Core Insights - After two consecutive years of decline, Niulanshan has finally returned to growth, with revenue exceeding 7 billion yuan in 2024 [1][2] - The recovery is attributed to a focus on key markets and core products, particularly in the Pearl River Delta and Xinjiang regions, which saw sales growth of 50% and 23% respectively [2] - Despite revenue growth, the gross profit margins for all categories of liquor have declined, indicating a reliance on low-end liquor sales for revenue increase [3] Revenue and Sales Performance - In 2024, the white liquor business achieved revenue of 7.041 billion yuan, with sales volume of 369,400 kiloliters and production of 378,800 kiloliters, all showing growth [1] - The classic Erguotou and traditional Erguotou series saw significant sales increases, with classic Erguotou up 32% and traditional Erguotou up 37% year-on-year [2] Profitability and Cost Structure - The gross profit margins for high, medium, and low-end liquor have decreased by 4.35, 4.19, and 5.33 percentage points respectively, due to rising costs across all categories [3] - The cost of finished liquor procurement reached nearly 2 billion yuan, with a year-on-year increase of 25%, becoming the largest cost item for the white liquor business [3] Strategic Initiatives - Niulanshan has proposed a "dual-wheel drive" strategy centered on the White Bull II and Gold Label products to adapt to new national standards [3] - However, sales of these core products have continued to decline, with White Bull II sales down 2.95% year-on-year and Gold Label sales down 19.8% [4][6] Future Outlook - There is uncertainty about whether Niulanshan can maintain annual revenue of 7 billion yuan in 2025, as the first quarter of 2024 showed a revenue decline of 19.7% [8] - The company's inventory decreased by 36.5% compared to the beginning of the year, indicating reduced sales and inventory levels [8]

Core Viewpoint - The company reported a revenue decline in 2024 but achieved a significant turnaround in net profit compared to the previous year, indicating a potential recovery trajectory in its core businesses [1][2]. Financial Performance - In 2024, the company achieved a revenue of 9.126 billion, a year-on-year decrease of 13.8%, and a net profit of 231 million, compared to a loss of 296 million in the previous year [1]. - The company reported a net profit of 282 million in Q1 2025, a year-on-year decrease of 37.34% [1]. Business Segment Analysis - **Baijiu (White Liquor) Business**: - In 2024, the Baijiu segment generated revenue of 7.041 billion, a year-on-year increase of 3.2%, with sales volume and price per ton increasing by 0.8% and 2.4% respectively [2]. - The high-end and mid-range Baijiu products saw slight revenue declines, while low-end products increased by 5.1% [2]. - The classic Erguotou series saw sales growth of 32%, and traditional Erguotou series products increased by 37% [2]. - **Pork Business**: - The pork segment reported revenue of 1.891 billion, a year-on-year decrease of 27.2%, with slaughtering business revenue at 1.689 billion, an increase of 3.2% [2]. - The company focused on product structure improvement and cost reduction, leading to a significant reduction in losses [2]. Regional Performance - Revenue from the Beijing region decreased by 35.8% to 2.777 billion, while revenue from outside Beijing increased by 1.2% to 6.349 billion [3]. - The company has seen success in expanding its market presence in regions like the Pearl River Delta and Xinjiang, with sales growth of 50% and 23% respectively [3]. Profitability and Cost Management - The company achieved a gross margin of 36.03% in 2024, an increase of 4.2 percentage points year-on-year, with Baijiu and slaughtering business margins at 44.99% and 2.42% respectively [4]. - The company’s net profit margin for 2024 was 2.53%, an increase of 5.3 percentage points year-on-year [4]. Strategic Focus - The company aims to stabilize its core businesses in Baijiu and pork after divesting its real estate operations, focusing on market cultivation and product structure adjustments [5]. - The company plans to enhance its high-end product promotion and optimize its pork business model to improve profitability [5]. Future Outlook - Revenue projections for 2025 and 2026 are 8.502 billion and 8.860 billion respectively, with expected year-on-year changes of -6.8% and +4.2% [5]. - Net profit forecasts for the same period are 201 million and 269 million, with year-on-year changes of -12.9% and +33.6% [5].

Core Viewpoint - Shunxin Agriculture reported a revenue decline of 13.85% in 2024, despite turning a profit with a net income of 231 million yuan, indicating a struggle with "profit without revenue growth" after shedding its real estate business [1][2][3]. Revenue Performance - The company's total revenue for 2024 was approximately 9.126 billion yuan, down from 10.593 billion yuan in 2023, marking a continuous decline over four years [2][3][4]. - Revenue has decreased nearly 40% from 14.869 billion yuan in 2021 to under 10 billion yuan in 2024 [3][4]. Business Segments - The white liquor segment generated about 7.041 billion yuan in 2024, a 3.19% increase year-on-year, contributing nearly 80% of total revenue [5][9]. - The pork business, however, saw a significant revenue drop of 27.21%, with earnings of approximately 1.891 billion yuan in 2024 [5][15]. Profit Margins - The overall gross margin for the white liquor business was 44.99%, down 5.23 percentage points from the previous year, with declines across all product categories [12][11]. - The pork business reported a gross margin of only 2.42%, continuing a trend of declining profitability since 2021 [15][16]. Quarterly Performance - Shunxin Agriculture has consistently reported losses in the second, third, and fourth quarters from 2022 to 2024, with the first quarter being the only profitable period [8]. - In the first quarter of 2025, both revenue and net profit showed a year-on-year decline, raising concerns about the company's ability to meet annual performance targets [8]. Market Dynamics - The white liquor market is experiencing intensified competition, particularly in the low-end segment, which has seen rapid growth in recent years [10][11]. - Despite having established brands like "Niulanshan," the company has struggled to capitalize on market trends, leading to a decline in gross margins across all liquor categories [11][12].

| 301053 | 远信工 | 0.5900 | 4835.74 | 164.10 | 61638.28 | 26.31 | | --- | --- | --- | --- | --- | --- | --- | | | 业 | | | | | | | 301116 | 益客食 | 0.2200 | 10016.94 | 158.59 | 2083727.00 | -4.80 | | | 品 | | | | | | | 300473 | 德尔股 | 0.2200 | 3242.75 | 151.73 | 451348.48 | 4.98 | | | 份 | | | | | | | 300135 | 宝利国 | 0.0240 | 2230.22 | 149.91 | 196947.19 | -8.23 | | | 际 | | | | | | | 688076 | 诺泰生 | 1.8800 | 40439.00 | 148.19 | 162480.19 | 57.21 | | | 物 | | | | | | | 688118 | 普元信 | 0.0710 | 654.66 | 141.79 | 41983.35 ...

Core Points - The company reported a revenue of 7.041 billion yuan from its liquor business in the first quarter of 2025, representing a year-on-year increase of 3.19% [15] - The company’s pork business generated revenue of 1.891 billion yuan, a decrease of 27.21% compared to the previous year [21] - The company plans to distribute a cash dividend of 1.50 yuan per share based on the total share capital of 741,766,989 shares as of December 31, 2024 [42][43] Financial Data - As of March 31, 2025, accounts receivable increased by 120.65 million yuan, a growth of 52.69% due to increased support for distributors [6] - Inventory decreased by 836.31 million yuan, a decline of 36.48%, primarily due to liquor sales [7] - The net cash flow from operating activities decreased by 259.57 million yuan, a drop of 58.45%, mainly due to reduced cash received from sales [15] Business Operations - The company adjusted its marketing strategies to enhance sales, particularly in key markets such as the Pearl River Delta and Xinjiang, where sales increased by 50% and 23% respectively [17] - The company is focusing on product structure upgrades and has successfully launched new high-end products [18] - The company has implemented cost control measures in its pig farming operations to improve production efficiency and reduce costs [24] Shareholder Information - The company’s board of directors has approved the 2024 annual report and proposed a shareholder meeting to discuss the report and other matters [29][80] - The company has a total of 741,766,989 shares outstanding, with a proposed dividend distribution of 111.27 million yuan [43]

Core Viewpoint - In 2024, Shunxin Agriculture experienced a paradoxical situation of "profit increase without revenue increase," with a revenue decline of 13.85% to 9.126 billion yuan, while net profit turned positive at 231 million yuan, marking a significant turnaround from previous losses [2][3]. However, the first quarter of 2025 showed alarming declines in both revenue and net profit, raising concerns about the company's transformation challenges [2][9]. Financial Performance - The total revenue for 2024 was 9.126 billion yuan, down 13.85% from 2023, while net profit reached 231 million yuan, a 178.20% increase from a loss of 296 million yuan in 2023 [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 246 million yuan, up 143.08% from a loss of 570 million yuan in the previous year [3]. - The net cash flow from operating activities improved significantly to 112 million yuan, compared to a negative cash flow of 738 million yuan in 2023 [3]. - The company reported a basic earnings per share of 0.3116 yuan, a turnaround from a loss of 0.3985 yuan per share in 2023 [3]. Business Segment Analysis - The white liquor segment, particularly the Niulanshan brand, was the only bright spot, contributing 70.41 billion yuan in revenue, accounting for 77.15% of total revenue, with both sales and production volumes increasing [4]. - Price adjustments in February 2024 led to a 4.23 percentage point increase in gross margin to 36.03%, while the expense ratio decreased by 3.10 percentage points to 18.29% [5]. - Despite the growth, concerns exist regarding the core product "Bai Niu Er," which may be reclassified as a blended liquor under new national standards, potentially impacting brand perception [5]. Cost and Operational Challenges - The fourth quarter of 2024 revealed a significant loss of 1.51 billion yuan, a 45-fold increase from a loss of 3.31 million yuan in the same period the previous year, with gross margin declining by 8.56 percentage points to 35.11% [6]. - In Q1 2025, revenue fell by 19.69% to 3.258 billion yuan, and net profit dropped by 37.34% to 282 million yuan, indicating diminishing returns from price increases [7][9]. - Rising costs in raw materials and logistics have eroded the benefits of price hikes, despite a reduction in overall expenses [7]. Market Position and Investor Sentiment - The company’s stock performance reflects market concerns, with a price-to-earnings ratio of 32.18, significantly higher than the industry median of 20.86 [10][11]. - The number of shareholders increased to 98,200, but the average market value per share decreased by 4.38%, indicating waning investor confidence [8]. - The company faces pressure to innovate and diversify its product offerings to sustain growth, as reliance on a single product category poses risks [12].

（徐浩然） 各位股东及股东代表： 本人作为北京顺鑫农业股份有限公司（以下简称"公司"）的独立董事，严 格按照《公司法》《上市公司独立董事管理办法》《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》《公司章程》等有关要求，忠实 履行独立董事职责，出席董事会和股东大会会议，认真审议董事会及其专门委员 会各项议案，充分发挥自身专业优势，为公司经营决策和规范运作提出意见和建 议，维护了公司和全体股东的利益。现将 2024 年我所在任期内的工作情况汇报 如下： 一、独立董事的基本情况 （一）个人基本情况 北京顺鑫农业股份有限公司 2024 年度独立董事述职报告 本人徐浩然，1969 年出生，中国国籍，中共党员，无境外永久居留权，管 理学博士、经济学博士后。曾任远东控股集团有限公司董事，爱玛科技集团股份 有限公司独立董事，江苏省广播电视总台高级编辑，广东电视台主任记者，现任 江苏省品牌学会会长，中国中小企业协会副会长，永沪跨境电子商务股份有限公 司董事长，北京优实资本管理有限公司副董事长，天九共享控股集团有限公司董 事，远东控股集团有限公司监事，北京顺鑫农业股份有限公司独立董事。 （二）不存在影响 ...

2024 年度独立董事述职报告 （徐猛） 各位股东及股东代表： 本人作为北京顺鑫农业股份有限公司（以下简称"公司"）的独立董事，严 格按照《公司法》《上市公司独立董事管理办法》《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》《公司章程》等有关要求，忠实 履行独立董事职责，出席董事会和股东大会会议，认真审议董事会及其专门委员 会各项议案，充分发挥自身专业优势，为公司经营决策和规范运作提出意见和建 议，维护了公司和全体股东的利益。现将 2024 年我所在任期内的工作情况汇报 如下： 一、独立董事的基本情况 （一）个人基本情况 本人徐猛，1968 年出生，中国国籍，无境外永久居留权，研究生学历，硕 士学位。历任中国船舶工业总公司监察局、办公厅干部，北京市劳赛德律师事务 所、北京市赛德天勤律师事务所合伙人、主任、党支部书记，北京市律师协会第 八届理事。现任北京市万商天勤律师事务所合伙人，福然德股份有限公司独立董 事，紫光股份有限公司独立董事，北京顺鑫农业股份有限公司独立董事。 北京顺鑫农业股份有限公司 | | 本报告 | 现场出 | 以通讯 | 委托出 | 缺席董 | 是否连续 | 出席股 ...

一、独立董事的基本情况 （一）个人基本情况 北京顺鑫农业股份有限公司 2024 年度独立董事述职报告 （宁宇） 各位股东及股东代表： 本人于 2023 年 11 月 28 日起，担任北京顺鑫农业股份有限公司（以下简称 "公司"）的独立董事，严格按照《公司法》《上市公司独立董事管理办法》《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》《公司 章程》等有关要求，忠实履行独立董事职责，充分发挥自身专业优势，为公司经 营决策和规范运作提出意见和建议。现将 2024 年我所在任期内的工作情况汇报 如下： 本人宁宇，1971 年出生，中国国籍，无境外永久居留权，管理学硕士，具 有注册会计师证书（CPA 非执业会员）。2004 年 5 月至今，在北京信息科技大学 商学院会计系任教，现任北京华力创通科技股份有限公司独立董事，北京顺鑫农 业股份有限公司独立董事。 （二）不存在影响独立性的情况 报告期内，本人作为公司独立董事任职符合《上市公司独立董事管理办法》 等法律法规关于独立性的要求，不存在影响独立履职的情形。 二、独立董事年度履职概况 （一）出席董事会、股东大会的情况 本人 2024 年度出席董事 ...

二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3116 | -0.3985 | 178.19 | -0.9076 | | 每股净资产（元） | 9.46 | 9.14 | 3.5 | 9.54 | | 每股公积金(元) | 3.54 | 3.54 | 0 | 3.54 | | 每股未分配利润(元) | 3.77 | 3.45 | 9.28 | 3.85 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 91.26 | 105.93 | -13.85 | 116.78 | | 净利润(亿元) | 2.31 | -2.96 | 178.04 | -6.73 | | 净资产收益率(%) | 3.35 | -4.27 | 178.45 | -9.07 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 10派1.5元(含税) 前十大流通股东累计持有： ...