证券代码：000860 证券简称：顺鑫农业 北京顺鑫农业股份有限公司 投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 √业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 活动参与人员 | 通过"价值在线"（www.ir-online.cn）参与顺鑫农业 2024 年 | | | 度网上业绩说明会的投资者； | | | 董事、总经理、董事会秘书康涛先生； | | | 副总经理、财务总监董文彬先生； | | | 独立董事宁宇女士； | | | 行业分析师王泽华先生。 | | 时间 | 2025 年 4 月 28 日（周一）下午 3:30-5:00 | | 地点 | 顺鑫国际商务中心 层会议室 14 | | 形式 | 网络远程 | | 交流内容及具体问 | 1.作为顺鑫农业的一名老股东，还是按照以前参加业绩会议的 | | | 经历，请公司领导介绍一下公司 2024 年的整体业绩和公司分业 | | | 务的情况？ | | | 答:2 ...

关于全资子公司内蒙古顺鑫农业小店种猪育种有限公司 完成工商注销登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：000860 证券简称：顺鑫农业 公告编号：2025-017 北京顺鑫农业股份有限公司（以下简称"公司"）于 2025 年 1 月 7 日召开 第九届董事会第十九次会议，审议通过了《关于拟注销全资子公司内蒙古顺鑫农 业小店种猪育种有限公司的议案》，具体情况详见公司于 2025 年 1 月 8 日披露 的《北京顺鑫农业股份有限公司关于拟注销子公司及孙公司的公告》（公告编号 2025-002）。 北京顺鑫农业股份有限公司 近日，公司收到化德县行政审批政务服务与数据管理局核发的《登记通知书》， 准予注销登记内蒙古顺鑫农业小店种猪育种有限公司。 一、注销全资子公司的基本情况 公司名称：内蒙古顺鑫农业小店种猪育种有限公司 股东持股情况：北京顺鑫农业股份有限公司持有其股权比例为 100%。 二、注销该全资子公司对公司的影响 内蒙古顺鑫农业小店种猪育种有限公司注销完成后，将不再纳入公司合并财 成立时间：2018 年 01 月 29 日 注册地址 ...

24 年低档酒贡献白酒增长，外埠市场拓展 补充收入 核心观点 盈利预测与投资建议 ⚫ 考虑公司中档酒及高档酒放量仍需时间，下调 25-26 年收入、毛利率。我们预测公司 2025-2027 年每股收益分别为 0.27、0.36、0.45 元（原预测 25-26 年为 0.82、1.11 元）。我们延续 FCFF 估值方法，预测公司权益价值为 160 亿元，对应目标价 21.62 元，维持买入评级。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 10,593 | 9,126 | 8,662 | 8,897 | 9,152 | | 同比增长 (%) | -9.3% | -13.8% | -5.1% | 2.7% | 2.9% | | 营业利润(百万元) | 75 | 528 | 458 | 529 | 604 | | 同比增长 (%) | 120.0% | 604.8% | -13.3% | 15.6% | 14.2% | | 归属母公司净利润(百万元 ...

顺鑫农业 000860.SZ 公司研究 | 季报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年04月25日） | 15.91 元 | | 目标价格 | 21.62 元 | | 52 周最高价/最低价 | 22.25/13.9 元 | | 总股本/流通 A 股（万股） | 74,177/74,177 | | A 股市值（百万元） | 11,802 | | 国家/地区 | 中国 | | 行业 | 食品饮料 | | 报告发布日期 | 2025 年 04 月 28 日 | 24 年低档酒贡献白酒增长，外埠市场拓展 补充收入 核心观点 盈利预测与投资建议 ⚫ 考虑公司中档酒及高档酒放量仍需时间，下调 25-26 年收入、毛利率。我们预测公司 2025-2027 年每股收益分别为 0.27、0.36、0.45 元（原预测 25-26 年为 0.82、1.11 元）。我们延续 FCFF 估值方法，预测公司权益价值为 160 亿元，对应目标价 21.62 元，维持买入评级。 风险提示 | 白酒消费疲软、金标陈酿销售不及预期、生猪价格波动、消费疲软、减值损失相关风险 | | --- | 公司 ...

2025年4月25日，顺鑫农业发布了2024年年报。报告显示，公司全年实现营业总收入91.26亿元，同比下 降13.85%；归属净利润为2.31亿元，同比大幅增长178.20%，成功实现扭亏为盈。扣非净利润为2.46亿 元，同比增长143.08%。尽管整体营收下滑，但白酒业务表现亮眼，成为公司盈利的主要驱动力，而猪 肉业务则因市场环境不佳，收入大幅下降。 白酒业务：牛栏山品牌稳中有进，高端化转型遇阻 顺鑫农业的白酒业务在2024年实现营业收入70.41亿元，同比增长3.19%。其中，牛栏山品牌表现尤为突 出，经典二锅头和传统二锅头系列产品销售分别同比增长32%和37%。珠三角市场和新疆市场成为区域 样板，销售额分别增长50%和23%。公司还推出了高端新品"魁盛号北京礼遇"，试图通过产品结构升级 提升品牌价值。 然而，高端化转型并不顺利。牛栏山金标陈酿作为公司冲击中高端市场的代表，2024年销售量同比下降 19.8%，库存量却同比增长254.6%。金标酒自2021年上市以来，销售量逐年下滑，显示出消费者对高端 产品的接受度有限。尽管公司通过营销活动和品牌推广努力提升金标酒的市场认知度，但销售疲软的问 题依然存在 ...

Group 1 - The article discusses the performance of the wine industry, highlighting a growth rate of 27.21% in sales [1] - It mentions a significant increase in franchise operations, with a reported growth of 16.89% [1] - The overall market value of the wine sector is noted to be approximately 134.64 billion [1] Group 2 - The report indicates that the international market for wine is projected to reach 19.68 billion, with a growth rate of 19.69% [1] - It also highlights a specific franchise's revenue of 2.82 billion, reflecting strong market demand [1] - The article emphasizes the importance of strategic partnerships in driving growth within the industry [1]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 18.48 [7][8]. Core Views - The company reported a revenue of RMB 9.13 billion and a net profit attributable to the parent company of RMB 231 million for 2024, reflecting a year-on-year decline of 13.8% in revenue but a turnaround in net profit [1][4]. - The white liquor segment achieved steady growth with a revenue of RMB 7.04 billion in 2024, up 3.2% year-on-year, while the pork business is expected to reduce losses compared to the previous year [2][3]. - The gross margin for the white liquor segment decreased by 5.2 percentage points to 45.0% due to slower growth in high-end liquor, while the pork business saw an increase in gross margin by 8.4 percentage points to 2.4% [3]. Summary by Sections Financial Performance - In 2024, the company’s revenue was RMB 9.13 billion, with a net profit of RMB 231 million, marking a significant recovery from previous losses [6]. - The first quarter of 2025 showed a revenue of RMB 3.26 billion, down 19.7% year-on-year, with a net profit of RMB 280 million [1][2]. Business Segments - The white liquor segment generated RMB 7.04 billion in revenue in 2024, with high-end liquor sales declining slightly, while the pork segment's revenue was RMB 1.89 billion, down 27% year-on-year [2][3]. - The company is focusing on marketing innovations to enhance consumer engagement, particularly through the "Golden Standard" series [2]. Profitability Metrics - The overall gross margin for 2024 improved by 4.2 percentage points to 36.0%, while the net profit margin increased by 5.3 percentage points to 2.5% [3]. - The company expects a gradual recovery in profitability, with EPS estimates for 2025 and 2026 adjusted to RMB 0.28 and RMB 0.35, respectively [4][6].

Core Insights - Shunxin Agriculture reported a revenue of 9.126 billion yuan and a net profit of 231 million yuan for the previous year, marking a year-on-year increase of 178.2% [1] - The company aims to enhance its governance and improve the quality of its listed entity while focusing on its two main businesses: liquor and pork [3] Liquor Business - In 2024, Shunxin's liquor segment generated a revenue of 7.041 billion yuan, reflecting a growth of 3.19% year-on-year, with sales volume reaching 369,400 kiloliters [1] - The Niulanshan distillery capitalized on market trends, achieving significant sales growth in key regions, with the Pearl River Delta market increasing by 50% and Xinjiang market by 23% year-on-year [1] - The classic Erguotou series saw a sales increase of 32%, while the traditional Erguotou series grew by 37% year-on-year [1][2] Pork Business - The pork segment reported a revenue of 1.891 billion yuan, down 27.21% year-on-year, with slaughtering and breeding revenues at 1.689 billion yuan and 202 million yuan, respectively [2] - The company has been adjusting its production rhythm in response to industry dynamics and pork price trends to ensure stable supply in the Beijing market [2] - Shunxin has been recognized as a "Beijing Old Brand" enterprise and has been included in the "China Meat Food Safety Credit System Construction Demonstration Project" for ten consecutive years, enhancing its brand value [2] Future Strategy - For 2025, Shunxin has outlined a "Five-Five" development strategy focusing on governance and quality enhancement, aiming to strengthen its liquor and pork businesses [3] - The liquor segment will leverage consumer trends and technological advancements to establish a new brand of Chinese liquor, while the pork segment will focus on high-quality meat supply and processing [3] - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares, totaling 111.27 million yuan, with a payout ratio of 48.13%, the highest in 22 years [3]

Core Viewpoint - The company reported a revenue decline in 2024 but achieved a significant turnaround in net profit compared to the previous year, indicating a potential recovery trajectory in its core businesses [1][2]. Financial Performance - In 2024, the company achieved a revenue of 9.126 billion, a year-on-year decrease of 13.8%, and a net profit of 231 million, compared to a loss of 296 million in the previous year [1]. - The company reported a net profit of 282 million in Q1 2025, a year-on-year decrease of 37.34% [1]. Business Segment Analysis - **Baijiu (White Liquor) Business**: - In 2024, the Baijiu segment generated revenue of 7.041 billion, a year-on-year increase of 3.2%, with sales volume and price per ton increasing by 0.8% and 2.4% respectively [2]. - The high-end and mid-range Baijiu products saw slight revenue declines, while low-end products increased by 5.1% [2]. - The classic Erguotou series saw sales growth of 32%, and traditional Erguotou series products increased by 37% [2]. - **Pork Business**: - The pork segment reported revenue of 1.891 billion, a year-on-year decrease of 27.2%, with slaughtering business revenue at 1.689 billion, an increase of 3.2% [2]. - The company focused on product structure improvement and cost reduction, leading to a significant reduction in losses [2]. Regional Performance - Revenue from the Beijing region decreased by 35.8% to 2.777 billion, while revenue from outside Beijing increased by 1.2% to 6.349 billion [3]. - The company has seen success in expanding its market presence in regions like the Pearl River Delta and Xinjiang, with sales growth of 50% and 23% respectively [3]. Profitability and Cost Management - The company achieved a gross margin of 36.03% in 2024, an increase of 4.2 percentage points year-on-year, with Baijiu and slaughtering business margins at 44.99% and 2.42% respectively [4]. - The company’s net profit margin for 2024 was 2.53%, an increase of 5.3 percentage points year-on-year [4]. Strategic Focus - The company aims to stabilize its core businesses in Baijiu and pork after divesting its real estate operations, focusing on market cultivation and product structure adjustments [5]. - The company plans to enhance its high-end product promotion and optimize its pork business model to improve profitability [5]. Future Outlook - Revenue projections for 2025 and 2026 are 8.502 billion and 8.860 billion respectively, with expected year-on-year changes of -6.8% and +4.2% [5]. - Net profit forecasts for the same period are 201 million and 269 million, with year-on-year changes of -12.9% and +33.6% [5].

Core Points - The company reported a revenue of 7.041 billion yuan from its liquor business in the first quarter of 2025, representing a year-on-year increase of 3.19% [15] - The company’s pork business generated revenue of 1.891 billion yuan, a decrease of 27.21% compared to the previous year [21] - The company plans to distribute a cash dividend of 1.50 yuan per share based on the total share capital of 741,766,989 shares as of December 31, 2024 [42][43] Financial Data - As of March 31, 2025, accounts receivable increased by 120.65 million yuan, a growth of 52.69% due to increased support for distributors [6] - Inventory decreased by 836.31 million yuan, a decline of 36.48%, primarily due to liquor sales [7] - The net cash flow from operating activities decreased by 259.57 million yuan, a drop of 58.45%, mainly due to reduced cash received from sales [15] Business Operations - The company adjusted its marketing strategies to enhance sales, particularly in key markets such as the Pearl River Delta and Xinjiang, where sales increased by 50% and 23% respectively [17] - The company is focusing on product structure upgrades and has successfully launched new high-end products [18] - The company has implemented cost control measures in its pig farming operations to improve production efficiency and reduce costs [24] Shareholder Information - The company’s board of directors has approved the 2024 annual report and proposed a shareholder meeting to discuss the report and other matters [29][80] - The company has a total of 741,766,989 shares outstanding, with a proposed dividend distribution of 111.27 million yuan [43]