Financial Performance Forecast - The company expects a net profit attributable to shareholders of between 19,000 million and 26,000 million yuan for 2024, compared to a loss of 29,559.81 million yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses is projected to be between 20,000 million and 27,000 million yuan, compared to a loss of 57,023.24 million yuan in the previous year [3]. - Basic earnings per share are expected to be between 0.2561 yuan and 0.3505 yuan, recovering from a loss of 0.3985 yuan per share in the prior year [3]. Reasons for Turnaround - The main reasons for the turnaround include stable sales revenue and profit from the liquor business, significant reduction in losses from the pork business, and the exclusion of Beijing Shunxin Jiayu Real Estate Development Co., Ltd. from the consolidated financial statements [5]. Communication and Disclosure - The company has communicated with the accounting firm regarding the earnings forecast, and there are no discrepancies between the two parties [4]. - The earnings forecast is based on preliminary calculations by the company's finance department, with final figures to be disclosed in the 2024 annual report [6]. - The company emphasizes the importance of timely information disclosure and warns investors to be aware of investment risks [6].

北京顺鑫农业股份有限公司第九届董事会第十九次会议决议公告 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-001 北京顺鑫农业股份有限公司 第九届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 表决结果：有效表决票数 9 票，其中同意票 9 票，反对票 0 票，弃权票 0 票。 2、审议通过了《关于公司对全资子公司北京顺鑫鹏程畜牧科技有限公司减 资的议案》。 根据公司战略调整，公司拟对全资子公司北京顺鑫鹏程畜牧科技有限公司减 资，该公司注册资金由 40,000 万元减资至 50 万元，授权公司经营层依法办理具 体事宜。 本议案经公司董事会战略投资与可持续发展委员会审议通过。 表决结果：有效表决票数 9 票，其中同意票 9 票，反对票 0 票，弃权票 0 票。 3、审议通过了《关于拟注销孙公司汉中顺鑫生猪产业联盟服务有限公司的 北京顺鑫农业股份有限公司（以下简称"公司"或"顺鑫农业"）第九届董 事会第十九次会议通知于 2024 年 12 月 26 日以当面送达的方式通知了公司全体 董事、监事，会 ...

证券代码：000860 证券简称：顺鑫农业 公告编号：2025-003 北京顺鑫农业股份有限公司 关于对全资子公司减资的公告 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。 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《关于公司对全资子公司北京顺鑫鹏程 畜牧科技有限公司减资的议案》，同意公司对全资子公司北京顺鑫鹏程畜牧科技 有限公司减资，减资完成后，北京顺鑫鹏程畜牧科技有限公司的注册资本将由 40000 万元人民币减少至 50 万元人民币，公司仍持有其 100%股权，本次减资事 项不会导致公司合并报表范围发生变化。本次减资事项在董事会审议权限范围之 内，无需提交公司股东大会审议。本次减资事项不涉及关联交易，亦不构成《上 市公司重大资产重组管理办法》规定的重大资产重组。本次子公司减资尚需履行 减资相关法定程序，并报当地市场监督管理局办理减资变更登记手续，以最终办 理结果为准，不再另行公告。 一、减资公司的基本情况 （一）北京顺鑫鹏程畜牧科技有限公司基本情况 公司名称：北京顺鑫鹏程畜牧科技有 ...

证券代码：000860 证券简称：顺鑫农业 公告编号：2024-033 北京顺鑫农业股份有限公司 特此公告。 北京顺鑫农业股份有限公司 董事会 北京顺鑫农业股份有限公司（以下简称"公司"或"本公司"）董事会于近 日收到公司副总经理和法文先生的书面辞职报告，和法文先生因工作变动原因申 请辞去公司副总经理职务。根据《公司法》《公司章程》及《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》等有关规定，和法文先 生的辞职报告自送达公司董事会时生效。辞职后，和法文先生不再担任公司其他 任何职务。 和法文先生的辞职不会影响公司相关工作的正常开展。截至本公告披露日， 和法文先生未持有公司股票，不存在应当履行而未履行的承诺事项。 公司董事会对和法文先生担任副总经理期间恪尽职守、勤勉尽责的工作及为 公司发展做出的积极贡献表示衷心的感谢。 2024 年 12 月 26 日 关于公司高级管理人员辞职的公告 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。 ...

近日，公司收到中国银行间市场交易商协会《接受注册通知书》（中市协注 〔2024〕MTN1240 号），接受公司中期票据注册，并就有关事项明确如下： 一、公司中期票据注册金额为 10 亿元，注册额度自《接受注册通知书》落 款之日（即 2024 年 12 月 10 日）起 2 年内有效，由交通银行股份有限公司主承 销。 二、公司在注册有效期内可分期发行中期票据。 证券代码：000860 证券简称：顺鑫农业 公告编号：2024-032 北京顺鑫农业股份有限公司 关于收到中期票据接受注册通知书的公告 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。 北京顺鑫农业股份有限公司（以下简称"公司"）已于 2024 年 8 月 16 日召 开的 2024 年第一次临时股东大会审议通过了《关于公司拟注册发行中期票据的 议案》。具体内容详见 2024 年 8 月 17 日刊登在《证券时报》《中国证券报》《上 海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）的公告。 董事会 2024 年 12 月 13 日 公司将根据上述《接受注册通知书》要求以及市场情况适时 ...

证券代码：000860 证券简称：顺鑫农业 公告编号：2024-031 北京顺鑫农业股份有限公司 关于会计师事务所更名及签字注册会计师变更的公告 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。 北京顺鑫农业股份有限公司（以下简称"公司"或"顺鑫农业"）于 2024 年 5 月 20 日召开了 2023 年年度股东大会，审议通过了《关于变更公司 2024 年度财 务报表审计机构》、《关于变更公司 2024 年度内部控制审计机构》的议案，同 意聘任北京大华国际会计师事务所（特殊普通合伙）（简称"北京大华国际"）为 公司 2024 年度财务报表审计机构、内部控制审计机构。具体内容详见 2024 年 5 月 21 日刊登在《证券时报》《中国证券报》《上海证券报》《证券日报》和巨 潮资讯网（www.cninfo.com.cn）的公告。 近日，公司收到北京德皓国际《关于变更 2024 年度审计签字会计师的函》， 北京德皓国际现指派郑志刚先生、裴士宇先生作为签字注册会计师继续为公司提 供审计服务，其中郑志刚先生为项目合伙人，裴士宇先生为项目负责人、签字注 册会计师。因工作调 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.95 CNY [4] Core Views - The company's profitability has improved significantly, with a notable increase in gross margin driven by product structure upgrades, particularly the premiumization of its flagship products [1] - Despite a decline in Q3 revenue and net profit, the company has shown a substantial reduction in losses, with net profit narrowing by 80.83% YoY in Q3 2024 [1] - The company's "dual-engine" strategy focusing on its core products, Bai Niu Er and Jin Biao, is expected to drive future growth, with projected revenue growth of 6% and 8% in 2025 and 2026, respectively [2] Financial Performance - In Q3 2024, the company reported revenue of 1.63 billion CNY, a YoY decrease of 37.20%, and a net loss of 41 million CNY, representing an 80.83% reduction in losses compared to the same period last year [1] - Gross margin increased by 13.46 percentage points YoY to 36.25% in Q3 2024, while net margin declined by 5.88 percentage points to -2.25%, primarily due to increased sales and management expenses [1] - Operating cash flow in Q3 2024 was 110 million CNY, a YoY decrease of 42.84%, while contract liabilities remained stable, increasing by 95 million CNY QoQ [2] Future Projections - The company is expected to achieve revenue of 9.3 billion CNY in 2024, with a projected growth of 6% and 8% in 2025 and 2026, respectively [2] - Net profit attributable to shareholders is forecasted to turn positive in 2024, reaching 332 million CNY, with further growth of 37% and 25% in 2025 and 2026, respectively [2] - The company's PE ratio is projected to be 47X, 34X, and 27X for 2024, 2025, and 2026, respectively [2] Industry Context - The company operates in the food and beverage industry, specifically within the baijiu (Chinese liquor) sector, which is facing challenges due to weak consumer demand in the short term [2] - The company's strategy to focus on premium products and strengthen its marketing efforts is expected to help it navigate the current market conditions and drive future growth [2]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company's revenue has been impacted by business restructuring, leading to a continuous decline in income but an improvement in profit margins. The company reported total revenue of 7.317 billion yuan for the first three quarters of 2024, a year-on-year decrease of 16.9%, with a net profit of 382 million yuan, compared to a loss of 292 million yuan in the same period last year [4][6] - The report attributes the revenue decline primarily to the divestment of real estate operations, contraction in the meat business, and temporary pressure on liquor demand. The company's gross margin has improved due to structural adjustments, with gross margins increasing by 6.9 percentage points and 13.5 percentage points for the first three quarters and the third quarter of 2024, respectively [4][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 7.317 billion yuan, down 16.9% year-on-year, and a net profit of 382 million yuan, compared to a loss of 292 million yuan in the same period last year. In Q3 2024, revenue was 1.630 billion yuan, down 37.2% year-on-year, with a net loss of 41 million yuan, an improvement from a loss of 211 million yuan in Q3 2023 [4][6] - The company’s revenue from the liquor and slaughtering sectors showed contrasting trends, with liquor revenue up 3.2% and slaughtering revenue down 36.6% in the first half of 2024 [4] Cost and Expenses - The report notes that the company's expense ratio increased by 2.5 percentage points to 25.4% in Q3 2024, with sales, management, and research expenses rising. However, the significant increase in gross margin has led to a reduction in net losses [5] Cash Flow and Receivables - The company's cash flow from sales was 1.979 billion yuan in Q3 2024, down 21.1% year-on-year, which was a smaller decline compared to the revenue drop. The net cash flow from operating activities was 110 million yuan, down 42.8% year-on-year, indicating a better performance relative to profit [5] Earnings Forecast - The company is projected to have revenues of 8.957 billion yuan, 9.824 billion yuan, and 10.654 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 331 million yuan, 515 million yuan, and 656 million yuan. The earnings per share (EPS) are expected to be 0.45 yuan, 0.69 yuan, and 0.88 yuan for the same years [6][11] Valuation - The report assigns a price-to-earnings (P/E) ratio of 18-22 times for the company's liquor business, leading to a fair value range of 16.65-20.35 yuan per share [6][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [7]. Core Views - The company has shown a significant improvement in net profit, with a year-on-year increase of 230.72% in the first three quarters of 2024, despite a 16.92% decline in revenue [1]. - The white liquor business remains stable, and the pork business is showing signs of reduced losses, with a notable recovery in profitability [2]. - The report anticipates a recovery in gross margins in Q4 2024 due to early channel stocking for the upcoming Spring Festival [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 7.317 billion yuan, a decrease of 16.92% year-on-year, while net profit reached 382 million yuan, up 230.72% [1]. - The gross margin for Q3 2024 improved by 13.45 percentage points to 36.26% compared to the previous year [1]. - The company expects net profits for 2024-2026 to be 363 million, 535 million, and 639 million yuan respectively, with a revision from previous estimates [2]. Business Segment Insights - The white liquor segment's revenue remained stable year-on-year, with ongoing consumer cultivation efforts enhancing brand visibility and potential sales conversion [2]. - The pork segment has seen improved profitability due to adjustments in production and product mix, benefiting from a recent rise in domestic pork prices [2]. Valuation Metrics - The report provides earnings per share (EPS) estimates of -0.40 yuan for 2023, transitioning to 0.49 yuan in 2024, and reaching 0.86 yuan by 2026 [5]. - The price-to-earnings (P/E) ratio is projected to improve from -45.3 in 2023 to 21.0 in 2026, reflecting a recovery in profitability [5].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4][5]. Core Views - The company reported a revenue of 7.317 billion yuan for the first three quarters of 2024, a year-on-year decrease of 16.92%, while the net profit attributable to shareholders was 382 million yuan, a significant increase of 230.72% [4][5]. - In Q3 2024, the company achieved a revenue of 1.63 billion yuan, down 37.2% year-on-year, with a net loss of 41 million yuan, improving from a loss of 211 million yuan in the same period last year [4][5]. - The company has adjusted its profit forecasts for 2024-2026, now predicting net profits of 352 million, 452 million, and 552 million yuan respectively, with growth rates of 28% and 22% for 2025 and 2026 [5][6]. Summary by Sections Market Data - Closing price: 18.89 yuan - Market capitalization: 14,012 million yuan - Price-to-book ratio: 1.9 [2][3]. Financial Performance - Total revenue for 2024E is projected at 9.702 billion yuan, with a year-on-year growth rate of -8.4% [7]. - The gross profit margin is expected to be 34.8% in 2024E, with a return on equity (ROE) of 4.9% [7]. - The company aims to maintain stable performance in its liquor business while reducing losses in its meat segment [6][7]. Business Strategy - The liquor business remains stable, focusing on nurturing new growth points and maintaining market presence [6]. - The meat segment is undergoing structural adjustments to reduce losses, with a focus on optimizing the supply chain [6]. - The company has a strong brand presence in the liquor market, particularly with its flagship product, Niulan Mountain liquor [5][6].