董秘： 您好！相关经营情况，请您关注公司披露的定期报告。感谢您对公司的关注和支持。 截至2025年9月5日收盘，顺鑫农业(000860)报收于16.21元，上涨0.81%，换手率1.42%，成交量10.51万 手，成交额1.69亿元。 董秘最新回复 投资者： 公司目前账户上还有货币资金 58 亿，这里面一部分是经销商押金，还有一部分资金有没有做 一些其他相关行业的投资呢？还有就是公司对于目前的股价有没有做些应对措施呢？浪费行情不是 董秘： 您好！为保证公司日常经营所需，促进主业健康发展，公司账面存在一定货币资金。公司会在 确保稳健经营的前提下，不断提升经营质量，提高公司价值。感谢您对公司的关注和支持。 投资者： 你好，我想问下假如年底投产的国家现代农业产业园项目对于公司的利润提升有多少？能大 概量化些给我们这些小股东参考对标吗？ 9月5日主力资金净流入974.29万元；游资资金净流出845.9万元；散户资金净流出128.39万元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 投资者： 您好，我怎么从来没有分红过？公司去年2024 ...

"白牛二"销量持续萎缩 光瓶酒市场竞争日趋白热化，顺鑫农业旗下牛栏山的王牌产品"白牛二"（即42度500ml牛栏山陈酿 酒），如今正面临前所未有的挑战。近日，《华夏时报》记者走访北京多家烟酒店发现，在其产品货架 上，白牛二要么放在不显眼的货架下侧或偏侧，要么没有摆放至主流货架，在东城区一家小型烟酒店 内，白牛二并未被摆上货架，仅被存放在地面箱子中，需经消费者询问才会被取出。 体现在业绩层面，近年来，白牛二销售量正持续性下滑，从2020年的41.69万千升降至2024年的23.91万 千升，今年上半年，该产品销售量同比进一步减少33.05%。作为顺鑫农业白酒业务的拳头产品，白牛 二市场表现直接影响到整体业务的走势。在该核心单品销售乏力的背景下，顺鑫农业白酒板块正持续承 压。 如今，光瓶酒市场战局再添变数。继洋河股份6月推出高线光瓶酒洋河大曲后，泸州老窖近日也宣布拟 推出全新的泸州老窖二曲产品。巨头加码布局，令本就竞争激烈的市场压力陡增，顺鑫农业的白酒业务 或将面临更大挑战。 对于顺鑫农业白酒业务承压，肖竹青对本报记者分析认为，既有环境性原因，同时还与行业结构调整有 关，"白酒行业整体库存高企，形成堰塞湖式渠道积 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000858 | 五粮液 | 1.28亿 | 5.05% | -2703.76万 | -1.07% | -1.01亿 | -3.99% | | 000860 顺鑫农业 | | 974.29万 | 5.76% | -845.90万 | -5.00% | -128.39万 | -0.76% | | 600197 | 伊力特 | 233.65万 | 2.56% | 51.32万 | 0.56% | -284.97万 | -3.13% | | 600779 | 水井坊 | 136.09万 | 0.71% | 398.11万 | 2.06% | -534.20万 | -2.77% | | 600199 金种子酒 | | 29.77万 | 0.19% | 687.52万 | 4.33% | -717.28万 | -4.52% | | 002646 天佑德酒 | | -97.44万 ...

目前，顺鑫农业白酒业务正面临行业分化加剧、消费场景萎缩、新品市场开拓等风险。 上半年净利降59.09% 顺鑫农业白酒产业半年营收降逾23% 产能利用率不足28%急需提振 【中国白酒网】当前，顺鑫农业（000860.SZ）的发展并不"顺心"。 近日，顺鑫农业发布2025年半年报，公司上半年实现营业收入45.93亿元，同比下降19.24%；净利 润1.73亿元，同比下降59.09%。 其中，上半年，顺鑫农业白酒产业实现营业收入36.06亿元，同比减少23.25%。 半年报显示，截至2025年上半年底，顺鑫农业产能合计825500千升，上半年实际产能113822千升， 公司上半年产能利用率仅27.58%。 而且，2025年上半年，顺鑫农业北京地区营业收入达13.94亿元，同比下降12.97%；外埠地区营业 收入达31.99亿元，同比下降21.69%。 顺鑫农业是一家老牌国企，前身为牛栏山酒厂，1998年在深交所上市。目前，公司已形成了以白 酒、猪肉为主的两大产业。其中，顺鑫农业白酒产业的主要产品以"牛栏山"和"宁诚"为代表。 近日，顺鑫农业发布2025年半年报，公司上半年实现营业收入45.93亿元，同比下降19.2 ...

Core Viewpoint - Shunxin Agriculture is experiencing significant challenges, with a notable decline in both revenue and profit in the first half of 2025, primarily due to pressures in the white liquor industry and changing market dynamics [1][4]. Financial Performance - In the first half of 2025, Shunxin Agriculture reported a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24%, and a net profit of 173 million yuan, down 59.09% [1][4]. - The white liquor segment generated 3.606 billion yuan in revenue, reflecting a 23.25% decline compared to the previous year [2][4]. - The company's overall capacity utilization rate was only 27.58%, with a total capacity of 825,500 kiloliters and actual production of 113,822 kiloliters in the first half of 2025 [2][9]. Market Dynamics - Revenue from the Beijing region was 1.394 billion yuan, down 12.97%, while revenue from other regions was 3.199 billion yuan, a decrease of 21.69% [2][8]. - The white liquor business is facing intensified industry differentiation, shrinking consumption scenarios, and challenges in new product market development [3][9]. Product Performance - Revenue from high-end liquor decreased by 12.32% to 529 million yuan, mid-range liquor fell by 21.87% to 498 million yuan, and low-end liquor saw a 25.41% drop to 2.578 billion yuan [5]. - The gross profit margins for high, mid, and low-end liquors were 69.32%, 42.12%, and 36.91%, respectively, all showing declines compared to the previous year [5]. Operational Challenges - The company reported a 33.47% decrease in contract liabilities, amounting to 385 million yuan, indicating potential ongoing revenue declines [6][7]. - The company is facing four major risks in its white liquor business: industry differentiation, shrinking consumption scenarios, new product market development, and intellectual property infringement [9]. Strategic Initiatives - Shunxin Agriculture plans to enhance its marketing strategies, focusing on key markets such as Beijing and the Yangtze River Delta, while also upgrading its product structure [8][9]. - The company aims to optimize its pork business by increasing the proportion of high-margin products and reducing production costs to mitigate price volatility risks [9].

半年净利暴跌59%，谁"偷"走了牛栏山的利润？ 有行业人士分析，牛栏山长期依赖的餐饮渠道正在经历结构性下滑，而以汾酒、泸州老窖为代表的名酒企业正强势下沉，抢占牛 栏山的大众价格带市场。 渠道失守 有餐饮老板称，今年所拿货的牛栏山，相较于以往，走量慢了很多，同比去年，今年牛栏山的开瓶率变低了，不过中小型餐饮终 端正在减少白酒进货量。 餐饮消费中，啤酒等低度酒饮占据主导，而选择白酒的消费者，越来越多地倾向于自带通过零售渠道购买的高端产品。这使得主 打大众价格带的牛栏山在餐桌上逐渐"失位"。 餐饮渠道萎缩、名酒下沉挤压、年轻消费偏好变迁，曾凭借"白牛二"行走天下的牛栏山，面临前所未有的生存难题。 | 主要产品 | 生产量 | 销售量 | 库存宜 | | 生产量同比 销售量同比 库存量同比 | | | --- | --- | --- | --- | --- | --- | --- | | | (千升) | (千升) | (千升) | 变动(%) | 变动(%) | 变动(%) | | 42 度 500ml 牛栏山陈酿酒 | 65, 203. 23 | 115.405.25 | 4.093.94 | -58.63% | ...

Market Overview - The liquor sector experienced a decline of 0.98% on September 3, with Yili Te leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Key stocks in the liquor sector showed varied performance, with the following notable changes: - Shede Liquor: Closed at 67.25, up 0.13% [1] - Kweichow Moutai: Closed at 1480.55, down 0.72% with a trading volume of 45,000 shares and a transaction value of 6.656 billion [1] - Wuliangye: Closed at 126.62, down 1.51% with a trading volume of 302,900 shares and a transaction value of 3.883 billion [1] - Yili Te: Closed at 15.56, down 3.35% with a trading volume of 78,800 shares and a transaction value of 1.25 billion [2] Capital Flow Analysis - The liquor sector saw a net outflow of 726 million from institutional investors, while retail investors contributed a net inflow of 479 million [2] - The following stocks had significant capital flow: - Shede Liquor: Net inflow from institutional investors was 59.79 million, while retail investors had a net outflow of 17.44 million [3] - Kweichow Moutai: Experienced a net outflow of 14 million from institutional investors [3] - Yili Te: Had a net outflow of 2.68 million from institutional investors [3]

记者丨肖夏 编辑丨骆一帆 | | | 白酒股2025年半年报增长表现 | | | | --- | --- | --- | --- | --- | | | H1营收(亿元) | 同比增长 | H1归母净利润(亿元) | 同比增长 | | | | 第一梯队 领跑行业 | | | | 贵州茅台 | 893.89 | 9.16% | 454.03 | 8.89% | | 山西汾酒 | 239.64 | 5.35% | 85.05 | 1.13% | | 五粮液 | 527.71 | 4.19% | 194.92 | 2.28% | | | | 第二梯队 保持增长 | | | | | H1营收(亿元) | 同比增长 | H1归母净利润(亿元) | 同比增长 | | 古井贡酒 | 138.80 | 0.54% | 36.62 | 2.49% | | 老白干 | 24.81 | 0.48% | 3.21 | 5.42% | | 金徽酒 | 17.59 | 0.31% | 2.98 | 1.12% | | | | 第三梯队 出现回落 | | | | 泸州老窖 | 164.54 | -2.67% | 76.63 | -4.54 ...

| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 000799 | 酒鬼酒 | # | -2.79 | 212亿 | 18.57 | | 600559 | 老白干酒 | | -2.72 | 164亿 | -11.80 | | 600197 | 伊力特 | | -2.48 | 74.29亿 | -6.18 | | 600199 | 金种子酒 | | -2.22 | 72.29亿 | -17.37 | | 600779 | 水井坊 | 美 | -2.16 | 221亿 | -13.24 | | 000596 | 古井贡酒 | 家 | -2.02 | 881亿 | 0.33 | | 002646 | 天佑德酒 | 策 | -1.98 | 47.53亿 | -7.62 | | 000568 | 泸州老窖 | | -1.78 | 1981亿 | 12.82 | | 603589 | 口子窖 | # | -1.71 | 203亿 | -10.15 | | 002304 | 洋河股份 | | -1.67 | 1092亿 ...

Core Viewpoint - The company reported a significant decline in net profit and revenue for the first half of the year, with challenges in both the liquor and pork segments, while making strategic adjustments to improve performance and brand recognition [1][2][3][4]. Financial Performance - The company achieved a net profit attributable to shareholders of 173 million yuan, down 59.1% year-on-year, and a non-recurring net profit of 177 million yuan, down 58.0% year-on-year [1]. - In Q2 2025, the company reported an operating revenue of 1.334 billion yuan, a decrease of 18.1% year-on-year, and a net loss attributable to shareholders of 109 million yuan, an increase in loss of 290.9% [1]. - The overall gross margin for H1 2025 was 34.4%, down 1.90 percentage points year-on-year, with liquor and pork gross margins at 42.4% and 0.01%, respectively [3]. Business Segments - The liquor business faced increased competition and a decline in revenue, with H1 2025 liquor revenue at 360.6 million yuan, down 23.3% year-on-year, while pork revenue was relatively stable at 78.2 million yuan, down only 0.5% [2]. - High-end liquor products were less affected, with sales of certain products showing resilience, while overall sales in the liquor segment were pressured by market dynamics [2][4]. Strategic Adjustments - The company is actively adjusting its strategies in the liquor segment by upgrading product formulations and enhancing brand visibility through marketing initiatives [4]. - In the pork segment, the company is optimizing its product structure and improving operational efficiency through innovation and brand marketing [4]. Future Outlook - The company forecasts revenues of 7.243 billion yuan and 7.630 billion yuan for 2024 and 2025, respectively, with expected net profits of 396 million yuan and 414 million yuan, indicating a recovery trend [4].