses, and the net profit excluding non-recurring items was 7.8066 million yuan, also indicating a turnaround [4][5] - Revenue breakdown by product for 2024 shows that the vinegar series generated 1.266 billion yuan (down 2.20% year-on-year, but up 9.45% in Q4), the wine series generated 329 million yuan (up 0.47% year-on-year, down 5.91% in Q4), and the sauce series generated 180 million yuan (down 8.07% year-on-year, down 1.08% in Q4) [5] - Revenue by region indicates that East China generated 1.053 billion yuan (down 1.89% year-on-year), South China 354 million yuan (up 5.36%), Central China 355 million yuan (up 5.08%), Western China 210 million yuan (up 6.50%), and North China 122 million yuan (down 9.25%) [5] Profitability and Cost Management - The overall gross margin for 2024 was 34.7%, an increase of 1.74 percentage points year-on-year. The gross margin for the vinegar series was 45.31% (up 2.21 percentage points), for the wine series was 31.10% (up 5.47 percentage points), and for the sauce series was 10.58% (down 0.57 percentage points) [6] - The net profit margin attributable to shareholders increased to 5.80% (up 1.67 percentage points year-on-year), while the net profit margin excluding non-recurring items rose to 5.17% (up 1.54 percentage points) [6] Future Growth Potential - The company is deepening state-owned enterprise reforms, implementing employee stock ownership plans, and enhancing market-oriented compensation and performance systems, which have effectively motivated employees, especially in the marketing team [7] - New production capacity from projects such as the 100,000-ton yellow wine and cooking wine expansion and the 100,000-ton seasoning intelligent production project has been put into operation in 2024, providing a solid foundation for future growth [7] - The company is expected to focus on its core products of vinegar, wine, and sauce, launching cost-effective new products and expanding into B-end channels such as restaurants and community stores to drive sales growth. EPS is projected to be 0.13 billion yuan and 0.16 billion yuan for 2025 and 2026, respectively, with corresponding P/E ratios of 62 and 49 times [7]

Group 1: Yanjing Beer - Yanjing Beer reported a revenue growth of 6.69% to 3.827 billion yuan in Q1 2025 [1] - The net profit attributable to shareholders increased by 61.1% to 165 million yuan [1] - The company achieved beer sales of 995,000 kiloliters, with the flagship product Yanjing U8 maintaining a growth rate of over 30% [1] Group 2: Shunxin Agriculture - Shunxin Agriculture's revenue decreased by 13.85% to 9.126 billion yuan in 2024 [2] - The net profit attributable to shareholders increased by 178.20% to 231 million yuan [2] - Low-end liquor revenue grew by 5.08% to 4.974 billion yuan, while high-end and mid-range liquor revenues saw declines [2] Group 3: Danone - Danone's Q1 2025 revenue grew by 4.3% to 6.844 billion euros [3] - Sales in China, North Asia, and Oceania increased by 9.9%, driven by volume and product mix [3] - The infant formula segment, particularly the Essensis series, continued to expand market share [3] Group 4: Miaokelando - Miaokelando reported a Q1 revenue growth of 6.26% to 1.233 billion yuan [4] - The net profit attributable to shareholders increased by 114.88% to 82.4 million yuan [4] - The company plans to innovate children's cheese products for older age groups while continuing to develop adult cheese products [4] Group 5: Baolingbao - Baolingbao's total revenue for 2024 was 2.402 billion yuan, a decrease of 4.84% [5] - The net profit attributable to shareholders increased by 105.97% to 111 million yuan [5] - Key products such as prebiotics and dietary fibers saw significant revenue growth [5] Group 6: Muyuan Foods - Muyuan Foods reported a Q1 revenue of 36.061 billion yuan, a year-on-year increase of 37.26% [6] - The company achieved a net profit of 4.491 billion yuan, marking a turnaround from losses [6] Group 7: Ziyuan Foods - Ziyuan Foods plans to invest 70 million yuan in its subsidiary and up to 35 million USD in Green Tea Group's IPO [7] Group 8: Qiaqia Foods - Qiaqia Foods reported a revenue of 7.131 billion yuan in 2024, a growth of 4.79% [8] - The net profit attributable to shareholders was 849 million yuan, an increase of 5.82% [8] - The company expanded its e-commerce channels and overseas markets, achieving significant growth [9] Group 9: Yanjinpuzi - Yanjinpuzi's revenue increased by 28.89% to 5.304 billion yuan in 2024 [10] - The net profit attributable to shareholders grew by 26.53% to 640 million yuan [10] - The company focused on six core product categories and achieved significant supply chain improvements [10] Group 10: Hengshun Vinegar - Hengshun Vinegar reported a revenue of 2.196 billion yuan, a 4.25% increase [11] - The net profit attributable to shareholders increased by 46.54% to 127 million yuan [11] - The company implemented cost reduction and efficiency improvement measures [11] Group 11: Kemin Foods - Kemin Foods announced the election of Chen Hong as the chairman of the board [12] Group 12: Gaoxin Retail - Gaoxin Retail expects a tax profit of approximately 350 to 400 million yuan for the fiscal year ending March 31, 2025, a significant improvement from a loss of 1.668 billion yuan [13] - The improvement is attributed to stable sales growth and effective cost reduction measures [13] Group 13: Bubugao - Bubugao reported a Q1 revenue of 1.153 billion yuan, a year-on-year increase of 24.22% [14] - The net profit attributable to shareholders was 119 million yuan, reflecting a growth of 488.44% [14]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6] Core Views - The company's revenue in Q4 increased by 41.9% year-on-year, and the net profit attributable to shareholders turned from loss to profit, indicating a recovery in the vinegar main business [5][6] - The new chairman emphasizes the development of the vinegar main business, aiming to enhance growth capabilities and boost internal morale [6] - The company is expected to improve its performance in 2025, driven by ongoing reforms and a focus on core business growth [6] Financial Performance Summary - For the fiscal year 2024, the company achieved total revenue of 2.196 billion yuan, a year-on-year increase of 4.25%, and a net profit of 127 million yuan, up 46.5% year-on-year [5][7] - In Q4, the company reported revenue of 665 million yuan, a 41.9% increase year-on-year, primarily due to a rebound in vinegar sales [5][6] - The gross margin for 2024 was 34.7%, an increase of 1.7 percentage points year-on-year, attributed to cost reductions and efficiency improvements in the supply chain [5][7] Business Segment Analysis - The vinegar segment's revenue for 2024 was 1.266 billion yuan, a decrease of 2.2% year-on-year, with a Q4 revenue increase of 9.4% [5][6] - The overall trend in the seasoning business showed an increase in volume but a decrease in price, primarily due to last year's subdued demand [5][6] - The company plans to focus on enhancing brand influence and expanding product offerings, particularly in the vinegar and health product categories [6] Future Outlook - The company aims to continue its reform efforts and improve internal morale, with expectations for better overall performance in 2025 and beyond [6][7] - EPS estimates for 2025 and 2026 are projected at 0.17 yuan and 0.19 yuan, respectively, indicating a positive growth trajectory [6][7]

保荐总结报告书 华泰联合证券有限责任公司 关于江苏恒顺醋业股份有限公司 2021 年度向特定对象发行股票并在主板上市 3、本保荐人及本人自愿接受中国证监会按照《证券发行上市保荐业务管理 办法》的有关规定采取的监管措施。 之保荐总结报告书 二、保荐人基本情况 | 情况 | 内容 | | --- | --- | | 保荐人名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 号前海深港基金小 128 | | | 镇 栋 B7 401 | | 主要办公地址 | 江苏省南京市建邺区江东中路 号华泰证券广场 号楼 楼 228 1 4 | | 法定代表人 | 江禹 | | 联系人 | 宋心福、吴韡 | | 联系电话 | 025-83387965 | 1 | 保荐人名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐人编号 | Z26774000 | 一、保荐人及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律 责任。 2、本保荐人及本人自愿接受中国证券 ...