格隆汇8月26日｜国盛证券研报指出，恒顺醋业2025H1实现归母净利润1.11亿元，同比+18.07%；其中 25Q2实现归母净利润0.54亿元，同比+40.61%。坚持做强食醋主业，持续提升盈利能力。线上渠道增速 亮眼，苏南大区增长突出。经销商数量方面，公司平稳调整，自25Q1末2034家调整至25Q2的2049家。 做强主业目标明晰，持续提升盈利能力。展望下半年，在新董事长的带领下，公司将坚持"做强主业、 提升盈利能力"总体发展思路，从质量、创新、降本增效等方面加速改革，有望实现醋业强发展、突破 调味品产业、强化大健康产业的发展格局。同时，原材料端成本红利预计仍将延续，利润率增长可期。 但改革尚处于起步阶段，该行预计公司2025-2027年归母净利润分别同比+21.3%/+30.4%/+13.0%至 1.6/2.0/2.3亿元，维持"增持"评级。 ...

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/. ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600305 公司简称：恒顺醋业 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到上海证券交易所www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 无 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况有 ...

证券代码：600305 证券简称：恒顺醋业 公告编号：临 2025-047 江苏恒顺醋业股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况 的专项报告 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。 一、募集资金基本情况 (一) 实际募集资金金额、资金到账时间 经中国证券监督管理委员会"证监许可〔2022〕1496号"《关于核准江苏恒顺 醋业股份有限公司非公开发行股票的批复》核准，恒顺醋业向特定对象发行人民币 普通股（A股）110,000,000股，发行价格为每股10.39元，募集资金总额为人民币 金净额为1,121,437,500.37元。上述募集资金实际到位时间为2023年4月28日，已 经天衡会计师事务所（特殊普通合伙）审验，并出具了"天衡验字(2023)00057号" 《验资报告》。 (二) 募集金额使用情况和结余情况 截至2025年6月30日募集资金使用和结余情况如下： 单位：人民币元 截止 2025 年 6 月 30 项目 2025 年 1-6 月发生额 日累计发生额 期初募集资金专户余额 12 ...

恒顺醋业公告，2025年上半年营业收入11.25亿元，同比增长12.03%。净利润1.11亿元，同比增长 18.07%。 ...

今年7月，国家发展改革委、财政部、商务部等部门联合印发《关于实施鼓励外商投资企业境内再投资若干措施的通知》(以下简称《通知》)，支持外商 在中国投资赚钱后，用利润、股息等继续在中国直接投资，最终形成"利润留存—再投资—持续增长"的良性循环。 身处对外开放最前沿，外商持续对青岛投下"信任票"，益海嘉里、阿斯利康、雀巢等都是典型代表。特别是位于胶州的益海嘉里（青岛）食品工业园项 目，落地6年来经过两次增资，合同金额已来到18亿美元，将成为企业在中国投资建设的业务板块最全、创新活力最强、合作平台最广的综合性食品产业 园区。 值得一提的是，在日前发布的青岛"10+1"产业链主企业名单中，益海嘉里（青岛）食品工业有限公司也跻身现代轻工产业链主企业。这意味着，这家世界 500强不仅为青岛带来真金白银的投资，也将引领青岛新一轮产业发展的浪潮。 多次增资后， 世界500强在青投资已超百亿 对青岛和山东而言，总投资超过百亿的益海嘉里项目，称得上是一个"明星"项目。 2024年山东省"两会"期间，省长周乃翔在作政府工作报告时专门提到"益海嘉里等世界500强项目持续增资"；今年跨国公司领导人青岛峰会上，青岛市委 书记曾赞荣在介绍近 ...

Core Viewpoint - The company is facing challenges due to recent public sentiment affecting its brand and sales, but there are signs of recovery in sales performance, and the management remains optimistic about long-term growth and brand restoration efforts [3][4]. Group 1: Company Performance and Challenges - The company held its 2024 annual shareholder meeting on June 27, attended by key executives and investors [1]. - A public sentiment issue regarding the "zero" trademark and "zero additive" soy sauce led to a decline in sales from March 18 to March 28, with a recovery period expected to last 10 to 12 months for top brands in the fast-moving consumer goods sector [3]. - The chairman expressed uncertainty about the timeline for recovery but emphasized the importance of brand repair, product development, and sales network construction as immediate priorities [3]. Group 2: Sales Recovery and Market Trends - Sales began to show signs of recovery in May, with online sales increasing by approximately 35% compared to April, driven by promotional activities on e-commerce platforms [4]. - Offline sales in supermarkets also experienced significant growth during the same period, indicating a rebound in consumer demand [4]. Group 3: Regulatory Environment and Industry Standards - New regulations from the National Health Commission and the State Administration for Market Regulation will prohibit misleading terms like "zero additive" on pre-packaged food labels, with a two-year transition period before full implementation [5]. - The chairman highlighted the importance of meeting national food safety standards and adapting to consumer demands for healthier, simpler ingredients, which is expected to drive market growth for health-oriented condiments [5]. Group 4: Innovation and Product Strategy - The company focuses on innovation through product quality and meeting evolving consumer needs, with a strong emphasis on enhancing brand and channel capabilities [6]. - The product range includes four main categories: soy sauce, vinegar, cooking wine, and oyster sauce, indicating a strategic focus on core condiment products [6].

Group 1 - Aoyuan Group (03383.HK) announced a conditional sale agreement with Guangdong Provincial Food Import and Export Group, involving the sale of approximately 35.52 million shares (21.1632% equity) of the target company for approximately RMB 191 million [1] - Aoyuan Group's subsidiary, Yaxin Investment, will also enter into a repurchase agreement with the target company, agreeing to sell approximately 7.95 million shares (4.7360% equity) for approximately RMB 42.79 million [1] - Following the completion of these transactions, Aoyuan Group will no longer hold any shares in the target company, which is currently a joint venture [2] Group 2 - The target company, Guangdong Zhujiangqiao Biotechnology Co., Ltd., specializes in the research, production, and sales of high-salt liquid soy sauce, vinegar, and compound seasonings [2] - As of the announcement date, the target company is a subsidiary of the Provincial Food Group, which holds approximately 31.6440% of its equity, while Yaxin Investment holds approximately 25.8991% [2] - The proceeds from the sale will be used to repay bondholders of the "23 Fan Ya 02" bond, while the proceeds from the repurchase will be allocated for the group's daily operational management [2]

Group 1 - As of June 20, Haitian Flavor Industry (03288.HK) closed at HKD 35.750, down 2.06% from the previous trading day, reaching a new low in nearly a year [1] - On that day, the main capital inflow was HKD 145.66077 million, while outflow was HKD 266.02126 million, resulting in a net outflow of HKD 120.3605 million [1] Group 2 - Foshan Haitian Flavor Industry Co., Ltd. is a leading enterprise in China's condiment industry, known for its long history and recognized as one of the first "Chinese Time-honored Brands" by the Ministry of Commerce of the People's Republic of China [2] - The company produces over 1000 SKUs, including soy sauce, oyster sauce, sauces, and vinegar, and is committed to combining modern scientific research with traditional brewing techniques [2] - Haitian has established large-scale facilities for high-quality soy sauce production and operates advanced fully automated packaging production lines, adhering to strict quality standards [2] - The company's products are not only popular in the domestic market but are also distributed in over 100 countries and regions globally [2] - Haitian ranked 4th in the Kantar Consumer Index "2024 Global Brand Footprint Report" for China's fast-moving consumer goods market and achieved first place in multiple categories in the 2024 C-BPI rankings [2]