Revenue and Profit - Revenue for Q3 2024 was CNY 1,630,250,242.43, a decrease of 37.20% compared to the same period last year[2] - Net profit attributable to shareholders was CNY -40,508,510.21, an increase of 80.83% year-on-year[2] - Total operating revenue for Q3 2024 was CNY 7,316,762,837.51, a decrease of 17.8% compared to CNY 8,807,316,989.49 in the same period last year[13] - Net profit for Q3 2024 was CNY 389,127,515.53, a significant recovery from a net loss of CNY 295,325,626.52 in the previous year[14] - Earnings per share for Q3 2024 was CNY 0.5151, compared to a loss per share of CNY -0.3940 in the same quarter last year[15] Cash Flow - Cash flow from operating activities for the year-to-date was CNY -907,851,810.41, a decrease of 54.92% compared to the previous year[2] - Cash flow from operating activities for Q3 2024 was CNY 6,294,252,322.73, down from CNY 6,944,383,547.43 in the previous year[16] - The net cash flow from operating activities was -907,851,810.41 CNY, an improvement from -2,013,657,127.09 CNY in the previous year, indicating a reduction in cash outflow[17] - Total cash outflow from operating activities amounted to 7,202,104,133.14 CNY, down from 8,958,040,674.52 CNY year-over-year[17] - Cash inflow from financing activities was 3,161,218,568.63 CNY, down from 3,998,785,143.07 CNY in the previous year[17] - The net cash flow from financing activities was 1,059,639.06 CNY, a recovery from -99,000,942.97 CNY in the previous year[17] Assets and Liabilities - Total assets as of September 30, 2024, were CNY 14,088,906,998.42, down 8.32% from the end of the previous year[2] - Current assets decreased from CNY 10,107,212,465.12 to CNY 9,105,971,053.36, a reduction of about 9.9%[11] - Total liabilities decreased to CNY 6,897,883,012.36 from CNY 8,565,269,748.66, indicating a reduction of 19.5%[13] - Total liabilities increased from CNY 9,107,212,465.12 to CNY 9,105,971,053.36, indicating a slight decrease of about 0.1%[12] - Short-term borrowings increased from CNY 2,564,331,609.58 to CNY 2,609,242,602.75, an increase of approximately 1.8%[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 96,758[8] - The largest shareholder, Beijing Shunxin Holdings Group Co., Ltd., held 38.36% of the shares[8] Financial Expenses - Financial expenses decreased by CNY 130.08 million, a decline of 96.43%, due to reduced financing scale and increased interest income[6] - The company reported a significant decrease in financial expenses, down to CNY 4,816,396.83 from CNY 134,894,275.56, a reduction of 96.4%[14] Inventory and Receivables - Accounts receivable increased by CNY 1,173.36 million, a growth of 30.83% due to increased customer receivables[4] - Inventory decreased from CNY 2,194,181,966.67 to CNY 1,824,836,386.77, a reduction of approximately 16.9%[11] - The company reported a significant increase in other receivables from CNY 6,452,594.19 to CNY 11,072,727.99, an increase of approximately 71.5%[11] Research and Development - Research and development expenses for Q3 2024 were CNY 22,435,012.83, slightly down from CNY 24,022,666.07 in the previous year[14] Audit and Reporting - The company did not undergo an audit for the third quarter report[18] - The report was released by the Board of Directors on October 29, 2024[18]

一、指数名称和代码 二、指数基日和基点 该指数以 2014 年 12 月 31 日为基日，以 1000 点为基点。 三、样本选取方法 2024 年 9 月 | 版本号 V1.3 中证央企结构调整指数编制方案 中证央企结构调整指数从央企上市公司中，综合评估其在市值规模、股东权 益回报、红利支付水平、科技创新投入等方面情况，选取其中较具代表性的上市 公司证券作为指数样本，以反映央企结构调整板块相关上市公司证券的整体表现。 1、样本空间 同中证全指指数的样本空间 2、可投资性筛选 过去一年日均成交金额排名位于样本空间前 80%。 3、选样方法 （1）对于样本空间内符合可投资性筛选条件的证券，选取属于国资委央企 1 指数名称：中证央企结构调整指数 指数简称：结构调整 英文名称：CSI Central-SOEs' Structural Reform Index 英文简称：SOEs' Structural Reform 指数代码：000860 2024 年 9 月 | 版本号 V1.3 名录，以及实际控制权或第一大股东归属于国务院国资委的上市公司证券作为待 选样本； （2）在上述待选样本中，剔除满足以下任一条件的证券： ...

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 index within the next six months [4][8]. Core Views - The company achieved a revenue of 5.687 billion yuan in H1 2024, a year-on-year decrease of 8.45%, but turned a profit with a net profit of 423 million yuan compared to a loss of 81 million yuan in the same period last year [2]. - The white liquor business remains stable, while the pork business has shown signs of reduced losses, with a focus on improving profitability [2]. - The report highlights a strategic focus on maintaining the white liquor segment and reducing losses in the pork business as the main themes for the company [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 4.698 billion yuan from white liquor, 786 million yuan from pork, and 203 million yuan from other businesses, with year-on-year changes of +3.17%, -36.64%, and -51.35% respectively [2]. - The company’s revenue from the Beijing region was 1.601 billion yuan, down 22.93%, while revenue from outside Beijing was 4.085 billion yuan, down 1.17% [2]. - The gross margin for Q2 2024 was 34.05%, an increase of 12.58 percentage points year-on-year, with a net profit margin of -1.72%, improving from -19.26% in the same period last year [2]. Business Segments - The white liquor segment's revenue breakdown shows high-end liquor (over 50 yuan per 500ml) at 603 million yuan, mid-range liquor (10-50 yuan) at 638 million yuan, and low-end liquor (under 10 yuan) at 3.456 billion yuan, with year-on-year changes of +5.94%, -7.29%, and +4.87% respectively [2]. - The pork business has seen a reduction in losses, with a revenue contribution of 13.82% in H1 2024, down 6.14 percentage points year-on-year, and a gross margin of 2.53%, up 14.95 percentage points year-on-year [2]. Profitability Forecast - The company’s projected net profits for 2024-2026 are 506 million yuan, 708 million yuan, and 856 million yuan respectively, with previous estimates being 479 million yuan, 618 million yuan, and 848 million yuan [2][3].

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [3]. Core Views - The company's revenue has been impacted by its pork business, while profitability has shown significant improvement. The revenue for Q2 2024 was 1.63 billion yuan, a year-on-year decrease of 23.26%, but the net profit attributable to the parent company improved by 93.15% to a loss of 28 million yuan [1]. - The company is focusing on product segmentation, particularly in the liquor segment, with a strategy to enhance brand positioning and market promotion [1][2]. Financial Performance - For H1 2024, the company's revenue from pork, other products, and liquor was 786 million yuan, 203 million yuan, and 4.698 billion yuan respectively, with year-on-year changes of -36.64%, -51.35%, and +3.17% [1]. - The gross profit margin for the liquor business was 42.86%, while the pork business saw an improvement in profitability due to better industry conditions and product structure [1]. - The company expects revenues of 10.5 billion yuan, 11.4 billion yuan, and 12.4 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected to be 500 million yuan, 700 million yuan, and 800 million yuan [2][5]. Market and Product Strategy - The company is enhancing its low-end liquor offerings, which have a strong price advantage, while also focusing on upgrading its product structure to include more high-end products [1]. - The number of liquor distributors increased by 14 to 459, indicating a strengthening distribution network [1]. Financial Ratios and Valuation - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 21X, 16X, and 13X respectively, reflecting a potential recovery in profitability [2][5]. - The company’s total assets are expected to reach 17.2 billion yuan by 2024, with a debt ratio of 46.4% [3][5].

Investment Rating - The report maintains a "Buy" rating for Shunxin Agriculture (000860.SZ) [2] Core Views - The company reported a revenue of 5.687 billion yuan for H1 2024, a year-on-year decrease of 8.45%, but achieved a net profit of 423 million yuan, compared to a loss of 81 million yuan in the same period last year [4] - The white liquor segment showed positive growth, with H1 revenue of 4.7 billion yuan, a year-on-year increase of 3.17%, while the slaughtering segment saw a revenue decline of 36.64% [4] - The report forecasts revenue for 2024-2026 to be 10.86 billion yuan, 11.92 billion yuan, and 13.01 billion yuan respectively, with year-on-year growth rates of 2.5%, 9.8%, and 9.1% [5] Financial Performance Summary - H1 2024 net profit was 423 million yuan, significantly better than the forecasted median of 405 million yuan [4] - The company’s high-end liquor, mid-range liquor, and low-end liquor revenues changed by +5.94%, -7.29%, and +4.87% respectively in H1 2024 [4] - The gross profit margins for high-end, mid-range, and low-end liquors decreased by 2.84, 5.26, and 3.36 percentage points respectively compared to the previous year [5] Future Projections - The report projects net profits for 2024, 2025, and 2026 to be 630 million yuan, 800 million yuan, and 968 million yuan, with year-on-year growth rates of 311.8%, 27.8%, and 20.9% respectively [5] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.84 yuan, 1.08 yuan, and 1.30 yuan respectively [6]

F 证券研究报告 白酒 顺鑫农业（000860.SZ） 增持-A(维持) 白酒业务保持稳定，盈利水平扭亏为盈 2024 年 8 月 28 日 公司研究/公司快报 公司近一年市场表现 事件描述 事件：公司发布 2024 年半年报，24H1 公司实现营业收入 56.87 亿元， 同比减少 8.45%。实现归母净利润 4.23 亿元，同比扭亏为盈；24Q2 公司实 现营业收入 16.30 亿元，同比减少 23.26%，实现归母净利润-0.28 亿元，上 年同期为-4.09 亿元，同比大幅减亏。 事件点评 白酒业务保持稳定，上半年业绩扭亏为盈。公司上半年实现营业收入 市场数据：2024 年 8 月 27 日 56.87 亿元，同比减少 8.45%。其中，白酒业务实现收入 46.98 亿元，同比增 收盘价（元）： 14.99 长 3.17%。其中高/中/低档酒分别实现营收 6.03/6.38/34.56 亿元，同比 年内最高/最低（元）： 26.78/14.90 +5.94%/-7.29%/+4.87%，消费弱复苏下餐饮相关消费表现疲软，中档酒收入 流通 A 股/总股本（亿 股）： 7.42/7.42 增速有所承压；同 ...

食品饮料 证 券 研 究 报 告 2024 年 08 月 27 日 顺鑫农业 (000860) ——24H1 点评：白酒业务基本稳定 猪肉板块大幅减亏 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 26 日 | | 收盘价（元） | 15.64 | | 一年内最高/最低（元） | 26.78/14.93 | | 市净率 | 1.6 | | 息率（分红 / 股价） | | | 流通 A 股市值（百万元） | 11,601 | | 上证指数/深证成指 | 2,855.52/8,194.65 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | | | | 每股净资产（元） | 9.71 | | 资产负债率 % | 46.40 | | 总股本/流通 A 股（百万） | ...

北京顺鑫农业股份有限公司 董事、监事和高级管理人员所持公司股份及其变动管理制度 （经公司第九届董事会第十七次会议审议通过） 第一条 为了加强对北京顺鑫农业股份有限公司（以下简称"公司"）董事、 监事和高级管理人员所持公司股份及其变动的管理，维护证券市场秩序，根据《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》）、《上市公司股东减持股份管理暂行办法》《上市公司董事、 监事和高级管理人员所持本公司股份及其变动管理规则》《深圳证券交易所上市 公司自律监管指引第 10 号——股份变动管理》以及《深圳证券交易所上市公司 自律监管指引第 18 号——股东及董事、监事、高级管理人员减持股份》等法律、 法规及规范性文件和《公司章程》的有关规定，结合公司的实际情况，制定本制 度。 第二条 本制度适用于公司的董事、监事和高级管理人员及本制度第二十二 条规定的自然人、法人或其他组织所持本公司股票和衍生产品及其变动的管理。 第三条 公司董事、监事和高级管理人员应当遵守《公司法》《证券法》等 法律、行政法规，中国证监会规章、规范性文件，深圳证券交易所规则及《公 司章程》中关于股份变动的限 ...

第九届监事会第十次会议决议公告 本公司及监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、监事会会议召开情况 北京顺鑫农业股份有限公司第九届监事会第十次会议决议公告 证券代码：000860 证券简称：顺鑫农业 公告编号：2024-029 北京顺鑫农业股份有限公司 北京顺鑫农业股份有限公司（以下简称"本公司"或"公司"）第九届监事 会第十次会议通知于 2024 年 8 月 15 日以当面送达的方式通知了公司全体监事， 会议于 2024 年 8 月 26 日在顺鑫国际商务中心 12 层会议室召开，会议应出席监 事 3 人，实际出席监事 3 人，由监事会主席杜连杰女士主持。本次会议符合《公 司法》和《公司章程》的有关规定。 二、监事会会议审议情况 三、备查文件 1、公司第九届监事会第十次会议决议。 特此公告。 北京顺鑫农业股份有限公司 监事会 2024 年 8 月 27 日 1、审议通过了《公司 2024 年半年度报告全文及摘要》。 公司《 2024 年 半 年 度 报 告 全 文 》 登 载 于 同 日 巨 潮 资 讯 网 （http://www.cninfo.com. ...

| | 北京顺鑫福通 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大数据集团有 | 同一母公司 | 应收账款 | 18.17 | - | - | 18.17 | - 销售商品 | 经营性往来 | | | 限公司 | | | | | | | | | | | 北京牵手果蔬 饮品股份有限 | 同一母公司 | 应收账款 | 6.03 | - | - | - | 6.03 销售商品 | 经营性往来 | | | 公司 | | | | | | | | | | | 北京顺鑫鑫源 食品集团有限 | 同一母公司 | 应收账款 | 21.51 | 77.11 | - | 84.26 | 14.36 销售商品 | 经营性往来 | | | 公司 | | | | | | | | | | | 北京牵手果蔬 饮品股份有限 | 同一母公司 | 应收账款 | -18.75 | - | | - | -18.75 销售商品 | 经营性往来 | | | 公司 | | | | | | | | | | | 北京顺鑫佳宇 房地产开发有 ...