上 市 公 司 食品饮料 2025 年 06 月 09 日 顺鑫农业 (000860) —— 白酒增长承压，业绩低于预期 报告原因：有业绩公布需要点评 增持（下调） | 市场数据： 2025 年 06 月 06 日 | | | --- | --- | | 收盘价（元） | 15.78 | | 一年内最高/最低（元） | 22.25/13.90 | | 市净率 | 1.6 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 11,705 | | 上证指数/深证成指 3,385.36/10,183.70 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.84 | | 资产负债率% | 45.49 | | 总股本/流通 A 股（百万） | 742/742 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-06 07-06 08-06 09-06 10-06 11-06 12-06 01-06 02-06 03-06 04-06 ...

2024年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、股东大会审议通过利润分配方案等情况 1、北京顺鑫农业股份有限公司（以下简称"公司"或"本公司"）2024年年度利润分配方案的具体内容： 公司以2024年末总股本741,766,989股为基数，向全体股东每10股派发现金红利1.50元（含税），不送红 股，不以公积金转增股本。公司本次拟派发现金红利111,265,048.35元（含税），公司利润分配方案公 布后至实施权益分派股权登记日期间，公司股本如发生变动，则以未来实施利润分配方案时股权登记日 的可参与利润分配的股本为基数，按照分配总额固定不变的原则，按最新股本总额计算调整分配比例。 该方案已获2025年5月16日召开的公司2024年年度股东大会审议通过，公司2024年年度股东大会会议决 议公告已于2025年5月17日刊登在《中国证券报》《证券时报》《证券日报》《上海证券报》及巨潮资 讯网（http://www.cninfo.com.cn）。 2、自分配方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的分配方案与公司2 ...

北京顺鑫农业股份有限公司 2024 年年度权益分派实施公告 3、本次实施的分配方案与公司 2024 年年度股东大会审议通过的分配方案一 致。 4、本次利润分配方案的实施距离公司股东大会通过该方案的时间未超过两 个月。 二、本次实施的权益分派方案 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-019 北京顺鑫农业股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股东大会审议通过利润分配方案等情况 1、北京顺鑫农业股份有限公司（以下简称"公司"或"本公司"）2024 年年度 利润分配方案的具体内容：公司以 2024 年末总股本 741,766,989 股为基数，向全 体股东每 10 股派发现金红利 1.50 元（含税），不送红股，不以公积金转增股本。 公司本次拟派发现金红利 111,265,048.35 元（含税），公司利润分配方案公布后 至实施权益分派股权登记日期间，公司股本如发生变动，则以未来实施利润分配 方案时股权登记日的可参与利润分配的股本为基数，按照分配总额固定不变的原 则，按最新股本总 ...

2024 年年度股东大会会议决议公告 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。 特别提示： 北京顺鑫农业股份有限公司 2024 年年度股东大会会议决议公告 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-018 北京顺鑫农业股份有限公司 1、本次股东大会未出现否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 现场会议召开时间：2025 年 5 月 16 日（星期五）下午 2:30 网络投票时间：2025 年 5 月 16 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2025年5月 16日上午9:15-9:25，9:30-11:30，下午13:00-15:00；通过深圳证券交易所互联网投 票的具体时间为2025年5月16日9:15至15:00期间的任意时间。 2、现场会议召开地点：北京市顺义区站前街 1 号院 1 号楼顺鑫国际商务中 心 14 层会议室 3、召开方式：本次股东大会采用现场表决与网络投票相结合的方式召开。 4、召集人：北京顺鑫农 ...

致：北京顺鑫农业股份有限公司 北京海润天睿律师事务所 关于北京顺鑫农业股份有限公司 2024 年年度股东大会的法律意见书 北京海润天睿律师事务所（以下简称"本所"）接受北京顺鑫农业股份有限公 司（以下简称"公司"）的委托，指派张圣怀律师、冯玫律师出席公司 2024 年年 度股东大会并依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》等法律、法 规和规范性文件及《公司章程》的规定，就公司本次股东大会的召集、召开程序、 出席会议人员的资格、召集人资格、表决程序、表决结果等有关事宜出具本法律 意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法律责任。 2．本所律师仅就 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company achieved a revenue of 9.1 billion yuan in Q1 2025, representing a year-on-year increase of 14%, and a net profit attributable to shareholders of 231 million yuan, up 178% [1][2] - The company maintains its positioning in the mass liquor market, focusing on core products and enhancing brand advantages, while optimizing product structure through product renewal and channel development [1][2] - The white liquor business shows stable growth, while the pork business continues to reduce losses [1][2] Financial Summary - Revenue forecast for 2024 is 9.13 billion yuan, with a growth rate of 13.85%, and for 2025, it is projected at 8.60 billion yuan, with a growth rate of 5.78% [3] - The net profit attributable to shareholders is forecasted to be 231 million yuan in 2024, increasing to 293 million yuan in 2025, reflecting a growth rate of 26.89% [3] - Earnings per share are expected to be 0.31 yuan in 2024 and 0.40 yuan in 2025 [3] Product Strategy - The company focuses on core product adjustments to achieve product renewal, leveraging the brand advantage of Niulan Mountain and enhancing the classic Erguotou product series [2] - The company is expected to face revenue growth fluctuations due to the ongoing development of new products and the impact of the pork cycle [2] Market Catalysts - Potential catalysts include better-than-expected sales of new products, market expansion exceeding expectations, and improvements in the pork business profitability [2]

Financial Performance - In 2024, the company achieved a total revenue of 9.126 billion CNY, a year-on-year decrease of 13.85% [2] - The net profit attributable to shareholders was 231 million CNY, marking a turnaround with a change of 178.20% [2] - The revenue contributions from the liquor and pork segments were 77.15% and 20.73%, respectively [2] Liquor Business Insights - The liquor segment generated revenue of 7.041 billion CNY in 2024, reflecting a year-on-year growth of 3.19% [3] - The sales volume reached 369,400 kiloliters, with a production volume of 378,800 kiloliters, both showing year-on-year increases [3] - The company plans to enhance its marketing strategies and product structure to ensure stable sales and transition towards high-quality development [3] Pork Business Insights - The pork segment reported revenue of 1.891 billion CNY, a significant decline of 27.21% year-on-year [3] - Revenue from slaughtering and breeding businesses was 1.689 billion CNY and 202 million CNY, respectively [3] - The company is adjusting production rhythms and focusing on deep processing to improve profitability in the pork segment [3] Market Strategy and Challenges - The company is facing challenges with stock price declines, attributed to various factors including market conditions and investor sentiment [3] - There is a focus on enhancing brand influence and optimizing operational strategies to improve market competitiveness [5] - The company aims to leverage its brand advantages and national marketing network to drive product upgrades and sales growth [5] Future Plans - The company is committed to the construction of the Shunyi District National Modern Agricultural Industrial Park, with plans for production to commence within the year [7] - Future strategies include enhancing the "Pengcheng" brand's market presence and expanding the product matrix for the "Jinbiao" series [8] - The company plans to innovate its product offerings and marketing approaches to cater to evolving consumer preferences, particularly in the mid-to-high-end liquor market [10]

关于全资子公司内蒙古顺鑫农业小店种猪育种有限公司 完成工商注销登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-017 北京顺鑫农业股份有限公司（以下简称"公司"）于 2025 年 1 月 7 日召开 第九届董事会第十九次会议，审议通过了《关于拟注销全资子公司内蒙古顺鑫农 业小店种猪育种有限公司的议案》，具体情况详见公司于 2025 年 1 月 8 日披露 的《北京顺鑫农业股份有限公司关于拟注销子公司及孙公司的公告》（公告编号 2025-002）。 北京顺鑫农业股份有限公司 近日，公司收到化德县行政审批政务服务与数据管理局核发的《登记通知书》， 准予注销登记内蒙古顺鑫农业小店种猪育种有限公司。 一、注销全资子公司的基本情况 公司名称：内蒙古顺鑫农业小店种猪育种有限公司 股东持股情况：北京顺鑫农业股份有限公司持有其股权比例为 100%。 二、注销该全资子公司对公司的影响 内蒙古顺鑫农业小店种猪育种有限公司注销完成后，将不再纳入公司合并财 成立时间：2018 年 01 月 29 日 注册地址 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.62 yuan, based on a valuation of 160 billion yuan [2][5][11]. Core Views - The company is expected to experience a decline in revenue and gross margin for 2025-2026 due to the gradual ramp-up of mid-range and high-end liquor sales. The projected earnings per share for 2025-2027 are 0.27, 0.36, and 0.45 yuan respectively [2][11]. - The low-end liquor segment has contributed to the growth of the liquor business, and the expansion into external markets has supplemented revenue [10]. Financial Summary - The company's revenue for 2023 is reported at 10,593 million yuan, with a year-on-year decline of 9.3%. The projected revenue for 2024 is 9,126 million yuan, reflecting a further decline of 13.8% [4][10]. - The gross profit margin for 2023 is 31.8%, expected to improve to 36.0% in 2024, and further to 37.5% by 2027 [4][10]. - The net profit attributable to the parent company for 2023 is reported at -296 million yuan, with a forecasted recovery to 231 million yuan in 2024 [4][10]. - The company’s operating profit for 2023 is 75 million yuan, with a significant increase projected for 2024 at 528 million yuan [4][10]. Revenue Breakdown - The liquor business generated 70.41 billion yuan in revenue for 2024, with a year-on-year growth of 3.19%. The sales volume for liquor reached 369,400 kiloliters, with revenue contributions from high-end, mid-range, and low-end liquor at 9.7 billion, 10.9 billion, and 49.7 billion yuan respectively [10]. - The pork business reported a revenue of 16.90 billion yuan in 2024, down 29.64% year-on-year, with a sales volume of 96,700 tons, a decrease of 33.82% [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.62 yuan, based on a valuation of 160 billion yuan [2][5][11]. Core Insights - The company is experiencing a decline in mid-range and high-end liquor sales, leading to a downward adjustment in revenue and gross margin forecasts for 2025-2026. The projected earnings per share for 2025, 2026, and 2027 are 0.27, 0.36, and 0.45 yuan respectively [2][11]. - The company’s low-end liquor segment is contributing to the growth of its overall liquor sales, with expansion into external markets supplementing revenue [10]. Financial Performance Summary - The company reported a total revenue of 10,593 million yuan in 2023, with a year-on-year decline of 9.3%. The projected revenues for 2024, 2025, 2026, and 2027 are 9,126 million, 8,662 million, 8,897 million, and 9,152 million yuan respectively, reflecting a continued decline in 2024 and a slight recovery thereafter [4][10]. - The gross profit margin improved to 36.03% in 2024, up by 4.23 percentage points year-on-year, while the net profit margin reached 2.53%, an increase of 5.32 percentage points [10]. - The company’s net profit attributable to the parent company for 2024 is projected at 231 million yuan, a significant increase of 178.2% compared to the previous year [4][10]. Product Segment Performance - In 2024, the liquor business generated 70.41 billion yuan in revenue, a year-on-year increase of 3.19%. The sales volume for liquor reached 369,400 kiloliters, with revenue contributions from high-end, mid-range, and low-end liquor at 9.7 billion, 10.9 billion, and 49.7 billion yuan respectively [10]. - The company’s pork business, however, saw a revenue decline of 29.64% in 2024, totaling 16.90 billion yuan, with a significant drop in sales volume [10]. Market and Regional Insights - The company’s revenue from the Beijing region decreased by 35.75% in 2024, while revenue from external regions increased by 1.25%, indicating successful market expansion efforts outside of Beijing [10]. Valuation Assumptions - The report utilizes a Free Cash Flow to Firm (FCFF) valuation method, with key parameters including a tax rate of 25%, a perpetual growth rate of 3%, and a weighted average cost of capital (WACC) of 9.37% [12].