Investment Rating - The report maintains a "Recommended" rating for the company, indicating expectations of outperforming the benchmark index by 10%-20% over the next six months [20]. Core Insights - The company is experiencing ongoing operational pressure, with revenue for the full year 2023 declining by 1.5% year-on-year to 2.106 billion yuan. The net profit attributable to shareholders decreased by 37.0% to 87 million yuan [20][11]. - In Q1 2024, revenue fell by 24.9% year-on-year, primarily due to internal management adjustments and the elimination of low-margin products [2][20]. - The company aims for double-digit growth in its main seasoning business and over 10% growth in net profit excluding non-recurring items for 2024 [20]. Financial Performance Summary - **2023 Financials**: Total revenue was 2,106 million yuan, with a net profit of 87 million yuan. The gross margin was 33.0%, down 1.4 percentage points year-on-year [2][20]. - **2024 Projections**: Expected revenue for 2024 is 2,193 million yuan, with a projected net profit of 215 million yuan, reflecting a significant recovery from 2023 [20]. - **Earnings Per Share (EPS)**: The EPS forecast for 2024 is 0.19 yuan, with subsequent years projected at 0.23 yuan for 2025 and 0.27 yuan for 2026 [20][11]. Product and Regional Performance - In 2023, the revenue breakdown by product showed vinegar and sauces declining by 8.4% and 23.6% respectively, while other seasoning products grew by 94.0% due to the launch of 90 new products [2]. - Regional performance in 2023 was relatively balanced, with East China showing a 1.3% increase, while North China saw a 7.0% increase [2]. Management and Strategic Outlook - The company is undergoing management changes and aims to implement deeper reforms, including optimizing product planning and enhancing market strategies [2][20]. - The new management's effectiveness in driving positive changes is a key focus for investors, with expectations for revitalizing the brand in the medium to long term [2][20].

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company experienced a revenue decline in Q1 2024 due to pressure on supermarket channels and a strategic reduction in low-profit SKUs, resulting in a year-on-year revenue change of -24.9% [2][8]. - The company aims to optimize its product structure and improve profitability through a focus on high-growth segments such as zero-additive and complex seasonings, while also enhancing its sales team and channel diversification [9][19]. Financial Performance - In 2023, the company achieved a revenue of 2.11 billion yuan, a decrease of 1.5% year-on-year, and a net profit of 90 million yuan, down 37.0% year-on-year [8][10]. - The projected net profits for 2024-2026 are 200 million, 240 million, and 280 million yuan, reflecting year-on-year growth rates of 130.8%, 18.9%, and 16.5% respectively [3][10]. - The company's gross margin improved in Q4 2023 and Q1 2024, reaching 33.6% and 41.4% respectively, despite an increase in sales expense ratios [19][10]. Market Position and Strategy - The company has increased its distributor count from 2044 at the end of 2023 to 2067 by the end of Q1 2024, indicating a focus on expanding its distribution network [2]. - The strategic focus includes deepening the vinegar product line, enhancing the liquor segment, and broadening the sauce offerings, which is expected to stabilize the core vinegar business [9].

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2024-024 江苏恒顺醋业股份有限公司 2024 年第一季度与行业相关的定期经营数据公告 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个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披露第十四号食 品制造》的相关规定，江苏恒顺醋业股份有限公司（以下简称"公司"）现将与行业 相关的定期经营数据（未经审计）披露如下： 一、2024年第一季度主要经营数据 1、按照产品类别分类情况： 单位：万元 | 产品类别 | 本期销售收入 | 上年同期销售收入 | 同比增减% | | --- | --- | --- | --- | | 醋系列 | 30,679.14 | 38,331.49 | -19.96 | | 酒系列 | 7,695.19 | 11,130.34 | -30.86 | | 酱系列 | 3,274.11 | 6,451.45 | -49.25 | | 合计 | 41,648.44 | 55,913.28 | -25.51 | 2、按照销售模式分类 ...

Corporate Governance and Independence - The company commits to maintaining the independence of Hengshun Vinegar Industry post-acquisition, ensuring no adverse impact on personnel, assets, finance, and operations[1]. - The company will avoid and minimize related party transactions with Hengshun Vinegar Industry, ensuring fair pricing and compliance with legal obligations[2]. - The company guarantees no direct or indirect competition with Hengshun Vinegar Industry and will ensure controlled entities adhere to the same commitments[3]. Financial Performance - The company has not reached the original profit forecast for any assets or projects during the reporting period[6]. - The company's operating revenue for 2023 was approximately ¥2.106 billion, a decrease of 1.52% compared to ¥2.139 billion in 2022[83]. - The net profit attributable to shareholders decreased by 37.03% to ¥86.9 million from ¥137.99 million in the previous year[85]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 37.49% to ¥76.51 million[85]. - The basic earnings per share decreased by 41.37% compared to the previous year[85]. - The company achieved a total revenue of 2.106 billion RMB, a decrease of 1.52% compared to the same period last year[167]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 77 million RMB, down 37.49% year-on-year[167]. Investment and Capital Management - The company plans to complete the sale of related real estate assets by June 15, 2022, retaining only specific commercial properties[5]. - The registered capital of Heilongjiang Hengshun increased from 50 million to 98.96 million RMB after the capital increase, with shareholders maintaining their ownership ratios[15]. - The company used 12 million, 13 million, 13 million, and 16 million RMB of raised funds to increase capital in subsidiaries Hengshun Lao Chen Vinegar, Hengshun Wine, Hengshun Wantong, and Chongqing Seasoning respectively[26]. - The company has invested 23 million RMB in bank wealth management products using its own funds, with an equal amount remaining[18]. - The company has also invested 13 million RMB in bank wealth management products using raised funds, with the full amount remaining[18]. - The company successfully raised 1.143 billion RMB through a targeted issuance project in April, which will be used for capacity expansion projects[125]. Asset Management and Financial Position - Cash and cash equivalents increased by 67.75% year-on-year, amounting to ¥584,254,121.34, primarily due to unutilized funds from a private placement[43]. - Trading financial assets rose by 191.65% year-on-year, totaling ¥1,027,619,262.15, attributed to an increase in wealth management products[43]. - Accounts receivable decreased by 31.06% year-on-year, amounting to ¥47,580,486.64, due to improved sales collection[46]. - Other current assets decreased by 49.98% year-on-year, totaling ¥66,343,654.22, mainly due to a reduction in time deposits[46]. - Construction in progress increased by 176.19% year-on-year, reaching ¥520,364,612.91, due to increased investment in fundraising projects[46]. - The company's total assets increased by 36.57% year-on-year, primarily due to funds raised from a private placement[85]. - The net assets attributable to shareholders increased by 50.42% year-on-year[85]. Research and Development - R&D expenses totaled CNY 80.5 million, constituting 3.82% of total revenue[55]. - The number of R&D personnel is 149, making up 7.21% of the total workforce[56]. - The company applied for 38 patents during the reporting period, including 14 invention patents, and received authorization for 37 patents[132]. Market Trends and Strategy - The Chinese condiment industry reached a market size of CNY 592.5 billion in 2023, with a year-on-year growth of 15.4%[50]. - The pre-prepared dish market in China reached CNY 516.5 billion in 2023, growing by 23.1% year-on-year, and is expected to exceed CNY 1.072 trillion by 2026[51]. - The company plans to enhance product innovation to meet the growing consumer demand for healthier options[51]. - The company aims to transform from vinegar production to a diversified flavor industry, positioning itself as a benchmark enterprise in the condiment industry during the 14th Five-Year Plan period[187]. Operational Efficiency and Cost Management - The company is focusing on revenue structure adjustments and increasing marketing expenses as part of its strategy[85]. - The company has highlighted potential risks and strategies in its management discussion and analysis section[91]. - The company eliminated 212 low-margin and low-efficiency products in 2023, focusing on a big single product strategy to enhance resource allocation[110]. - The company has optimized its marketing structure, reducing the number of major districts from ten to six, and the number of sub-regions from forty-three to thirty-one[146]. - The company is focusing on digital marketing to enhance efficiency and control across the entire supply chain[146]. Product Development and Sales - The company launched 90 new products in 2023, achieving sales of over 80 million RMB, a year-on-year increase of 20.7%[124]. - The vinegar series generated revenue of approximately 1.294 billion RMB, with a slight decrease of 0.79% compared to the previous year[113]. - The liquor series revenue was 327 million RMB, a decline of 8.39% year-on-year, with a gross margin of 25.63%, down 2.38 percentage points[167]. - The sauce series revenue fell to 196 million RMB, a decrease of 23.57% year-on-year, with a gross margin of 11.15%, down 4.87 percentage points[167]. Financial Ratios and Performance Metrics - The weighted average return on equity (ROE) decreased to 2.98%, a decline of 3.36 percentage points from the previous year[103]. - The gross margin for online sales improved slightly from 50.16% to 50.22% year-on-year[53]. - The gross profit margin for the vinegar series increased by 1.57 percentage points to 43.11% despite a revenue decrease of 0.79%[173]. - The gross profit margin for the sauce series decreased by 4.87 percentage points to 11.15%, with a revenue decline of 23.57%[173]. Awards and Recognition - The company has been recognized with multiple awards, including the Jiangsu Province Science and Technology Third Prize in 2022[132]. Food Safety and Quality Control - The company emphasizes food safety management and has implemented a long-term management mechanism to ensure quality control throughout the production process[136].

Financial Performance - Total revenue for Q1 2024 was RMB 460,382,267.91, a decrease of 24.89% compared to the same period last year[17] - Net profit attributable to shareholders was RMB 55,216,144.98, down 24.23% year-over-year[17] - Net profit excluding non-recurring gains and losses was RMB 45,413,324.80, reflecting a decline of 35.71%[17] - Basic earnings per share decreased by 31.74% to RMB 0.0501[17] - The revenue from sales of goods and services received cash of ¥433,286,185.73, compared to ¥591,648,386.83 in the same quarter last year, indicating a decline of about 26.8%[45] - The net profit for Q1 2024 was CNY 35,895,514.28, down 41.5% from CNY 61,352,320.80 in Q1 2023[65] - The operating profit for Q1 2024 was CNY 44,214,135.23, down from CNY 72,791,206.56 in Q1 2023[65] Cash Flow - Net cash flow from operating activities was negative RMB 37,762,442.00, a decrease of 168.54% compared to the previous year[17] - Cash inflow from operating activities for Q1 2024 was ¥461,970,964.04, down from ¥631,406,547.65 in Q1 2023, representing a decrease of approximately 26.8%[45] - The company reported a net increase in cash and cash equivalents of CNY -10,251,543.30 for the period[48] - In Q1 2024, the net cash flow from operating activities was -62,972,893.67, a decrease from 33,724,625.27 in Q1 2023[68] - Cash outflow from operating activities amounted to 498,355,738.73, a decrease from 567,507,883.97 in the previous year[68] Assets and Liabilities - Total assets at the end of Q1 2024 were RMB 3,918,197,412.12, down 3.33% from the end of the previous year[20] - The total liabilities decreased to ¥539,329,774.98 from ¥715,820,746.48, reflecting a reduction of approximately 24.6%[38] - The total assets as of March 31, 2024, amounted to CNY 3,625,164,819.18, a decrease from CNY 3,762,170,788.76 at the end of 2023[62] - The total liabilities decreased to CNY 454,030,690.34 from CNY 614,778,869.12 in the previous year[62] Shareholder Information - The total number of common shareholders at the end of the reporting period is 103,589, with Jiangsu Hengshun Group Co., Ltd. holding 447,613,893 shares, representing 40.22% of the total[25] - The top ten shareholders collectively hold a significant portion of the company's shares, with the second-largest shareholder, Zhenjiang Baiwei Investment Partnership, holding 29,355,149 shares, or 2.64%[25] - The company reported a total of 85,760,000 pledged shares held by Jiangsu Hengshun Group Co., Ltd.[25] Regulatory and Compliance - The company has received administrative regulatory measures from the Jiangsu Securities Regulatory Bureau due to issues related to timely disclosure of related transactions and inaccurate information disclosure in 2023[31] - The company has received a warning letter from the Jiangsu Securities Regulatory Bureau regarding its failure to disclose related transactions in a timely manner[31] Financial Management - The company’s financial management includes various financial products with different maturity dates and returns, such as a 3,000,000 RMB product with a return of 1.9% to 4.94%[29] - The company’s financial management strategy includes investments in various financial products, with a total of 20,000,000 RMB in bank wealth management products yielding 1.40% to 3.24%[29] Inventory and Current Assets - Inventory decreased to ¥244,944,694.13 from ¥278,378,817.97, a reduction of approximately 12.0%[36] - Other current assets increased significantly to ¥209,268,911.34 from ¥66,343,654.22, marking an increase of about 215.5%[36] - Cash and cash equivalents were reported at ¥571,698,524.91, down from ¥584,254,121.34, indicating a decline of about 2.4%[36] Research and Development - The company incurred research and development expenses of CNY 22,046,607.63 in Q1 2024, slightly up from CNY 21,459,875.76 in Q1 2023[49] - Research and development expenses for Q1 2024 were CNY 18,429,233.09, slightly up from CNY 17,921,546.74 in Q1 2023[64] Cash from Investments - Net cash flow from investing activities was CNY 27,510,898.70, significantly up from CNY 1,395,622.11 in Q1 2023[49] - The company received 481,200,994.67 in cash from investment recoveries, a substantial increase from 226,405,000.00 in Q1 2023[68] - The cash outflow for acquiring fixed assets and other long-term assets was 42,129,949.78, compared to 17,947,322.86 in the same quarter last year[68]

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2024-016 江苏恒顺醋业股份有限公司 2023 年年度与行业相关的定期经营数据公告 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个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披露第十四号 食品制造》的相关规定，江苏恒顺醋业股份有限公司（以下简称"公司"）现将与行 业相关的定期经营数据披露如下： 一、2023年度主要经营数据 1、按照产品类别分类情况： 单位：万元 | 产品类别 | 2023 年度销售收入 | 2022 年度销售收入 | 同比增减% | | --- | --- | --- | --- | | 醋系列 | 129,406.76 | 128,393.13 | 0.79 | | 酒系列 | 32,699.19 | 35,694.66 | -8.39 | | 酱系列 | 19,587.11 | 25,626.19 | -23.57 | | 合计 | 181,693.06 | 189,713.98 | -4.23 | 2、按照销售模式分类 ...

索 引 号 bm56000001/2024-00002333 分 类 发布机构 发文日期 1709225520000 名 称 江苏证监局关于对江苏恒顺醋业股份有限公司、刘欣、魏陈云采取出具警示函措施的决定 文 号 〔2024〕41号 主 题 词 根据《信披办法》第五十二条的规定,我局决定对你们采取出具警示函的行政监管措施,并记入证券 期货市场诚信档案。你们应认真汲取教训,加强对证券法律法规的学习,采取有效措施完善内部控制,规范 关联交易,强化信息披露管理,杜绝此类违规行为再次发生,并在收到本决定书之日起十个工作日内向我局 提交书面报告。 如果对本监督管理措施不服,可以在收到本决定书之日起60日内向中国证券监督管理委员会提出行 政复议申请,也可以在收到本决定书之日起6个月内向有管辖权的人民法院提起诉讼。复议与诉讼期间,上 述监督管理措施不停止执行。 江苏证监局 江苏恒顺醋业股份有限公司、刘欣、魏陈云: 经查,江苏恒顺醋业股份有限公司(以下简称恒顺醋业或公司)存在以下违规行为: 一是2023年1-11月,公司与镇江恒顺米业有限责任公司之间已发生的关联交易金额超出公司2022年 年度股东大会审议通过预计的金额,超出 ...

公司代码：600305 股票简称：恒顺醋业 公告编号：临 2024-010 江苏恒顺醋业股份有限公司 关于收到江苏证监局警示函的公告 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个别及连带责任。 江苏恒顺醋业股份有限公司于近日收到中国证券监督管理委员会江苏监管 局（以下简称"江苏证监局"）行政监管措施决定书[2024]41 号——《关于对 江苏恒顺醋业股份有限公司、刘欣、魏陈云采取出具警示函措施的决定》（以下 简称"《警示函》"），现将主要内容公告如下： 一、《警示函》的主要内容 江苏恒顺醋业股份有限公司、刘欣、魏陈云： 经查，江苏恒顺醋业股份有限公司（以下简称恒顺醋业或公司）存在以下违 规行为： 一是 2023 年 1-11 月，公司与镇江恒顺米业有限责任公司之间已发生的关联 交易金额超出公司 2022 年年度股东大会审议通过预计的金额，超出金额占公司 最近一期经审计净资产的 5.61%。公司直至 12 月 14 日、12 月 29 日才分别召开 董事会、股东大会补充审议和披露相关关联交易。 二是 2023 年 12 月 14 日， ...

公司代码：600305 股票简称：恒顺醋业 公告编号：临 2024-009 江苏恒顺醋业股份有限公司董事会 二○二四年三月一日 何春阳先生的辞职，不会对公司日常生产经营管理产生重大影响。根据《公 司章程》等有关规定，何春阳先生的辞职申请书自送达董事会之日起生效。 何春阳先生任职期间恪尽职守、勤勉尽职，忠实履行职责与义务，发挥专业 所长，在促进公司治理完善、降本增效以及内部管理体系建设等方面发挥了积极 作用。公司对何春阳先生在任职期间为公司作出的贡献表示衷心感谢！ 特此公告！ 江苏恒顺醋业股份有限公司 关于总经理辞职的公告 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个别及连带责任。 江苏恒顺醋业股份有限公司（以下简称"公司"）董事会于近日收到总经理 何春阳先生的书面辞职申请书。何春阳先生因个人原因申请辞去公司总经理职务。 辞职后，何春阳先生不再担任公司任何职务。 ...

一、本次委托理财概况 （一）委托理财目的 ●委托理财金额：认购东吴证券股份有限公司福瑞宝贵客尊享 2401 期收益凭证 1 亿 元，认购海通证券股份有限公司海通证券收益凭证博盈系列黄金鲨鱼鳍看涨第 63 号 7000 万元，认购中国国际金融股份有限公司中金公司【金泽鑫动 101】号收益凭证 5000 万元。 ●履行的审议程序：经江苏恒顺醋业股份有限公司（以下简称"公司"）第八届董事 会第十九次会议、第八届监事会第十七次会议及 2022 年年度股东大会审议通过使用不超 过人民币 8 亿元的闲置自有资金进行委托理财；经公司第八届董事会第二十六次会议、第 八届监事会第二十一次会议及 2023 年第一次临时股东大会审议通过在原已审批不超过人 民币 8 亿元的闲置自有资金委托理财额度的基础上，再增加使用不超过 4 亿元的闲置自有 资金进行委托理财；经公司第八届董事会第三十一次会议和第八届监事会第二十六次会议 审议通过使用不超过人民币 3.7 亿元的闲置自有资金进行委托理财。 ●特别风险提示：公司本次使用闲置自有资金进行委托理财所涉及的投资产品为金融 机构发行的风险可控的理财产品，收益情况由于受宏观经济的影响可能具有一定 ...