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].

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].