Hengshun Vinegar(SH:600305) Di Yi Cai Jing·2025-04-22 12:51Core Viewpoint - Hengshun Vinegar Industry (600305.SH) reported a revenue of 2.196 billion yuan for 2024, representing a year-on-year growth of 4.25%, while net profit reached 127 million yuan, up 46.54% from the previous year [1] Financial Performance - The vinegar series generated 1.266 billion yuan in revenue, a decrease of 2.20% year-on-year, with a gross margin of 45.31%, an increase of 2.21 percentage points [1] - The wine series achieved revenue of 329 million yuan, an increase of 0.47% year-on-year, with a gross margin of 31.10%, up 5.47 percentage points [1] - The sauce series reported revenue of 180 million yuan, down 8.07% year-on-year, with a gross margin of 10.58%, a decrease of 0.57 percentage points [1] Cost Structure - For the vinegar series, direct materials accounted for 66.93% of total costs, followed by manufacturing expenses at 16.07%, direct labor at approximately 8%, and transportation costs also around 8% [1] - In the wine series, direct materials made up 72.01% of total costs, while in the sauce series, this figure was 78.67% [2] Industry Context - The recovery of the restaurant industry in 2024 contributed to the performance growth of Hengshun Vinegar, with national retail sales of consumer goods reaching 48.79 trillion yuan, a year-on-year increase of 3.5% [3] - The demand for condiments remained stable, showing resilience against economic fluctuations, as they are essential in daily meals [3] - The condiment industry is experiencing intensified competition, with increasing product innovation in retail channels and a rise in customized demands in industrial channels [3]