| 股票代码：600305 | | 股票简称：恒顺醋业 | | | 公告编号：临 | | 2025-046 | | --- | --- | --- | --- | --- | --- | --- | --- | | 江苏恒顺醋业股份有限公司 | | | | | | | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 | | | | | | | | | 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 | | | | | | | | | 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披露第十四号食 | | | | | | | | | 品制造》的相关规定，江苏恒顺醋业股份有限公司（以下简称"公司"）现将与行业 | | | | | | | | | 相关的定期经营数据（未经审计）披露如下： | | | | | | | | | 一、2025年第二季度主要经营数据 | | | | | | | | | | | | | | 单位：万元 | | | | 产品类别 | | | 同比增减% | | | | 同比增减% | | 度销售收入 | | 度销售收入 | | | 份 ...

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2025-046 江苏恒顺醋业股份有限公司 2025 年第二季度主要经营数据公告 单位：万元 渠道类型 2025年第二季 度销售收入 2024年第二季 度销售收入 同比增减% 2025年1-6月 份销售收入 2024年1-6月 份销售收入 同比增减% 经销模式 47,454.36 51,391.59 -7.66 105,823.34 93,019.35 13.76 直销模式 857.64 1,281.82 -33.09 3,530.71 2,907.42 21.44 外贸模式 1,067.98 1,232.68 -13.36 1,769.12 1,957.09 -9.60 合计 49,379.98 53,906.09 -8.40 111,123.17 97,883.86 13.53 | 渠道类型 | 2025年第二季 度销售收入 | 2024年第二季 度销售收入 | 同比增减% | 2025年1-6月 份销售收入 | 2024年1-6月 份销售收入 | 同比增减% | | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains an "Add" rating for the company [2][3]. Core Views - The company has shown a significant revenue rebound in Q1, with a year-on-year increase of 35.97%, while net profit grew by only 2.36%, primarily due to product mix issues affecting profitability [1][3]. - The new chairman has emphasized a focus on the vinegar core business, aiming to enhance growth capabilities and boost internal morale [1][3]. - Despite facing short-term pressures, the company possesses long-term competitive advantages due to its strong brand and product quality [1][3]. - The report suggests maintaining patience with the company as it implements reform measures and anticipates performance improvements [1][3]. Financial Performance Summary - In Q1, the company achieved a revenue of 626 million yuan, a 35.97% increase year-on-year, while the net profit was 57 million yuan, up 2.36% [1][3]. - The vinegar segment saw a revenue increase of 19.10% year-on-year, while the sauce segment experienced a high growth of 35.35% [1][3]. - The gross margin was reported at 35.5%, down 5.88 percentage points year-on-year, mainly due to a higher proportion of lower-margin products [1][3]. - The company expects to focus on core business development and adapt to industry changes, with a goal of improving brand influence and expanding product offerings [1][3]. Financial Data and Projections - The company forecasts total revenue growth of 9.8% in 2025, with net profit expected to increase by 47.8% [4][11]. - The projected earnings per share (EPS) for 2025 is 0.17 yuan, with a price-to-earnings (PE) ratio of 47.4 [4][11]. - The company’s total assets are projected to reach 4.476 billion yuan by 2025, with a debt-to-asset ratio of 24.4% [10][11].

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2025-032 江苏恒顺醋业股份有限公司 2025 年第一季度与行业相关的定期经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披露第十四号 食品制造》的相关规定，江苏恒顺醋业股份有限公司（以下简称"公司"）现将与行 业相关的定期经营数据（未经审计）披露如下： 一、2025年第一季度主要经营数据 1、按照产品类别分类情况： 3、按照销售渠道分类情况： 单位：万元 | 渠道类型 | 本期销售收入 | 上年同期销售收入 | 同比增减% | | --- | --- | --- | --- | | 线上销售 | 6,933.39 | 6,368.14 | 8.88 | | 线下销售 | 54,809.81 | 37,609.62 | 45.73 | | 合计 | 61,743.20 | 43,977.76 | 40.40 | 4、按照战区分类情况 2、按照销售模式分类情况： 单位：万元 | 渠道类型 ...

Core Viewpoint - The company reported a total operating revenue of 2.196 billion yuan for 2024, reflecting a year-on-year increase of 4.25%, and a net profit attributable to shareholders of 127 million yuan, up 46.54% year-on-year [1] Revenue Analysis - The revenue from the vinegar series was 1.266 billion yuan, down 2.20% year-on-year, but up 9.45% in Q4 year-on-year [2] - The revenue from the wine series was 329 million yuan, up 0.47% year-on-year, but down 5.91% in Q4 year-on-year [2] - The revenue from the sauce series was 180 million yuan, down 8.07% year-on-year, with a slight decline of 1.08% in Q4 year-on-year [2] - Revenue from East China was 1.053 billion yuan, down 1.89% year-on-year, while South China, Central China, and Western regions saw increases of 5.36%, 5.08%, and 6.50% respectively [2] - The company achieved a total revenue of 1.941 billion yuan through the distribution model, up 0.49% year-on-year, and 104 million yuan through direct sales, up 3.07% year-on-year [2] - Online sales reached 274 million yuan, up 3.65% year-on-year, accounting for 13.11% of total revenue [2] Profitability and Cost Management - The overall gross margin for 2024 was 34.7%, an increase of 1.74 percentage points year-on-year [4] - The gross margin for the vinegar series was 45.31%, up 2.21 percentage points year-on-year, while the wine series gross margin was 31.10%, up 5.47 percentage points [4] - The net profit margin attributable to shareholders increased to 5.80%, up 1.67 percentage points year-on-year, and the net profit margin after deducting non-recurring items rose to 5.17%, up 1.54 percentage points [4] Strategic Initiatives - The company is actively adapting to channel changes by expanding into B-end catering and community store channels [3] - Continuous deepening of state-owned enterprise reforms and the implementation of employee stock ownership plans have effectively motivated employees, particularly in the marketing team [5] - New production capacity from projects such as the 100,000-ton yellow wine and seasoning production facilities has been put into operation, providing a solid foundation for future growth [5] - The company plans to focus on the three core product lines of vinegar, wine, and sauce, while launching cost-effective new products and expanding into new retail formats [5] - Expected EPS for 2025 and 2026 are projected to be 0.13 billion yuan and 0.16 billion yuan, with corresponding PE ratios of 62 and 49 [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a total revenue of 2.196 billion yuan for 2024, representing a year-on-year increase of 4.25%. The net profit attributable to shareholders was 127 million yuan, up 46.54% year-on-year, while the net profit excluding non-recurring items was 113 million yuan, an increase of 48.30% year-on-year [2][4] Revenue Analysis - In Q4 2024, the company achieved a total revenue of 665 million yuan, a year-on-year increase of 41.87%. The net profit attributable to shareholders was 7.2028 million yuan, marking a turnaround from losses, and the net profit excluding non-recurring items was 7.8066 million yuan, also indicating a turnaround [4][5] - Revenue breakdown by product for 2024 shows that the vinegar series generated 1.266 billion yuan (down 2.20% year-on-year, but up 9.45% in Q4), the wine series generated 329 million yuan (up 0.47% year-on-year, down 5.91% in Q4), and the sauce series generated 180 million yuan (down 8.07% year-on-year, down 1.08% in Q4) [5] - Revenue by region indicates that East China generated 1.053 billion yuan (down 1.89% year-on-year), South China 354 million yuan (up 5.36%), Central China 355 million yuan (up 5.08%), Western China 210 million yuan (up 6.50%), and North China 122 million yuan (down 9.25%) [5] Profitability and Cost Management - The overall gross margin for 2024 was 34.7%, an increase of 1.74 percentage points year-on-year. The gross margin for the vinegar series was 45.31% (up 2.21 percentage points), for the wine series was 31.10% (up 5.47 percentage points), and for the sauce series was 10.58% (down 0.57 percentage points) [6] - The net profit margin attributable to shareholders increased to 5.80% (up 1.67 percentage points year-on-year), while the net profit margin excluding non-recurring items rose to 5.17% (up 1.54 percentage points) [6] Future Growth Potential - The company is deepening state-owned enterprise reforms, implementing employee stock ownership plans, and enhancing market-oriented compensation and performance systems, which have effectively motivated employees, especially in the marketing team [7] - New production capacity from projects such as the 100,000-ton yellow wine and cooking wine expansion and the 100,000-ton seasoning intelligent production project has been put into operation in 2024, providing a solid foundation for future growth [7] - The company is expected to focus on its core products of vinegar, wine, and sauce, launching cost-effective new products and expanding into B-end channels such as restaurants and community stores to drive sales growth. EPS is projected to be 0.13 billion yuan and 0.16 billion yuan for 2025 and 2026, respectively, with corresponding P/E ratios of 62 and 49 times [7]

Core Insights - The company reported a revenue of 2.196 billion yuan for 2024, an increase of 4.25% year-on-year [1] - Net profit attributable to shareholders reached 127 million yuan, a year-on-year growth of 46.54% [1] - The company plans to distribute a cash dividend of 0.10 yuan per share to all shareholders [1] Revenue Breakdown - The main condiment segment generated revenue of 2.093 billion yuan, up 0.73% year-on-year, with a gross margin of 35.10%, an increase of 2.73 percentage points [1] - The vinegar series reported revenue of 1.266 billion yuan, a decline of 2.20% year-on-year, with a gross margin of 45.31%, up 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 generated 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] Strategic Initiatives - The company has made breakthroughs in deepening reforms and has restructured subsidiaries with a "one enterprise, one policy" approach, closing down subsidiaries that have incurred losses for three consecutive years [1] - The company is focusing on resource optimization and integration to strengthen its operational foundation [1] - Cost reduction and efficiency improvement initiatives have been implemented, leading to significant cost savings in raw materials and packaging [2] - Continuous management of production efficiency has resulted in a year-on-year decrease in overall energy consumption [2]

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2025-014 江苏恒顺醋业股份有限公司 2024 年年度与行业相关的定期经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披露第十四号 食品制造》的相关规定，江苏恒顺醋业股份有限公司（以下简称"公司"）现将与行 业相关的定期经营数据披露如下： 一、2024年度主要经营数据 1、按照产品类别分类情况： 3、按照销售渠道分类情况： 单位：万元 | 渠道类型 | 2024 | 年度销售收入 | 2023 年度销售收入 | 同比增减% | | --- | --- | --- | --- | --- | | 线上销售 | | 27,437.81 | 26,471.68 | 3.65 | | 线下销售 | | 181,862.87 | 181,310.50 | 0.30 | | 合计 | | 209,300.68 | 207,782.18 | 0.73 | 4、按照区域分类情况： 单位：万元 单位：万元 ...