Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company reported a revenue decline of 5.10% year-on-year for the first three quarters of 2024, with a net profit decrease of 27.36% [1][4]. - The company is actively promoting the upgrade of its 3.0 store model and focusing on the customized model for the Hehua brand [3][4]. - Due to underperformance in customized liquor sales and uncertainties in the liquor industry recovery, the earnings per share (EPS) forecasts for 2024, 2025, and 2026 have been reduced by 38%, 40%, and 46% respectively [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 78.32 billion yuan, a decrease of 5.10% year-on-year, and a net profit of 1.68 billion yuan, down 27.36% year-on-year [1]. - In the third quarter of 2024, the company reported a revenue of 18.89 billion yuan, a decline of 20.84% year-on-year, and a net profit of 0.13 billion yuan, down 84.17% year-on-year [1][2]. - The comprehensive gross margin for the first three quarters of 2024 was 10.02%, a decrease of 0.98 percentage points year-on-year [1][2]. Expense Ratio Summary - The expense ratio for the first three quarters of 2024 was 7.39%, down 0.84 percentage points year-on-year [2]. - In the third quarter of 2024, the expense ratio was 8.20%, a decrease of 0.38 percentage points year-on-year [2]. Strategic Initiatives - The company is pushing for the 3.0 store upgrade, creating a new model that integrates premium liquor, high-end dining, and entertainment [3]. - The company is focusing on the Hehua brand, hosting events to promote high-end customization [3].

证券代码：300755 证券简称：华致酒行 公告编号：2024-049 华致酒行连锁管理股份有限公司 2024 年第二次临时股东大会决议公告 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。 （一）会议召开情况： 1、现场会议开始时间：2024 年 10 月 30 日（星期三）下午 14:30。 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 10 月 30 日 9:15—9:25，9:30—11:30 和 13:00—15:00；通过深圳证券交 易所互联网投票系统投票的时间为 2024 年 10 月 30 日 9:15—15:00。 3、现场会议召开地点：北京市东城区白桥大街 15 号嘉禾国信大厦 CD 座 5 层北会议室。 4、会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召 开。 5、会议召集人：公司第五届董事会。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 6、会议主持人：公司副董事长彭宇清先生。 1 7、本次股东大会的召集 ...

会杜律师事务所 KING&WODD MALIFSONS 北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编100020 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu, Chaoyang District Beijing 100020, P. R. China T +86 10 5878 5588 F +86 10 5878 5566 www.kwm.com 北京市金杜律师事务所 关于华致酒行连锁管理股份有限公司 2024 年第二次临时股东大会之法律意见书 致:华致酒行连锁管理股份有限公司 北京市金杜律师事务所(以下简称本所)接受华致酒行连锁管理股份有限公司 (以下简称公司）的委托,根据《中华人民共和国证券法》(以下简称《证券法》)、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东大会规则（2022年修订 )》（以下简称《股东大会规则》）等中华人民共 和国境内（以下简称中国境内，为本法律意见书之目的,不包括中国香港特别行政 区、中国澳门特别行政区和中国台湾地区）现行有效 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a total revenue of 78.32 billion yuan for the first three quarters of 2024, a decrease of 5.10% year-on-year, with a net profit attributable to shareholders of 1.68 billion yuan, down 27.36% [3][4]. - The company is focusing on upgrading its store format to enhance single-store sales and is expected to benefit from stable partnerships with famous liquor manufacturers [5]. - The company is developing customized premium liquor products, which are anticipated to improve profit margins due to their higher gross profit rates compared to regular liquor [5]. Summary by Sections Financial Performance - In Q3 2024, the company achieved total revenue of 18.89 billion yuan, a decline of 20.84% year-on-year, with a net profit of 0.13 billion yuan, down 84.17% [3][4]. - The gross profit margin for the first three quarters of 2024 was 10.02%, a decrease of 0.98 percentage points year-on-year, while the net profit margin was 2.14%, down 0.66 percentage points [4]. - The company experienced a negative operating cash flow of 3.93 billion yuan for the first three quarters of 2024, compared to a positive cash flow of 3.89 billion yuan in the same period last year [4]. Strategic Initiatives - The company is upgrading its store format to "Hua Zhi Wine Store" to create a new wine experience and enhance sales [5]. - The company has established strong relationships with famous liquor manufacturers, which is expected to help it gain market share despite industry challenges [5]. - The focus on premium liquor products is part of a broader strategy to enhance profitability through high-margin offerings [5]. Earnings Forecast - The company is projected to achieve net profits of 1.81 billion yuan, 2.29 billion yuan, and 2.86 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 23.15%, 26.47%, and 25.28% [5][6].

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 ...