核查意见 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 部分募投项目延期的核查意见 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"或"公司"）2021 年度 向特定对象发行股票并在主板上市持续督导阶段的保荐人，根据《上市公司募集 资金监管规则》《上海证券交易所股票上市规则》《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，对恒顺醋业部分募投项目延期 的事项进行了审核核查，具体情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准江苏恒顺醋业股份有限公司非公开发 行股票的批复》（证监许可〔2022〕1496 号）核准，公司向特定对象发行人民币 普通股（A 股）110,000,000 股，每股面值 1.00 元，每股发行价格为人民币 10.39 元，募集资金总额为人民币 1,142,900,000.00 元，扣除与发行有关的费用人民币 21,462,499.63 元（不含税），募集资金净额为人民币 1,121,437,500.37 元。 上述募集资金已于 2023 年 4 月 28 日全部到账， ...

Financial Performance - The company's operating revenue for the third quarter was ¥502,323,912.19, a decrease of 4.63% compared to the same period last year[4] - The total profit for the quarter was ¥41,731,624.10, an increase of 39.67% year-on-year[4] - The net profit attributable to shareholders was ¥31,124,800.80, reflecting a year-on-year increase of 17.65%[4] - The net profit after deducting non-recurring gains and losses was ¥18,680,332.07, down 22.76% from the previous year[4] - The basic earnings per share for the quarter was ¥0.0389, an increase of 192.48% compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥1,627,679,571.76, an increase of 6.3% compared to ¥1,531,184,186.88 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was ¥140,660,441.44, compared to ¥116,204,650.78 in 2024, representing an increase of 20.9%[19] - Earnings per share for the first three quarters of 2025 were ¥0.1291, up from ¥0.1089 in the same period of 2024, indicating a growth of 20.1%[20] - The company reported a total comprehensive income of ¥151,344,501.27 for the first three quarters of 2025, compared to ¥93,302,852.81 in 2024, reflecting a significant increase of 62.2%[20] - Total comprehensive income for the first three quarters of 2025 was ¥130,443,948.01, significantly higher than ¥69,595,831.91 in 2024[31] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,132,078,831.33, a decrease of 5.32% compared to the end of the previous year[5] - The company's total current assets decreased from CNY 2,203,212,618.97 on December 31, 2024, to CNY 1,998,618,079.40 on September 30, 2025, a decrease of approximately 9.3%[14] - Total assets decreased from CNY 4,364,251,278.58 to CNY 4,132,078,831.33, a decrease of about 5.3%[15] - The total liabilities decreased from ¥1,035,283,776.93 in 2024 to ¥764,014,848.46 in 2025, a reduction of approximately 26.1%[16] - The total current liabilities decreased from CNY 921,688,016.81 to CNY 679,181,135.88, a decrease of approximately 26.4%[15] - The total liabilities decreased to CNY 617,685,227.39 from CNY 891,421,057.13, indicating a reduction in financial obligations[28] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥37,735,942.62, down 86.95% year-on-year[4] - The cash flow from operating activities for the first three quarters of 2025 was ¥1,620,014,285.94, slightly up from ¥1,598,758,859.81 in 2024, indicating a growth of 1.3%[23] - The net cash flow from operating activities was CNY 37,735,942.62, a decrease of 87% compared to CNY 289,056,585.24 in the previous period[24] - Total cash inflow from investment activities was CNY 1,629,967,945.93, up from CNY 1,312,740,897.37, while cash outflow was CNY 1,699,750,706.96, resulting in a net cash flow of -CNY 69,782,761.03[24] - Cash flow from operating activities showed a net outflow of ¥60,330,402.87 in 2025, contrasting with a net inflow of ¥234,713,533.43 in 2024[33] Shareholder Information - Total number of common shareholders at the end of the reporting period is 85,684[11] - Jiangsu Hengshun Group Co., Ltd. holds 40.58% of shares, totaling 449,036,422 shares[11] - The company has no significant changes in the shareholding structure among the top shareholders, indicating stability in ownership[12] Expenses - The company reported a significant increase in total profit due to a reduction in market expenses[9] - Research and development expenses for the first three quarters of 2025 were ¥79,872,027.17, compared to ¥69,215,872.25 in 2024, marking an increase of 15.5%[19] - Research and development expenses increased to ¥67,784,277.11 in 2025, a rise of 16.6% from ¥58,133,797.47 in 2024[30] - The company reported a decrease in sales expenses to ¥232,930,019.58 in 2025, down 6.1% from ¥248,204,333.70 in 2024[30] Inventory and Cash Management - Cash and cash equivalents decreased from CNY 604,042,706.68 to CNY 446,579,913.02, a decline of about 26.0%[14] - The company’s inventory decreased to CNY 121,796,364.78 from CNY 136,830,857.83, indicating improved inventory management[26] - Cash and cash equivalents at the end of the period were CNY 444,827,913.02, down from CNY 552,869,597.59[25] - The cash and cash equivalents at the end of the period were ¥260,353,593.19, down from ¥363,118,692.09 at the end of 2024[34] Other Information - The company received government subsidies amounting to ¥3,753,124.66 during the quarter, contributing to its non-recurring gains[7] - The company did not apply new accounting standards for the year 2025[35]

Core Viewpoint - Hengshun Vinegar Industry reported a decline in third-quarter revenue while achieving growth in net profit, indicating a mixed performance in the latest financial results [1] Financial Performance - The company's third-quarter revenue was 502 million yuan, a year-on-year decrease of 4.63% [1] - Net profit for the third quarter reached 31.12 million yuan, reflecting a year-on-year increase of 17.65% [1] - For the first three quarters, total revenue amounted to 1.628 billion yuan, representing a year-on-year growth of 6.30% [1] - The net profit for the first three quarters was 142 million yuan, showing a year-on-year increase of 17.98% [1]

Market Overview - The seasoning and fermentation sector increased by 0.37% compared to the previous trading day, with Zhu Laoliu leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Zhu Laoliu (code: 920726) closed at 19.28, up 3.54% with a trading volume of 18,300 lots and a transaction value of 34.45 million yuan [1] - Richen Co., Ltd. (code: 603755) closed at 34.71, up 2.30% with a trading volume of 19,300 lots and a transaction value of 65.70 million yuan [1] - Angel Yeast (code: 600298) closed at 41.00, up 2.27% with a trading volume of 75,000 lots and a transaction value of 306 million yuan [1] - Other notable stocks include Zhongjing Food (code: 300908) up 1.46%, ST Jiajia (code: 002650) up 1.14%, and Tianwei Food (code: 603317) up 1.06% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 60.96 million yuan from institutional investors, while retail investors saw a net inflow of 48.05 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Zhongjing Food saw a net inflow of 10.29 million yuan from institutional investors, while retail investors had a net outflow of 6.36 million yuan [3] - Angel Yeast experienced a net inflow of 0.64 million yuan from institutional investors, with retail investors also seeing a net outflow of 0.48 million yuan [3] - Other stocks like Fuling Pickles and Baoli Food also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - The 22nd China International Agricultural Products Trade Fair was held from October 17 to 19, showcasing over 50 categories of high-quality agricultural products from 26 outstanding enterprises in Zhenjiang [1] Group 1: Event Overview - The event took place at the National Exhibition and Convention Center in Tianjin, focusing on Zhenjiang's agricultural industry strengths [1] - Zhenjiang's exhibition hall was organized around six leading industries: high-quality grain and oil, green vegetables, modern animal husbandry, premium aquatic products, branded tea and fruits, and specialty horticulture [1] Group 2: Product Highlights - Featured products included Zhenjiang rice, "Jinshan Cuiya" tea, and Zhenjiang vinegar, attracting numerous buyers and local citizens [1] - The "San Zhi Goose" brand from Danyang achieved on-site sales of 80,000 yuan, while Hengshun's traditional products drew significant interest, including innovative items like soft-boiled vinegar eggs and sea buckthorn vinegar [1] Group 3: Future Outlook - The Zhenjiang Agricultural and Rural Bureau emphasized that the exhibition was a significant showcase of the region's agricultural brand and strength [1] - The city plans to continue deepening agricultural supply-side structural reforms, focusing on leading industries to promote the "Zhenjiang flavor" nationwide [1]

Core Insights - The best-performing fund managed by fund manager Luo Shifeng is the Nord Cycle Strategy Mixed Fund (570008), which achieved a quarterly net value increase of 52.47% by the end of Q3 2025 [1] Fund Performance Summary - The Nord Value Advantage Mixed Fund (570001) has a total fund size of 24.81 billion, with an annualized return of 7.58% and a Q3 2025 increase of 44.93%, with its top holding being Sungrow Power [2] - The Nord Cycle Strategy Mixed Fund (570008) has a fund size of 9.26 billion, an annualized return of 15.18%, and a Q3 2025 increase of 52.47%, with its top holding being NewEase [2] - The Nord Value Discovery - Annual Holding Mixed Fund (012150) has a fund size of 5.39 billion, with a negative annualized return of -0.97% and a Q3 2025 increase of 26.73%, with its top holding also being Sungrow Power [2] Stock Trading Cases - Notable stock trading cases managed by Luo Shifeng include: - Sungrow Power: Bought in Q3 2020 and sold in Q1 2021, with an estimated return of 300.71% and a company performance growth of 25.15% during the holding period [3] - Longi Green Energy: Held from Q1 2018 to Q2 2023, with an estimated return of 231.97% and a company performance growth of 488.96% [3] - Midea Group: Held from Q2 2016 to Q4 2017, with an estimated return of 136.18% and a company performance growth of 51.35% [3] Underperforming Stock Cases - Underperforming stock cases include: - Opcon Vision: Bought in Q3 2021 and sold in Q1 2024, with an estimated return of -76.32% despite a company performance growth of 40.04% [4] - Tongce Medical: Held from Q3 2021 to Q2 2023, with an estimated return of -63.37% and a company performance growth of 2.37% [4] - Sanan Optoelectronics: Held from Q4 2017 to Q2 2019, with an estimated return of -51.40% [4]

Core Insights - The seasoning and fermentation sector saw a 0.39% increase on October 27, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance Summary - Richen Co., Ltd. (603755) closed at 34.18, up 4.85% with a trading volume of 23,300 shares and a turnover of 77.62 million yuan [1] - Baoli Food (603170) closed at 14.50, up 2.62% with a trading volume of 30,700 shares [1] - Anji Food (603696) closed at 12.20, up 1.84% with a trading volume of 65,800 shares [1] - Zhilin Pickles (002507) closed at 13.08, up 1.79% with a trading volume of 190,100 shares [1] - Jialong Co., Ltd. (002495) closed at 2.77, up 1.09% with a trading volume of 207,400 shares [1] - Angel Yeast (600298) closed at 40.62, up 1.02% with a trading volume of 62,300 shares [1] - Haitai Flavor Industry (603288) closed at 38.71, up 0.28% with a trading volume of 130,500 shares [1] Capital Flow Analysis - The seasoning and fermentation sector experienced a net outflow of 93.73 million yuan from institutional investors, while retail investors saw a net inflow of 1.04 million yuan [2] - Major stocks like Haitai Flavor Industry had a net inflow of 12.86 million yuan from institutional investors, but a net outflow of 51.90 million yuan from retail investors [3] - Richen Co., Ltd. had a net inflow of 6.45 million yuan from institutional investors, but also saw a net outflow of 7.80 million yuan from retail investors [3]

Market Overview - The seasoning and fermentation sector experienced a decline of 0.16% on October 24, with Zhu Laoliu leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Individual Stock Performance - Daytime stock performance in the seasoning and fermentation sector showed mixed results, with notable gainers and losers: - Richen Co. (603755) increased by 3.56% to 32.60 [1] - ST Jiajia (002650) rose by 1.85% to 7.17 [1] - Haitian Flavoring (603288) decreased slightly by 0.08% to 38.60 [1] - Other notable declines included: - Zhu Laoliu (920726) down 2.02% to 18.40 [2] - Hengshun Vinegar (600305) down 1.47% to 8.03 [2] Trading Volume and Capital Flow - The seasoning and fermentation sector saw a net outflow of 26.48 million yuan from main funds, while retail funds experienced a net inflow of 33.99 million yuan [2] - The total trading volume for the sector was significant, with individual stocks showing varied capital flows [3] Capital Flow Analysis - Key capital flow data for selected stocks: - Angel Yeast (600298) had a main fund net inflow of 32.74 million yuan, but a net outflow from retail investors of 28.43 million yuan [3] - Richen Co. (603755) saw a minor net inflow from main funds of 4.56 million yuan, with retail investors showing a slight net inflow [3] - ST Jiajia (002650) had a net inflow from main funds of 1.23 million yuan, while retail investors experienced a net outflow [3]

Market Overview - The seasoning and fermentation sector increased by 0.11% on October 23, with Zhongjing Food leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Zhongjing Food (300908) closed at 29.40, up 2.08%, with a trading volume of 21,100 lots and a transaction value of 61.76 million yuan [1] - DR Qianhe Flavor (603027) closed at 8.92, up 1.48%, with a trading volume of 111,900 lots and a transaction value of 99.02 million yuan [1] - Hengshun Vinegar (600305) closed at 8.15, up 1.24%, with a trading volume of 99,700 lots and a transaction value of 80.83 million yuan [1] - Other notable stocks include Baoli Food (603170) at 14.22 (+0.85%), and Anding Yeast (600298) at 40.41 (+0.55%) [1] Capital Flow Analysis - The seasoning and fermentation sector experienced a net outflow of 66.08 million yuan from institutional investors, while retail investors saw a net inflow of 59.87 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Detailed Capital Flow by Stock - Lianhua Holdings (600186) had a net inflow of 966,700 yuan from institutional investors, but a net outflow of 593,310 yuan from retail investors [3] - Baoli Food (603170) saw a net inflow of 379,400 yuan from institutional investors, but a significant net outflow of 205,650 yuan from speculative funds [3] - Zhongjing Food (300908) experienced a net outflow of 306,580 yuan from institutional investors, while retail investors contributed a net inflow of 485,630 yuan [3] - Hai Tian Flavor (603288) had a net outflow of 471,430 yuan from institutional investors, with retail investors contributing a net inflow of 650,170 yuan [3]

Core Points - The Ministry of Industry and Information Technology announced the seventh batch of national industrial heritage sites and the third batch of sites that passed re-evaluation, including 32 new sites and 50 re-evaluated sites [1][2]. Group 1: New National Industrial Heritage Sites - The seventh batch includes significant projects such as Shoushan Substation, Fengman Hydropower Station, Jingpo Lake Power Plant, Qinshan Nuclear Power Station, and Chongqing Power Plant [1][2]. Group 2: Re-evaluated National Industrial Heritage Sites - The third batch of re-evaluated sites includes major locations like Dagang Oilfield Port No. 5 Well, Kailuan Zhao Gezhuang Mine, Shigejie Coal Mine, Fushun West Open-pit Mine, Dongwo Hydropower Station, and the Controlled Nuclear Fusion Experiment Site [1][2]. Group 3: Recommendations for Heritage Management - The Ministry encourages local departments and enterprises to enhance the systematic protection of industrial heritage, increase resource support, and promote active utilization through new models such as "Industrial Heritage +” for education, tourism, and industrial restructuring [2].