Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company is experiencing short-term performance pressure, but its marketing transformation is deepening, with a clearer strategic path [8] - The company aims for high-quality development through its "Four Transformations" strategy, focusing on internationalization, county-level expansion, youth engagement, and brand terminalization [8] - Revenue for 2024 is projected at 1.255 billion yuan, with a year-on-year growth of 3.69%, while net profit is expected to decline by 53% to 42 million yuan [8] Financial Data Summary - Total shares outstanding: 482 million [7] - Market capitalization: 4.338 billion yuan [7] - Revenue forecast for 2025: 1.314 billion yuan, with a growth rate of 4.7% [9] - Net profit forecast for 2025: 52 million yuan, with a growth rate of 23.9% [9] - Gross margin for 2024: 59.8% [9] - Net profit margin for 2024: 3.4% [9] - Earnings per share (EPS) for 2024: 0.09 yuan [9]

Core Viewpoint - Tianyoude Liquor is facing significant challenges in the current market environment, with its financial performance reflecting a struggle to maintain growth amidst industry-wide pressures and competition from leading brands [1][2]. Financial Performance - In 2024, Tianyoude Liquor reported revenue of 1.255 billion yuan, a year-on-year increase of 3.69%, while net profit was 42.14 million yuan, down 52.96% compared to the previous year [1]. - The first quarter of 2024 showed a revenue of 431 million yuan, a decrease of 17.96% year-on-year, with net profit dropping 37.69% to 67.5 million yuan [1]. - The company's basic earnings per share fell to 0.0882 yuan, a decline of 53.48% from the previous year [1]. Product Performance - Revenue from core products in 2024 included 1.069 billion yuan from barley liquor, with a minimal growth of 0.18%, while other barley and grape wine categories saw significant declines of 44.99% and 41.17%, respectively [2]. - The stagnation in barley liquor sales indicates a struggle to meet evolving consumer preferences for healthier and lower-alcohol options [2]. Market Position and Strategy - Tianyoude Liquor is experiencing difficulties in both domestic and international markets, with revenue from within Qinghai province declining by 1.23%, while revenue from outside the province grew by 14.25% [4]. - The company aims to expand into international markets, particularly in California and parts of Canada, despite facing challenges in brand recognition and market penetration [4][5]. Diversification Efforts - The company's attempts to diversify its product offerings have not yielded positive results, with significant revenue drops in its wine business and minimal contributions from e-commerce platforms [4]. - The failure to effectively innovate and market new products has led to a need for a restructuring of the product matrix [4]. Future Outlook - Industry experts suggest that Tianyoude should consider adopting innovative production techniques to create more appealing products and tap into the health-conscious consumer trend by developing low-alcohol and functional barley beverages [5]. - The integration of digital marketing and experiential tourism could help overcome regional brand recognition barriers and enhance the brand's value [5].

点评：顺鑫农业在2024年实现了净利润的扭亏为盈，但营业收入的下降显示出公司仍面临较大的经营压 力，未来需要在提升毛利率和优化业务结构方面继续努力。顺鑫农业未来将继续聚焦白酒和猪肉两大主 业，其如何进一步提升白酒毛利率和改善猪肉业务的盈利能力，将是公司未来突围的关键。 NO.2 天佑德酒今年一季度营收净利"双降" 每经记者 谢振宇 每经编辑 肖芮冬 丨2025年4月24日星期四丨 NO.1 顺鑫农业2024年营收跌破百亿元 4月22日晚，顺鑫农业发布2024年年报及2025年一季报。2024年，公司营业收入约91.26亿元，同比下降 13.85%；净利润为2.31亿元。其中，贡献了近八成营收的白酒业务，2024年实现营收约70亿元，同比微 增，但毛利率整体下滑5.23个百分点；另一大猪肉业务则再次"拖后腿"，实现营收约18.91亿元，同比下 滑27.21%，毛利率仅2.42%。 金种子酒4月23日公告称，公司于近期收到阜阳市人民政府国有资产监督管理委员会的批复，阜阳市国 资委原则同意公司公开转让安徽金太阳生化药业有限公司92%股权。公司还称，将积极推进相关工作。 金种子酒该动作被解读为"剥离医药业务"。数据显 ...

Fundraising Overview - The company raised a total of RMB 411,999,905.24 through a non-public stock issuance of 22,562,974 shares, with a net amount of RMB 404,971,004.16 after deducting issuance costs [2][3] - As of December 31, 2023, the cumulative amount used from the raised funds was RMB 172,965,729.28, leaving a balance of RMB 242,481,797.23 [3][4] Fund Usage and Management - In the reporting period, the company used RMB 74,038,828.66 from the raised funds, with a balance of RMB 171,503,968.81 remaining at the end of the period [4][5] - The company has established a strict management system for the raised funds, ensuring that they are used for designated purposes and are subject to rigorous approval processes [5][6] Changes in Fund Usage - The company decided to change the use of part of the raised funds, terminating the "Research and Testing Center for Qingke Liquor" project and reallocating RMB 35,399,000.00 to supplement working capital [7][18] Financial Performance - For the fiscal year 2024, the company reported total revenue of RMB 125,484.07 million and a net profit attributable to shareholders of RMB 4,213.53 million [41][46] Shareholder Returns - The company proposed a cash dividend of RMB 0.11 per share, amounting to a total distribution of RMB 5,302,032.71, which represents 50.33% of the net profit for the year [47][48] Corporate Governance - The company held its fifth board meeting on April 22, 2025, where various reports including the annual financial report and profit distribution proposal were approved [37][41][46]

Core Viewpoint - The company, Qinghai Huzhu Tianyoude Barley Wine Co., Ltd., has released its 2024 annual report summary, highlighting its business performance, financial status, and future development plans, with a focus on its main product, barley liquor [1][4]. Company Overview - The company primarily engages in the research, production, and sales of liquor, specifically barley liquor, using solid-state fermentation methods. The sales model includes both channel distribution and direct sales [4][5]. - The main products include various brands of barley liquor such as Tianyoude, Huzhu, Yongqinghe, and others [5][11]. Business Model - The procurement model involves a "company + order contract/protected price contract + farmers" approach, ensuring raw material supply while benefiting local farmers [6]. - The production model is a full-chain self-production process, encompassing various stages from barley breeding to packaging [7]. - The sales model consists of channel distribution and direct sales, with a focus on traditional retail and direct-to-consumer strategies in specific regions [8]. Performance Drivers - Significant improvement in product coverage across different price segments, leading to increased sales in underperforming areas [9]. - Innovative marketing strategies, such as consumer incentives and promotions, have effectively boosted consumer engagement and sales [9]. - Accelerated national product layout, with a focus on building market channels in key regions, resulting in increased market share and brand recognition [9]. - Successful brand events and sports marketing initiatives have enhanced brand influence and attracted younger consumers [10]. Financial Data - The company reported a net profit attributable to the parent company of CNY 42,135,340.70 for 2024, with a proposed cash dividend of CNY 0.11 per share based on a total share capital of 482,002,974 shares [20]. - The company plans to distribute a total of CNY 5,302,032.71 in dividends, with the remaining profits carried forward to the next year [20]. Important Events - The company received government subsidies totaling CNY 8,353,530.00 during the reporting period [13]. - The board approved a financing guarantee limit of up to CNY 250 million for its subsidiaries [14]. - The company has been actively increasing its capital investment in its U.S. subsidiary, Oranos Group, Inc., with a total capital increase of USD 475,000 planned [16]. - The controlling shareholder has committed to donating shares valued at CNY 100 million to Peking University, with the first donation completed in May 2023 [17].

证券代码：002646 证券简称：天佑德酒 公告编号：2025-021 青海互助天佑德青稞酒股份有限公司 本次会计政策变更前，公司执行财政部发布的《企业会计准则—基本准则》和各项具体会 计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规定。 3、变更后公司采用的会计政策 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 特别提示： 本次会计政策变更系根据中华人民共和国财政部（以下简称"财政部"）相关规定进行的 相应变更，无需提交公司董事会和股东大会审议，不会对公司财务状况、经营成果和现金流量 产生重大影响。 一、本次会计政策变更的概述 1、变更的原因和日期 2023年10月25日，财政部发布了《企业会计准则解释第17号》（财会〔2023〕21号）（以下 简称"解释17号"），解释17号"关于流动负债与非流动负债的划分""关于供应商融资安排的 披露""关于售后租回交易的会计处理"内容自2024年1月1日起执行。 2024年12月6日，财政部发布了《企业会计准则解释第18号》（财会〔2024〕24号）（以下 简称"解释18号"） ...

青海互助天佑德青稞酒股份有限公司 关于会计师事务所2024年度履职情况的评估报告 青海互助天佑德青稞酒股份有限公司（下称"公司"）聘请大信会计师事务所（特殊普通 合伙）（以下简称"大信"）作为公司2024年度年报审计机构。根据财政部、国资委及证监会 颁布的《国有企业、上市公司选聘会计师事务所管理办法》，公司对大信在近一年审计过程中 的履职情况进行了评估。 经评估，公司认为大信在资质等方面合规有效，履职能够保持独立性，勤勉尽责、公允表 达相关审计意见。具体情况如下： 一、会计师事务所基本情况 大信会计师事务所（特殊普通合伙）（以下简称"大信"）成立于1985年，2012年3月转 制为特殊普通合伙制事务所，总部位于北京，注册地址为北京市海淀区知春路1号22层2206。 大信在全国设有33家分支机构，在香港设立了分所，并于2017年发起设立了大信国际会计网络， 目前拥有美国、加拿大、澳大利亚、德国、法国、英国、新加坡等38家网络成员所。大信是我 国最早从事证券服务业务的会计师事务所之一，首批获得H股企业审计资格，拥有近30年的证 券业务从业经验。首席合伙人为谢泽敏先生。截至2024年12月31日，大信从业人员总数3 ...

上市公司 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：青海互助天佑德青稞酒股份有限公司 单位：人民币万元 - 3 - 经营性资金占 用 资金占用方名称 占用方与上市公司的 关联关系 上市公司 核算的会计科目 2024 年期初占 用资金余额 2024年度占用累计发 生金额 （不含利息） 2024 年度占 用资金的利 息 （如有） 2024 年度偿还累 计发生金额 2024 年期末占 用资金余额 占用形成 原因 占用性质 现大股东及其 附属企业 青海彩虹部落文化旅 游发展有限公司 大股东控制的企业 应收账款 37.55 37.55 业务经营 经营性往来 青海华实青稞生物科 技开发有限公司 大股东控制的企业 应收账款 1.41 1.41 业务经营 经营性往来 青海新丁香粮油有限 责任公司 大股东控制的企业 应收账款 6.20 6.20 业务经营 经营性往来 青海天佑德科技投资 管理集团有限公司 本企业母公司 应收账款 0.24 0.24 业务经营 经营性往来 青海彩虹部落文化旅 游发展有限公司 大股东控制的企业 预付账款 71.85 71.85 业务经营 经营性往来 青海彩虹部落文化旅 游 ...

（一）机构信息 青海互助天佑德青稞酒股份有限公司 董事会审计委员会对会计师事务所2024年度履行监督职责情况的报告 根据《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳证券交易所股票上 市规则》《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》《国有 企业、上市公司选聘会计师事务所管理办法》以及《公司章程》等有关规定，青海互助天佑德 青稞酒股份有限公司（下称"公司"）董事会审计委员会恪尽职守、勤勉尽责。现将董事会审 计委员会对会计师事务所2024年度履行监督职责的情况汇报如下： 一、2024年年审会计师事务所基本情况 大信会计师事务所（特殊普通合伙）（以下简称"大信"）成立于1985年，2012年3月转 制为特殊普通合伙制事务所，总部位于北京，注册地址为北京市海淀区知春路1号22层2206。 大信在全国设有33家分支机构，在香港设立了分所，并于2017年发起设立了大信国际会计网络， 目前拥有美国、加拿大、澳大利亚、德国、法国、英国、新加坡等38家网络成员所。大信是我 国最早从事证券服务业务的会计师事务所之一，首批获得H股企业审计资格，拥有近30年的证 券业务从业经验。首席合伙人为谢 ...