Financial Performance - In 2024, the company achieved a total revenue of 9.126 billion CNY, a year-on-year decrease of 13.85% [2] - The net profit attributable to shareholders was 231 million CNY, marking a turnaround with a change of 178.20% [2] - The revenue contributions from the liquor and pork segments were 77.15% and 20.73%, respectively [2] Liquor Business Insights - The liquor segment generated revenue of 7.041 billion CNY in 2024, reflecting a year-on-year growth of 3.19% [3] - The sales volume reached 369,400 kiloliters, with a production volume of 378,800 kiloliters, both showing year-on-year increases [3] - The company plans to enhance its marketing strategies and product structure to ensure stable sales and transition towards high-quality development [3] Pork Business Insights - The pork segment reported revenue of 1.891 billion CNY, a significant decline of 27.21% year-on-year [3] - Revenue from slaughtering and breeding businesses was 1.689 billion CNY and 202 million CNY, respectively [3] - The company is adjusting production rhythms and focusing on deep processing to improve profitability in the pork segment [3] Market Strategy and Challenges - The company is facing challenges with stock price declines, attributed to various factors including market conditions and investor sentiment [3] - There is a focus on enhancing brand influence and optimizing operational strategies to improve market competitiveness [5] - The company aims to leverage its brand advantages and national marketing network to drive product upgrades and sales growth [5] Future Plans - The company is committed to the construction of the Shunyi District National Modern Agricultural Industrial Park, with plans for production to commence within the year [7] - Future strategies include enhancing the "Pengcheng" brand's market presence and expanding the product matrix for the "Jinbiao" series [8] - The company plans to innovate its product offerings and marketing approaches to cater to evolving consumer preferences, particularly in the mid-to-high-end liquor market [10]

关于全资子公司内蒙古顺鑫农业小店种猪育种有限公司 完成工商注销登记的公告 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。 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-017 北京顺鑫农业股份有限公司（以下简称"公司"）于 2025 年 1 月 7 日召开 第九届董事会第十九次会议，审议通过了《关于拟注销全资子公司内蒙古顺鑫农 业小店种猪育种有限公司的议案》，具体情况详见公司于 2025 年 1 月 8 日披露 的《北京顺鑫农业股份有限公司关于拟注销子公司及孙公司的公告》（公告编号 2025-002）。 北京顺鑫农业股份有限公司 近日，公司收到化德县行政审批政务服务与数据管理局核发的《登记通知书》， 准予注销登记内蒙古顺鑫农业小店种猪育种有限公司。 一、注销全资子公司的基本情况 公司名称：内蒙古顺鑫农业小店种猪育种有限公司 股东持股情况：北京顺鑫农业股份有限公司持有其股权比例为 100%。 二、注销该全资子公司对公司的影响 内蒙古顺鑫农业小店种猪育种有限公司注销完成后，将不再纳入公司合并财 成立时间：2018 年 01 月 29 日 注册地址 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.62 yuan, based on a valuation of 160 billion yuan [2][5][11]. Core Views - The company is expected to experience a decline in revenue and gross margin for 2025-2026 due to the gradual ramp-up of mid-range and high-end liquor sales. The projected earnings per share for 2025-2027 are 0.27, 0.36, and 0.45 yuan respectively [2][11]. - The low-end liquor segment has contributed to the growth of the liquor business, and the expansion into external markets has supplemented revenue [10]. Financial Summary - The company's revenue for 2023 is reported at 10,593 million yuan, with a year-on-year decline of 9.3%. The projected revenue for 2024 is 9,126 million yuan, reflecting a further decline of 13.8% [4][10]. - The gross profit margin for 2023 is 31.8%, expected to improve to 36.0% in 2024, and further to 37.5% by 2027 [4][10]. - The net profit attributable to the parent company for 2023 is reported at -296 million yuan, with a forecasted recovery to 231 million yuan in 2024 [4][10]. - The company’s operating profit for 2023 is 75 million yuan, with a significant increase projected for 2024 at 528 million yuan [4][10]. Revenue Breakdown - The liquor business generated 70.41 billion yuan in revenue for 2024, with a year-on-year growth of 3.19%. The sales volume for liquor reached 369,400 kiloliters, with revenue contributions from high-end, mid-range, and low-end liquor at 9.7 billion, 10.9 billion, and 49.7 billion yuan respectively [10]. - The pork business reported a revenue of 16.90 billion yuan in 2024, down 29.64% year-on-year, with a sales volume of 96,700 tons, a decrease of 33.82% [10].

Group 1 - The overall performance of liquor companies was weak, with stock prices declining, particularly for major liquor brands, as their 2024 annual reports and 2025 Q1 reports were released, which were generally in line with or slightly below market expectations [1] - Public funds have significantly reduced their holdings in Yanghe and Yingjia Gongjiu, indicating concerns about the competitive strength of these companies in their respective regions [1][5] - The liquor sector saw a notable divergence in stock performance, with yellow wine companies like Kuaijishan and Guyue Longshan showing significant weekly gains of 12.39% and 5.39%, respectively, while the white liquor sector continued to decline [2][3] Group 2 - The white liquor index experienced a weekly decline of 1.61%, marking three consecutive weeks of losses, with major brands like Luzhou Laojiao and Shanxi Fenjiu seeing declines exceeding 3% [3] - Companies facing operational difficulties, such as ST Yanshi, saw substantial weekly declines, with ST Yanshi down 14.95% and Mogao Co. and Hainan Yedao down 7.65% and 8.11%, respectively [4] - As of March 31, 2025, public funds held a total market value of 257.1 billion yuan in the white liquor sector, a decrease of 0.23 percentage points from the previous quarter, continuing a downward trend since 2022 [5]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.62 yuan, based on a valuation of 160 billion yuan [2][5][11]. Core Insights - The company is experiencing a decline in mid-range and high-end liquor sales, leading to a downward adjustment in revenue and gross margin forecasts for 2025-2026. The projected earnings per share for 2025, 2026, and 2027 are 0.27, 0.36, and 0.45 yuan respectively [2][11]. - The company’s low-end liquor segment is contributing to the growth of its overall liquor sales, with expansion into external markets supplementing revenue [10]. Financial Performance Summary - The company reported a total revenue of 10,593 million yuan in 2023, with a year-on-year decline of 9.3%. The projected revenues for 2024, 2025, 2026, and 2027 are 9,126 million, 8,662 million, 8,897 million, and 9,152 million yuan respectively, reflecting a continued decline in 2024 and a slight recovery thereafter [4][10]. - The gross profit margin improved to 36.03% in 2024, up by 4.23 percentage points year-on-year, while the net profit margin reached 2.53%, an increase of 5.32 percentage points [10]. - The company’s net profit attributable to the parent company for 2024 is projected at 231 million yuan, a significant increase of 178.2% compared to the previous year [4][10]. Product Segment Performance - In 2024, the liquor business generated 70.41 billion yuan in revenue, a year-on-year increase of 3.19%. The sales volume for liquor reached 369,400 kiloliters, with revenue contributions from high-end, mid-range, and low-end liquor at 9.7 billion, 10.9 billion, and 49.7 billion yuan respectively [10]. - The company’s pork business, however, saw a revenue decline of 29.64% in 2024, totaling 16.90 billion yuan, with a significant drop in sales volume [10]. Market and Regional Insights - The company’s revenue from the Beijing region decreased by 35.75% in 2024, while revenue from external regions increased by 1.25%, indicating successful market expansion efforts outside of Beijing [10]. Valuation Assumptions - The report utilizes a Free Cash Flow to Firm (FCFF) valuation method, with key parameters including a tax rate of 25%, a perpetual growth rate of 3%, and a weighted average cost of capital (WACC) of 9.37% [12].

Industry Overview - The performance of listed liquor companies has been disclosed, with nearly 20 companies reporting their 2024 annual reports and some also releasing Q1 reports as of April 27 [1] - The overall trend shows a slowdown in the liquor industry, particularly in the white liquor segment, while top brands continue to show growth [1] - Beer stocks have rebounded in Q1 after a decline last year, with companies like Yanjing Beer and Zhujiang Beer reporting high growth in profits [1] Company Performance - Wuliangye reported a revenue of 89.175 billion yuan for 2024, a year-on-year increase of 7.09%, with a net profit of 31.853 billion yuan, up 5.44% [1] - Gujing Gongjiu achieved a revenue of 23.578 billion yuan in 2024, growing 16.41% year-on-year, and a net profit of 5.517 billion yuan, up 20.22% [2] - Luzhou Laojiao's revenue for 2024 was 31.196 billion yuan, a 3.19% increase, with a net profit of 13.473 billion yuan, up 1.71% [3] - Yanjing Beer reported a revenue of 3.827 billion yuan in Q1 2025, a 6.69% increase, with a net profit of 165 million yuan, up 61.10% [4] - Zhujiang Beer achieved a revenue of 1.227 billion yuan in Q1 2025, a 10.69% increase, with a net profit of 157 million yuan, up 29.83% [4] - Laobai Gan Jiu reported a revenue of 5.358 billion yuan for 2024, a 1.9% increase, with a net profit of 787 million yuan, up 18% [5] - Tianyoude Jiu's revenue for 2024 was 1.255 billion yuan, a 3.7% increase, but net profit fell by 53% to 42.135 million yuan [7] - Zhangyu A reported a revenue of 811 million yuan in Q1 2025, a slight increase of 0.01%, with a net profit of 159 million yuan, up 0.21% [8] Market Dynamics - The liquor industry is experiencing a significant differentiation between leading brands and others, with some companies facing delisting risks due to poor performance [1] - The overall liquor market is still in a period of adjustment, with increased competition and declining production [7] - Guizhou province's liquor manufacturing sector saw a growth of 6.6% in Q1 2025, contributing to the overall economic growth of the region [16] - The import of wine has rebounded to become the top category, while the import value of spirits has decreased significantly [17]

Group 1: Yanjing Beer - Yanjing Beer reported a revenue growth of 6.69% to 3.827 billion yuan in Q1 2025 [1] - The net profit attributable to shareholders increased by 61.1% to 165 million yuan [1] - The company achieved beer sales of 995,000 kiloliters, with the flagship product Yanjing U8 maintaining a growth rate of over 30% [1] Group 2: Shunxin Agriculture - Shunxin Agriculture's revenue decreased by 13.85% to 9.126 billion yuan in 2024 [2] - The net profit attributable to shareholders increased by 178.20% to 231 million yuan [2] - Low-end liquor revenue grew by 5.08% to 4.974 billion yuan, while high-end and mid-range liquor revenues saw declines [2] Group 3: Danone - Danone's Q1 2025 revenue grew by 4.3% to 6.844 billion euros [3] - Sales in China, North Asia, and Oceania increased by 9.9%, driven by volume and product mix [3] - The infant formula segment, particularly the Essensis series, continued to expand market share [3] Group 4: Miaokelando - Miaokelando reported a Q1 revenue growth of 6.26% to 1.233 billion yuan [4] - The net profit attributable to shareholders increased by 114.88% to 82.4 million yuan [4] - The company plans to innovate children's cheese products for older age groups while continuing to develop adult cheese products [4] Group 5: Baolingbao - Baolingbao's total revenue for 2024 was 2.402 billion yuan, a decrease of 4.84% [5] - The net profit attributable to shareholders increased by 105.97% to 111 million yuan [5] - Key products such as prebiotics and dietary fibers saw significant revenue growth [5] Group 6: Muyuan Foods - Muyuan Foods reported a Q1 revenue of 36.061 billion yuan, a year-on-year increase of 37.26% [6] - The company achieved a net profit of 4.491 billion yuan, marking a turnaround from losses [6] Group 7: Ziyuan Foods - Ziyuan Foods plans to invest 70 million yuan in its subsidiary and up to 35 million USD in Green Tea Group's IPO [7] Group 8: Qiaqia Foods - Qiaqia Foods reported a revenue of 7.131 billion yuan in 2024, a growth of 4.79% [8] - The net profit attributable to shareholders was 849 million yuan, an increase of 5.82% [8] - The company expanded its e-commerce channels and overseas markets, achieving significant growth [9] Group 9: Yanjinpuzi - Yanjinpuzi's revenue increased by 28.89% to 5.304 billion yuan in 2024 [10] - The net profit attributable to shareholders grew by 26.53% to 640 million yuan [10] - The company focused on six core product categories and achieved significant supply chain improvements [10] Group 10: Hengshun Vinegar - Hengshun Vinegar reported a revenue of 2.196 billion yuan, a 4.25% increase [11] - The net profit attributable to shareholders increased by 46.54% to 127 million yuan [11] - The company implemented cost reduction and efficiency improvement measures [11] Group 11: Kemin Foods - Kemin Foods announced the election of Chen Hong as the chairman of the board [12] Group 12: Gaoxin Retail - Gaoxin Retail expects a tax profit of approximately 350 to 400 million yuan for the fiscal year ending March 31, 2025, a significant improvement from a loss of 1.668 billion yuan [13] - The improvement is attributed to stable sales growth and effective cost reduction measures [13] Group 13: Bubugao - Bubugao reported a Q1 revenue of 1.153 billion yuan, a year-on-year increase of 24.22% [14] - The net profit attributable to shareholders was 119 million yuan, reflecting a growth of 488.44% [14]

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]