第一条 江苏恒顺醋业股份有限公司（以下简称"公司"）为了进一步完善公司治理 结构，促进公司的规范运作，维护公司整体利益，保障全体股东特别是中小股东的合法权 益不受损害，根据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事 管理办法》（以下简称"管理办法"）等有关法律法规及《公司章程》的规定，制定本制 度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与其所受聘的公司及其 主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观 判断关系的董事。 江苏恒顺醋业股份有限公司 独立董事工作制度 第一章 总 则 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或者个人的 影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按照相关法 律、行政法规、中国证监会规定、证券交易所业务规则和《公司章程》的规定，认真履行 职责，在董事会发挥参与决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小 股东合法权益。 第四条 独立董事最多在 3 家境内上市公司（含本公司）担任独立董事，并确保有足 够的时间和精力有效地独立履行职责。 第五条 公司董事 ...

致：江苏恒顺醋业股份有限公司 根据《中华人民共和国公司法（2018 年修正）》《中华人民共和国证券法（2019 年修订）》《上市公司股东大会规则（2022 年修订）》（证监会公告[2022]13 号） 和《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律、法规 和规范性文件以及《江苏恒顺醋业股份有限公司章程》（以下简称"《公司章程》"） 的规定，本所受公司董事会的委托，指派本所律师出席公司 2023 年年度股东大 会，并就本次年度股东大会的召集、召开程序、出席会议人员资格、召集人资格、 表决程序以及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书，本所律师对本次年度股东大会所涉及的有关事项进行 了审查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 本所律师同意将本法律意见书随公司本次年度股东大会决议一并公告，并依 法对本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次年度股东大会的召集、召开程序 1.本次年度股东大会的召集 恒顺醋业年度股东大会 法律意见书 江 ...

章 程 （2024年5月修订） 1 目 录 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第五章 董事会 第一节 董事 第二节 董事会 第六章 经理及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 党组织 第九章 职工民主、劳动人事制度 第十章 财务会计制度、利润分配和审计、审计与违规经营投资责任追究 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第四节 违规经营投资责任 第十一章 通知和公告 第一节 通知 第二节 公告 第十二章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十三章 修改章程 第十四章 附则 第一章 总 则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为，根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简 称《 ...

证券代码：600305 证券简称：恒顺醋业 公告编号：临 2024-026 江苏恒顺醋业股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 18 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 451,962,718 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 40.9782 | | 份总数的比例（%） | | 注：公司总股本 1,112,956,032 股，江苏恒顺醋业股份有限公司回购专用证券账 户持有公司股份 10,022,224 股，不享有表决权。公司有表决权股份总数为 1,102,933,808 股。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][14]. Core Views - Short-term demand remains under pressure, but internal product optimization is ongoing. The company has eliminated 212 low-margin and inefficient products in 2023 and has launched 90 new products, achieving sales of over 80 million yuan, a year-on-year increase of 20.7% [4][5]. - Strategic initiatives are being implemented, with expectations for medium to long-term operational improvements. The company has successfully completed a targeted issuance project for capacity expansion and is focusing on the simultaneous development of its three main product categories: vinegar, wine, and sauce [5][12]. - The company anticipates a recovery in net profit, projecting 132 million yuan for 2024 and 174 million yuan for 2025, with corresponding EPS of 0.12 yuan and 0.16 yuan, leading to PE ratios of 69 and 52 times respectively [5][12]. Financial Summary - For 2023, the company reported total revenue of 2.106 billion yuan, a year-on-year decrease of 1.52%, and a net profit attributable to shareholders of 86.89 million yuan, down 37.03% year-on-year. The first quarter of 2024 showed total revenue of 460 million yuan, a year-on-year decrease of 24.89% [11][12]. - The company's gross profit margin for 2023 was 32.98%, down 1.38 percentage points year-on-year, while the net profit margin decreased to 4.13%, down 2.33 percentage points year-on-year. However, in Q1 2024, the net profit margin improved to 11.99%, with a gross profit margin of 41.38% [12][19].

Investment Rating - The report maintains a "Hold" rating for Hengshun Vinegar Industry [1][2] Core Views - The company reported a revenue of 2.11 billion yuan in 2023, a decrease of 1.5% year-on-year, and a net profit attributable to shareholders of 87 million yuan, down 37% year-on-year. The fourth quarter of 2023 saw a revenue of 470 million yuan, an increase of 2.4% year-on-year, but a net loss of 51 million yuan [1][16] - For the first quarter of 2024, the company achieved a revenue of 460 million yuan, a decline of 24.9% year-on-year, and a net profit of 55 million yuan, down 24.2% year-on-year [1][16] - The company is expected to experience a recovery in vinegar sales due to brand strength and increased market penetration, with projected sales growth rates of 2%, 1.5%, and 1% for 2024-2026 [6][20] Financial Summary - 2023 revenue: 2.11 billion yuan, 2024E: 2.20 billion yuan, 2025E: 2.30 billion yuan, 2026E: 2.42 billion yuan [3] - 2023 net profit: 87 million yuan, 2024E: 176.68 million yuan, 2025E: 193.07 million yuan, 2026E: 210.03 million yuan [3] - EPS for 2024-2026 is projected at 0.08 yuan, 0.16 yuan, and 0.17 yuan respectively [2][3] - The company’s gross margin for 2023 was 33%, down 1.4 percentage points year-on-year, while the gross margin for Q1 2024 was 41.4%, up 6.3 percentage points year-on-year [17] Business Segmentation - The vinegar segment generated 1.29 billion yuan in revenue in 2023, with a growth rate of 0.8%. The wine and sauce segments generated 330 million yuan and 190 million yuan, with declines of 8.4% and 23.6% respectively [17][33] - For Q1 2024, the vinegar, wine, and sauce segments reported revenues of 307 million yuan, 77 million yuan, and 33 million yuan, with year-on-year declines of 20%, 30.9%, and 49.3% respectively [17] Future Outlook - The company plans to focus on optimizing its organizational structure and enhancing its brand recognition across its product lines, aiming for double-digit revenue growth in 2024 [42] - The company is currently undergoing a reform period, which may lead to short-term performance pressure, but long-term operational improvements are anticipated [42]

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company is advancing its marketing reforms and focusing on a vinegar, wine, and sauce strategy, aiming to enhance its brand positioning and achieve long-term excess returns [4] - The company has identified 11 national key products and 51 regional key products, optimizing its marketing strategies and resource allocation [2] - The company aims for double-digit growth in its main seasoning product sales in 2024, with a target of over 10% growth in net profit [18] Financial Projections - The company's revenue for 2023 is projected at 2,106 million, with expected growth rates of 11.3%, 9.1%, and 7.2% for 2024, 2025, and 2026 respectively [5] - The diluted earnings per share (EPS) are forecasted to be 0.08, 0.13, 0.17, and 0.20 yuan for the years 2023 to 2026 [5] - The return on equity (ROE) is expected to improve from 2.6% in 2023 to 7.0% by 2026 [5] Revenue Breakdown - The company's revenue from its vinegar, wine, and sauce segments for 2023 was 12.94, 3.27, and 1.96 million yuan respectively, with year-on-year changes of +1%, -8%, and -24% [18] - In Q1 2024, the revenue from these segments was 3.07, 0.77, and 0.33 million yuan, reflecting a decrease of 20%, 31%, and 49% respectively [18] Market Performance - The company's total market capitalization is 91 billion yuan, with a current stock price of 8.2 yuan [18] - The company has seen a decline in total revenue primarily due to the impact of previous year's stock sales, while its main seasoning products achieved a revenue increase of 2% [18]

Investment Rating - The report maintains a "Buy" rating for Hengshun Vinegar Industry (600305.SH) [2][3] Core Views - The company is facing pressure on performance margins but is advancing brand building efforts. The expected sales growth for the main condiment business in 2024 is targeted at double-digit growth, with a projected net profit increase of over 10% [2][3] - The company is focusing on product strategy implementation and strengthening brand positioning, with a significant emphasis on major product lines [2][3] Summary by Sections Financial Performance - In 2023, the total revenue was 2.106 billion yuan, with a year-on-year decline of 1.5%. The net profit attributable to shareholders was 87 million yuan, down 37% year-on-year. The gross margin for 2023 was 32.98%, a decrease of 1 percentage point [2][7] - For Q1 2024, total revenue was 460 million yuan, a decrease of 25% year-on-year, while the gross margin improved to 41.38%, an increase of 6 percentage points [2][7] Revenue Breakdown - In 2023, revenue from the vinegar series, wine series, and sauce series was 1.294 billion yuan, 327 million yuan, and 196 million yuan, respectively, with year-on-year changes of +1%, -8%, and -24% [2][3] - The company’s sales channels in 2023 included 1.932 billion yuan from distribution, 101 million yuan from direct sales, and 45 million yuan from foreign trade, with respective year-on-year changes of +4%, -22%, and +3% [2][3] Future Projections - EPS is projected to be 0.13 yuan in 2024, 0.17 yuan in 2025, and 0.20 yuan in 2026, with corresponding PE ratios of 63, 48, and 41 times [3][7] - The company aims to achieve a net profit of 146 million yuan in 2024, reflecting a growth rate of 67.8% [7]

Investment Rating - The investment rating for the company is "Buy (Maintain)" with an expectation of a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [9][12]. Core Views - The company is currently facing short-term operational pressure but is expected to benefit from ongoing reforms in the future [3][9]. - The company reported a revenue of 2.139 billion in 2022, with a slight decrease to 2.106 billion in 2023, reflecting a year-on-year decline of 2% [9]. - The net profit for 2023 is projected to be 87 million, down from 138 million in 2022, indicating a significant year-on-year decrease of 37% [9]. - The company aims to improve its profitability through internal reforms, despite facing challenges in the short term [9][10]. Financial Summary - Revenue projections for the upcoming years are as follows: 2.214 billion in 2024, 2.412 billion in 2025, and 2.621 billion in 2026, indicating a growth rate of 5% in 2024 and 9% in 2025 and 2026 [9]. - The net profit is expected to recover to 172 million in 2024, 207 million in 2025, and 234 million in 2026, with growth rates of 97% and 20% respectively [9]. - Earnings per share (EPS) are projected to increase from 0.08 in 2023 to 0.15 in 2024, 0.19 in 2025, and 0.21 in 2026 [9]. - The company's gross margin is expected to improve slightly, with a forecast of 33% in 2024 [9]. Market Performance - The company's stock price is currently at 8.20, with a market capitalization of 9.126 billion [9]. - The company has seen a decrease in sales in certain product categories, particularly in the liquor series, while the vinegar series has shown growth [9][10]. - The company is focusing on enhancing its market presence and improving profitability through strategic reforms [9][10].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][36]. Core Views - The company reported a revenue of 2.11 billion yuan in 2023, a year-on-year decrease of 1.5%, and a net profit attributable to the parent company of 87 million yuan, down 37% year-on-year. The revenue for Q4 2023 was 470 million yuan, an increase of 2.4% year-on-year, but the net profit attributable to the parent company was a loss of 51 million yuan, which is a larger loss compared to the previous year. For Q1 2024, the revenue was 460 million yuan, a significant decline of 24.9%, with a net profit of 55 million yuan, down 24.2% year-on-year. The company is adjusting its internal operations, leading to a downward revision of profit forecasts for 2024-2025 and the introduction of a profit forecast for 2026 [5][17]. Financial Performance Summary - In 2023, the company's condiment business achieved a stable growth of 2.3%. The vinegar category grew by 0.8%, while the wine and sauce categories saw declines of 8.4% and 23.6%, respectively. The western region experienced a growth rate of 16.1%, while the competitive environment in the South China market led to a decline of 1.1%, affecting overall growth. The decline in Q1 2024 revenue is attributed to the incomplete recovery of the catering market and ongoing intense competition. The vinegar category saw a decline of 20.0%, while the wine and sauce categories dropped by 30.9% and 49.3%, respectively. However, with current low inventory levels, revenue is expected to gradually recover throughout the year [5][6][17]. Profitability and Cost Management - The net profit margin in 2023 decreased by 2.3 percentage points to 4.1%, primarily due to an increase in the sales expense ratio by 2.4 percentage points to 18.6%, mainly from increased marketing expenses for older products. In Q1 2024, the gross profit margin improved by 6.3 percentage points to 41.4%, attributed to the reduction of low-margin SKUs and a decrease in raw material costs. The sales and management expense ratios increased by 4.6 percentage points and 1.7 percentage points, respectively, indicating continued investment in market promotion. Looking ahead, the downward trend in costs is expected to continue, while the sales expense ratio is anticipated to decrease compared to 2023. The net profit margin is expected to remain stable year-on-year [6][17]. Internal Optimization Opportunities - The company has room for internal optimization, including: 1. Coordinated development of the three main product categories, clarifying the product matrix, and focusing resources on advantageous layouts 2. Continuing to advance brand strategy and enhancing the precision of advertising investments 3. Expanding channel development, particularly in catering and e-commerce 4. Promoting capacity integration and planning for capacity release. The year 2024 is expected to be a year of adjustment, with hopes that deepening state-owned enterprise reforms will bring more vitality to the company [6][17].