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 ...

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].

Core Insights - The company reported a revenue of 2.196 billion yuan for 2024, an increase of 4.25% year-on-year [1] - Net profit attributable to shareholders reached 127 million yuan, a year-on-year growth of 46.54% [1] - The company plans to distribute a cash dividend of 0.10 yuan per share to all shareholders [1] Revenue Breakdown - The main condiment segment generated revenue of 2.093 billion yuan, up 0.73% year-on-year, with a gross margin of 35.10%, an increase of 2.73 percentage points [1] - The vinegar series reported revenue of 1.266 billion yuan, a decline of 2.20% year-on-year, with a gross margin of 45.31%, up 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 generated 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] Strategic Initiatives - The company has made breakthroughs in deepening reforms and has restructured subsidiaries with a "one enterprise, one policy" approach, closing down subsidiaries that have incurred losses for three consecutive years [1] - The company is focusing on resource optimization and integration to strengthen its operational foundation [1] - Cost reduction and efficiency improvement initiatives have been implemented, leading to significant cost savings in raw materials and packaging [2] - Continuous management of production efficiency has resulted in a year-on-year decrease in overall energy consumption [2]

证券代码：600305 证券简称：恒顺醋业 公告编号：临 2025-027 江苏恒顺醋业股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开 了第九届董事会第九次会议，审议通过了《关于减少注册资本及修改<公司章程> 的议案》《关于修改<董事会审计委员会实施细则>的议案》；同日召开了第九届 监事会第六次会议，审议通过了《关于取消监事会的议案》。《关于减少注册资 本及修改<公司章程>的议案》及《关于取消监事会的议案》尚需提交股东会审议。 现将有关情况公告如下： 二○二五年四月二十二日 根据《中华人民共和国公司法》（2023 年修订）、《上市公司章程指引》 （2025 年修订）的相关规定，结合公司实际情况，公司将不再设置监事会，监 事会的职权由董事会审计委员会行使，《公司监事会议事规则》等监事会相关制 度相应废止。 同时《公司章程》中相关条款及《董事会审计委员会实施细则》亦作出相应 修改。具体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减少注册资本及修改<公司章程>及其附件的公告》 （公告编号：临 2025-025）和《江苏恒顺醋业股份有限公 ...

(二) 募集金额使用情况和结余情况 2023 年使用募集资金 81,114.71 万元，本年度使用募集资金 19,076.46 万元。 截至2024年12月31日募集资金使用和结余情况如下： 股票代码：600305 股票简称：恒顺醋业 公告编号：临 2025-016 江苏恒顺醋业股份有限公司 关于 2024 年度募集资金存放与实际使用情况的专项报告 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。 一、募集资金基本情况 (一) 实际募集资金金额、资金到账时间 经中国证券监督管理委员会"证监许可〔2022〕1496号"《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》核准，江苏恒顺醋业股份有限公司（以 下简称"公司""恒顺醋业"）向社会公开发行人民币普通股（A股）110,000,000 股，发行价格为每股10.39元，募集资金总额为人民币1,142,900,000.00元，扣除 发行费用21,462,499.63元（不含税）后，实际募集资金净额为1,121,437,500.37 元。上述募集资金实际到位时间为2023 ...

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2025-018 江苏恒顺醋业股份有限公司 关于 2024 年度计提信用减值损失及 资产减值损失的公告 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。 一、本次计提信用减值损失及资产减值损失情况概述 根据《企业会计准则》和江苏恒顺醋业股份有限公司（以下简称"公司"） 会计政策的相关规定，为客观、公允地反映公司截至 2024 年 12 月 31 日的财务 状况及经营成果，本着谨慎性原则，公司对截至 2024 年 12 月 31 日公司及下属 子公司的资产进行了减值测试，对可能发生资产减值损失的相关资产计提减值准 备。公司 2024 年度合并计提各项减值损失 33,481,873.61 元，其中信用减值损 失 2,294,566.89 元，资产减值损失 31,187,306.72 元。 二、本次计提信用减值损失及资产减值损失情况说明 （一）2024 年度信用减值损失及资产减值损失变化情况 经全面清查和减值测试后，基于谨慎性原则，公司 2024 年度各项减值计提 及其他 ...