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 ...

江苏恒顺醋业股份有限公司 2024 年持续督导年度报告书 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 2024 年持续督导年度报告书 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：江苏恒顺醋业股份有限公司 | | --- | --- | | 保荐代表人姓名：宋心福 | 联系电话：025-83387965 | | 保荐代表人姓名：吴韡 | 联系电话：025-83387704 | 根据《证券法》《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等有关法律、法规的规定，华泰联合证券有限责任公司（以下简称"华泰联合证 券"或"保荐人"）作为江苏恒顺醋业股份有限公司（以下简称"恒顺醋业""公 司"或"发行人"）2021 年度向特定对象发行股票并在主板上市的保荐人，对 恒顺醋业进行持续督导，持续督导期为 2023 年 5 月 17 日至 2024 年 12 月 31 日。 现就 2024 年度持续督导工作总结如下： | 序号 | 工作内容 | 完成持续督导情况 | | --- | --- | --- | | | 建 ...

2025.04. 22 本文字数：973，阅读时长大约2分钟 作者 | 第一财经 揭书宜 恒顺醋业（600305.SH）披露的2024年年报显示，公司2024年实现营业收入21.96亿元，同比增长 4.25%；净利润1.27亿元，同比增长46.54%。 分产品来看，去年醋系列实现收入12.66亿元，较上年同期下降2.20%，醋系列毛利率 45.31%，同比增 加 2.21个百分点。酒系列实现收入3.29亿元，较上年同期上升0.47%，酒系列毛利率31.10%，同比增加 5.47个百分点；酱系列实现收入1.80亿元，较上年同期下降8.07%，酱系列毛利率10.58%，同比减少 0.57个百分点。 也就是说，醋系列产品是毛利率最高的，且为恒顺醋业贡献了最多的营收。财报显示，醋系列产品最大 的成本是直接材料，占总成本的66.93%，其次是制造费用，占总成本的16.07%，此外，直接人工和运 | | | | 本期 | | 上年同 | 本期金 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 成本构成 | | 占息 | | 期占总 | 额较上 | 情况 ...

Core Viewpoint - Hengshun Vinegar Industry (600305.SH) reported a revenue of 2.196 billion yuan for 2024, representing a year-on-year growth of 4.25%, while net profit reached 127 million yuan, up 46.54% from the previous year [1] Financial Performance - The vinegar series generated 1.266 billion yuan in revenue, a decrease of 2.20% year-on-year, with a gross margin of 45.31%, an increase of 2.21 percentage points [1] - The wine series achieved revenue of 329 million yuan, an increase of 0.47% year-on-year, with a gross margin of 31.10%, up 5.47 percentage points [1] - The sauce series reported revenue of 180 million yuan, down 8.07% year-on-year, with a gross margin of 10.58%, a decrease of 0.57 percentage points [1] Cost Structure - For the vinegar series, direct materials accounted for 66.93% of total costs, followed by manufacturing expenses at 16.07%, direct labor at approximately 8%, and transportation costs also around 8% [1] - In the wine series, direct materials made up 72.01% of total costs, while in the sauce series, this figure was 78.67% [2] Industry Context - The recovery of the restaurant industry in 2024 contributed to the performance growth of Hengshun Vinegar, with national retail sales of consumer goods reaching 48.79 trillion yuan, a year-on-year increase of 3.5% [3] - The demand for condiments remained stable, showing resilience against economic fluctuations, as they are essential in daily meals [3] - The condiment industry is experiencing intensified competition, with increasing product innovation in retail channels and a rise in customized demands in industrial channels [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 2.196 billion yuan in 2024, representing 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]. - The company is focused on strengthening its core business while optimizing its distribution network, with a reduction in the number of distributors from 2044 at the end of 2023 to 2014 by the end of 2024 [2]. - The gross profit margin improved to 34.72% in 2024, an increase of 1.74 percentage points year-on-year, driven by a decline in raw material costs [3]. Financial Performance - In 2024, the main seasoning products generated revenue of 2.093 billion yuan, a slight increase of 0.73% year-on-year, with vinegar, wine, and sauce series revenues at 1.266 billion, 329 million, and 180 million yuan, respectively [2]. - The company reported a net profit margin of 5.80% in 2024, an increase of 1.67 percentage points year-on-year [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 37.8%, 23.1%, and 7.9%, reaching 180 million, 220 million, and 230 million yuan, respectively [4]. Strategic Focus - The company aims to transition from a vinegar-focused business to a broader seasoning industry, establishing itself as a benchmark in the seasoning sector [3]. - The company emphasizes shareholder returns, with a cash dividend of approximately 111 million yuan in 2024, representing a payout ratio of 87.08% and a dividend yield of about 1.25% [3].

Investment Rating - The investment rating for the company is "Buy" with a target price of 9.36 RMB [7][8]. Core Views - The company reported strong Q4 performance with revenue of 660 million RMB, a year-on-year increase of 41.9%, and a turnaround in net profit to 7 million RMB from a loss in the previous year [1]. - The company aims to focus on its main products, including vinegar, wine, and sauces, while also expanding its product range to enhance scale effects [2][4]. - The company has improved its profit margins, with a net profit margin of 5.8% for the year, up 1.7 percentage points year-on-year, driven by cost benefits and a reduction in expenses [3]. Revenue and Profitability - For 2024, the company expects revenue of 2.196 billion RMB, a 4.25% increase, and a net profit of 127.34 million RMB, a 46.54% increase [6]. - The main product categories for 2024 are projected to generate revenues of 1.27 billion RMB from vinegar, 330 million RMB from wine, and 180 million RMB from sauces, with other products showing significant growth [2]. Cost and Expense Management - The company achieved a gross margin of 34.7% for 2024, benefiting from economies of scale and cost reductions [3]. - The sales expense ratio decreased by 0.8 percentage points to 17.9%, while the management expense ratio increased slightly due to performance incentive provisions [3]. Future Outlook - The company is expected to continue improving its operational performance, with projected EPS of 0.17 RMB for 2025 and 0.19 RMB for 2026, reflecting a significant increase from previous estimates [4][6]. - The target price reflects a valuation premium based on expected continued reform and operational improvements [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 2.196 billion yuan in 2024, representing 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]. - The company is focused on strengthening its core business while optimizing its distribution network, with a reduction in the number of distributors from 2044 at the end of 2023 to 2014 by the end of 2024 [2]. - The gross margin improved to 34.72% in 2024, an increase of 1.74 percentage points year-on-year, driven by a decline in raw material costs [3]. Financial Performance - In 2024, the main seasoning products generated revenue of 2.093 billion yuan, with vinegar, wine, and sauce series contributing 1.266 billion, 329 million, and 180 million yuan respectively [2]. - The company reported a net profit margin of 5.80% in 2024, an increase of 1.67 percentage points year-on-year [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 37.8%, 23.1%, and 7.9% respectively, reaching 180 million, 220 million, and 230 million yuan [4]. Market Position and Strategy - The company aims to transition from a vinegar-focused business to a broader seasoning industry, establishing itself as a benchmark in the seasoning sector [3]. - The company emphasizes shareholder returns, with a cash dividend of approximately 111 million yuan in 2024, representing a payout ratio of 87.08% and a dividend yield of about 1.25% [3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 8.0 yuan [2][6]. Core Views - The company achieved a total revenue of 2.196 billion yuan in 2024, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 127 million yuan, up 46.5% year-on-year. In Q4 2024, revenue reached 665 million yuan, a year-on-year increase of 41.9%, with a net profit of 7 million yuan, marking a turnaround from losses [2][6]. - The company is expected to continue its growth trajectory in 2025, driven by new leadership and ongoing reforms aimed at enhancing operational efficiency and market competitiveness [6][2]. Financial Summary - **Revenue and Profit Forecasts**: - 2024A: Total Revenue: 2,196 million yuan, Net Profit: 127 million yuan - 2025E: Total Revenue: 2,350 million yuan, Net Profit: 181 million yuan - 2026E: Total Revenue: 2,522 million yuan, Net Profit: 205 million yuan - 2027E: Total Revenue: 2,688 million yuan, Net Profit: 234 million yuan [2][12]. - **Growth Rates**: - Revenue growth rates are projected at 4.2% for 2024, 7.0% for 2025, 7.3% for 2026, and 6.6% for 2027 [2][12]. - Net profit growth rates are expected to be 46.5% for 2024, 42.1% for 2025, 13.3% for 2026, and 14.1% for 2027 [2][12]. - **Earnings Per Share (EPS)**: - EPS is forecasted to be 0.11 yuan for 2024, 0.16 yuan for 2025, 0.18 yuan for 2026, and 0.21 yuan for 2027 [2][12]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratios are projected at 67 for 2024, 47 for 2025, 42 for 2026, and 36 for 2027 [2][12]. - Price-to-Book (P/B) ratios are estimated at 2.6 for 2024, 2.5 for 2025, 2.5 for 2026, and 2.4 for 2027 [2][12]. Market Performance - The company’s stock price has fluctuated between a high of 8.80 yuan and a low of 6.65 yuan over the past 12 months, with a current price of 7.68 yuan [3][6]. Business Segments - The company’s revenue from the condiment business was 2.09 billion yuan in 2024, showing a slight increase of 0.7% year-on-year. The revenue from vinegar, wine, and sauce segments saw declines of 2.2%, 0.5%, and 8.1% respectively, while other condiments grew by 22.2% [6][2]. - The company is focusing on product innovation and market expansion, particularly in the soy sauce and compound seasoning segments, which have shown significant growth [6][2]. Strategic Outlook - The company aims to strengthen its core business while expanding into ancillary sectors, emphasizing quality control, marketing innovation, and cost reduction strategies [6][2]. - The new chairman is expected to lead significant reforms that could enhance operational efficiency and drive growth in the coming years [6][2].