公司研究 证 券 研 究 报 告 恒顺醋业（600305）2025 年中报点评 推荐（维持） Q2 盈利改善，期待改革加速 目标价：8.8 元 事项： ❖ 公司发布 2025 年半年报，2025 年 H1 实现营业总收入 11.2 亿元，同增 12.0%， 归母净利润 1.1 亿元，同增 18.1%；单 Q2 实现营收 5.0 亿元，同降 8.2%，归 母净利润 0.5 亿元，同增 40.6%。 评论： ❖ 风险提示：下游需求低迷；市场竞争加剧；费用投放加大；食品安全问题等 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：严文炀 邮箱：yanwenyang@hcyjs.com 执业编号：S0360525070006 证券分析师：董广阳 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,196 | 2,286 | 2,454 | 2,615 | | 同比 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 恒顺醋业（600305.SH） 坚持做强食醋主业，持续提升盈利能力 事件：公司发布 2025 年中报，2025H1 实现营收 11.25 亿元，同比 +12.03%；实现归母净利润 1.11 亿元，同比+18.07%；实现扣非归母净 利润 1.00 亿元，同比+22.83%。其中 25Q2 实现营收 4.99 亿元，同比- 8.22%；实现归母净利润 0.54 亿元，同比+40.61%；实现扣非归母净利 润 0.52 亿元，同比+43.94%。 线上渠道增速亮眼，苏南大区增长突出。分产品来看，2025Q2 公司醋/酒 /酱/其他系列分别实现营收 3.73/0.67/0.35/0.18 亿元，同比分别-1.0%/- 18.9%/-29.0%/-38.6%，占比分别 75.6%/13.6%/7.2%/3.7%，发展聚焦 核心食醋品类。分渠道来看，线上/线下分别实现收入 0.76/4.17 亿元，同 比分别+18.7%/-12.1%，线上增速亮眼 。分战区来看，北部/东部/苏北/苏 南/西南/中部战区分别实现收入0.810/. ...

天眼查App显示，近日，邢台冠创机械设备有限公司成立，法定代表人为王海荣，注册资本30万人民 币，经营范围为一般项目：食品、酒、饮料及茶生产专用设备制造;机械设备销售;建筑工程用机械制造; 建筑工程用机械销售;农业机械制造;农业机械销售;农副食品加工专用设备制造;农副食品加工专用设备 销售;木竹材加工机械制造;木竹材加工机械销售;专用设备制造（不含许可类专业设备制造）;商业、饮 食、服务专用设备制造;环境保护专用设备销售;安防设备销售;物料搬运装备制造（除依法须经批准的项 目外，凭营业执照依法自主开展经营活动）。 ...

截至发稿，今世缘市值为552亿元。 每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 张喜威） 每经AI快讯，今世缘（SH 603369，收盘价：44.3元）8月25日晚间发布公告称，公司第五届第十五次董 事会会议于2025年8月25日以通讯表决方式召开。会议审议了《公司2025年半年度报告全文及摘要》等 文件。 2024年1至12月份，今世缘的营业收入构成为：酒类占比99.37%，其他业务占比0.59%，其他占比 0.04%。 ...

该信息由智通财经网提供 智通财经APP讯，北京京客隆(00814)发布截至2025年6月30日止6个月中期业绩，该集团取得营业收入人 民币43.90亿元(单位下同)，同比减少11.53%;归属于母公司股东的亏损1.09亿元，同比增加19.11%;每股 基本亏损0.26元。 公告称，主营业务收入主要为销售食品、副食品、日用消费品、饮料和酒等取得的收 入。 报告期间内集团零售业务主营业务收入下降约20.9%，主要归因于租约到期及经营策略调整等原 因，关闭部分门店，从而导致销售较同期下降。批发业务主营业务收入下降约5.0%，主要是由于酒类 业务受上游供应链波动及市场价格调整影响，销售收入有所回落;粮油品类因部分渠道转为直营模式及 对物美系统销售额减少，致使主营业务收入下降。 ...

Market Overview - A-shares experienced a collective decline, with the Shanghai Composite Index down 0.05%, the Shenzhen Component down 0.66%, and the ChiNext Index down 1.71% [1] - The North China 50 Index also fell by 0.39% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 15,350 billion yuan, a decrease of 1,430 billion yuan from the previous trading day, indicating reduced market activity [1] - Over 3,400 stocks in the market declined, reflecting poor market profitability [1] Sector Performance - The liquor sector emerged as a significant highlight, with the liquor ETF (512690) leading gains at 2.53% [1] - Notable stocks in the liquor sector included: - JiuGuiJiu (酒鬼酒) surged by 10.00% to 63.47 yuan [2] - SheDeJiuYe (舍得酒业) increased by 8.16% to 62.56 yuan [2] - YiLiTe (伊力特) rose by 6.24% to 16.68 yuan [2] - GuJingGongJiu (古井贡酒) climbed by 5.81% to 162.93 yuan [2] - JinZhongZiJiu (金种子酒) gained 4.88% to 11.40 yuan [2] - The surge in the liquor sector may be attributed to multiple factors, including the upcoming Mid-Autumn Festival, which is expected to boost liquor consumption, and favorable policies aimed at stimulating consumer spending [2]

Core Viewpoint - A new company, Xingtai Jinfeiji Machinery Manufacturing Co., Ltd., has been established with a registered capital of 150,000 RMB, focusing on various machinery manufacturing and sales [1] Company Summary - The legal representative of the company is Li Genping [1] - The registered capital of the company is 150,000 RMB [1] - The company operates in the manufacturing of specialized equipment for food, beverages, and tea production, as well as machinery for wood processing, metal cutting, construction, agriculture, and mining [1] - The company is also involved in the sales of machinery and parts, and it can conduct business activities independently based on its business license [1]

Core Viewpoint - The liquor distribution industry in China is set to undergo a significant regulatory upgrade, with new standards being proposed to enhance compliance and address challenges posed by the rapid growth of e-commerce and new retail models [1][2]. Group 1: New Regulations Overview - The proposed regulations cover multiple dimensions including operational qualifications, product quality control, warehousing logistics, digital capability development, service personnel, and consumer rights protection [2]. - E-commerce operators will face higher entry barriers, requiring them to obtain an Internet Information Service Operating License in addition to a business license [3][4]. Group 2: Compliance and Traceability - A full-chain product traceability system will be established, ensuring that every bottle of liquor has complete and traceable circulation information [5][6]. - Retailers must maintain a procurement information management ledger for three years, while wholesalers are required to establish an electronic ledger for sales processes, also retaining data for three years [6]. Group 3: Industry Impact and Challenges - The new regulations are expected to challenge traditional retail formats, which currently dominate the market, as they account for 95% of the industry [7]. - Smaller liquor businesses may face difficulties in meeting compliance costs, potentially leading to market exits for some, while others may enhance their long-term competitiveness through compliance [7]. Group 4: Long-term Industry Outlook - The core aim of the new regulations is to shift the industry from "wild growth" to "high-quality development," promoting transparency and consumer trust [8]. - The regulations are anticipated to lead to a cleaner market environment, benefiting both consumers and compliant businesses in the long run [8].

Core Points - A new individual business named "Sihong Water Floating Wine Workshop" has been established, with Zhang Shanchi as the legal representative [1] - The registered capital of the business is 50,000 RMB [1] - The business scope includes licensed projects such as food sales and liquor operations, which require approval from relevant authorities before commencement [1] - General projects include the sale of pre-packaged food, health food (pre-packaged), agricultural and sideline products, retail of aquatic products, and internet sales (excluding items that require licenses) [1]

Group 1 - The article emphasizes the importance of border cities in China's modernization strategy, highlighting the need for economic development and population retention in these areas [1][4][16] - Black River City, a century-old border city, has seen a significant population decline from 1.674 million in 2010 to 1.286 million in 2020, indicating a loss of nearly 400,000 residents over ten years [1][4] - The article discusses the innovative border trade model in Black River, which aims to enhance the income of border residents through mutual market trade [4][6] Group 2 - The mutual market trade allows border residents to engage in trade within a 20-kilometer zone, with specific tax exemptions for transactions under certain limits, promoting local economic activity [4][6][18] - Black River has developed a dual-track model for mutual market trade, combining "on-site processing" and "intra-zone trading," which enhances the value chain and supports local businesses [6][18] - The establishment of professional cooperatives has helped border residents collaborate and strengthen their market presence, addressing previous challenges of fragmented participation [6][7][18] Group 3 - The article highlights the construction of the world's first cross-border cableway, which is expected to improve logistics and trade efficiency between China and Russia [9][10] - The Black River Highway Bridge facilitates year-round trade, significantly increasing the volume of goods transported across the border [11][12] - The mutual market trade has generated a trade volume of 146 million yuan since the implementation of the processing policy in 2020, with participation from nearly 20,000 border residents [8][12] Group 4 - The article points out the need for improved policies and infrastructure to support the growth of mutual market trade, including a comprehensive digital platform for trade processes [13][17] - Challenges such as limited product variety and regulatory restrictions hinder the expansion of mutual market trade, necessitating a more robust management framework [17][18] - The development of processing facilities and the attraction of quality enterprises are crucial for creating a sustainable and competitive mutual market trade environment [18]