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]

Core Insights - After two consecutive years of decline, Niulanshan has finally returned to growth, with revenue exceeding 7 billion yuan in 2024 [1][2] - The recovery is attributed to a focus on key markets and core products, particularly in the Pearl River Delta and Xinjiang regions, which saw sales growth of 50% and 23% respectively [2] - Despite revenue growth, the gross profit margins for all categories of liquor have declined, indicating a reliance on low-end liquor sales for revenue increase [3] Revenue and Sales Performance - In 2024, the white liquor business achieved revenue of 7.041 billion yuan, with sales volume of 369,400 kiloliters and production of 378,800 kiloliters, all showing growth [1] - The classic Erguotou and traditional Erguotou series saw significant sales increases, with classic Erguotou up 32% and traditional Erguotou up 37% year-on-year [2] Profitability and Cost Structure - The gross profit margins for high, medium, and low-end liquor have decreased by 4.35, 4.19, and 5.33 percentage points respectively, due to rising costs across all categories [3] - The cost of finished liquor procurement reached nearly 2 billion yuan, with a year-on-year increase of 25%, becoming the largest cost item for the white liquor business [3] Strategic Initiatives - Niulanshan has proposed a "dual-wheel drive" strategy centered on the White Bull II and Gold Label products to adapt to new national standards [3] - However, sales of these core products have continued to decline, with White Bull II sales down 2.95% year-on-year and Gold Label sales down 19.8% [4][6] Future Outlook - There is uncertainty about whether Niulanshan can maintain annual revenue of 7 billion yuan in 2025, as the first quarter of 2024 showed a revenue decline of 19.7% [8] - The company's inventory decreased by 36.5% compared to the beginning of the year, indicating reduced sales and inventory levels [8]

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].

| 301053 | 远信工 | 0.5900 | 4835.74 | 164.10 | 61638.28 | 26.31 | | --- | --- | --- | --- | --- | --- | --- | | | 业 | | | | | | | 301116 | 益客食 | 0.2200 | 10016.94 | 158.59 | 2083727.00 | -4.80 | | | 品 | | | | | | | 300473 | 德尔股 | 0.2200 | 3242.75 | 151.73 | 451348.48 | 4.98 | | | 份 | | | | | | | 300135 | 宝利国 | 0.0240 | 2230.22 | 149.91 | 196947.19 | -8.23 | | | 际 | | | | | | | 688076 | 诺泰生 | 1.8800 | 40439.00 | 148.19 | 162480.19 | 57.21 | | | 物 | | | | | | | 688118 | 普元信 | 0.0710 | 654.66 | 141.79 | 41983.35 ...

Core Points - The company reported a revenue of 7.041 billion yuan from its liquor business in the first quarter of 2025, representing a year-on-year increase of 3.19% [15] - The company’s pork business generated revenue of 1.891 billion yuan, a decrease of 27.21% compared to the previous year [21] - The company plans to distribute a cash dividend of 1.50 yuan per share based on the total share capital of 741,766,989 shares as of December 31, 2024 [42][43] Financial Data - As of March 31, 2025, accounts receivable increased by 120.65 million yuan, a growth of 52.69% due to increased support for distributors [6] - Inventory decreased by 836.31 million yuan, a decline of 36.48%, primarily due to liquor sales [7] - The net cash flow from operating activities decreased by 259.57 million yuan, a drop of 58.45%, mainly due to reduced cash received from sales [15] Business Operations - The company adjusted its marketing strategies to enhance sales, particularly in key markets such as the Pearl River Delta and Xinjiang, where sales increased by 50% and 23% respectively [17] - The company is focusing on product structure upgrades and has successfully launched new high-end products [18] - The company has implemented cost control measures in its pig farming operations to improve production efficiency and reduce costs [24] Shareholder Information - The company’s board of directors has approved the 2024 annual report and proposed a shareholder meeting to discuss the report and other matters [29][80] - The company has a total of 741,766,989 shares outstanding, with a proposed dividend distribution of 111.27 million yuan [43]

Core Viewpoint - In 2024, Shunxin Agriculture experienced a paradoxical situation of "profit increase without revenue increase," with a revenue decline of 13.85% to 9.126 billion yuan, while net profit turned positive at 231 million yuan, marking a significant turnaround from previous losses [2][3]. However, the first quarter of 2025 showed alarming declines in both revenue and net profit, raising concerns about the company's transformation challenges [2][9]. Financial Performance - The total revenue for 2024 was 9.126 billion yuan, down 13.85% from 2023, while net profit reached 231 million yuan, a 178.20% increase from a loss of 296 million yuan in 2023 [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 246 million yuan, up 143.08% from a loss of 570 million yuan in the previous year [3]. - The net cash flow from operating activities improved significantly to 112 million yuan, compared to a negative cash flow of 738 million yuan in 2023 [3]. - The company reported a basic earnings per share of 0.3116 yuan, a turnaround from a loss of 0.3985 yuan per share in 2023 [3]. Business Segment Analysis - The white liquor segment, particularly the Niulanshan brand, was the only bright spot, contributing 70.41 billion yuan in revenue, accounting for 77.15% of total revenue, with both sales and production volumes increasing [4]. - Price adjustments in February 2024 led to a 4.23 percentage point increase in gross margin to 36.03%, while the expense ratio decreased by 3.10 percentage points to 18.29% [5]. - Despite the growth, concerns exist regarding the core product "Bai Niu Er," which may be reclassified as a blended liquor under new national standards, potentially impacting brand perception [5]. Cost and Operational Challenges - The fourth quarter of 2024 revealed a significant loss of 1.51 billion yuan, a 45-fold increase from a loss of 3.31 million yuan in the same period the previous year, with gross margin declining by 8.56 percentage points to 35.11% [6]. - In Q1 2025, revenue fell by 19.69% to 3.258 billion yuan, and net profit dropped by 37.34% to 282 million yuan, indicating diminishing returns from price increases [7][9]. - Rising costs in raw materials and logistics have eroded the benefits of price hikes, despite a reduction in overall expenses [7]. Market Position and Investor Sentiment - The company’s stock performance reflects market concerns, with a price-to-earnings ratio of 32.18, significantly higher than the industry median of 20.86 [10][11]. - The number of shareholders increased to 98,200, but the average market value per share decreased by 4.38%, indicating waning investor confidence [8]. - The company faces pressure to innovate and diversify its product offerings to sustain growth, as reliance on a single product category poses risks [12].

一、召开会议的基本情况 1.股东大会届次：北京顺鑫农业股份有限公司2024年年度股东大会。 2.股东大会的召集人：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"、"本公司"或"顺鑫农业"）第九届董事会第 二十一次会议审议通过《关于提请召开2024年年度股东大会》的议案。 3.会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定。 4.会议召开的日期、时间： 现场会议时间：2025 年 5 月 16 日（星期五）下午 2:30 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-011 北京顺鑫农业股份有限公司 关于召开 2024 年年度股东大会的通知 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。 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 ...

北京顺鑫农业股份有限公司 2024 年年度股东大会会议文件 《公司 2024 年年度报告全文及摘要》 各位股东： 请详见公司于 2025 年 4 月 23 日在巨潮资讯网（http://www.cninfo.com.cn/） 上公告的《2024 年年度报告》和《2024 年年度报告摘要》。 现提请各位股东审议。 北京顺鑫农业股份有限公司 2024 年年度股东大会会议文件 北京顺鑫农业股份有限公司 2024 年年度股东大会会议文件 | 会议程序 | 会议内容 | | --- | --- | | 一 | 《公司 年年度报告全文及摘要》 2024 | | 二 | 《公司 2024 年度董事会工作报告》 | | 三 | 《公司 2024 年度监事会工作报告》 | | 四 | 《公司 年度财务决算报告》 2024 | | 五 | 《公司 2024 年度利润分配预案》 | | 六 | 《关于续聘公司 2025 年度财务报表审计机构》 | | 七 | 《关于续聘公司 年度内部控制审计机构》 2025 | | 八 | 《公司日常关联交易预计》 | 北京顺鑫农业股份有限公司 2024 年年度股东大会会议文件 《公司 2024 ...