北京顺鑫农业股份有限公司 第九届董事会第二十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 北京顺鑫农业股份有限公司（以下简称"公司"或"顺鑫农业"）第九届董 事会第二十四次会议通知于 2025 年 10 月 17 日以当面送达的方式通知了公司全 体董事、监事，会议于 2025 年 10 月 29 日在顺鑫国际商务中心 12 层会议室召开， 会议应出席董事 9 人，实际出席董事 9 人。会议由董事长李颖林先生主持，公司 监事、高级管理人员列席了本次会议。本次会议符合《公司法》和《公司章程》 的有关规定。 北京顺鑫农业股份有限公司第九届董事会第二十四次会议决议公告 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-028 本议案经公司董事会审计委员会审议通过。 表决结果：有效表决票数 9 票，其中同意票 9 票，反对票 0 票，弃权票 0 票。 三、备查文件 1、公司第九届董事会第二十四次会议决议； 2、公司第九届董事会审计委员会第十一次会议决议。 特此公告。 北京顺鑫农业股份有限公司 董事会 2025 年 ...

北京顺鑫农业股份有限公司 2025 年第三季度报告 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-027 北京顺鑫农业股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末比 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 期增减 | 上年同期增减 | | | 营业收入（元） | 1,276,143,945.30 | -21.72% | 5,868,833,401.62 | -19 ...

Market Overview - The liquor sector experienced a decline of 0.31% on October 22, with Jinhuijiu leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Individual Stock Performance - Shede Liquor closed at 62.68, up 0.51% with a trading volume of 83,900 shares and a turnover of 529 million yuan [1] - Luzhou Laojiao closed at 134.67, up 0.34% with a trading volume of 56,200 shares and a turnover of 757 million yuan [1] - Jinhuijiu closed at 19.90, down 1.87% with a trading volume of 39,700 shares and a turnover of 79.43 million yuan [2] - Gujing Gongjiu closed at 153.69, down 1.63% with a trading volume of 15,400 shares and a turnover of 239 million yuan [2] Capital Flow Analysis - The liquor sector saw a net outflow of 188 million yuan from main funds, while retail investors contributed a net inflow of 168 million yuan [2] - Major stocks like Luzhou Laojiao and Shede Liquor experienced mixed capital flows, with Luzhou Laojiao seeing a net inflow of 41.57 million yuan from main funds [3] - Guizhou Moutai had a net inflow of 27.73 million yuan from main funds, indicating continued interest despite overall sector decline [3]

Core Insights - The liquor sector experienced a slight increase of 0.14% on October 21, with *ST Rock leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance Summary - *ST Rock (600696) closed at 5.84, with a rise of 5.04% and a trading volume of 47,600 shares, totaling 27.11 million yuan [1] - Other notable performers include Tianyoude Liquor (002646) at 9.80, up 1.34%, and Qingdao Wenzhou (000995) at 13.97, up 1.31% [1] - Major stocks like Luzhou Laojiao (000568) and Kweichow Moutai (600519) saw minor increases of 0.80% and 0.30%, respectively, with Moutai's closing price at 1462.26 and a trading volume of 25,400 shares, totaling 3.73 billion yuan [1] Capital Flow Analysis - The liquor sector saw a net inflow of 12.19 million yuan from major funds, while retail investors contributed a net inflow of 15.9 million yuan [2] - Conversely, speculative funds experienced a net outflow of 172 million yuan [2] Individual Stock Capital Flow - Kweichow Moutai (600519) had a significant net inflow of 1.26 billion yuan from major funds, while it faced a net outflow of 1.26 billion yuan from speculative funds [3] - Wuliangye (000858) reported a net inflow of 29.16 million yuan from major funds, but a net outflow of 39.27 million yuan from retail investors [3] - *ST Rock (600696) showed a net inflow of 6.38 million yuan from major funds, while retail investors withdrew 5.52 million yuan [3]

Market Overview - The liquor sector experienced a decline of 0.87% on October 13, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Individual Stock Performance - *ST Rock (600696) closed at 5.63, down 3.10% with a trading volume of 37,400 shares and a turnover of 20.94 million yuan [1] - Other notable declines include: - Si Gu Dian (000799) down 2.30% to 59.57 with a volume of 105,200 shares [1] - Gujing Gongjiu (000596) down 2.24% to 150.83 with a volume of 18,900 shares [1] - Huangtai Liquor (000995) down 2.12% to 13.83 with a volume of 39,700 shares [1] Capital Flow Analysis - The liquor sector saw a net outflow of 1.133 billion yuan from main funds, while retail funds had a net inflow of 579 million yuan [1] - The table of capital flow indicates that major stocks like Kweichow Moutai (6150009) had a net outflow of 4.91 million yuan, while retail investors contributed a net inflow of 29,500 yuan [2] - Luzhou Laojiao (000568) experienced a net outflow of 1.74 million yuan from main funds but saw a retail net inflow of 8.366 million yuan [2]

Group 1 - The company held its 23rd meeting of the 9th Board of Directors on October 9, 2025, with all 9 directors present, complying with relevant laws and regulations [2][4] - The board approved the appointment of a new securities affairs representative, Ms. Yu Nannan, following the resignation of Mr. Xie Chuang due to work relocation [3][7] - The decision to appoint Ms. Yu Nannan is effective immediately and will last until the end of the current board's term [3][7] Group 2 - Ms. Yu Nannan has been with the company since 2008 and holds a bachelor's degree, with qualifications that meet legal and regulatory requirements [8] - She has no shares in the company and does not have any relationships with major shareholders or board members that would disqualify her from the position [8] - Ms. Yu Nannan has not faced any penalties from regulatory bodies and meets all necessary qualifications for the role [8]

Group 1 - The core point of the news is the resignation of Mr. Xie Chuang as the securities affairs representative of Shunxin Agriculture due to job relocation, and the appointment of Ms. Yu Nannan as his successor [1] - During the first half of 2025, Shunxin Agriculture's revenue composition is as follows: 78.51% from the liquor industry, 17.02% from the meat processing industry, and 4.47% from other sectors [1] Group 2 - As of the report, Shunxin Agriculture has a market capitalization of 11.6 billion yuan [2]

关于更换公司证券事务代表的公告 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-026 北京顺鑫农业股份有限公司 于楠楠，女，1985 年 3 月生，大学本科学历，无境外永久居留权。2008 年进入公 司工作，曾任公司董事会办公室主管，现任公司董事会办公室副主任，已取得深圳证券 交易所颁发的董事会秘书资格证书，其任职资格符合《公司法》和《深圳证券交易所股 票上市规则》的有关规定。 截至本公告披露日，于楠楠女士未持有本公司股份，与公司控股股东、实际控制 人、持有公司 5%以上股份的股东及公司其他董事、监事、高级管理人员不存在关联关 系，不存在《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》规定的不得担任证券事务代表的情形，未受过中国证监会及其他有关部门的处罚和 证券交易所纪律处分，未因涉嫌犯罪被司法机关立案侦查或涉嫌违法违规被中国证监会 立案稽查，未被中国证监会在证券期货市场违法失信信息公开查询平台公示或者被人民 法院纳入失信被执行人名单，其任职资格符合有关法律、法规、深圳证券交易所及《公 司章程》的有关规定。 于楠楠女士联系方式如下： 联系电话：010-6942086 ...

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、董事会会议召开情况 北京顺鑫农业股份有限公司（以下简称"公司"或"顺鑫农业"）第九届董 事会第二十三次会议通知于 2025 年 9 月 28 日以当面送达的方式通知了公司全体 董事、监事，会议于 2025 年 10 月 9 日在顺鑫国际商务中心 12 层会议室召开， 会议应出席董事 9 人，实际出席董事 9 人。会议由董事长李颖林先生主持，公司 监事、高级管理人员列席了本次会议。本次会议符合《公司法》和《公司章程》 的有关规定。 北京顺鑫农业股份有限公司第九届董事会第二十三次会议决议公告 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-025 北京顺鑫农业股份有限公司 第九届董事会第二十三次会议决议公告 表决结果：有效表决票数 9 票，其中同意票 9 票，反对票 0 票，弃权票 0 票。 三、备查文件 1、公司第九届董事会第二十三次会议决议。 特此公告。 北京顺鑫农业股份有限公司 北京顺鑫农业股份有限公司第九届董事会第二十三次会议决议公告 董事会 2025 年 10 月 10 日 二、董事会会 ...

Investment Rating - The industry investment rating is "Overweight" [3][4][59] Core Insights - The overall demand for the liquor industry during the 2025 Mid-Autumn Festival and National Day is expected to decline by 20-30% year-on-year, with inventory increasing by 10-20% [3][7] - The industry is still in a bottoming phase, and patience is required for potential investment opportunities [3][7] - The report highlights that the stock price turning point may occur before the fundamental turning point, suggesting a need for cautious observation [3][7] Summary by Sections Industry Viewpoint - The report anticipates a significant decline in liquor demand, with banquet performance below expectations and gift demand decreasing [3][7] - The current high inventory levels in channels will require time to digest, and the consumption scenarios are still recovering, leading to weak demand [3][7] - Key recommendations include maintaining patience for high-dividend stocks and waiting for potential buying opportunities in quality stocks [3][7] Brand Performance - Moutai is performing the best, while Wuliangye is trading volume for price [8][9] - Moutai's expected sales decline is in single digits, with prices slightly down to around 1780-1835 yuan [8] - Wuliangye's sales are expected to drop by about 15%, with current prices around 810-830 yuan [8] - Guojiao 1573 is controlling inventory to maintain prices, with expected sales declines of 20-30% [8][9] Regional Liquor Situation - Feedback from various regions indicates a general decline in sales, with specific brands like Moutai and Wuliangye showing varying performance [11][19] - The report notes that the business and banquet consumption scenarios are under pressure, with overall sales expected to decline by 30-25% during the Mid-Autumn Festival and National Day [44][49] - The report emphasizes the need for careful monitoring of inventory levels and sales performance across different brands and regions [11][19] Valuation Table - The report includes a valuation table for key companies in the food and beverage sector, highlighting projected net profits and PE ratios for companies like Moutai, Wuliangye, and Luzhou Laojiao [53]