2025.04. 22 本文字数：973，阅读时长大约2分钟 作者 | 第一财经 揭书宜 恒顺醋业（600305.SH）披露的2024年年报显示，公司2024年实现营业收入21.96亿元，同比增长 4.25%；净利润1.27亿元，同比增长46.54%。 分产品来看，去年醋系列实现收入12.66亿元，较上年同期下降2.20%，醋系列毛利率 45.31%，同比增 加 2.21个百分点。酒系列实现收入3.29亿元，较上年同期上升0.47%，酒系列毛利率31.10%，同比增加 5.47个百分点；酱系列实现收入1.80亿元，较上年同期下降8.07%，酱系列毛利率10.58%，同比减少 0.57个百分点。 也就是说，醋系列产品是毛利率最高的，且为恒顺醋业贡献了最多的营收。财报显示，醋系列产品最大 的成本是直接材料，占总成本的66.93%，其次是制造费用，占总成本的16.07%，此外，直接人工和运 | | | | 本期 | | 上年同 | 本期金 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 成本构成 | | 占息 | | 期占总 | 额较上 | 情况 ...

Core 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]