北京顺鑫农业股份有限公司（以下简称"公司"）于 2024 年 8 月 16 日召开 2024 年第一次临时股东大会会议，审议通过了《关于公司拟注册发行中期票据 的议案》。2024 年 12 月 13 日，公司发布了《关于收到中期票据接受注册通知 书的公告》（公告编号 2024-032），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，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。 公司于 2025 年 7 月 9 日发行了 2025 年度第一期中期票据，现将本期中期票 据发行结果公告如下： 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-020 北京顺鑫农业股份有限公司 关于 2025 年度第一期中期票据发行结果的公告 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。 特此公告。 北京顺鑫农业股份有限公司 董事会 2025 年 7 月 12 日 | 债券名称 | 北京顺鑫农业股份有限公司 | | 债券简称 ...

Group 1 - The article highlights the rising popularity of Chinese suspense dramas, particularly the success of series like "White Night Pursuit" and "White Night Dawn," indicating a strong audience demand for high-quality content with intricate plots [3] - The emergence of "White Night Theater" as a flagship IP by Youku aims to address the issue of content homogenization in the market by focusing on quality and diverse storytelling, moving beyond mere sensationalism to reflect societal issues [3] - The ongoing series "In the Name of the Law," part of the "White Night Theater" lineup, has garnered significant attention for its compelling narrative centered on judicial investigations, showcasing the platform's commitment to producing high-caliber dramas [6] Group 2 - The collaboration between Youku and Niulanshan, a premium liquor brand, emphasizes a shared dedication to quality, paralleling the meticulous craftsmanship in both the production of fine liquor and high-quality drama [3][8] - The article encourages viewers to engage with the "White Night Theater" series, particularly "In the Name of the Law," as a means to enhance their summer entertainment experience, suggesting a strategic marketing approach to attract audiences [8]

Investment Rating - The investment rating for the company is "Outperform" (previously "Buy") due to lower-than-expected performance in Q1 2025 [1]. Core Insights - The company's white liquor business is under pressure, with a decline in gross margin to 45.0%, down 5.22 percentage points year-on-year. The gross margins for high-end, mid-range, and low-end liquor are 70.8%, 47.3%, and 39.4% respectively, all showing a decline compared to the previous year [5]. - The pork business has significantly reduced losses, with a gross margin increase of 8.37 percentage points year-on-year, indicating successful adjustments in product structure and cost management [5]. - The company reported a total revenue of 9.13 billion yuan in 2024, a decrease of 13.9% year-on-year, with a net profit of 231 million yuan, compared to a loss of 296 million yuan in the previous year [7]. - For Q1 2025, the company achieved revenue of 3.26 billion yuan, down 19.7% year-on-year, with a net profit of 282 million yuan, a decrease of 37.3% compared to the same period last year [7]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is 8.02 billion yuan, with a projected net profit of 199 million yuan, reflecting a year-on-year decline of 13.8% [6]. - The earnings per share (EPS) for 2025 is estimated at 0.27 yuan, with a projected return on equity (ROE) of 2.8% [6]. - The company anticipates a gradual recovery in net profit for 2026 and 2027, with expected growth rates of 27.0% and 33.4% respectively [6].

Core Viewpoint - The company, Beijing Shunxin Agriculture Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.50 RMB per 10 shares for all shareholders, totaling approximately 111.27 million RMB (including tax) [1][5]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the company's annual general meeting held on May 16, 2025, and the announcement was published on May 17, 2025 [1][4]. - The total number of shares used as the basis for the distribution is 741,766,989 shares [1][5]. - The cash dividend will be distributed to shareholders based on their holdings as of the record date, which is June 12, 2025, with the ex-dividend date set for June 13, 2025 [5][6]. Group 2: Taxation and Distribution Method - The cash dividend for Hong Kong market investors and certain foreign institutions will be 1.35 RMB per 10 shares due to tax considerations [5]. - Different tax rates will apply based on the holding period of shares, with specific amounts to be paid depending on whether shares are held for less than one month, between one month and one year, or for more than one year [5]. - The cash dividends will be directly credited to shareholders' accounts through their securities companies on the ex-dividend date [8].

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 ...

Core Viewpoint - The newly revised "Regulations on Strict Economy and Opposition to Waste in Party and Government Agencies" emphasizes a ban on high-end dishes, cigarettes, and alcohol in work meals, which has led to a decline in the stock prices of liquor companies, particularly in the white liquor sector [1][4]. Group 1: Impact of the New Regulations - The new regulations reaffirm existing restrictions on public alcohol consumption, which have been in place since the "Eight Regulations" introduced in 2012, and further clarify the details of these rules [1][3]. - The market share of public alcohol consumption has significantly decreased, from approximately 40% in 2011 to less than 5% currently, indicating a substantial shift in the consumption landscape [3][4]. Group 2: Historical Context of Public Alcohol Consumption - Public alcohol consumption has historically held a significant role in Chinese culture, evolving from a political tool to a mainstream market driver, and is now being phased out [2][12]. - Previous bans on public alcohol consumption in 1989, 1996, and 2012 have each led to drastic changes in the white liquor market, with the latest ban being less impactful compared to earlier ones [6][10]. Group 3: Market Reactions and Trends - Following the announcement of the new regulations, 11 white liquor stocks experienced declines ranging from 0.19% to 2.73%, with high-end brands facing larger drops [4][11]. - Despite short-term fluctuations, analysts suggest that the long-term investment logic for the white liquor sector remains largely unaffected, as public alcohol consumption constitutes a minor portion of overall sales [4][6]. Group 4: Changing Consumer Preferences - The current consumer base for white liquor is shifting towards younger generations, who prioritize taste, brand recognition, price, and packaging, indicating a trend towards more diverse and personalized consumption [12][14]. - The top consumption scenarios for white liquor in 2024 are family gatherings, friend meet-ups, and business banquets, reflecting a move away from traditional public consumption [12][14].

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 ...

Core Insights - The overall performance of listed liquor companies in 2024 showed steady growth despite industry pressures, with 22 companies reporting a total revenue of 446.22 billion yuan and a net profit of 167.82 billion yuan, reflecting a slowdown in growth rates compared to previous years [1][4] Industry Overview - The liquor sector experienced increased differentiation in 2024, with six leading companies accounting for 80% of total revenue and 90% of net profit, even showing slight increases from 2023 [1][4] - The top six liquor companies, including Guizhou Moutai, Wuliangye, and Shanxi Fenjiu, achieved a combined revenue of 379.74 billion yuan, marking a significant increase of 164.96 billion yuan since 2020 [5][6] Competitive Landscape - Shanxi Fenjiu entered the top three with a revenue of 36 billion yuan, indicating a shift in rankings among leading companies [4][5] - The competition among mid-tier liquor companies intensified, with companies like Shunxin Agriculture and Shede Liquor facing significant revenue declines, highlighting the challenges in maintaining market positions [4][9] Market Trends - The industry is undergoing a transition towards high-end and youth-oriented products, with companies needing to focus on national expansion to succeed in a competitive market [4][11] - Regional market reliance remains high among many companies, with some struggling to increase their contributions from outside their home markets [10][11] Future Outlook - Companies are expected to balance expansion with cost control, with a focus on refining distribution channels as a new competitive dimension [11][13] - Emerging markets, particularly in the northwest, are becoming battlegrounds for companies seeking to increase their market share [11][13]

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]