Core Viewpoint - Shunxin Agriculture reported a significant turnaround in profitability for 2024, achieving a net profit of 231 million yuan despite a decline in overall revenue, primarily driven by strong performance in the liquor segment while the pork business faced substantial challenges [1][7]. Group 1: Financial Performance - The company achieved total revenue of 9.126 billion yuan in 2024, a year-on-year decrease of 13.85% [1]. - The net profit attributable to shareholders was 231 million yuan, marking a substantial increase of 178.20% year-on-year, indicating a successful turnaround [1]. - The non-recurring net profit was 246 million yuan, reflecting a growth of 143.08% compared to the previous year [1]. - The company managed to reduce sales and management expenses by a total of 433 million yuan, contributing significantly to the profit increase [6]. Group 2: Liquor Business - The liquor segment generated revenue of 7.041 billion yuan in 2024, representing a year-on-year growth of 3.19% [4]. - The Niulanshan brand showed strong performance, with sales of classic Erguotou and traditional Erguotou series increasing by 32% and 37% respectively [4]. - The Pearl River Delta and Xinjiang markets became regional models, with sales growth of 50% and 23% respectively [4]. - However, the high-end product Niulanshan Jinbiao Chenniang saw a sales volume decline of 19.8%, with inventory increasing by 254.6%, indicating challenges in the high-end market acceptance [4]. - The capacity utilization rate for the liquor business was only 45.8%, significantly lower than 78.3% in 2021, reflecting insufficient market demand [4]. Group 3: Pork Business - The pork segment reported revenue of 1.891 billion yuan, a significant decline of 27.21% year-on-year [5]. - The slaughtering business accounted for 1.689 billion yuan, while breeding business revenue was 202 million yuan [5]. - The decline in pork business performance was attributed to market supply-demand dynamics and price fluctuations [5]. - The company implemented measures such as optimizing production schedules and increasing the proportion of fresh products to improve profitability [6]. - Despite these efforts, the overall performance of the pork business remained poor, particularly in the slaughtering segment [6]. Group 4: Future Challenges - Although the company achieved profitability in 2024, it faces ongoing challenges, including the slow progress of high-end liquor transformation and a tough market environment for pork [7]. - The decline in contract liabilities, which fell by 20% to 1.76 billion yuan, indicates weakening market demand and poses future revenue growth pressures [6][7].

Core Insights - The company reported a revenue of 9.126 billion yuan for 2024, a decrease of 13.85% compared to 10.593 billion yuan in 2023, while achieving a net profit of 231 million yuan, reversing a loss of 296 million yuan from the previous year, representing a year-on-year growth of 178.20% [1][2][3] Financial Performance - Revenue for 2024 was 9.126 billion yuan, down 13.85% from 10.593 billion yuan in 2023 [2] - Net profit attributable to shareholders was 231 million yuan, a turnaround from a loss of 296 million yuan in 2023, marking a 178.20% increase [1][2] - Net profit excluding non-recurring items was 246 million yuan, up 143.08% from a loss of 570 million yuan in 2023 [1][2] - Basic and diluted earnings per share were both 0.3116 yuan, compared to a loss of 0.3985 yuan in 2023, reflecting a 178.19% increase [2] - The weighted average return on equity was 3.35%, improving from -4.27% in 2023 [2] Business Segments - The liquor business generated 7.041 billion yuan in revenue, a 3.19% increase year-on-year, accounting for nearly 80% of total revenue [2][3] - Liquor sales volume reached 369,400 kiloliters, with production at 378,800 kiloliters, both showing year-on-year growth [2] - The pork business reported revenue of 1.891 billion yuan, a decline of 27.21%, with slaughtering and breeding segments contributing 1.689 billion yuan and 202 million yuan, respectively [3] Cost Management - Sales expenses decreased by 27.47% to 874 million yuan from 1.205 billion yuan in 2023, with promotional expenses down 26.98% and advertising expenses down 10.94% [4] - Management expenses were reduced by 11.98% to 754 million yuan, while financial expenses saw a significant drop of 93.76% to 11 million yuan [4] Future Outlook - The company plans to strengthen its liquor business in Beijing and expand into key cities nationwide, while positioning its pork business as a "high-quality meat supplier" [5]

点评：顺鑫农业在2024年实现了净利润的扭亏为盈，但营业收入的下降显示出公司仍面临较大的经营压 力，未来需要在提升毛利率和优化业务结构方面继续努力。顺鑫农业未来将继续聚焦白酒和猪肉两大主 业，其如何进一步提升白酒毛利率和改善猪肉业务的盈利能力，将是公司未来突围的关键。 NO.2 天佑德酒今年一季度营收净利"双降" 每经记者 谢振宇 每经编辑 肖芮冬 丨2025年4月24日星期四丨 NO.1 顺鑫农业2024年营收跌破百亿元 4月22日晚，顺鑫农业发布2024年年报及2025年一季报。2024年，公司营业收入约91.26亿元，同比下降 13.85%；净利润为2.31亿元。其中，贡献了近八成营收的白酒业务，2024年实现营收约70亿元，同比微 增，但毛利率整体下滑5.23个百分点；另一大猪肉业务则再次"拖后腿"，实现营收约18.91亿元，同比下 滑27.21%，毛利率仅2.42%。 金种子酒4月23日公告称，公司于近期收到阜阳市人民政府国有资产监督管理委员会的批复，阜阳市国 资委原则同意公司公开转让安徽金太阳生化药业有限公司92%股权。公司还称，将积极推进相关工作。 金种子酒该动作被解读为"剥离医药业务"。数据显 ...

Core Viewpoint - Shunxin Agriculture, the parent company of Niulanshan, reported a revenue decline of 13.85% year-on-year for 2024, but achieved a net profit of 231 million yuan, marking a significant turnaround with a growth of 178.2% compared to the previous year [2] Financial Performance - The company recorded total revenue of 9.126 billion yuan in 2024, with a net profit of 231 million yuan, indicating a recovery from losses in previous quarters [2] - The fourth quarter of 2024 saw the largest loss, with a revenue of approximately 1.809 billion yuan and a net profit loss of 151 million yuan [2] - For 2024, the white liquor business generated 7.041 billion yuan in revenue, a year-on-year increase of 3.19%, accounting for 77.15% of total revenue [3] - The pork business revenue was 1.891 billion yuan, down 27.21% year-on-year, with slaughtering and breeding segments contributing 1.689 billion yuan and 202 million yuan, respectively [3] Product Performance - High-end liquor revenue was 972 million yuan, down 0.59% year-on-year; mid-range liquor revenue was approximately 1.095 billion yuan, down 1.53%; while low-end liquor revenue was 4.974 billion yuan, up 5.08% [4] - Sales volume for several key liquor products declined, with the 42-degree 500ml Niulanshan Chenjiu (White Bull II) and 52-degree 500ml Niulanshan Chenjiu seeing decreases of 2.95% and 9.05%, respectively [6][7] - The company has focused on marketing its key products, particularly the Gold Label Niulanshan, despite recent sales declines [8] Cost Management - In 2024, Shunxin Agriculture significantly reduced marketing expenses, with overall sales expenses down 27.47% and white liquor sales expenses down 18.18% [9] - Advertising expenses decreased by 10.94%, and promotional expenses were cut by 26.98% [10] Future Outlook - The company aims to leverage its brand advantages and national marketing network to establish itself as a leading brand in the "people's liquor" segment, focusing on the Gold Label matrix and upgrading traditional Erguotou [10] - However, the first quarter of 2025 showed a decline in both revenue and net profit, with revenue at approximately 3.258 billion yuan, down 19.69%, and net profit at 282 million yuan, down 37.34% [11]

Core Viewpoint - After successfully divesting its real estate business, Shunxin Agriculture has turned a profit in 2024 with a net profit of 231 million yuan, despite facing significant challenges in its core liquor business [1][2]. Financial Performance - In 2024, Shunxin Agriculture reported a revenue of 9.126 billion yuan, a decrease of 13.85% year-on-year, while net profit was 231 million yuan, an increase of 178.2% compared to previous losses of 673 million yuan in 2022 and 296 million yuan in 2023 [2]. - The liquor segment accounted for 77.15% of total revenue in 2024, with liquor revenue reaching 7.041 billion yuan, a year-on-year increase of 3.19% after two years of decline [2]. Market Challenges - The liquor industry is currently experiencing a deep adjustment period, with traditional peak seasons like the Spring Festival seeing reduced consumption [4]. - In Q1 2025, Shunxin Agriculture's revenue fell to 3.258 billion yuan, a decrease of 19.69%, and net profit dropped by 37.34% to 282 million yuan [4]. Product Performance - The main products of the liquor brand Niulanshan, particularly the flagship products "Bai Niu Er" and "Jin Biao Chen Nian," are facing declining sales, with "Bai Niu Er" sales volume decreasing by 2.95% in 2024 [5][6]. - The newly launched "Jin Biao Chen Nian" also saw a significant sales decline of 19.8% in 2024, following a 41.86% drop in 2023 [6]. Strategic Adjustments - In response to market pressures, Shunxin Agriculture is reducing its pork business and optimizing resource allocation, including plans to cancel two pork-related companies [6]. - The company aims to leverage its brand and marketing network to enhance the reputation of "Niulanshan" and implement a dual strategy focusing on "Bai Niu Er" and "Jin Biao" [7].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 18.48 [7][8]. Core Views - The company reported a revenue of RMB 9.13 billion and a net profit attributable to the parent company of RMB 231 million for 2024, reflecting a year-on-year decline of 13.8% in revenue but a turnaround in net profit [1][4]. - The white liquor segment achieved steady growth with a revenue of RMB 7.04 billion in 2024, up 3.2% year-on-year, while the pork business is expected to reduce losses compared to the previous year [2][3]. - The gross margin for the white liquor segment decreased by 5.2 percentage points to 45.0% due to slower growth in high-end liquor, while the pork business saw an increase in gross margin by 8.4 percentage points to 2.4% [3]. Summary by Sections Financial Performance - In 2024, the company’s revenue was RMB 9.13 billion, with a net profit of RMB 231 million, marking a significant recovery from previous losses [6]. - The first quarter of 2025 showed a revenue of RMB 3.26 billion, down 19.7% year-on-year, with a net profit of RMB 280 million [1][2]. Business Segments - The white liquor segment generated RMB 7.04 billion in revenue in 2024, with high-end liquor sales declining slightly, while the pork segment's revenue was RMB 1.89 billion, down 27% year-on-year [2][3]. - The company is focusing on marketing innovations to enhance consumer engagement, particularly through the "Golden Standard" series [2]. Profitability Metrics - The overall gross margin for 2024 improved by 4.2 percentage points to 36.0%, while the net profit margin increased by 5.3 percentage points to 2.5% [3]. - The company expects a gradual recovery in profitability, with EPS estimates for 2025 and 2026 adjusted to RMB 0.28 and RMB 0.35, respectively [4][6].

Core Insights - Shunxin Agriculture reported a revenue of 9.126 billion yuan and a net profit of 231 million yuan for the previous year, marking a year-on-year increase of 178.2% [1] - The company aims to enhance its governance and improve the quality of its listed entity while focusing on its two main businesses: liquor and pork [3] Liquor Business - In 2024, Shunxin's liquor segment generated a revenue of 7.041 billion yuan, reflecting a growth of 3.19% year-on-year, with sales volume reaching 369,400 kiloliters [1] - The Niulanshan distillery capitalized on market trends, achieving significant sales growth in key regions, with the Pearl River Delta market increasing by 50% and Xinjiang market by 23% year-on-year [1] - The classic Erguotou series saw a sales increase of 32%, while the traditional Erguotou series grew by 37% year-on-year [1][2] Pork Business - The pork segment reported a revenue of 1.891 billion yuan, down 27.21% year-on-year, with slaughtering and breeding revenues at 1.689 billion yuan and 202 million yuan, respectively [2] - The company has been adjusting its production rhythm in response to industry dynamics and pork price trends to ensure stable supply in the Beijing market [2] - Shunxin has been recognized as a "Beijing Old Brand" enterprise and has been included in the "China Meat Food Safety Credit System Construction Demonstration Project" for ten consecutive years, enhancing its brand value [2] Future Strategy - For 2025, Shunxin has outlined a "Five-Five" development strategy focusing on governance and quality enhancement, aiming to strengthen its liquor and pork businesses [3] - The liquor segment will leverage consumer trends and technological advancements to establish a new brand of Chinese liquor, while the pork segment will focus on high-quality meat supply and processing [3] - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares, totaling 111.27 million yuan, with a payout ratio of 48.13%, the highest in 22 years [3]

21世纪经济报道记者肖夏 重庆报道 连续两年下跌后，牛栏山终于恢复了增长。 顺鑫农业4月22日晚披露2024年年报，其中白酒业务实现营收70.41亿元，销量36.94万千升，产量37.88 万千升，三者均实现了增长。 在2022年营收跌破百亿元、2023年营收两位数下滑后，牛栏山去年止住了下滑趋势，营收重新回到70亿 元之上，不出意外能保住白酒股前十的位置。 这一表现主要是靠主抓重点市场和核心单品实现的。 从区域市场看，珠三角市场、新疆市场已经成为区域样板市场，去年珠三角整体销售同比增长50%、新 疆市场同比增长23%；从产品结构看，经典二锅头、珍品三十年、传统二锅头等系列同比表现较好， 2024年全年经典二锅头系列产品销售同比增长32%， 传统二锅头系列产品销售同比增长37%。 但过去一年，两大核心产品销量继续下滑，"双轮驱动"战略的动能未能显现。 年报显示， 42度的白牛二去年销量不到24万千升，同比下滑2.95%，相比五年前，白牛二的年销量已经 跌去了四成以上。 （21记者根据财报整理） 但整体销量恢复增长的同时，白酒产品的毛利率全面下滑。 2024年，高档酒、中档酒、低档酒毛利率分别下滑4.35、4. ...

Core Viewpoint - The company reported a revenue decline in 2024 but achieved a significant turnaround in net profit compared to the previous year, indicating a potential recovery trajectory in its core businesses [1][2]. Financial Performance - In 2024, the company achieved a revenue of 9.126 billion, a year-on-year decrease of 13.8%, and a net profit of 231 million, compared to a loss of 296 million in the previous year [1]. - The company reported a net profit of 282 million in Q1 2025, a year-on-year decrease of 37.34% [1]. Business Segment Analysis - **Baijiu (White Liquor) Business**: - In 2024, the Baijiu segment generated revenue of 7.041 billion, a year-on-year increase of 3.2%, with sales volume and price per ton increasing by 0.8% and 2.4% respectively [2]. - The high-end and mid-range Baijiu products saw slight revenue declines, while low-end products increased by 5.1% [2]. - The classic Erguotou series saw sales growth of 32%, and traditional Erguotou series products increased by 37% [2]. - **Pork Business**: - The pork segment reported revenue of 1.891 billion, a year-on-year decrease of 27.2%, with slaughtering business revenue at 1.689 billion, an increase of 3.2% [2]. - The company focused on product structure improvement and cost reduction, leading to a significant reduction in losses [2]. Regional Performance - Revenue from the Beijing region decreased by 35.8% to 2.777 billion, while revenue from outside Beijing increased by 1.2% to 6.349 billion [3]. - The company has seen success in expanding its market presence in regions like the Pearl River Delta and Xinjiang, with sales growth of 50% and 23% respectively [3]. Profitability and Cost Management - The company achieved a gross margin of 36.03% in 2024, an increase of 4.2 percentage points year-on-year, with Baijiu and slaughtering business margins at 44.99% and 2.42% respectively [4]. - The company’s net profit margin for 2024 was 2.53%, an increase of 5.3 percentage points year-on-year [4]. Strategic Focus - The company aims to stabilize its core businesses in Baijiu and pork after divesting its real estate operations, focusing on market cultivation and product structure adjustments [5]. - The company plans to enhance its high-end product promotion and optimize its pork business model to improve profitability [5]. Future Outlook - Revenue projections for 2025 and 2026 are 8.502 billion and 8.860 billion respectively, with expected year-on-year changes of -6.8% and +4.2% [5]. - Net profit forecasts for the same period are 201 million and 269 million, with year-on-year changes of -12.9% and +33.6% [5].

Core Viewpoint - Shunxin Agriculture reported a revenue decline of 13.85% in 2024, despite turning a profit with a net income of 231 million yuan, indicating a struggle with "profit without revenue growth" after shedding its real estate business [1][2][3]. Revenue Performance - The company's total revenue for 2024 was approximately 9.126 billion yuan, down from 10.593 billion yuan in 2023, marking a continuous decline over four years [2][3][4]. - Revenue has decreased nearly 40% from 14.869 billion yuan in 2021 to under 10 billion yuan in 2024 [3][4]. Business Segments - The white liquor segment generated about 7.041 billion yuan in 2024, a 3.19% increase year-on-year, contributing nearly 80% of total revenue [5][9]. - The pork business, however, saw a significant revenue drop of 27.21%, with earnings of approximately 1.891 billion yuan in 2024 [5][15]. Profit Margins - The overall gross margin for the white liquor business was 44.99%, down 5.23 percentage points from the previous year, with declines across all product categories [12][11]. - The pork business reported a gross margin of only 2.42%, continuing a trend of declining profitability since 2021 [15][16]. Quarterly Performance - Shunxin Agriculture has consistently reported losses in the second, third, and fourth quarters from 2022 to 2024, with the first quarter being the only profitable period [8]. - In the first quarter of 2025, both revenue and net profit showed a year-on-year decline, raising concerns about the company's ability to meet annual performance targets [8]. Market Dynamics - The white liquor market is experiencing intensified competition, particularly in the low-end segment, which has seen rapid growth in recent years [10][11]. - Despite having established brands like "Niulanshan," the company has struggled to capitalize on market trends, leading to a decline in gross margins across all liquor categories [11][12].