| 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]

丨证券研究报告丨 公司研究丨点评报告丨恒顺醋业（600305.SH） [Table_Title] 恒顺醋业 2024 年年报点评：Q4 营收大幅提速， 盈利能力持续修复 报告要点 [Table_Summary] 恒顺醋业披露 2024 年年报，实现营业总收入 21.96 亿元（同比+4.25%）；归母净利润 1.27 亿 元（同比+46.54%），扣非净利润 1.13 亿元（同比+48.30%）。 分析师及联系人 [Table_Author] 董思远 徐爽 SAC：S0490517070016 SAC：S0490520030001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 恒顺醋业（600305.SH） cjzqdt11111 [Table_Title 恒顺醋业 2024 2] 年年报点评：Q4 营收大幅提速， 盈利能力持续修复 [Table_Summary2] 事件描述 恒顺醋业披露 2024 年年报，实现营业总收入 21.96 亿元（同比+4.25%）；归母净利润 1.27 亿 元（同比+46.54%），扣非净利润 1.13 亿元 ...

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 ...