回答：公司早在几年前提出"醋、酒、酱"战略，目前料酒已成为公司仅次于醋的第二 大品类，酱油增长的势头较好，复合调味品发展也实现了预期目标。 江苏恒顺醋业股份有限公司（以下简称"公司"）于 2024 年 12 月 6 日 9:00- 10:00 在上海证券交易所上证路演中心以文字互动的方式召开"恒顺醋业 2024 年第三 季度业绩说明会"。现将有关事项公告如下： 一、本次说明会召开情况 2024 年 11 月 28 日，本公司披露了《江苏恒顺醋业股份有限公司关于召开 2024 年 第三季度业绩说明会的公告》（公告编号：临 2024-079 号）。本公司于 2024 年 12 月 6 日 9:00-10:00 在上海证券交易所上证路演中心（http://roadshow.sseinfo.com）以 文字互动的方式召开"恒顺醋业 2024 年第三季度业绩说明会"。公司董事长杭祝鸿先生、 财务总监刘欣女士、董事会秘书魏陈云先生、独立董事毛健先生参加了本次说明会，与投 资者进行了互动沟通和交流，在信息披露允许的范围内就投资者普遍关注的问题进行了 回答，不涉及应当披露重大信息的说明。 二、本次会议投资者提出的主要问题及公 ...

证券代码：600305 证券简称：恒顺醋业 公告编号：临 2024-080 江苏恒顺醋业股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 2024 年第三次临时股东大会 股东大会召开日期：2024年12月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会。公司于 2024 年 12 月 2 日以通讯表决方式召 开了第九届董事会第六次会议。本次会议的会议通知于 2024 年 11 月 27 日 以书面、邮件和电话的方式发出。会议应参与表决董事 9 人，实际参与表决 董事 9 人。会议以 9 票同意、0 票反对、0 票弃权审议通过了《关于召开 2024 年第三次临时股东大会的议案》。 (三 ...

2024 年第三次临时股东大会会议资料 股票简称：恒顺醋业 股票代码： 600305 江苏·镇江 二、股东及股东代理人应于会议开始前入场；中途入场者，应经过会议工作人员的 许可。 三、本次股东大会以现场投票、网络投票方式召开。 四、股东及股东代理人参加股东大会依法享有发言权、质询权、表决权等权利。股东 及股东代理人参加股东大会应认真履行其法定义务，不得侵犯公司和其他股东及股东代理 人的合法权益，不得扰乱股东大会的正常秩序。进入会场后，请关闭手机或调至静音状态。 二○二四年十二月 恒顺醋业 2024 年第三次临时股东大会资料 目 录 | 2024 年第三次临时股东大会现场会议规则 3 | | --- | | 2024 年第三次临时股东大会会议议程 4 | | 议案一、关于增加经营范围及修改《公司章程》的议案 6 | | 议案二、关于修改《公司股东大会议事规则》的议案 7 | | 议案三、关于修改《公司董事会议事规则》的议案 8 | | 议案四、关于修改《监事会议事规则》的议案 9 | | 议案五、关于增加 2024 年度日常关联交易预计金额及预计 2025 年度 | | 日常关联交易的议案 10 | | 议案六 ...

证券代码：600305 证券简称：恒顺醋业 公告编号：临 2024-079 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间： 2024 年 12 月 6 日（星期五）上午 9:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 29 日(星期五)至 12 月 5 日(星期四)16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zhengquan@hengshun.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 江苏恒顺醋业股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布 了公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况，公司计划于 2024 年 12 月 6 日上午 9 ...

大家好如需提问电话端的参会者请先按话机上的信号键再按数字1网络端的参会者 您可以在直播间互动区域内文字提问或点击旁边的举手按钮实行语音提问谢谢大家好如需提问电话端的参会者请先按话机上的信号键再按数字1网络端的参会者您可以在直播间互动区域内文字提问或点击旁边的举手按钮实行语音提问谢谢 对 魏总我这边先请教一下其实大家还是觉得就是之前我们公司是因为外部环境比较困难这个是大家都共同面临的问题然后我们公司自己还梳理一下那个一些变化 现在当然已经在慢慢的往外走出来那我先就这个外部环境去比较一下就是从去年开始尤其是今年整体消费力是较弱的然后咱们的产品尤其是触这边其实因为那个量造工艺比较好嘛然后产品定位一直是偏左中高端我们今年在有因为说产品定位这方面的问题感受到说这个总的 消费可能是在降级的我们自己压力会比较大就从外部环境来看会有这方面的感受吗外部环境来看应该大家是同样面临这个压力的就整个消费场景的变化呀这个这个这个这个行业的一些表现来讲我们是能感受到能感受到 明白那种因为呃呃就是对确实这个相对力度是一个共性的问题啊那那个渠道结构因为今年呃其实也不只是今年开始啊但今年可能比较更明显了就是呃商超的人流是在往外走的嘛然后呃除了 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 1.531 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.51%. The net profit attributable to shareholders was 120 million yuan, down 13.08% year-on-year, while the net profit excluding non-recurring items was 106 million yuan, down 19.72% year-on-year. In Q3 2024, total revenue was 527 million yuan, an increase of 5.64% year-on-year, with a net profit of 26.45 million yuan, up 79.99% year-on-year, and a net profit excluding non-recurring items of 24.18 million yuan, up 75.35% year-on-year [3][4]. Summary by Sections Revenue Analysis - The demand for vinegar remains under pressure, but other product lines have shown positive growth. For Q1-Q3 2024, revenue from the vinegar series was 976 million yuan (down 5.19% year-on-year), while in Q3 alone, it was nearly flat with a decrease of 0.3% year-on-year. The wine series generated 263 million yuan (up 2.18% year-on-year), and the sauce series brought in 136 million yuan (down 10.13% year-on-year) but saw a significant increase of 26.11% in Q3 [3][4]. Profitability Improvement - The gross profit margin for Q3 2024 improved significantly, with a year-on-year increase of 9.47% to 35.61%. The overall net profit margin for Q1-Q3 2024 decreased by 0.59 percentage points to 7.85%. The increase in gross margin is attributed to a return to normal promotional activities after a significant drop in the previous year due to increased competition [4][5]. Future Outlook - The company is undergoing operational adjustments and has begun trial production of new capacities, which is expected to improve long-term operations. The company is focusing on three main product categories: vinegar, wine, and sauce, and is accelerating its national market layout. The projected net profits for 2024 and 2025 are estimated to be 133 million yuan and 204 million yuan, respectively, with corresponding EPS of 0.12 yuan and 0.18 yuan [5][6].

Investment Rating - The report maintains a "Hold" rating for Hengshun Vinegar Industry (600305) [1] Core Views - The company's Q3 revenue shows slight improvement, with a year-on-year decline of 6.5% for the first three quarters, totaling 1.53 billion yuan, while net profit attributable to shareholders increased by 13.1% to 120 million yuan [1] - In Q3 2024, revenue reached 530 million yuan, reflecting a year-on-year growth of 5.6%, and net profit attributable to shareholders surged by 80% to 26 million yuan [1] - The growth in condiment products is strong, while vinegar and liquor products remain stable [2] - The company is undergoing internal reforms and is expected to enhance operational efficiency in the future [3] Summary by Sections Financial Performance - For the first three quarters, the revenue from vinegar, liquor, and condiment products was 980 million yuan, 260 million yuan, and 140 million yuan, with year-on-year changes of -5.2%, +2.2%, and -10.1% respectively [2] - Q3 2024 saw vinegar, liquor, and condiment product growth rates of -0.3%, +0.2%, and +26.1% respectively [2] - The gross margin for the first three quarters was 36.2%, up by 3.4 percentage points year-on-year, while Q3 gross margin was 35.6%, an increase of 9.5 percentage points [3] Future Outlook - The company plans to implement deep reforms to optimize its organizational structure and accelerate the implementation of its compensation assessment system [3] - It aims to focus on the "big single product" strategy to promote the simultaneous development of vinegar, liquor, and condiment categories [3] - The company is expected to face short-term performance pressure due to ongoing reforms, but medium to long-term growth is anticipated as product structure and channel development improve [3] Earnings Forecast - EPS is projected to be 0.13 yuan, 0.15 yuan, and 0.16 yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic PE ratios of 61, 55, and 50 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown improvement in revenue and recovery in profitability, with a notable increase in gross margin [1] - The company’s revenue for the first three quarters of 2024 was 15.31 billion yuan, a year-on-year decrease of 6.51%, while the net profit attributable to the parent company was 1.20 billion yuan, down 13.08% year-on-year [1] - The third quarter of 2024 saw a revenue of 5.27 billion yuan, representing a year-on-year growth of 5.64%, and a net profit of 0.26 billion yuan, which is a significant increase of 79.99% [1] Financial Summary - Revenue (in million yuan): - 2022A: 2,139 (13% growth) - 2023A: 2,106 (-2% decline) - 2024E: 2,020 (-4% decline) - 2025E: 2,175 (8% growth) - 2026E: 2,324 (7% growth) [1] - Net Profit (in million yuan): - 2022A: 138 - 2023A: 87 (-37% decline) - 2024E: 146 (68% growth) - 2025E: 163 (12% growth) - 2026E: 178 (9% growth) [1] - Earnings Per Share (in yuan): - 2022A: 0.14 - 2023A: 0.08 - 2024E: 0.13 - 2025E: 0.15 - 2026E: 0.16 [1] - Price-to-Earnings (P/E) Ratio: - 2022A: 62.5 - 2023A: 99.3 - 2024E: 59.2 - 2025E: 52.9 - 2026E: 48.5 [1] - Price-to-Book (P/B) Ratio: - 2022A: 3.9 - 2023A: 2.6 - 2024E: 2.6 - 2025E: 2.5 - 2026E: 2.5 [1] Revenue Breakdown - The company’s main business of condiments achieved a revenue of 14.98 billion yuan in the first three quarters of 2024, with a year-on-year decrease of 7.30% [1] - The revenue from vinegar, wine, and sauce series in the third quarter showed respective year-on-year growths of 2.18%, -10.13%, and 9.76% [1] - Online and offline channels saw revenues of 1.96 billion yuan and 13.03 billion yuan respectively, with year-on-year growths of 1.53% and -8.50% [1] Profitability Metrics - The gross margin improved significantly, contributing to the recovery of profitability [1] - The report indicates that the company’s operating profit for 2024 is expected to show a notable increase, reflecting the effects of internal reforms [2]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 1.531 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.51%, with a net profit attributable to shareholders of 120 million yuan, down 13.08% year-on-year. However, in Q3 2024, the company achieved a revenue of 527 million yuan, an increase of 5.64% year-on-year, and a net profit of 26 million yuan, up 79.99% year-on-year [2]. - The growth in the sauce category has accelerated, with the company focusing on expanding its restaurant and fresh food channels, developing larger-sized products, and enhancing its channel network [2]. - The gross profit margin for Q3 2024 was 35.61%, an increase of 9.47 percentage points year-on-year, attributed to product structure optimization [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenues of 527 million yuan, with a net profit of 26 million yuan, reflecting significant recovery compared to the previous year [2]. - The company’s revenue from vinegar, wine, and sauce series in Q3 2024 was 293 million, 104 million, and 53 million yuan respectively, with sauce showing a year-on-year increase of 26.11% [2]. - The company’s gross profit margin improved significantly, with a net profit margin of 5.02% in Q3 2024, up 2.07 percentage points year-on-year [2]. Future Projections - The company expects revenues of 2.05 billion, 2.23 billion, and 2.42 billion yuan for 2024, 2025, and 2026 respectively, with a projected net profit of 150 million, 172 million, and 195 million yuan for the same years [5][6]. - The report anticipates a PE ratio of 58, 50, and 44 for the years 2024, 2025, and 2026 respectively, indicating a positive outlook for the company's valuation [5][6]. Strategic Initiatives - The company is focusing on a "big single product" strategy to enhance resource integration and scale effects, while also optimizing its organizational structure and management practices [2]. - There is a continued emphasis on expanding B-end restaurant channels and improving the efficiency of the e-commerce team [2].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.531 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.51%, with a net profit attributable to shareholders of 120 million yuan, down 13.08% year-on-year [1] - In Q3 2024, the company achieved a revenue of 527 million yuan, an increase of 5.64% year-on-year, and a net profit of 26 million yuan, up 79.99% year-on-year [1] - The company is focusing on its core business and implementing incentive plans to boost employee motivation, which is expected to enhance overall performance [3][4] Summary by Sections Financial Performance - For Q1-Q3 2024, revenue from vinegar, wine, and sauce series was 976 million, 263 million, and 136 million yuan, with year-on-year changes of -5.19%, +2.18%, and -10.13% respectively [2] - The gross margin in Q3 2024 increased by 9.47 percentage points to 35.61%, attributed to product mix adjustments and declining raw material costs [3] - The net profit margin for Q3 2024 increased by 2.07 percentage points to 5.02% due to the improvement in gross margin [3] Regional Performance - Revenue growth varied by region, with East China and Central China showing positive growth in Q3 2024, while North China experienced a significant decline of 24.5% [2] Future Outlook - The company expects revenue growth of 4.2%, 8.3%, and 8.2% for 2024, 2025, and 2026 respectively, with net profit growth projected at 93.1%, 41.8%, and 19.7% for the same years [4] - The company is preparing for increased sales ahead of the 2025 Spring Festival, which is anticipated to further improve revenue [4]