Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company is a leading distributor in the domestic liquor circulation sector, with stable upstream partnerships and strong channel, brand, and operational capabilities. It is gradually expanding its premium liquor business. The report expresses optimism about the scarcity of high-end leaders and the growth potential in the sub-high-end segment as the liquor market continues to consolidate [1][2]. - The company reported a revenue of 7.832 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.10%, and a net profit attributable to shareholders of 168 million yuan, down 27.36% year-on-year. In Q3 2024 alone, revenue was 1.889 billion yuan, a decline of 20.84%, with a net profit of 13 million yuan, down 84.17% year-on-year [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 7.832 billion yuan, down 5.10% year-on-year, and a net profit of 168 million yuan, down 27.36% year-on-year. The Q3 2024 revenue was 1.889 billion yuan, a decrease of 20.84%, with a net profit of 13 million yuan, down 84.17% year-on-year [1][2]. - The gross profit margin in Q3 2024 was 8.50%, a decrease of 1.93 percentage points year-on-year, attributed to pressure on the liquor price system [1]. - The company’s operating expenses showed slight optimization, with total expense ratio decreasing by 0.38 percentage points year-on-year to 8.20% in Q3 2024 [1]. Business Development - The company is expanding its 3.0 store layout, with new high-end stores opening in provinces such as Hubei, Shaanxi, Shanxi, and Guangdong. This is part of a strategy to upgrade and iterate high-end stores [1]. - The company has launched new products in collaboration with renowned liquor manufacturers, including a strategic partnership with Yangshao Liquor Industry to introduce the Yangshao Color Pot Series [1]. Future Projections - The report forecasts the company’s revenue for 2024, 2025, and 2026 to be 9.590 billion yuan, 10.224 billion yuan, and 11.951 billion yuan, respectively. The net profit for the same years is projected to be 177 million yuan, 273 million yuan, and 368 million yuan, respectively [2][3]. - The report indicates that the current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 43.3, 28.1, and 20.8 times, respectively [2].

证券代码：300755 证券简称：华致酒行 公告编号：2024-048 华致酒行连锁管理股份有限公司 关于完成工商变更并取得新营业执照的公告 | 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。 | 华致酒行连锁管理股份有限公司（以下简称"公司"）于 2024 年 10 月 14 日召开第五届董事会第二十一次会议，审议通过了《关于增补非独立董事的议案》 《关于聘任公司总经理暨变更法定代表人的议案》。具体内容详见公司于 2024 年 10 月 15 日在指定信息披露媒体巨潮资讯网（www.cninfo.com.cn）披露的《关 于非独立董事、总经理辞职暨增补非独立董事、聘任总经理、调整专门委员会委 员并变更法定代表人的公告》（公告编号：2024-041）。 根据《公司章程》第八条规定：总经理为公司的法定代表人。近日，公司完 成了法定代表人的工商变更登记手续，并取得换发后的《营业执照》，变更后的 具体登记信息如下： 1. 名称：华致酒行连锁管理股份有限公司 2. 统一社会信用代码：915300007755009087 6. 注册资本：肆亿壹仟 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company is experiencing a phase of performance pressure due to product structure adjustments, with a notable decline in profitability and revenue [2][3] - The overall revenue for the first three quarters of 2024 is reported at 7.832 billion, a decrease of 5.10% year-on-year, while the net profit attributable to shareholders is 168 million, down 27.36% year-on-year [2] - The report highlights that the decline in gross margin is attributed to changes in product structure and a reduction in government subsidies affecting non-recurring gains [2][3] Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue is 7.832 billion (down 5.10% YoY), with a net profit of 168 million (down 27.36% YoY) and a non-recurring net profit of 149 million (down 15.24% YoY) [2] - In Q3 2024, total revenue is 1.889 billion (down 20.84% YoY), with a net profit of 13 million (down 84.17% YoY) and a non-recurring net profit of 12 million (down 64.64% YoY) [2] - The gross margin for Q1-Q3 2024 is 10.02%, down 0.98 percentage points YoY, while for Q3 it is 8.50%, down 1.93 percentage points YoY [2] Product Performance - The report indicates stable performance in standard products, with notable sales in Wuliangye and Moutai, while the overall demand for premium products is slightly weak [3] - The company is increasing promotional efforts to boost sales of customized products, which has impacted gross margins [3] Profit Forecast - The short-term growth focus is on increasing the proportion of premium products and leveraging scale effects for profitability improvement [4] - The EPS forecast for 2024-2026 has been adjusted to 0.44, 0.66, and 0.89 respectively, with corresponding PE ratios of 42, 28, and 21 times [4]

财联社10月28日讯（记者 朱万平） 在市场情况不佳背景下，A股酒类流通商华致酒行（300755.SZ）今 年前三季度营收和净利润双降，其中，Q3净利润同比下降84.17%，仅盈利约1267万元。 今日晚间，华致酒行发布公告，今年前三季度，公司实现营业收入78.32亿元，同比下降5.1%；归属于 上市公司股东的净利润1.68亿元，同比下降27.36%。公司前三季度经营性现金流量净额为-3.93亿元，同 比减少200.96%，公司称主要系购买商品支付的现金增加所致。 分季度来看，今年Q3华致酒行实现营收18.89亿元，同比下降20.84%，归母净利润约1267万元，同比下 降84.17%。从公司业绩可以看得出，"目前白酒市场大行情不好。"一位华致酒行人士今日对财联社记者 称。 华致酒行主要经销茅台、五粮液等名酒，公司也把"酒水保真"作为其核心竞争力，茅台和五粮液产品一 度为公司贡献了70%以上的收入。然而，近两年白酒行业进入深度调整期，叠加电商平台大搞"百亿补 贴"，近期，部分白酒价格创下新低，甚至低于"618"活动期间的价格，比如拼多多平台上的飞天茅台售 价约2060元/瓶。而名酒价格下跌极大的压缩了作为渠道 ...

证券代码：300755 证券简称：华致酒行 公告编号：2024-046 华致酒行连锁管理股份有限公司 关于调整公司接受关联担保额度的公告 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、关联担保额度调整情况概述 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》。其中，为满足公司日常经营和业务发展 资金需要，公司拟向宁波银行股份有限公司北京分行申请总敞口额度不超过人民 币 20,000 万元的综合授信，期限为 12 个月，公司关联方华泽集团有限公司（以 下简称"华泽集团"）为本次向银行申请综合授信提供连带责任保证担保。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 10 月 28 日，公司召开第五届董事会第二十二次会议和第五届监事 ...

一、调整部分担保额度情况 公司于 2024 年 8 月 22 日召开第五届董事会第十九次会议，会议审议通过了 《关于为子公司申请综合授信提供担保的议案》。其中，因经营发展需要，公司 全资子公司北京华致陈香电子商务有限公司（以下简称"华致陈香"）拟向银行 申请总敞口额度不超过人民币 5,000 万元的综合授信（具体金额以银行实际审批 为准），期限为 12 个月。以上具体内容详见公司于 2024 年 8 月 24 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《关于为子公司申请综合授信提供担保的公告》（公告编号：2024-034）。 为了满足公司及子公司日常经营和业务发展资金需要，公司拟将上述为子公 司申请综合授信提供担保额度调整为不超过人民币 10,000 万元。具体情况如下： | 担保方 | 被担保方 | 授信金融机构 | 原审议担保额度 | 拟调整担保额 | | | --- | --- | --- | --- | --- | --- | | | | | （万元） | 度（万元） | | | 公司 | 华致陈香 | 杭州银行股份有限 | 5,000 ...

华致酒行连锁管理股份有限公司 第五届监事会第十七次会议决议公告 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"）第五届监事会第十七次 会议（以下简称"会议"）通知于 2024 年 10 月 23 日以电子邮件的方式发出，并 于 2024 年 10 月 28 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，本次监事会表决通过了以下议案： 证券代码：300755 证券简称：华致酒行 公告编号：2024-044 一、审议并通过《2024 年第三季度报告》 经审核，监事会认为：董事会编制和审核公司《2024 年第三季度报告》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 年第三季度经营的实际情况，不存在任何虚假记载、误导性 陈述或者重大遗漏。 具体内容详见公司同日在指定信息披露媒 ...

证券代码：300755 证券简称：华致酒行 公告编号：2024-043 华致酒行连锁管理股份有限公司 经审议，董事会认为公司编制《2024 年第三季度报告》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。 第五届董事会第二十二次会议决议公告 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。 本议案已经公司第五届董事会审计委员会第十五次会议审议通过。 华致酒行连锁管理股份有限公司（以下简称"公司"）第五届董事会第二十 二次会议（以下简称"会议"）通知于 2024 年 10 月 23 日以电子邮件的方式向全 体董事发出，并于 2024 年 10 月 28 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，应出席董事 8 名，实际出席董事 8 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、 ...

Financial Performance - The company's revenue for Q3 2024 was ¥1,888,606,603.53, representing a decrease of 20.84% compared to the same period last year[2] - Net profit attributable to shareholders was ¥12,667,023.12, down 84.17% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥11,864,835.46, a decline of 64.64% compared to the previous year[2] - Total operating revenue for Q3 2024 was CNY 7,831,897,694.45, a decrease of 5.1% compared to CNY 8,252,686,193.60 in Q3 2023[18] - Net profit for Q3 2024 was CNY 173,050,474.42, a decline of 27.5% from CNY 238,955,024.66 in Q3 2023[19] - Total comprehensive income attributable to the parent company was CNY 173,321,471.82, a decrease from CNY 237,786,316.93 in the previous period, representing a decline of approximately 27.1%[20] - Basic earnings per share decreased to CNY 0.41 from CNY 0.55, reflecting a decline of 25.5%[20] Cash Flow and Liquidity - The net cash flow from operating activities was -¥392,861,806.85, a decrease of 200.96% year-on-year[7] - Net cash flow from operating activities was negative at CNY -392,861,806.85, compared to a positive CNY 389,111,259.94 in the previous period[21] - Cash inflow from operating activities totaled CNY 8,610,681,420.96, down from CNY 8,707,876,364.38, indicating a decrease of about 1.2%[22] - Cash outflow from operating activities increased to CNY 9,003,543,227.81 from CNY 8,318,765,104.44, an increase of approximately 8.2%[22] - Net cash flow from investing activities was CNY 802,815.18, a significant improvement from CNY -7,923,468.39 in the previous period[23] - Net cash flow from financing activities increased by 201.15% to ¥172,086,757.99, mainly due to an increase in cash obtained from borrowings[7] - The ending balance of cash and cash equivalents was CNY 703,071,507.89, down from CNY 962,040,445.27, a decrease of approximately 26.9%[23] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥6,887,897,786.24, down 5.01% from the end of the previous year[2] - The company's total assets decreased to CNY 6,887,897,786.24 from CNY 7,251,487,754.94, representing a reduction of 5% year-over-year[17] - Current liabilities totaled CNY 3,113,764,828.62, down from CNY 3,290,296,345.66, indicating a decrease of 5.4%[16] - Long-term liabilities decreased to CNY 54,519,867.78 from CNY 58,886,204.62, a decline of 7.9%[16] - The company's equity attributable to shareholders decreased to ¥3,611,200,469.46, a decline of 4.98% compared to the end of last year[2] - The total equity attributable to shareholders decreased to CNY 3,611,200,469.46 from CNY 3,800,346,172.66, reflecting a decline of 5%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 24,591[9] - The top shareholder, Yunnan Rongrui High-tech Investment Management Co., Ltd., holds 47.80% with 199,237,500 shares[9] - The company repurchased 9,098,096 shares, representing 2.18% of the total share capital[10] - The total number of preferred shareholders is 0, indicating no preferred shares outstanding[11] Operational Metrics - Total operating costs for Q3 2024 were CNY 7,649,716,256.02, down from CNY 8,047,785,307.92 in the same period last year, reflecting a reduction of 4.9%[18] - The company reported a decrease in sales expenses to CNY 422,234,755.43 from CNY 518,188,529.21, a reduction of 18.5%[18] - Research and development expenses for Q3 2024 were CNY 34,547,264.81, compared to CNY 20,567,689.84 in Q3 2023, indicating an increase of 68%[19] Other Income and Expenses - Other income decreased by 64.78% to ¥18,685,652.72, primarily due to a reduction in government subsidies received[6] - The company has not disclosed any new product or technology developments in the current report[10] - The company reported a cash outflow of CNY 1,312,696,108.96 related to other operating activities, an increase from CNY 1,167,398,846.73, indicating a rise of approximately 12.4%[22] - The company's cash and cash equivalents decreased from RMB 1,093,186,563.55 to RMB 875,026,846.58, a decline of about 20%[14] - The accounts receivable decreased from RMB 207,976,755.17 to RMB 190,471,111.61, a reduction of approximately 8.5%[14]

证券代码：300755 证券简称：华致酒行 公告编号：2024-041 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、关于公司非独立董事、总经理辞职的情况 华致酒行连锁管理股份有限公司（以下简称"公司"）董事会于 2024 年 10 月 14 日收到非独立董事、总经理李伟先生的辞职信。李伟先生因工作安排原因申 请辞去公司第五届董事会非独立董事、总经理（法定代表人）及战略委员会委员 职务，辞职后李伟先生将不再在公司及公司控股子公司担任任何职务。 根据《中华人民共和国公司法》和《华致酒行连锁管理股份有限公司章程》 （以下简称《公司章程》）等相关规定，李伟先生的辞职信自送达公司董事会之 日起生效。李伟先生的辞职未导致公司董事会成员人数低于法定最低人数，不会 影响公司董事会的正常运作，亦不会对公司正常生产经营产生影响。 李伟先生的非独立董事、总经理等职务的原定任期至公司第五届董事会届满 之日止（2025 年 4 月 19 日）。截至本公告披露日，李伟先生直接持有公司股份 120,000 股，占公司总股本的 0.03%，其配偶及其他直系亲属未直接或间接持有 公司股 ...