股票代码：600305 股票简称：恒顺醋业 公告编号：临 2025-034 上述项目从投产运行到全面达产尚需一定时间，且未来的市场价格、销售订 单等方面尚存在不确定性，敬请广大投资者关注并注意投资风险。 特此公告！ 江苏恒顺醋业股份有限公司董事会 二○二五年四月三十日 江苏恒顺醋业股份有限公司 关于募投项目部分投产的公告 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。 江苏恒顺醋业股份有限公司（以下简称"公司"）2021 年度向特定对象发 行 A 股股票募集资金投资项目"徐州恒顺万通食品酿造有限公司年产 4.5 万吨原 酿酱油醋智能化产线项目"部分生产车间已完成设备安装调试及试生产等前期工 作，现正式投产运行。 上述项目由公司全资子公司徐州恒顺万通食品酿造有限公司（以下简称"恒 顺万通"）建设实施，上述项目部分建成投产将有效提升恒顺万通酱油产能，增 加公司整体酱油规模，增强公司的盈利能力和综合竞争力。 ...

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2025-029 江苏恒顺醋业股份有限公司 关于自有资金理财产品到期赎回的公告 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。 一、已履行的审议程序 三、截至本公告日，公司最近十二个月使用自有资金委托理财的情况 二 、近期赎回理财产品的情况 1、公司于 2024 年 7 月 25 日认购海通证券收益凭证博盈系列黄金鲨鱼鳍看涨第 208 号 5,000 万元，起息日：2024 年 7 月 26 日，产品到期日：2025 年 4 月 25 日，该产品类 型：券商理财产品。具体情况详见《江苏恒顺醋业股份有限公司关于使用自有资金委托 理财进展及部分理财产品到期赎回的公告》（公告编号：临 2024-056）。 2025 年 4 月 25 日，公司赎回海通证券收益凭证博盈系列黄金鲨鱼鳍看涨第 208 号， 收回本金人民币 5,000 万元整，取得收益 800,301.5 元，实际年化收益率 2.14%。 2、公司于 2024 年 7 月 26 日认购中国银行股份有限公司挂钩型 ...

具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）上的《江苏恒顺 醋业股份有限公司 2025 年第一季度报告》。 表决结果：同意 3 票，弃权 0 票，反对 0 票。 二、审议通过《关于全资子公司购买资产暨关联交易的议案》 股票代码：600305 股票简称：恒顺醋业 公告编号：临 2025-031 江苏恒顺醋业股份有限公司 第九届监事会第七次会议决议公告 本公司监事会及全体监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。 江苏恒顺醋业股份有限公司（以下简称"公司"）第九届监事会第七次会议于 2025 年 4 月 29 日以通讯表决方式召开。本次会议的通知于 2025 年 4 月 25 日以书面送达、邮 件和电话等方式发出。会议应参加表决监事 3 人，实际参加表决监事 3 人，会议召开符 合《公司法》和《公司章程》的有关规定。与会监事经过认真审议，形成如下决议： 一、审议通过《公司 2025 年第一季度报告》 特此公告！ 江苏恒顺醋业股份有限公司监事会 二〇二五年四月三十日 具体内容详见同日披露于上海证券交易所网站（ww ...

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2025-030 江苏恒顺醋业股份有限公司 第九届董事会第十次会议决议公告 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。 江苏恒顺醋业股份有限公司（以下简称"公司"）第九届董事会第十次会议于 2025 年 4 月 29 日以通讯表决方式召开。本次会议的通知于 2025 年 4 月 25 日以书面、邮件 和电话等方式发出。会议应参与表决董事 9 人，实际参与表决董事 9 人，本次会议符合 《公司法》和《公司章程》的有关规定。会议审议并通过了如下议案： 二〇二五年四月三十日 二、审议通过《关于全资子公司购买资产暨关联交易的议案》 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）上的《江苏恒顺 醋业股份有限公司关于全资子公司购买资产暨关联交易的公告》（公告编号：临 2025-033）。 关联董事郜益农、殷军回避了表决。 公司第九届董事会独立董事专门会议 2025 年第二次会议以 3 票同意、0 票反对、0 票弃权审议通过了《关于全资子公司购买资 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 625,962,688.95, representing a 35.97% increase compared to CNY 460,382,267.91 in the same period last year[4] - Net profit attributable to shareholders was CNY 56,519,138.72, a slight increase of 2.36% from CNY 55,216,144.98 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.0514, reflecting a 2.59% increase from CNY 0.0501 in the same period last year[4] - Total operating revenue for Q1 2025 reached ¥625,962,688.95, a 36% increase from ¥460,382,267.91 in Q1 2024[19] - Net profit for Q1 2025 was ¥56,086,660.73, representing a 4.8% increase compared to ¥53,709,848.41 in Q1 2024[20] - Earnings per share for Q1 2025 were ¥0.0514, slightly up from ¥0.0501 in Q1 2024[21] - The company's net profit for Q1 2025 reached CNY 49,923,561.94, an increase of 39.0% compared to CNY 35,895,514.28 in Q1 2024[31] - Total revenue for Q1 2025 was CNY 59,039,212.19, up from CNY 44,718,838.03 in Q1 2024, reflecting a growth of 32.0%[31] - Operating profit for Q1 2025 was CNY 58,213,425.42, compared to CNY 44,214,135.23 in the same period last year, marking a 31.7% increase[31] Cash Flow - The net cash flow from operating activities was negative at CNY -131,767,120.96, a decline of 248.94% compared to CNY -37,762,442.00 in the previous year[4] - Cash inflow from operating activities in Q1 2025 was ¥517,982,401.44, compared to ¥461,970,964.04 in Q1 2024, indicating a 12.1% increase[24] - Cash flow from operating activities showed a net outflow of CNY -174,692,055.52 in Q1 2025, worsening from CNY -62,972,893.67 in Q1 2024[34] - Cash flow from investing activities generated a net inflow of CNY 77,909,191.59 in Q1 2025, compared to CNY 25,434,363.19 in Q1 2024, indicating a significant improvement[34] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,152,413,785.38, down 4.85% from CNY 4,364,251,278.58 at the end of the previous year[5] - Current assets totaled RMB 1,995,271,247.83, down from RMB 2,203,212,618.97, indicating a decrease of about 9.45%[14] - Total liabilities decreased from RMB 1,035,283,776.93 to RMB 769,801,338.98, reflecting a decline of approximately 25.66%[15] - The company's total liabilities decreased to ¥568,205,857.31 from ¥891,421,057.13, a reduction of about 36.2%[29] - Non-current assets remained relatively stable, totaling RMB 2,157,142,537.55 compared to RMB 2,161,038,659.61, a slight decrease of about 0.18%[14] Shareholder Equity - The equity attributable to shareholders was CNY 3,374,909,113.86, showing a 1.71% increase from CNY 3,318,005,991.12 at the end of the last year[5] - The company’s total equity attributable to shareholders increased to ¥3,374,909,113.86 from ¥3,318,005,991.12 year-over-year[16] - The company's total equity increased to ¥3,194,600,030.73 from ¥3,144,292,484.77, reflecting a growth of 1.6%[29] Operational Insights - The increase in operating revenue was primarily driven by a rise in product sales[7] - The company reported a significant reduction in contract liabilities from RMB 250,070,824.25 to RMB 65,716,247.17, a decrease of approximately 73.70%[15] - The company has not reported any new product developments or market expansions during this period[12] - There are no indications of mergers or acquisitions in the recent financial disclosures[12] Government Support - The company received government subsidies amounting to CNY 4,400,697.65, which are closely related to its normal business operations[6]

本次评估报告依据中国资产评估准则编制 镇江恒顺房地产开发有限公司 拟转让资产 涉及的1项投资性房地产价值 资 产 评 估 报 告 中资评报字[2024]539号 中常 手评估有限 00003198 二〇二四年十 月二十五日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3211020017321801202400128 | | | --- | --- | --- | | 合同编号: | JSF2024072 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 中资评报字[2024]539号 | | | 报告名称: | 价值资产评估报告 | 镇江恒顺房地产开发有限公司拟转让资产涉及的1项投资性房地产 | | 评估结论: | 5,939,500.00元 | | | 评估报告日: | 2024年11月25日 | | | 评估机构名称: | 中资资产评估有限公司 | | | 签名人员: | 杭军 (资产评估师) | 正式会员编号:32100040 | | | 张勇 (资产评估师) | 正式会员编号:32240112 | (可扫描二维码查询备案业务信息) 说明：报告备案回 ...

2024 年年度股东会会议资料 股票简称：恒顺醋业 股票代码： 600305 恒顺醋业 2024 年年度股东会资料 江苏恒顺醋业股份有限公司 2024 年年度股东会现场会议规则 为了维护全体股东的合法权益，确保现场股东会的正常秩序和议事效率，保证现场会 议的顺利进行，根据《公司法》《上市公司股东会规则》等有关法律法规和《公司章程》 的规定，现就江苏恒顺醋业股份有限公司 2024 年年度股东会现场会议规则明确如下： 江苏·镇江 二○二五年五月 恒顺醋业 2024 年年度股东会资料 目 录 | 一、2024 年年度股东会现场会议规则 3 | | --- | | 二、2024 年年度股东会会议议程 4 | | 议案一、公司 2024 年度董事会工作报告 6 | | 议案二、公司 2024 年度监事会工作报告 12 | | 议案三、公司 2024 年年度报告和年度报告摘要 17 | | 议案四、关于公司 2024 年年度利润分配预案的议案 18 | | 议案五、公司独立董事 2024 年度述职报告 19 | | 议案六、关于续聘会计师事务所的议案 20 | | 议案七、关于公司使用自有闲置资金进行委托理财的议案 21 ...

二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0514 | 0.0501 | 2.59 | 0.0734 | | 每股净资产（元） | 3.04 | 3.01 | 1 | 2.26 | | 每股公积金(元) | 0.82 | 0.94 | -12.77 | 0.04 | | 每股未分配利润(元) | 1.06 | 1.02 | 3.92 | 1.18 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 6.26 | 4.6 | 36.09 | 6.13 | | 净利润(亿元) | 0.57 | 0.55 | 3.64 | 0.73 | | 净资产收益率(%) | 1.69 | 1.66 | 1.81 | 3.33 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 本次公司不分配不转赠。 前十大流通股东累计持有： 53665.62万股，累 ...

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 report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]