Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total revenue of 4.23 billion yuan for the first three quarters of 2024, a year-on-year decrease of 7.81%, and a net profit attributable to shareholders of 1.23 billion yuan, down 4.7% year-on-year [2] - The revenue for Q3 2024 was 1.29 billion yuan, reflecting a significant year-on-year decline of 18.8%, with a net profit of 199 million yuan, down 47.3% year-on-year [2] - The main business revenue in Q3 2024 was 1.28 billion yuan, a year-on-year decrease of 19.3%, with the walnut milk product continuing its downward trend due to a weak consumption environment [2] - Functional beverages showed a growth of 25% to 30% year-on-year in Q3, with the company maintaining its annual growth expectation of 30% for this segment [2] - The gross profit margin remained stable at 45.5%, with a slight year-on-year decrease of 0.2 percentage points [2] Financial Performance Summary - The company's total revenue for 2022 was 5.923 billion yuan, with a year-on-year decrease of 14.24%. For 2023, the revenue was 6.162 billion yuan, showing a growth of 4.03%. The forecast for 2024 is 5.665 billion yuan, a decrease of 8.07% [1] - The net profit attributable to shareholders for 2022 was 1.474 billion yuan, down 30.16% year-on-year. For 2023, it was 1.467 billion yuan, a slight decrease of 0.46%. The forecast for 2024 is 1.444 billion yuan, a decrease of 1.60% [1] - The latest diluted EPS for 2023 was 1.16 yuan per share, with forecasts of 1.14 yuan for 2024, 1.24 yuan for 2025, and 1.37 yuan for 2026 [1] - The current P/E ratio is 19.23 for 2024, 17.67 for 2025, and 16.03 for 2026 [1] Investment Forecast - The net profit forecasts for 2024, 2025, and 2026 have been slightly adjusted to 1.44 billion yuan, 1.57 billion yuan, and 1.73 billion yuan respectively, reflecting a year-on-year change of -2%, +9%, and +10% [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2] Core Views - The company's profit fell short of expectations due to significant impacts from investment income, with overall consumer demand remaining weak [1] - Revenue growth for the first three quarters of 2024 was in line with expectations, but net profit decreased significantly [1] - The company is focusing on channel expansion for its walnut milk products and increasing the volume of functional beverages, despite short-term performance being affected by overall consumption weakness and investment income losses [1] Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue was 12.87 billion yuan, down 18.79% year-on-year, and net profit attributable to shareholders was 1.99 billion yuan, down 47.26% [1] - The non-recurring net profit for Q1-Q3 was 9.67 billion yuan, a decrease of 9.32% year-on-year [1] - The gross margin for Q1-Q3 was 46.53%, an increase of 1.22 percentage points year-on-year, while the net margin was 29.06%, an increase of 0.95 percentage points year-on-year [1] Regional and Channel Performance - Revenue by region for Q3 2024 was as follows: East China 5.09 billion yuan (down 15.01%), Central China 2.98 billion yuan (down 20.69%), North China 2.59 billion yuan (down 29.67%), and Southwest 1.14 billion yuan (down 6.52%) [1] - Direct sales performance remained stable, while the distribution channel was significantly impacted, with revenue from distribution and direct sales in Q3 2024 being 12.32 billion yuan (down 19.93%) and 0.46 billion yuan (up 1.80%) respectively [1] Earnings Forecast - The company's EPS for 2024-2026 is adjusted to 1.00, 1.19, and 1.37 yuan respectively, with corresponding PE ratios of 21, 18, and 15 times [2] - The forecasted main revenue for 2024 is 5.536 billion yuan, reflecting a decline of 10.1% year-on-year, with a projected growth of 8.1% in 2025 and 9.4% in 2026 [4]

证券代码：603156 证券简称：养元饮品 公告编号：2024-036 河北养元智汇饮品股份有限公司 | 渠道类型 | 2024 | 年 | 1－9 | 月 | 2023 | 年 1－9 月 | 增减变动幅度（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 销售收入 | | | | 销售收入 | | | | 经销 | | | | 396,465.71 | | 439,480.92 | | -9.79 | | 直销 | | | | 23,941.46 | | 18,892.98 | | 26.72 | | 合计 | | | | 420,407.17 | | 458,373.90 | | -8.28 | 2.按区域分类情况 2024 年前三季度经营数据公告 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法律责任。 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：第十二 号——酒制造》的相关规定，现将河北养元智汇饮品股份有限公司（以下简称 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,286,935,012.16, a decrease of 18.79% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥199,337,816.35, down 47.26% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥192,156,442.99, a decrease of 45.17% compared to the previous year[2]. - Basic earnings per share for Q3 2024 were ¥0.1583, reflecting a decline of 47.00% year-on-year[3]. - The weighted average return on net assets was 2.33%, a decrease of 1.36 percentage points compared to the same period last year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 4,228,538,068.56, a decrease of 7.8% compared to CNY 4,586,841,351.20 in the same period of 2023[16]. - Net profit for the first three quarters of 2024 was CNY 1,229,018,551.99, a decline of 4.7% from CNY 1,289,491,195.51 in the previous year[18]. - The total comprehensive income for the third quarter of 2024 was CNY 947,666,339.84, compared to CNY 1,365,769,009.30 in the same period of 2023, indicating a significant decrease[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥12,115,292,645.14, down 24.85% from the end of the previous year[3]. - Total assets decreased to CNY 12,115,292,645.14, down 24.8% from CNY 16,121,288,564.33 year-on-year[15]. - Total liabilities decreased to CNY 2,240,556,170.07, a reduction of 55.8% compared to CNY 5,065,423,345.63 in the previous year[15]. - The company's total equity decreased to CNY 9,874,736,475.07, down 10.7% from CNY 11,055,865,218.70 year-on-year[15]. Cash Flow - The company reported a cash flow from operating activities of -¥119,407,373.74 for the year-to-date[2]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY -119,407,373.74, an improvement from CNY -152,158,697.31 in the previous year[20]. - Cash inflow from operating activities totaled CNY 3,663,325,491.94, down from CNY 4,155,549,989.83 in the same period last year[20]. - The net cash flow from investing activities was CNY 845,942,126.78, compared to CNY 1,867,892,984.88 in the previous year, reflecting a decrease in investment returns[21]. - The company experienced a net cash outflow from financing activities of CNY -3,200,403,589.19, compared to CNY -1,716,354,743.18 in the same period last year[21]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 20,878[8]. - The largest shareholder, Yao Kuizhang, holds 267,648,195 shares, accounting for 21.15% of the total shares[8]. - The second-largest shareholder, Yizhi Shun Investment Co., Ltd., holds 232,219,592 shares, representing 18.35%[8]. - The company has a significant relationship with its major shareholders, indicating potential influence on decision-making[10]. Investment and Expenses - Research and development expenses increased to CNY 34,902,608.79, up 52.8% from CNY 22,854,821.50 in the same period last year[18]. - The company's inventory as of September 30, 2024, is ¥522,738,664.00, a decrease from ¥895,654,338.38[13]. - Long-term equity investments decreased to ¥769,496,261.73 from ¥908,007,853.74[13]. - The company reported a financial income of CNY 62,047,010.43, down from CNY 92,307,363.75 in the previous year[18]. - Other comprehensive income after tax for the first three quarters was CNY -281,352,212.15, compared to CNY 76,277,813.79 in the same period last year[18]. Future Plans - The company plans to recover a total of 100% of the capital reduction from Zhongji Investment by the end of 2024, with specific recovery percentages scheduled for each quarter[11]. - The company has not received the planned payments for the first three quarters of 2024 as of the report date[11].

证券代码：603156 证券简称：养元饮品 公告编号：2024-035 河北养元智汇饮品股份有限公司 第六届董事会第十二次会议决议公告 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）及指定媒体 披露的《养元饮品 2024 年第三季度报告》。 表决结果：9 票同意，0 票反对，0 票弃权。 2.《关于修订公司<内部审计制度>的议案》 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。 一、董事会会议召开情况 河北养元智汇饮品股份有限公司（以下简称"公司"、"养元饮品"）第六届 董事会第十二次会议的通知于 2024 年 10 月 15 日以电子邮件方式发出，并于 2024 年 10 月 25 日在公司三楼会议室以现场结合通讯的方式召开。本次会议由公司董 事长姚奎章先生召集并主持，会议应出席董事 9 名，实际出席董事 9 名，以通讯方 式出席董事 1 名，公司监事及高级管理人员列席了此次会议。本次会议的召集、召 开和表决方式符合《公司法》《公司章程》的规定，合法有效。 二、董事会会议审议情况 本次会议审议并通过 ...

证券简称：养元饮品 证券代码：603156 投资者关系活动记录表 编号：20241015 | --- | --- | --- | |----------------|---------------------------|----------------------------------------------------------------------------------------------| | | | | | | £ 特定对象调研 £ | 分析师会议 | | | □ 媒体采访 R | 业绩说明会 | | 投资者关系活动 | £ 新闻发布会 | £ 路演活动 | | 类别 | □ 现场参观 | | | | □ | 其他（请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 2024 年 10 月 15 | 日(周二 )下午 15:30~17:00 | | | | | | 地点 | 公 司 通 过 ir.p5w.net | 全 景 网 " 投 资 者 关 系 互 动 平 台 " （ https:// ）采用网络远程的方式召开业绩说 ...

证券代码：603156 证券简称：养元饮品 公告编号：2024-034 河北养元智汇饮品股份有限公司 关于参加 2024 年河北辖区上市公司投资者 网上集体接待日活动的公告 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法律责任。 为进一步加强与投资者的互动交流，河北养元智汇饮品股份有限公司(以下 简称"公司")将参加由河北证监局、河北上市公司协会与深圳市全景网络有限 公司联合举办的"2024 年度河北辖区上市公司投资者网上集体接待日暨 2024 年 半年报业绩说明会活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (http://rs.p5w.net)，或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2024 年 10 月 15 日（周二）14:00-17:00。 届时公司总经理范召林先生、董事会秘书兼财务负责人马永利先生、证券事 务代表杨瑞宏先生将在线就公司业绩、公司治理、发展战略、经营状况和可持续 发展等投资者关心的问题，与投资者进行沟通与交流，欢迎 ...

证券代码：603156 证券简称：养元饮品 公告编号：2024-033 河北养元智汇饮品股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2023/12/12 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 1 月 2 日~2024 年 | 12 | 月 | 日 | 31 | | | 预计回购股份数量 | 500.00 万股（含）~1,000.00 | | | | | 万股（含） | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 万股 521.6034 | | | | | | | 累计已回购股数占总股本比例 | 0.4122% | | | | | | | 累计已回购金额 | 10 ...

投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（投资者接待日活动） 参与单位名称及 人员姓名 线上投资者 时间 2024 年 9 月 10 日星期二 9:00-10:00 地点 上证路演中心网站 上市公司接待人 员姓名 公司董事长姚奎章先生；总经理范召林先生；董事会秘书兼财务 总监马永利先生；独立董事杨小舟先生、张丽梅女士、江连洲先生 投资者关系活动 主要内容介绍 一、公司董事会秘书兼财务总监马永利先生做开场致辞，董事长姚 奎章先生对养元饮品 2024 年半年度的经营情况进行解读。 二、主要问题回答情况如下： 1．公司回购实施情况？ 答：尊敬的投资者您好，截至 2024 年 8 月 31 日，公司已累 计回购股份 5,216,034 股，占公司总股本的比例为 0.4122%， 1 购买的最高价为 25.00 元/股、最低价为 18.72 元/股，已支付的资 金总额为人民币 108,663,243.74 元（不含交易佣金等交易费 用）。公司将严格按照《上市公司股份回购规则》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》等 ...

证券代码：603156 证券简称：养元饮品 公告编号：2024-032 第六届监事会第九次会议决议公告 1.《关于公司 2024 年第一季度报告会计差错更正的议案》 公司近期对财务数据进行了自查，发现《2024 年第一季度报告》中未对其 他权益工具投资的公允价值变动进行恰当计量，导致部分数据填报有误。发现相 关问题后，公司组织财务人员进行了核查并对已披露的 2024 年第一季度报告中 部分财务数据进行更正。 监事会认为：公司本次会计差错更正符合《企业会计准则第 28 号——会计 政策、会计估计变更和差错更正》及《公开发行证券的公司信息披露编报规则第 19 号——财务信息的更正及相关披露》等有关法律、法规，更正后的财务数据 及财务报表能够更加客观、准确地反映公司财务状况，关于本次会计差错更正事 项的审议和表决程序符合法律、法规以及《公司章程》等有关规定，不存在损害 公司及全体股东利益的情形。因此，监事会同意本次会计差错更正事项。同时， 监事会敦促公司进一步加强财务管理，避免类似事件再次发生，切实维护公司全 体股东的利益。 河北养元智汇饮品股份有限公司 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导 ...