证券研究报告 | 公司动态点评 2024 年 08 月 24 日 华致酒行（300755.SZ） 行业压力窥豹，华致仍提供最优解 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------|--------|--------|--------|------------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 8,708 | 10,121 | 10,931 | 12,133 | 13,346 | 股票信息 | | | 增长率 yoy （ % ） | 16.7 | 16.2 | 8.0 | 11.0 | 10.0 | | | | 归母净利润（百万元） | 366 | 235 | 256 | 303 | 355 | 行业 | ...

关于公司向银行申请综合授信暨接受关联担保事项 变更部分关联担保方的公告 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。 一、关联担保调整情况概述 证券代码：300755 证券简称：华致酒行 公告编号：2024-037 华致酒行连锁管理股份有限公司 1．华致酒行连锁管理股份有限公司（以下简称"公司"或"华致酒行"）于 2024 年 4 月 18 日召开第五届董事会第十六次会议和第五届监事会第十二次会议，审 议通过了《关于接受关联担保的议案》。为满足公司日常经营和业务发展资金需 要，公司拟向中国建设银行股份有限公司长沙左家塘支行申请总敞口额度不超过 人民币 40,000 万元的综合授信，期限为 12 个月；公司拟向长沙银行股份有限公 司南城支行申请总敞口额度不超过人民币 30,000 万元的综合授信，期限为 12 个 月。以上具体内容详见公司于 2024 年 4 月 20 日在中国证券监督管理委员会指定 的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn）披露的《关于接受关联 担保的公告》（公告编号：2024-017）。 2024 年 8 月 27 ...

证券代码：300755 证券简称：华致酒行 公告编号：2024-036 华致酒行连锁管理股份有限公司 关联监事贺明已回避表决。 第五届监事会第十六次会议决议公告 本公司及监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。 华致酒行连锁管理股份有限公司（以下简称"公司"）第五届监事会第十六次会 议（以下简称"会议"）通知于 2024 年 8 月 23 日以电子邮件的方式发出，并于 2024 年 8 月 27 日以通讯表决的方式召开。会议应出席监事 3 名，实际出席监事 3 名。 会议召集、召开程序符合《中华人民共和国公司法》等相关法律、法规、规范性 文件及《华致酒行连锁管理股份有限公司章程》的有关规定。本次会议由监事会 主席皮文湘先生召集并主持，会议审议并通过了《关于公司向银行申请综合授信 暨接受关联担保事项变更部分关联担保方的议案》。 经审议，公司监事会认为：本次公司向银行申请综合授信变更部分关联担保 方的审议程序，符合《深圳证券交易所创业板股票上市规则》（2024 年修订）等 有关规定以及《华致酒行连锁管理股份有限公司章程》的有关要求，不存在损害 公司及中小股东利益的情 ...

公司报告 | 半年报点评 24H1 名酒动销良好支撑收入，精品酒淡季略有承压 事件：公司发布 24 年中报，24Q2 公司实现营收 18.10 亿元（同比-14.77%）； 归母净利润 0.25 亿元（同比-49.10%）；扣非归母净利润 0.10 亿元（同比 -77.15%）。 上半年名酒奠定收入基本盘，门店升级拓展稳步推进。24H1 公司白酒/其 他业务营收分别为 55.85/3.58 亿元，同比+2.88%/-18.30%，白酒业务奠定 增长基本盘。分产品看，预计上半年名酒表现相对更好，名酒销售占比预 计同比略有提升。24H1 公司继续聚焦华致酒行 3.0 门店升级迭代，开创 "名酒+高档餐饮+文娱生态"新模式，打造创新高端体验空间，预计门店 的开发及拓展均按目标稳步推进。 名酒毛利下降&精品酒加大市场投入导致毛利率阶段承压，人员优化持续 推动费用率下降。24Q2 公司毛利率 10.55%（同比-2.36pcts）、销售费用率 6.89%（同比-0.74pcts）、管理费用率 2.30%（同比+0.01pcts）、归母净利率 1.40%（同比-0.94pcts）。Q2 毛利率下降主要系：①24H1 名酒 ...

证 2024 年 08 月 24 日 报 告 基本数据 2024-08-23 当前股价（元） 12.67 总市值（亿元） 53 总股本（百万股） 417 流通股本（百万股） 416 52 周价格范围（元） 12.62-23.1 日均成交额（百万元） 43.33 公 司 研 究 业绩表现承压，精品酒持续推广 —华致酒行（300755.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 市场表现 -50 -40 -30 -20 -10 0 10 (%) 华致酒行 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《华致酒行（300755）：一季度 利润超预期，精品酒持续放量》 2024-04-26 2、《华致酒行（300755）：四季度 收入超预期，利润略承压》2024- 04-20 3、《华致酒行（300755）：利润实 现稳增，精品酒贡献增长》2023- 10-25 2024 年 8 月 23 日，华致酒行发布 2024 年中报。 投资要点 ▌ ...

证券简称：华致酒行 证券代码：300755 华致酒行连锁管理股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------|----------------------------------------|----------------------------------------------| | | 特定对象调研 □ | 分析师会议 | | | □媒体采访 □ | 业绩说明会 | | 投资者关系 | | | | | □新闻发布会 □ | 路演活动 | | 活动类别 | | | | | □现场参观 | | | | 其他 | | | | | | | 参与单位名 | | | | 称及人员姓 | | | | 名 | | | | | 前海开源基金毕建强、太平洋证券李鑫鑫等 | 68 | | 时间 | 2024 年 08 月 23 日 19 | ：00-20：00 | | 地点 | 线上方式 | | | | 董事、总经理：李伟 | | | 上市公司接 | 董事、常务副总经理：杨强 | | | 待人员姓名 | 副总经理、董事会秘书：梁芳斌 | | | | 财务总监：胡亮锋 | ...

Financial Performance - Revenue for the reporting period was RMB 5.94 billion, a year-on-year increase of 1.30%[12] - Net profit attributable to shareholders of the listed company was RMB 155.07 million, a year-on-year increase of 2.77%[12] - Basic earnings per share (EPS) increased by 5.56% year-on-year to RMB 0.38[12] - Total assets decreased by 3.72% to RMB 6.98 billion compared to the end of the previous year[12] - Net cash flow from operating activities was negative RMB 60.19 million, a significant decrease of 114.28% year-on-year[12] - Weighted average return on equity (ROE) increased slightly by 0.07 percentage points to 4.13%[12] - Revenue for the first half of 2024 reached 5.943 billion yuan, a year-on-year increase of 1.3%[20] - Net profit attributable to shareholders of the listed company was 155 million yuan, a year-on-year increase of 2.77%[21] - Operating income increased by 1.30% to 5.943 billion yuan, driven by the expansion of the company's chain store distribution capabilities and a well-stocked inventory for the Spring Festival sales season[28] - Operating costs rose by 2.13% to 5.319 billion yuan, primarily due to the increase in revenue[28] - Sales expenses decreased by 12.55% to 317.6 million yuan, mainly due to reduced promotional expenses and a decrease in the number of sales staff[28] - Management expenses decreased by 10.62% to 87.08 million yuan, mainly due to a reduction in the number of management and support staff[28] - Financial expenses increased by 36.09% to 18,946,715.46 yuan due to higher interest expenses from increased loans[29] - Income tax expenses surged by 110.95% to 31,691,511.52 yuan due to higher operating profits[29] - R&D investment decreased by 15.57% to 6,860,363.87 yuan due to reduced system development expenditures[29] - Net cash flow from operating activities dropped by 114.28% to -60,191,934.18 yuan due to increased cash payments for goods[29] - Net cash flow from investing activities increased by 153.09% to 1,466,051.43 yuan due to reduced cash payments for fixed assets[29] - Net cash flow from financing activities decreased by 98.02% to -122,254,942.44 yuan due to share repurchases[29] - Cash and cash equivalents decreased by 150.67% to -180,947,009.34 yuan due to increased cash outflows for goods and share repurchases[29] - Revenue from liquor sales increased by 2.88% to 5,585,405,590.90 yuan, while gross margin decreased by 0.71% to 9.36%[30] - Accounts receivable increased by 2.18% to 352,851,379.29 yuan due to higher unsettled receivables from large KA stores and e-commerce platforms[32] - Inventory decreased by 3.96% to 2,953,318,195.96 yuan as sales growth consumed products stocked during the peak season[32] - The subsidiary Huazhi Fine Wine Trading Co., Ltd. achieved a revenue of 2,241,526,611.83 yuan and a net profit of 14,052,396.91 yuan[41] - The subsidiary Tibet Zhongtang Dehe Trading Co., Ltd. achieved a revenue of 448,806,858.38 yuan and a net profit of 57,971,508.88 yuan[41] - Total revenue for the first half of 2024 reached RMB 5,943,291,090.92, a slight increase from RMB 5,866,834,887.81 in the same period of 2023[97] - Net profit attributable to the parent company's owners in the first half of 2024 was RMB 155,067,574.75, up from RMB 150,892,159.99 in the same period of 2023[98] - Total liabilities as of the end of the first half of 2024 amounted to RMB 2,867,342,418.74, compared to RMB 2,167,188,730.62 in the same period of 2023[96] - Total equity attributable to the parent company's owners was RMB 2,468,890,132.92, slightly down from RMB 2,574,395,144.71 in the same period of 2023[96] - Basic earnings per share for the first half of 2024 were RMB 0.38, up from RMB 0.36 in the same period of 2023[99] - Operating profit for the first half of 2024 was RMB 190,422,122.72, an increase from RMB 167,282,797.67 in the same period of 2023[98] - Total comprehensive income for the first half of 2024 was RMB 160,399,707.40, compared to RMB 155,372,310.14 in the same period of 2023[98] - Sales expenses for the first half of 2024 decreased to RMB 317,596,814.19 from RMB 363,193,411.37 in the same period of 2023[97] - Financial expenses for the first half of 2024 increased to RMB 18,946,715.46 from RMB 13,922,459.67 in the same period of 2023[97] - Total assets as of the end of the first half of 2024 amounted to RMB 5,336,232,551.66, up from RMB 4,741,583,875.33 in the same period of 2023[96] - Revenue for the first half of 2024 decreased to 1,822,091,032.90 yuan from 2,629,995,984.31 yuan in the same period of 2023, a decline of approximately 30.7%[101] - Net profit for the first half of 2024 increased significantly to 91,827,768.25 yuan from 19,211,533.68 yuan in the same period of 2023, a growth of approximately 378%[101] - Operating cash flow for the first half of 2024 was negative at -60,191,934.18 yuan, compared to a positive 421,650,977.83 yuan in the same period of 2023[103] - Investment cash flow for the first half of 2024 was positive at 1,466,051.43 yuan, compared to a negative -2,761,295.47 yuan in the same period of 2023[104] - Financing cash flow for the first half of 2024 was negative at -122,254,942.44 yuan, compared to -61,739,928.21 yuan in the same period of 2023[104] - Total cash and cash equivalents at the end of the first half of 2024 decreased to 742,090,037.36 yuan from 1,107,962,366.45 yuan at the end of the same period in 2023[104] - Sales revenue from goods and services for the first half of 2024 was 6,137,676,415.29 yuan, slightly higher than 5,952,285,635.11 yuan in the same period of 2023[103] - Cash received from other operating activities for the first half of 2024 increased to 90,351,209.30 yuan from 66,236,008.06 yuan in the same period of 2023[103] - Cash paid for goods and services for the first half of 2024 increased to 4,897,611,703.09 yuan from 4,450,491,448.28 yuan in the same period of 2023[103] - Cash paid to employees for the first half of 2024 decreased to 226,765,527.72 yuan from 245,416,919.29 yuan in the same period of 2023[103] - Sales revenue from goods and services received in cash for the first half of 2024 was 2,314,492,525.71 yuan, a decrease from 2,933,247,227.10 yuan in the same period of 2023[105] - Total cash inflow from operating activities for the first half of 2024 was 2,395,825,077.65 yuan, down from 2,998,913,650.14 yuan in the first half of 2023[105] - Net cash flow from operating activities for the first half of 2024 was -101,432,384.94 yuan, compared to 118,202,846.46 yuan in the same period of 2023[105] - Net cash flow from investing activities for the first half of 2024 was 21,538,514.82 yuan, an improvement from -19,287,774.84 yuan in the first half of 2023[105] - Net cash flow from financing activities for the first half of 2024 was -261,813,348.05 yuan, compared to -113,769,288.23 yuan in the same period of 2023[106] - Total cash and cash equivalents at the end of the first half of 2024 were 118,429,949.81 yuan, a significant decrease from 300,752,536.07 yuan at the end of the first half of 2023[106] - The company's total owner's equity at the end of the first half of 2024 was 3,854,509,843.84 yuan, slightly down from 3,902,305,204.66 yuan at the beginning of the period[107] - Comprehensive income for the first half of 2024 was 154,711,993.20 yuan, contributing to the owner's equity[107] - The company distributed dividends and profits totaling 47,293,234.64 yuan to shareholders during the first half of 2024[108] - The company's capital reserve increased by 150,039,545.40 yuan during the first half of 2024[109] - The company's total owner's equity at the beginning of the period was 3,718,405,611.33 yuan[110] - The comprehensive income for the period was 149,518,671.04 yuan, with a decrease of 1,373,488.95 yuan in other comprehensive income[110] - The company allocated 73,356,518.40 yuan for profit distribution to owners (or shareholders)[111] - The total owner's equity at the end of the period was 3,805,321,403.07 yuan[111] - The parent company's owner's equity at the beginning of the period was 2,574,395,144.71 yuan[112] - The parent company's comprehensive income for the period was 91,827,768.25 yuan[112] - The parent company allocated 47,293,234.64 yuan for profit distribution to owners (or shareholders)[113] - The parent company's owner's equity at the end of the period was 2,468,890,132.92 yuan[113] - Total owner's equity at the beginning of the period was RMB 2,568,430,841.91[114] - Comprehensive income for the period was RMB 19,211,533.68[114] - Profit distribution to owners (or shareholders) amounted to RMB -73,356,518.40[114] - Total owner's equity at the end of the period was RMB 2,514,285,857.19[115] Business Operations and Strategy - The company's core business focuses on the marketing and service of premium alcoholic beverages, including domestic and imported wines and spirits, leveraging a nationwide distribution network and strong partnerships with upstream producers[16] - The company has established a comprehensive information-based supply chain management system covering procurement, logistics, and sales to ensure product authenticity and service quality[16] - The company upgraded its 3.0 stores, focusing on creating a new model of "famous liquor + high-end dining + cultural entertainment" to enhance the high-end experience[22] - The company held 2,134 "Golden Stamen Campaign" tasting events nationwide, combining high-end sports with premium wines to target high-net-worth individuals[23] - The company's brand value increased to 32.067 billion yuan, and it received multiple authoritative certifications, including "National Quality Integrity Advanced Enterprise"[24] - The company organized 237 employee training sessions, covering approximately 20,000 participants, focusing on corporate culture, brand strategy, and sales policies[26] - The company established new subsidiaries including Tibet Huazhi Logistics Co., Ltd., Guangxi Xindu Mingyue Wine Co., Ltd., and Tibet Jiuchuang Youpin Wine Supply Chain Management Co., Ltd., with no significant impact on overall operations[42] - The company faces intensified market competition due to the rise of e-commerce and diversified retail terminals, prompting adjustments in sales systems and marketing strategies[44] - The company is exposed to price fluctuation risks in the wine market, with prices showing seasonal trends and adjustments in ex-factory prices lagging behind market prices[45] - The company actively combats counterfeit and inferior wine products through source control, IT management, and consumer supervision to ensure product authenticity[46] - The company held a teleconference with institutional investors on April 19, 2024, discussing 2023 performance and 2024 plans, including new product launches and core competitiveness[47] - The company conducted an online performance briefing on April 22, 2024, addressing topics such as product authenticity, premium wine brands, and chain store management[48] - The company held an on-site research meeting with institutional investors on May 13, 2024, discussing industry trends, 2023 performance, revenue growth, and future product structure[48] - The 2023 Annual General Meeting was held on May 13, 2024, with a 74.17% investor participation rate, and the meeting resolutions were disclosed on May 14, 2024[50] - The company completed a share repurchase of 9,098,096 shares, accounting for 2.183% of the total shares, with a total repurchase amount of RMB 149,999,338.01 (excluding transaction fees) between January 15, 2024, and April 3, 2024[55] - The company proposed a special dividend of RMB 3.92 per 10 shares, with a total cash dividend of RMB 159,818,519.17 (tax included), based on the total shares excluding repurchased shares (407,700,304 shares)[55] - The company disclosed its first ESG (Environmental, Social, and Governance) report for 2023, emphasizing environmental protection, energy conservation, and low-carbon development[58] - The company strictly complies with environmental laws and regulations, with no environmental pollution incidents or violations reported during the period[52] - The company maintains effective communication channels with investors through websites, phone calls, and emails, ensuring transparency and fairness in information disclosure[54] - The company adheres to labor laws and provides employees with statutory benefits, including social insurance and housing funds, in accordance with national regulations[56] - The company focuses on building long-term, stable relationships with suppliers and customers, emphasizing mutual respect and protection of their rights[57] - No significant litigation, arbitration, or penalties were reported during the period, indicating a stable legal and operational environment[59][60] - The company did not engage in any significant related-party transactions, asset acquisitions, or joint investments during the reporting period[60] - The company’s semi-annual financial report was not audited, and no non-standard audit reports were issued[59] - The company's actual controller, Chairman Wu Xiangdong, and his spouse Tang Li, along with related parties, provided a total of RMB 2.75 billion in joint liability guarantees for the company and its subsidiaries' bank credit applications[61] - The company's related party, Huaze Group, provided a joint liability guarantee of RMB 1.55 billion for the company's bank credit applications[61] - The company's subsidiary, Jiangsu Zhongtang Dehe Economic and Trade Co., Ltd., received a guarantee of RMB 90 million, with RMB 29.6646 million actually used[66] - The company's subsidiary, Jiangsu Zhongtang Dehe Economic and Trade Co., Ltd., received a guarantee of RMB 100 million, with RMB 48.8376 million actually used[66] - The company's subsidiary, Jiangsu Zhongtang Dehe Economic and Trade Co., Ltd., received a guarantee of RMB 100 million, with RMB 4.0698 million actually used[66] - The company's subsidiary, Jiangsu Zhongtang Dehe Economic and Trade Co., Ltd., received a guarantee of RMB 100 million, with RMB 47.21 million actually used[66] - The company's subsidiary, Jiangsu Zhongtang Dehe Economic and Trade Co., Ltd., received a guarantee of RMB 100 million, with RMB 11.9114 million actually used[66] - The company's subsidiary, Jiangsu Zhongtang Dehe Economic and Trade Co., Ltd., received a guarantee of RMB 100 million, with RMB 8.2202 million actually used[66] - The company's subsidiary, Jiangsu Zhongtang Dehe Economic and Trade Co., Ltd., received a guarantee of RMB 130 million, with RMB 61.047 million actually used[66] - The company's subsidiary, Jiangsu Zhongtang Dehe Economic and Trade Co., Ltd., received a guarantee of RMB 140 million, with RMB 38.08 million actually used[66] - Huazhi Liquor Chain Management Co., Ltd. provided joint liability guarantees totaling 1,000 on May 9, 2024[67] - Huazhi Fine Liquor Trading Co., Ltd. issued joint liability guarantees amounting to 2,730 on May 11, 2024[67] - Sichuan Tengda Sifang Trading Co., Ltd. received joint liability guarantees worth 7,294.24 on December 23, 2023[67] - Beijing Jingdu Mingyue Trading Co., Ltd. was granted joint liability guarantees of 167.44 on December 25, 2023[67] - Hunan Jinzhi Liquor Co., Ltd. secured joint liability guarantees totaling 6,960.52 on December 25, 2023[67] - Fuzhou Huijinye Trading Co., Ltd. received joint liability guarantees of 4,534.92 on December 25, 2023[68] - Jiangxi Jiuchuang Trading Co., Ltd. was provided with joint liability guarantees worth 3,309.33 on December 27, 2023[68] - Xi'an Juzunyuan Liquor Co., Ltd

证券代码：300755 证券简称：华致酒行 公告编号：2024-030 华致酒行连锁管理股份有限公司 第五届董事会第十九次会议决议公告 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。 华致酒行连锁管理股份有限公司（以下简称"公司"）第五届董事会第十九次 会议（以下简称"会议"）通知于 2024 年 8 月 12 日以电子邮件的方式向全体董事 发出，并于 2024 年 8 月 22 日以通讯表决的方式召开。会议由公司董事长吴向东 先生主持，应参与表决的董事 9 名，实际参与表决的董事 9 名。公司监事及高级 管理人员列席了会议。会议的召集和召开符合《中华人民共和国公司法》《中华 人民共和国证券法》等有关法律、法规和《华致酒行连锁管理股份有限公司章程》 的规定，所作决议合法有效。本次董事会表决通过了以下议案： 一、审议并通过《2024 年半年度报告》及摘要 经审议，董事会认为：公司编制《2024 年半年度报告》及摘要的程序符合法 律、行政法规和中国证监会的规定，报告的内容真实、准确、完整地反映了公司 的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本议案 ...

| 非经营性资 | | 占用方与上市 | 上市公司核算 | 2024 年期 | 2024 年半年度占 | 2024 | 年半年度占用 | 2024 年半年度偿 | 2024 年上半 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金占用方名称 | 公司 | | 初占用资 | 用累计发生金额 | | 资金的利息（如 | | 年期末占用 | 占用形成原因 | 占用性质 | | 金占用 | | 的关联关系 | 的会计科目 | 金余额 | （不含利息） | | 有） | 还累计发生金额 | 资金余额 | | | | 控股股东、 | 无 | | | | | | | | | | 非经营性占用 | | 实际控制人 | | | | | | | | | | | | | 及其附属企 | 无 | | | | | | | | | | 非经营性占用 | | 业 | | | | | | | | | | | | | 小计 | — | — | — | | | | | | | | — | | 前控股股 | 无 | | | ...

证券代码：300755 证券简称：华致酒行 公告编号：2024-031 华致酒行连锁管理股份有限公司 第五届监事会第十五次会议决议公告 华致酒行连锁管理股份有限公司监事会 2024 年 8 月 24 日 华致酒行连锁管理股份有限公司（以下简称"公司"）第五届监事会第十五次会 议（以下简称"会议"）通知于 2024 年 8 月 12 日以电子邮件的方式发出，并于 2024 年 8 月 22 日以通讯表决的方式召开。会议应出席监事 3 名，实际出席监事 3 名。 会议召集、召开程序符合《中华人民共和国公司法》等相关法律、法规、规范性 文件及《华致酒行连锁管理股份有限公司章程》的有关规定。本次会议由监事会 主席皮文湘先生召集并主持，会议审议并通过了《2024 年半年度报告》及摘要。 经审核，监事会认为：董事会编制和审核公司《2024 年半年度报告》的程序 符合法律、行政法规和中国证监会的有关规定，报告内容真实、准确、完整地反 映了公司 2024 年上半年度经营的实际情况，不存在任何虚假记载、误导性陈述或 者重大遗漏。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 本公司及监事会全体成员保证信息披 ...