Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [1][17]. Core Insights - The report highlights stable revenue performance with a projected revenue of 3.45 billion yuan in 2025, reflecting a growth rate of 4.95% [7][10]. - The company has achieved its revenue incentive targets for 2024, with a net profit of 666.24 million yuan, representing a year-on-year increase of 4.41% [9][10]. - The report anticipates continued benefits from reduced almond costs, which are expected to enhance profitability in 2025 [8][9]. Financial Data Summary - Total A-share capital is 1,052.55 million shares, with a total market capitalization of 10,441.34 million yuan [2]. - The company's net asset per share is 3.45 yuan, and the debt-to-asset ratio stands at 20.71% [2]. - The projected earnings per share (EPS) for 2025 is 0.68 yuan, with a price-to-earnings (P/E) ratio of 14.61 [10][12]. Revenue and Profitability - The company's revenue for 2024 is expected to reach 3.29 billion yuan, with a year-on-year growth of 11.26% [10]. - The net profit margin for 2024 is projected at 20.27%, with a net profit of 666.17 million yuan [11][12]. - The report indicates that the company plans to launch new herbal health drink products, which may further stabilize its main business [9]. Market Performance - The company has seen a significant increase in sales in the fourth quarter of 2024, with a revenue of 1.128 billion yuan, marking a year-on-year growth of 22.69% [7]. - The report notes that the company has added 56 new distributors in the northern region, reinforcing its market presence [7]. Future Outlook - The company is expected to maintain a revenue growth rate of 5% in 2025, with net profit growth projected at 7% [9][10]. - The report emphasizes the potential for continued cost benefits from almond procurement, which could enhance profit margins in the upcoming quarters [8][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][16]. Core Views - The company is projected to achieve revenue of 3.287 billion yuan and a net profit attributable to shareholders of 666 million yuan in 2024, reflecting year-on-year growth rates of 11.26% and 4.41% respectively [4][10]. - The report highlights a slight decline in gross margin to 40.94% in 2024, primarily due to increased procurement costs from reduced almond production caused by adverse weather conditions [4]. - The company has shown a significant improvement in Q4 2024, with a gross margin of 39.83%, attributed to a more than 30% decrease in almond procurement prices [5]. Company Overview - The latest closing price of the company's stock is 9.69 yuan, with a total market capitalization of 10.4 billion yuan [3]. - The company has a debt-to-asset ratio of 25.1% and a price-to-earnings ratio of 15.44 [3]. Financial Performance - In Q4 2024, the company reported total revenue of 1.128 billion yuan, with a year-on-year increase of 22.69% [5]. - The company plans to distribute dividends amounting to 315 million yuan in 2024, with a dividend payout ratio of 47% [4]. - The company has developed 141 transportation hub stores and 203 school stores in 2024, indicating a focus on expanding its distribution network [6]. Earnings Forecast - The company is expected to achieve revenues of 3.452 billion yuan, 3.802 billion yuan, and 4.007 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 714 million yuan, 781 million yuan, and 813 million yuan [10][12]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.68 yuan, 0.74 yuan, and 0.77 yuan respectively, with a price-to-earnings ratio (P/E) of 14, 13, and 13 times [10][12].

Investment Rating - The investment rating for the company is "Buy" [10][16] Core Views - The company is expected to achieve revenue of 3.287 billion yuan and a net profit attributable to shareholders of 666 million yuan in 2024, representing year-on-year growth of 11.26% and 4.41% respectively [4][12] - The company has a stable core business in almond milk, with a focus on positive changes driven by incentives [4] - The company is enhancing its market presence in southern regions and developing new products, which are expected to contribute to growth [10] Company Overview - Latest closing price: 9.69 yuan [3] - Total shares: 1.053 billion, circulating shares: 1.040 billion [3] - Total market capitalization: 10.4 billion yuan [3] - 52-week high/low: 10.14/6.80 yuan [3] - Debt-to-asset ratio: 25.1% [3] - Price-to-earnings ratio: 15.44 [3] - Major shareholder: Wanxiang San Nong Group Co., Ltd. [3] Financial Performance - In Q4 2024, the company achieved total revenue of 1.128 billion yuan, with a net profit of 247 million yuan, reflecting year-on-year growth of 22.69% for both revenue and net profit [5] - The gross margin for Q4 2024 improved to 39.83%, driven by a significant decrease in almond procurement prices [5] - For 2025, the company is projected to achieve revenue of 3.452 billion yuan and a net profit of 714 million yuan, with respective growth rates of 5.01% and 7.15% [12][15] Product and Market Development - In 2024, revenue from almond milk, nut walnut, almond milk, and others was 3.188 billion yuan, 85 million yuan, 12 million yuan, and 3 million yuan respectively, with almond milk showing a year-on-year growth of 11.38% [6] - The company expanded its distribution network by developing 141 transportation hub stores and 203 school stores in 2024 [6] - The company has increased its advertising expenses by 38.95% to 206 million yuan, reflecting its investment in e-commerce and new market development [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's 2024 annual report exceeded expectations, with total revenue reaching 3.287 billion yuan, a year-on-year increase of 11.26%, and a net profit attributable to shareholders of 666.24 million yuan, up 4.41% year-on-year [6] - The significant revenue and profit growth in Q4 2024 was attributed to the early Spring Festival, which led to a revenue of 1.128 billion yuan and a net profit of 247 million yuan, marking increases of 22.69% and 26.95% respectively [6] - The company is expected to benefit from lower raw material costs, particularly for iron and almonds, with almond procurement prices dropping over 30% since Q3 2024 [6] - The management team has shown stability and a strong commitment to innovation, launching several new products, including herbal health series and various plant-based beverages [6] - The company has a robust cash flow, with a net cash flow from operations of 630 million yuan in 2024 and a proposed dividend of 0.3 yuan per share, indicating a strong commitment to shareholder returns [6] Financial Summary - The company forecasts total revenue of 3.307 billion yuan for 2025, with a slight increase in net profit to 680.38 million yuan [1] - The projected earnings per share (EPS) for 2025 is 0.65 yuan, with a price-to-earnings (P/E) ratio of 15.28x [1] - The company expects to achieve a revenue of 4.137 billion yuan and a net profit of 903.23 million yuan by 2027, with corresponding EPS of 0.86 yuan [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 annual report exceeded expectations, with a revenue of 3.287 billion yuan, a year-on-year increase of 11.26%, and a net profit attributable to shareholders of 666.24 million yuan, up 4.41% year-on-year [6] - The significant performance in Q4 2024 was attributed to the early Spring Festival, leading to a revenue of 1.128 billion yuan and a net profit of 247 million yuan, representing growth of 22.69% and 26.95% respectively [6] - The company is expected to continue benefiting from cost reductions in raw materials, particularly with a more than 30% decrease in almond procurement prices starting from Q3 2024 [6] - The management team has shown stability and a strong commitment to innovation, launching several new products, including herbal health series, which are expected to gain market traction [6] - The company has a high-quality cash flow, with a net cash flow from operations of 630 million yuan in 2024 and a strong dividend policy, proposing a dividend of 0.3 yuan per share [6] Financial Summary - The company forecasts total revenue of 3.307 billion yuan for 2025, with a slight increase in net profit to 680.38 million yuan [1] - The projected earnings per share (EPS) for 2025 is 0.65 yuan, with a price-to-earnings (P/E) ratio of 15.28x [1] - The company’s total assets are expected to grow to 4.876 billion yuan by 2025, with a debt-to-asset ratio of 23.22% [15] - The company plans to repurchase 30 to 60 million shares, significantly exceeding market averages, indicating strong confidence in its future performance [6]

Core Viewpoint - The internal control evaluation report of Chengde Lulux Co., Ltd. indicates that there are no significant defects in both financial and non-financial internal controls as of December 31, 2024, affirming the effectiveness of the company's internal control system [3][31][32]. Internal Control Evaluation Conclusion - The company has identified no significant defects in financial reporting internal controls as of the evaluation report date [3][31]. - There are also no significant defects in non-financial reporting internal controls [3][32]. - The internal control audit opinion aligns with the company's evaluation conclusion regarding the effectiveness of financial reporting internal controls [3]. Internal Control Evaluation Work Situation - In 2024, the company focused on enhancing its internal control system, including organizational structure, employee training, and information management [4]. - The company engaged Tianzhi International Accounting Firm for independent auditing of financial statements and internal control effectiveness [4]. Internal Control Evaluation Scope - The evaluation covered all major units, businesses, and high-risk areas, including governance, strategic development, human resources, and financial reporting, among others [6][7][8][9][13][14][16][17][20][21][22][23][24][25][26][30]. Company Governance - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring effective operation of its board and committees [6]. Development Strategy - The company aims to lead the plant-based beverage industry by enhancing its brand, product, and technology competitiveness, focusing on market demand changes and product innovation [7]. Human Resources - The company has implemented human resource policies that support sustainable development, emphasizing ethical standards and professional competence in employee selection [8]. Corporate Culture - The company promotes a positive corporate culture that emphasizes integrity, dedication, innovation, and teamwork [9]. Financial Management - The company has established strict financial management systems to ensure effective control over monetary funds and investment activities [13]. Contract Management - The company has developed a comprehensive contract management system to ensure compliance and effective execution of contracts [14]. Sales Management - The company utilizes an ERP system to manage sales processes, ensuring effective control and minimizing bad debt risks [16]. Asset Management - The company has implemented a robust asset management system to ensure the safety and accuracy of its asset records [17]. Investment Management - The company adheres to principles of prudence and transparency in external investment management, ensuring compliance with regulations [18]. Financial Reporting - The company employs an ERP system for unified financial management, ensuring the accuracy and completeness of financial reports [20]. Comprehensive Budget - The company promotes comprehensive budget management, ensuring strict control over budget execution and regular analysis [21]. Related Party Transactions - The company has established a management system for related party transactions to ensure fairness and protect the interests of minority shareholders [22]. Internal Information Transmission - The company has set up a system for internal communication to ensure timely and accurate information flow [23]. Information Disclosure - The company has developed management systems for information disclosure to ensure compliance with regulations and accuracy of disclosed information [24]. Internal Supervision - The company's audit committee oversees internal control and audit activities, ensuring compliance and timely reporting of any deficiencies [25].

证券代码：000848 证券简称：承德露露 公告编号：2025-016 承德露露股份公司 2024年度内部控制评价报告 承德露露股份公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监 管要求（以下简称"企业内部控制规范体系"），结合承德露露股份公司 （以下简称"公司"）内部控制制度和评价办法，遵循全面性、重要性、制衡性、 适应性和成本效益原则，在内部控制日常监督和专项监督的基础上，我们对公司 截至 2024年12 月31 日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制， 评价其有效性，并如实披露内部控制评价报告是公司董事会的责任。监事 会对董事会建立和实施内部控制进行监督。经理层负责组织领导企业内部 控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证 本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容 的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务 报告及相关信息真实完整，提高经营效率和效果，促进实现发展战 ...

证券代码：000848 证券简称：承德露露 公告编号：2025－014 承德露露股份公司 2024 年度财务决算报告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 经委托天职国际会计师事务所对公司 2024 年 12 月 31 日的资产负 债表、2024 年度的利润表、现金流量表及所有者权益变动表进行了审计， 并于 2025 年 4 月出具了标准无保留意见的审计报告。报告认为：承德 露露股份公司财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了承德露露股份公司 2024 年 12 月 31 日的合并及母公司财务 状况以及 2024 年度合并及母公司经营成果和现金流量。现将公司 2024 年度财务决算情况报告如下： 一、2024 年度公司主要资产及经营业务指标情况 （一）资产规模情况 公司 2024 年度资产经营状况良好，所有资产、负债内容真实，计 价准确，变动合理。 本期末公司资产、负债及所有者权益变动情况如下: （1）总资产规模：截至 2024 年末，公司资产总额 459,134.42 万 元，较年初增加 41,010.52 万元，同比增长 9 ...

证券代码：000848 证券简称：承德露露 公告编号：2025-020 承德露露股份公司 关于与上海万向区块链股份公司签订《万向集团供应 链信息服务系统项目合作框架协议》的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、关联交易概述 （一）为提升公司供应链信息管理效率，降低运营成本，公司拟 与上海万向区块链股份公司（以下简称"万向区块链"）签订《万向 集团供应链信息服务系统项目合作框架协议》，协议有效期一年，并 按合作框架协议要求使用万向区块链开发的万向集团供应链信息服 务系统开立区块链债权凭证——"万纳信"用于向上游供应商支付结 算，协议期内公司预计通过系统开立万纳信的金额不超过人民币5亿 元。 （二）上海万向区块链股份公司与公司为同一实际控制人控制 的企业，根据《深圳证券交易所股票上市规则》的相关规定，公司与 上海万向区块链股份公司的交易构成关联交易。 （三）公司已于2025年4月21日召开独立董事专门会议，全体独 立董事一致同意本次交易。公司已于2025年4月22日召开第八届董事 会第十九次会议，经全体非关联董事一致同意，通过了与本次交易相 1 ...

根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》等规定和要求，承 德露露股份公司（以下简称"公司"）第八届董事会审计委员会本着勤勉尽责 的原则，恪尽职守，认真履职，现将董事会审计委员会对会计师事务所履行 监督职责的情况汇报如下： 一、2024年年审会计师事务所基本情况 （一）会计师事务所基本情况 天职国际会计师事务所于1988年12月成立，总部北京，首席合伙人为 邱靖之，注册地址为北京市海淀区车公庄西路19号68号楼A-1和A-5区域， 组织形式为特殊普通合伙。 天职国际2023年度经审计的收入总额31.97亿元，审计业务收入26.41 亿元,证券业务收入12.87亿元。2023年度上市公司审计客户263家，主要 行业（证监会门类行业，下同）包括制造业、信息传输、软件和信息技术 服务业、电力、热力、燃气及水生产和供应业、批发和零售业、交通运输 、仓储和邮政业等，审计收费总额3.19亿元，本公司同行业上市公司审计 客户158家。 （二）聘任会计师事务所履行的程序 1 公司2024年第八届董事会第十六次会议及2023年年度股东大会审议通 过了 ...