Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company focuses on its core vinegar business, achieving steady profit growth with a revenue of 1.628 billion yuan for Q1-Q3 2025, up 6.3% year-on-year, and a net profit attributable to shareholders of 142 million yuan, up 17.98% year-on-year [1] - The online sales channel shows impressive growth, with online revenue increasing by 17.4% year-on-year, while offline sales decreased by 7.1% [2] - The gross margin slightly decreased to 34.71%, down 0.90 percentage points year-on-year, primarily due to changes in product mix [3] - The company aims to strengthen its main business and enhance profitability through quality improvement, innovation, and cost reduction [3] Financial Performance - For Q3 2025, the company reported revenues of 502 million yuan, a decrease of 4.63% year-on-year, and a net profit of 31 million yuan, an increase of 17.65% year-on-year [1] - The company’s revenue from vinegar, wine, sauces, and other products for Q3 2025 was 314 million, 87 million, 59 million, and 39 million yuan respectively, with vinegar showing a growth of 7.3% [2] - The company’s net profit forecast for 2025-2027 is expected to grow by 30.4%, 29.0%, and 18.5% respectively, reaching 166 million, 214 million, and 254 million yuan [3]

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2025-054 江苏恒顺醋业股份有限公司 2025 年第三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、2025年第三季度主要经营数据 | 产品类别 | 2025年第三季 | 2024年第三季 | 同比增减% | 2025年1-9月 | 2024年1-9月 | 同比增减% | | --- | --- | --- | --- | --- | --- | --- | | | 度销售收入 | 度销售收入 | | 份销售收入 | 份销售收入 | | | 醋系列 | 31,410.36 | 29,266.12 | 7.33 | 105,260.49 | 97,622.85 | 7.82 | | 酒系列 | 8,695.91 | 10,389.1 ...

证券代码：600305 证券简称：恒顺醋业 公告编号：临 2025-056 重要内容提示： ●江苏恒顺醋业股份有限公司（以下简称"公司""恒顺醋业"）将募投项目 "恒顺香醋扩产续建工程项目（二期）"、"徐州恒顺万通食品酿造有限公司年产 4.5 万吨原酿酱油醋智能化产线项目"达到预定可使用状态的日期由 2025 年 12 月延期至 2027 年 12 月。 ●本次部分募投项目延期事项，不改变募投项目实施主体、实施方式、投资 规模及募集资金投资用途，且不存在损害股东利益的情形，本事项无需提交公司 股东会审议。 公司于 2025 年 10 月 30 日召开了第九届董事会第十二次会议，审议通过了 《关于部分募投项目延期的议案》，同意公司将"恒顺香醋扩产续建工程项目（二 期）"、"徐州恒顺万通食品酿造有限公司年产 4.5 万吨原酿酱油醋智能化产线项 目"达到预定可使用状态的日期由 2025 年 12 月延期至 2027 年 12 月。现将具体 事项公告如下： 一、募集资金基本情况 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 ...

公司代码：600305 股票简称：恒顺醋业 公告编号：临 2025-055 江苏恒顺醋业股份有限公司 关于 2026 年度日常关联交易预计的公告 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。 重要内容提示： ●本次日常关联交易预计事项在董事会权限内，无需提交股东会审议。 ●本次日常关联交易预计为正常生产经营行为，以市场价格为定价标准，遵 循公开、公平、公正的原则，不会对公司的独立性产生重大影响。 一、日常关联交易基本情况 （一）本次日常关联交易预计事项履行的审议程序 2025 年 10 月 29 日，江苏恒顺醋业股份有限公司（以下简称"公司"）召开 第九届董事会独立董事专门会议 2025 年第三次会议，以 3 票同意、0 票反对、0 票弃权审议通过了《关于 2026 年度日常关联交易预计的议案》，认为：公司本次 2026 年度日常关联交易预计是基于公司业务发展需要，符合公司实际情况，交易 各方均遵循自愿、公平、公正的原则，交易定价公允合理，不存在损害公司及中 小股东利益的行为，不影响公司独立性。同意提交董事会审议。 2 ...

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

江苏恒顺醋业股份有限公司 第九届董事会第十二次会议决议公告 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"）第九届董事会第十二次会 议于 2025 年 10 月 30 日在公司会议室以现场结合通讯表决方式召开。本次会议 的会议通知于 2025 年 10 月 17 日以书面、邮件和电话的方式发出。本次会议由 董事长郜益农先生召集和主持，会议应出席董事 9 人,实际出席董事 9 人（其中： 现场出席的董事 4 人，以通讯表决方式出席的董事 5 人）。公司高级管理人员列 席了本次会议。会议召开符合《公司法》和《公司章程》的有关规定。会议审议 并通过了如下议案： 一、审议通过《公司 2025 年第三季度报告》 证券代码：600305 证券简称：恒顺醋业 公告编号：临 2025-053 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）上的《江 苏恒顺醋业股份有限公司关于 2026 年度日常关联交易预计的公告》（公告编号： 临 2025-055）。 关联董事郜益农、 ...

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]