券 研 司 | --- | --- | --- | |---------------------------------------------------------------|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

短期经营承压，期待改革成效 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------|-------------------|---------------|---------------------|-----------------------------------|-----------------------------|---------------------------|-----------------|-----------------|-------------------------| | 图表 1 ：恒顺醋业三大财务报表预测（单位：百万元） \n资产负债表 \n会计年度 存 货 | 4 8 \n2023 | 8 3 \n2024E | 8 1 \n2025E | 8 2 单位:百万元 \n2026E 1 0 | 利润表 \n会计年度 | ...

开源证券 一季度业绩承压，公司积极调整 2024 年 04 月 30 日 投资评级：增持（维持） -40% -30% -20% -10% 0% 10% 2023-05 2023-09 2024-01 恒顺醋业 沪深300 相关研究报告 张宇光（分析师） 方一苇（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 fangyiwei@kysec.cn 证书编号：S0790524030001 公司公布 2023 年年报及 2024 年一季报，2023 年营收 21.1 亿元，同比降 1.5%； 归母净利 0.87 亿元，同比降 37%。2023Q4 营收 4.7 亿元，同比增 2.4%；归母净 利亏损 0.51 亿元，同比亏损扩大。2024Q1 营收 4.6 亿元，同比降 24.9%；归母 净利 0.55 亿元，同比降 24.2%。考虑到内部调整影响，我们下调 2024-2025 年盈 利预测，并新增 2026 年盈利预测，预计 2024-2026 年归母净利为 1.4(-1.0)、 1.7(-1.2)、2.1 亿元，同比增 61.3%、22.8%、21.9%，当前股价对 ...

证 券 研 究 报 告 事项： 调味品 2024 年 04 月 30 日 经营持续承压，等待积极变化 目标价：9.2 元 外部需求疲软，加上内部管理梳理阵痛，23 年及 24Q1 营收承压。23 全年营 收同比小幅下滑，分产品看，23 全年醋/酒/酱营收分别同比+0.8%/-8.4%/- 23.6%，其他调味品实现高增+94.0%，其中全年开发上市新产品 90 款，销售 额突破 0.8 亿元，同比增长 20.7%。分区域看，23 年华东/华南/华中/西部/华北 地区表现相对均衡，营收分别同比+1.3%/-1.1%/+0.0%/+16.1%/+7.0%。24Q1 营 收同比-24.9%，不及此前预期，主要一是人员调整变动导致公司经营处在调整 阶段，二是公司 23 年集中淘汰低毛利、低效益产品 212 个，导致该部分相应 收入贡献减少。分产品来看，24Q1 醋/酒/酱营收分别同比-20.0%/-30.9%/- 49.3%。分区域来看，华东/华南/华中/西部/华北地区营收分别同比-32.1%/- 21.9%/-25.4%/+4.0%/-42.8%。分渠道来看，经销同比-27.0%，同时经销商数目 环比净增 23 家 ...

恒顺醋业（600305.SH） 商超渠道承压、主动精简 SKU 致 24Q1 收入下滑。23Q4/24Q1 公司营收分别同比 +2.4%/-24.9%，23Q4 在低基数下实现正增长，但公司核心渠道商超流量下滑、公 司主动缩减低盈利 SKU 改善经营质量等仍影响收入端表现，24Q1 营收有所下滑。 分 品类来看， 2023 年 醋 / 酒 / 酱 / 其 他 调 味 品 营 收 同 比 分 别 +0.8%/-8.4%/-23.6%/+94.0%，核心品类醋系列营收基本持平；酒、酱系列收入 下滑，预计与产品结构持续优化相关；其他调味品基数低增长快，复调等新品贡献 增量。量价拆分来看，2023 年醋/酒/酱/其他调味品销量分别+1.6%/-7.7%/-13.3%， 吨价分别-0.8%/-0.7%/-11.8%，酱类吨价变化较大，预计主要受产品结构变动影响。 2023 年末/24Q1 末经销商数量达 2044/2067 个，环比增加 6/23 个。 投资建议：调整盈利预测，预计公司 2024-2026 年归母净利润为 2.0/2.4/2.8 亿元（前 次 2024-2025 年预测为 2.2/2.8 亿元），同比+ ...

(一)普通股股东总数和表决权恢复的优先股股东数量及前十名股东持股情况表 单位：股 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------| | 百年人寿保险股份有限公司 －万能保险产品 | | 5,680,025 | 人民币普通股 | 5,680,025 | | 长江金色晚晴（集合型）企 业年金计划－上海浦东发展 银行股份有限公司 | | 5,215,306 | 人民币普通股 | 5,215,306 | | 山东国惠基金管理有限公司 －济 ...

Corporate Governance and Independence - The company commits to maintaining the independence of Hengshun Vinegar Industry post-acquisition, ensuring no adverse impact on personnel, assets, finance, and operations[1]. - The company will avoid and minimize related party transactions with Hengshun Vinegar Industry, ensuring fair pricing and compliance with legal obligations[2]. - The company guarantees no direct or indirect competition with Hengshun Vinegar Industry and will ensure controlled entities adhere to the same commitments[3]. Financial Performance - The company has not reached the original profit forecast for any assets or projects during the reporting period[6]. - The company's operating revenue for 2023 was approximately ¥2.106 billion, a decrease of 1.52% compared to ¥2.139 billion in 2022[83]. - The net profit attributable to shareholders decreased by 37.03% to ¥86.9 million from ¥137.99 million in the previous year[85]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 37.49% to ¥76.51 million[85]. - The basic earnings per share decreased by 41.37% compared to the previous year[85]. - The company achieved a total revenue of 2.106 billion RMB, a decrease of 1.52% compared to the same period last year[167]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 77 million RMB, down 37.49% year-on-year[167]. Investment and Capital Management - The company plans to complete the sale of related real estate assets by June 15, 2022, retaining only specific commercial properties[5]. - The registered capital of Heilongjiang Hengshun increased from 50 million to 98.96 million RMB after the capital increase, with shareholders maintaining their ownership ratios[15]. - The company used 12 million, 13 million, 13 million, and 16 million RMB of raised funds to increase capital in subsidiaries Hengshun Lao Chen Vinegar, Hengshun Wine, Hengshun Wantong, and Chongqing Seasoning respectively[26]. - The company has invested 23 million RMB in bank wealth management products using its own funds, with an equal amount remaining[18]. - The company has also invested 13 million RMB in bank wealth management products using raised funds, with the full amount remaining[18]. - The company successfully raised 1.143 billion RMB through a targeted issuance project in April, which will be used for capacity expansion projects[125]. Asset Management and Financial Position - Cash and cash equivalents increased by 67.75% year-on-year, amounting to ¥584,254,121.34, primarily due to unutilized funds from a private placement[43]. - Trading financial assets rose by 191.65% year-on-year, totaling ¥1,027,619,262.15, attributed to an increase in wealth management products[43]. - Accounts receivable decreased by 31.06% year-on-year, amounting to ¥47,580,486.64, due to improved sales collection[46]. - Other current assets decreased by 49.98% year-on-year, totaling ¥66,343,654.22, mainly due to a reduction in time deposits[46]. - Construction in progress increased by 176.19% year-on-year, reaching ¥520,364,612.91, due to increased investment in fundraising projects[46]. - The company's total assets increased by 36.57% year-on-year, primarily due to funds raised from a private placement[85]. - The net assets attributable to shareholders increased by 50.42% year-on-year[85]. Research and Development - R&D expenses totaled CNY 80.5 million, constituting 3.82% of total revenue[55]. - The number of R&D personnel is 149, making up 7.21% of the total workforce[56]. - The company applied for 38 patents during the reporting period, including 14 invention patents, and received authorization for 37 patents[132]. Market Trends and Strategy - The Chinese condiment industry reached a market size of CNY 592.5 billion in 2023, with a year-on-year growth of 15.4%[50]. - The pre-prepared dish market in China reached CNY 516.5 billion in 2023, growing by 23.1% year-on-year, and is expected to exceed CNY 1.072 trillion by 2026[51]. - The company plans to enhance product innovation to meet the growing consumer demand for healthier options[51]. - The company aims to transform from vinegar production to a diversified flavor industry, positioning itself as a benchmark enterprise in the condiment industry during the 14th Five-Year Plan period[187]. Operational Efficiency and Cost Management - The company is focusing on revenue structure adjustments and increasing marketing expenses as part of its strategy[85]. - The company has highlighted potential risks and strategies in its management discussion and analysis section[91]. - The company eliminated 212 low-margin and low-efficiency products in 2023, focusing on a big single product strategy to enhance resource allocation[110]. - The company has optimized its marketing structure, reducing the number of major districts from ten to six, and the number of sub-regions from forty-three to thirty-one[146]. - The company is focusing on digital marketing to enhance efficiency and control across the entire supply chain[146]. Product Development and Sales - The company launched 90 new products in 2023, achieving sales of over 80 million RMB, a year-on-year increase of 20.7%[124]. - The vinegar series generated revenue of approximately 1.294 billion RMB, with a slight decrease of 0.79% compared to the previous year[113]. - The liquor series revenue was 327 million RMB, a decline of 8.39% year-on-year, with a gross margin of 25.63%, down 2.38 percentage points[167]. - The sauce series revenue fell to 196 million RMB, a decrease of 23.57% year-on-year, with a gross margin of 11.15%, down 4.87 percentage points[167]. Financial Ratios and Performance Metrics - The weighted average return on equity (ROE) decreased to 2.98%, a decline of 3.36 percentage points from the previous year[103]. - The gross margin for online sales improved slightly from 50.16% to 50.22% year-on-year[53]. - The gross profit margin for the vinegar series increased by 1.57 percentage points to 43.11% despite a revenue decrease of 0.79%[173]. - The gross profit margin for the sauce series decreased by 4.87 percentage points to 11.15%, with a revenue decline of 23.57%[173]. Awards and Recognition - The company has been recognized with multiple awards, including the Jiangsu Province Science and Technology Third Prize in 2022[132]. Food Safety and Quality Control - The company emphasizes food safety management and has implemented a long-term management mechanism to ensure quality control throughout the production process[136].

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2024-024 江苏恒顺醋业股份有限公司 2024 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、2024年第一季度主要经营数据 1、按照产品类别分类情况： 单位：万元 | 产品类别 | 本期销售收入 | 上年同期销售收入 | 同比增减% | | --- | --- | --- | --- | | 醋系列 | 30,679.14 | 38,331.49 | -19.96 | | 酒系列 | 7,695.19 | 11,130.34 | -30.86 | | 酱系列 | 3,274.11 | 6,451.45 | -49.25 | | 合计 | 41,648.44 | 55,913.28 | -25.51 | 2、按照销售模式分类 ...

股票代码：600305 股票简称：恒顺醋业 公告编号：临 2024-016 江苏恒顺醋业股份有限公司 2023 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、2023年度主要经营数据 1、按照产品类别分类情况： 单位：万元 | 产品类别 | 2023 年度销售收入 | 2022 年度销售收入 | 同比增减% | | --- | --- | --- | --- | | 醋系列 | 129,406.76 | 128,393.13 | 0.79 | | 酒系列 | 32,699.19 | 35,694.66 | -8.39 | | 酱系列 | 19,587.11 | 25,626.19 | -23.57 | | 合计 | 181,693.06 | 189,713.98 | -4.23 | 2、按照销售模式分类 ...

索 引 号 bm56000001/2024-00002333 分 类 发布机构 发文日期 1709225520000 名 称 江苏证监局关于对江苏恒顺醋业股份有限公司、刘欣、魏陈云采取出具警示函措施的决定 文 号 〔2024〕41号 主 题 词 根据《信披办法》第五十二条的规定,我局决定对你们采取出具警示函的行政监管措施,并记入证券 期货市场诚信档案。你们应认真汲取教训,加强对证券法律法规的学习,采取有效措施完善内部控制,规范 关联交易,强化信息披露管理,杜绝此类违规行为再次发生,并在收到本决定书之日起十个工作日内向我局 提交书面报告。 如果对本监督管理措施不服,可以在收到本决定书之日起60日内向中国证券监督管理委员会提出行 政复议申请,也可以在收到本决定书之日起6个月内向有管辖权的人民法院提起诉讼。复议与诉讼期间,上 述监督管理措施不停止执行。 江苏证监局 江苏恒顺醋业股份有限公司、刘欣、魏陈云: 经查,江苏恒顺醋业股份有限公司(以下简称恒顺醋业或公司)存在以下违规行为: 一是2023年1-11月,公司与镇江恒顺米业有限责任公司之间已发生的关联交易金额超出公司2022年 年度股东大会审议通过预计的金额,超出 ...