国浩律师(乌鲁木齐)事务所 关于 新疆伊力特实业股份有限公司 2024 年年度股东大会见证之 法律意见书 JES 於 PT LAW FRV 新疆乌鲁木齐经济技术开发区云台山街 499 号盛达广场 15 层 邮编: 830000 1 5th Floor of Shengda Plaza, 499 Yuntaishan Street, Urumqi Economic and Technological Development Zone, Xinjiang 830000 ,China 电话/Tel: +86 0991 3070688 传真/Fax: +86 0991 3070288 网址/Website: http://www.grandall.com.cn 2025 年 05 月 and and 国浩律师(乌鲁木齐)事务所 法律意见书 国浩律师（乌鲁木齐）事务所 关于新疆伊力特实业股份有限公司 2024 年年度股东大会见证之 法律意见书 致:新疆伊力特实业股份有限公司 国浩律师(乌鲁木齐)事务所(以下简称"本所")接受新疆伊力特实业股 份有限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以 下简称 ...

文|酒讯 方圆 5月18日，新修订后的《党政机关厉行节约反对浪费条例》（下称《条例》）正式印发，其中明确工作 餐不得提供高档菜肴，不得提供香烟，不上酒。 这份"禁酒令"再一次引发市场热烈反响。资本市场，白酒股股价在5月19日集体走低，被一部分人解读 为受"禁酒令"影响而造成的波动。 公务用酒禁令从2012年中央八项规定以来，通过地方细化、行业延伸、执行强化，已经形成了多层次、 常态化的制度体系，如今新《条例》只是在原有规定基础上进一步明确细则和重申原则。 公务用酒在一条条禁令的削减下不断收缩市场占比，可以预见，这个曾经占据白酒消费市场半壁江山的 用酒场景，或将逐步退出历史舞台。 01、公务用酒的"一生" 公务用酒在中国酒业发展史上一直有着特殊的意义。在古代，它甚至长期具备着重要的政治属性。 "温酒斩华雄""青梅煮酒论英雄""李白斗酒诗百篇"在历史长河中如同古人"晒朋友圈"一般稀松平常，但 实际上酒文化很长一段时间内都是政治的一部分。 自商周时期起，酒就作为祭祀礼仪的核心载体，而后随着粮食酿酒的出现，酒水被纳入国家管理体系， 历朝历代都有专司酒水买卖的官职设置，如周有酒正、汉有酒丞、齐有酒吏、梁有酒库丞、隋唐宋 ...

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The white liquor industry is currently in a bottom adjustment phase, with leading companies demonstrating stable operations. In the second half of 2024, the performance of the white liquor industry continued to decline, and companies proactively adjusted their operational pace. In the first quarter of 2025, companies maintained the operational rhythm from the second half of 2024, with a slowdown in performance growth but a recovery compared to the fourth quarter of 2024. There is an increasing divergence among different companies [1][12][27]. Summary by Sections Industry Overview - The white liquor industry experienced a significant performance decline in the second half of 2024, with the first quarter of 2025 showing slight improvement. The overall revenue and net profit growth rates for the white liquor sector in 2024 were +7.3% and +7.4%, respectively, outperforming the overall food and beverage sector [12][15]. Revenue Performance - In the first quarter of 2025, the revenue and net profit growth rates for listed liquor companies were 1.6% and 2.3%, respectively. High-end liquor and regional leading companies maintained steady growth, while other types of liquor companies faced negative growth [27][28]. Profitability Analysis - The sales expense ratio slightly increased, and the net profit margin faced temporary pressure. The gross profit margins for the white liquor sector in 2024 and the first quarter of 2025 were 81.8% and 81.5%, respectively, showing a year-on-year increase [1][12][27]. Investment Recommendations - The report highlights the current valuation advantage in the white liquor industry, suggesting that leading companies possess medium to long-term investment value. It recommends stable performers such as Shanxi Fenjiu and Guizhou Moutai, while also suggesting attention to companies like Luzhou Laojiao and Wuliangye, which have shown thorough clearing of their financial statements [1][12][28].

重要内容提示： 会议召开时间：2025 年 6 月 3 日（星期二）上午 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 证券代码：600197 证券简称： 伊力特 公告编号：2025-029 新疆伊力特实业股份有限公司关于 召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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法律责任。 投资者可于 2025 年 5 月 26 日（星期一）至 5 月 30 日（星期五） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 yilitedm@163.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 新疆伊力特实业股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布公司 2024 年年度报告与 2025 年第一季度报告，为便 于广大投资者更全面深入地了解公司2024年度与2025年第一季度经 营成果 ...

新疆伊力特实业股份有限公司 2024 年年度股东大会上网资料 新疆伊力特实业股份有限公司 Xinjiang Yilite Industry Co.,LTD 2024 年年度股东大会会议资料 新疆伊力特实业股份有限公司 2024 年年度股东大会上网资料 会议资料目录 1、公司 2024 年年度股东大会会议议程 2、议案一公司 2024 年度董事会工作报告 3、议案二公司 2024 年度监事会工作报告 4、议案三公司 2024 年度财务决算报告 5、议案四公司 2024 年度利润分配议案 6、议案五公司 2024 年度报告全文及摘要 7、议案六关于确认 2024 年度关联交易及预计 2025 年度日常关 联交易的议案 8、议案七公司 2024 年度社会责任报告 9、议案八公司 2024 年度内部控制评价报告 10、议案九公司 2024 年度独立董事述职报告 11、议案十公司董事会审计委员会 2024 年度履职情况报告 12、议案十一审计委员会对会计师事务所 2024 年度履职情况评 估及履行监督职责情况的报告 13、议案十二关于董事、高级管理人员 2024 年度薪酬情况及 2025 年度薪酬方案的议案 14、议案 ...

新疆伊力特实业股份有限公司关于参加新疆辖区 上市公司 2025 年投资者网上集体接待日活动的公告 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 5 月 23 日（周五）15:00-17:30。届时公 司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、 股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 出席本次集体接待日的人员有：公司董事会秘书君洁女士、财务总监颜军 先生、证券事务代表沈霞女士。 特此公告。 新疆伊力特实业股份有限公司董事会 2025 年 5 月 15 日 - 1 - 证券代码：600197 证券简称：伊力特 公告编号：2025-028 新疆伊力特实业股份有限公司关于参加新疆辖区上市公司 2025 年投资者网上集体接待日活动的公告 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、准确性和完整性承法律责任。 为进一步加强 ...

Investment Rating - The industry rating for the liquor sector is "Positive" (maintained) [4] Core Viewpoints - The liquor industry is currently at a low point, potentially representing the bottom of this adjustment cycle, with a focus on high dividend yield investment value [2][3] - The report highlights that since the second half of 2024, liquor companies have generally experienced a slowdown, indicating the current bottom range for the industry [2] - There is an increasing trend of concentration and differentiation, with leading liquor companies demonstrating resilience [2] - The report notes a decline in contract liabilities and an increase in sales expense ratios, emphasizing channel relief and a focus on the consumer end [2] - Fourteen liquor companies have increased their dividend payout ratios, with high dividend yield companies expected to exceed 4% in 2025, including Yanghe, Luzhou Laojiao, Wuliangye, and Gujing Gongjiu [2] Summary by Sections 1. Performance Overview - In Q1 2025, liquor companies' revenue performance stabilized, achieving steady growth, with a concentration accelerating towards high-end and regional leading liquor companies [9] - The liquor industry achieved a revenue of CNY 4,417.7 billion in 2024, with a year-on-year growth of 7.7%, although the growth rate slowed compared to 2023 [9] - For Q1 2025, the liquor industry revenue was CNY 1,533.6 billion, reflecting a year-on-year growth of 1.8% [9] 2. Profitability Analysis - The high-end product resilience and the ongoing upgrade of mass-market products have contributed to an increase in gross margins, although net margins slightly declined due to rising expense ratios [20] - The gross margin for the liquor industry increased by 0.75 and 0.29 percentage points year-on-year to 81.82% and 81.50% for 2024 and Q1 2025, respectively [20] - The net profit margin for the liquor industry decreased by 0.02 and 0.25 percentage points to 39.10% and 42.57% for 2024 and Q1 2025, respectively [20] 3. Investment Recommendations - The liquor sector is still at a low point, and the report continues to recommend focusing on companies with strong brand momentum, early inventory clearance, and reasonable growth targets [3] - High-end liquor recommendations include Kweichow Moutai and Wuliangye, while for mid-range and regional liquor, Gujing Gongjiu and Shanxi Fenjiu are suggested [3] - The report emphasizes the importance of two main lines: the certainty of sustained momentum in high-end liquor and the elasticity of recovery from low bases in mid-range and regional liquor [3]

出品：新浪财经上市公司研究院 上市白酒公司销售费用同比增长11% 去年19家上市白酒公司销售费用总额为458.7亿元，同比增长11%，增速高于收入增幅。这导致销售费 用率中位数从16.26%增至19.1%。 从金额来看，五粮液以106.92亿元的销售费用排第一，其次是古井贡酒和贵州茅台。销售费用最低的三 家公司为皇台酒业、伊力特、金种子酒， 从销售费用率来看，酒鬼酒、金种子酒、古井贡酒三家公司销售费用率最高，分别达到42.94%、 31.84%、26.22%。其中酒鬼酒、金种子酒销售费用率均大幅增长，主要是营收下滑拉高了费用率。 贵州茅台以3.24%的销售费用率排倒数第一，值得注意的是，五粮液去年销售费用率达到11.99%，增长 了2.63个百分点。 作者：浪头饮食/ 郝显 2024年，白酒行业进入深度调整！ "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒 挂，"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧，头部酒企仍能维持稳健增长，中小酒 ...

有9家酒企归母净利润低于10亿元，4家净利润低于1亿元。去年只有金种子酒一家酒企亏损，亏损金额 从上年的0.22亿元扩大到2.58亿元。 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2024年，白酒行业进入深度调整！ "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒 挂，"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧，头部酒企仍能维持稳健增长，中小酒企则开始面对压力。 从上市公司层面来看，2024年酒企收入增速大幅放缓，收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 19家上市白酒公司归母净利润增长7.6% 贵州茅台一家占比达到52% 2024年19家上市白酒公司（剔除*ST岩石（维权）），总共实现归母净利润1668.48亿元，同比增长 7.6%。 贵州茅台去年净利润达到862.28亿元，占上市白酒净利润的近52%，提升了3.48个百分点。其次是五粮 液、泸州老窖和山西汾酒，归母净利润分别为318.5 ...

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" (maintained) [2] Core Insights - In Q1 2025, signs of recovery are emerging for quality companies in the food and beverage sector, with the sector's configuration value becoming more prominent [3] - The food and beverage sector's revenue growth for 2024 is projected at +4.4%, with profit growth at +5.5%. In Q1 2025, revenue is expected to grow by +4.6%, while net profit shows a modest increase of +0.3% [4][12] - The overall consumption demand in 2024 is weak, particularly in Q2 and Q3, but some sub-industries are stabilizing in Q4 2024 due to proactive policies [3][12] Summary by Relevant Sections Alcoholic Beverages - The liquor sector shows steady performance, with revenue growth of +7.3% in 2024 and +1.7% in Q1 2025, while net profit growth is +7.4% and +2.3% respectively [14][23] - In Q1 2025, the liquor sector's net profit growth is the lowest since the recovery in 2015, with only a few companies like Moutai and Wuliangye achieving positive growth [3][34] Consumer Goods - The consumer goods sector, including snacks, beverages, and condiments, has shown better performance, with snacks growing by +65.2% and beverages by +12.6% in 2024 [14][12] - The beverage sector demonstrates strong demand resilience, particularly in functional and health-oriented categories [3] Investment Recommendations - The report suggests prioritizing investments in sectors benefiting from domestic demand policies, such as liquor, beer, and dairy products, recommending companies like Moutai, Wuliangye, and CR Beer [3] - It emphasizes selecting individual stocks with strong performance certainty, such as Dongpeng Beverage and Haitian Flavoring [3] Valuation Performance - The current valuation of the food and beverage sector is at a low point, with the liquor sector's price-to-earnings ratio below historical averages since 2011 [15][18]