证券代码：600559 证券简称：老白干酒 公告编号：2025-014 2025 年 5 月 21 日 附：简历 孔卫东，男，汉族。1991 年 7 月在衡水地区制酒厂参加工作， 2007 年 1 月任公司综合办副主任；2016 年 4 月至 2019 年 3 月任公司 综合办主任，2019 年 3 月至今任工会副主席，2016 年 10 月至 2025 年 5 月任公司职工监事，现任公司职工董事。 经河北衡水老白干酒业股份有限公司（以下简称公司）职工代表 大会选举，孔卫东先生为公司职工董事，任期至第八届董事会任期届 满之日止。 特此公告。 河北衡水老白干酒业股份有限公司 河北衡水老白干酒业股份有限公司 关于选举职工董事的公告 本公司董事会、全体董事及相关股东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。 ...

河北冀华律师事务所 关于河北衡水老白干酒业股份有限公司 2024 年年度股东会法律意见书 中国•河北•石家庄 CHINA HEBEI SHIJIAZHUANG 桥西区石铜路 11 号 邮编：050000 电话：0311-85518221 传真：0311-85288018 官网：www.jihualawyer.com 邮箱：my15666@163.com 法律意见书 河北冀华律师事务所 关于河北衡水老白干酒业股份有限公司 2024 年年度股东会法律意见书 冀华股见字 2509 号 致：河北衡水老白干酒业股份有限公司 根据《中华人民共和国公司法》(下称"《公司法》")、《中华人民共和国 证券法》(下称"《证券法》")、《上市公司股东会规则)》(下称"《股东会规 则》")、《上海证券交易所上市公司股东会网络投票实施细则)》(以下简称"《网 络投票实施细则》")及《河北衡水老白干酒业股份有限公司章程》(下称"《公 司章程》")的规定，河北冀华律师事务所（下称"本所"）接受河北衡水老白 干酒业股份有限公司（下称"公司"）的委托，指派马跃彬、邵明涛律师（下称 "本所律师"）出席公司 2024 年年度股东会（下称"本次股东 ...

重要内容提示： 证券代码：600559 证券简称：老白干酒 公告编号：2025-015 河北衡水老白干酒业股份有限公司 2024年年度股东会决议公告 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法律责任。 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 5 月 20 日 (二) 股东会召开的地点：河北省衡水市高新区振华新路酒都大厦公司 13 楼 1308 会议室 (三) 出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,060 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 266,761,726 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 29.1623% | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持 情况等。 会议由公司董事会召集，公司董事长刘彦龙先生主持，大会采取现场投票和 网络投票相结合的方式进行表决。会议的召开与表决方式符合《公 ...

证券代码：600559 证券简称：老白干酒 公告编号：2025-016 河北衡水老白干酒业股份有限公司 第八届董事会第十一次会议决议公告 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法律责任。 一、 董事会会议召开情况 河北衡水老白干酒业股份有限公司第八届董事会第十一次会议 于 2025 年 5 月 20 日在公司十三楼会议室以现场结合通讯方式召开。 本次会议召开前，公司已于 2025 年 5 月 9 日以书面或邮件方式发出 会议通知和会议资料。公司董事均收到会议通知和会议资料，知悉本 次会议的审议事项。会议应到董事 11 人，实到董事 11 人，独立董事 宋学宝先生以通讯方式参加会议。会议由董事长刘彦龙先生主持，公 司高级管理人员列席了会议。会议召开符合《公司法》等相关法律、 法规和《公司章程》、《董事会议事规则》的规定。 二、 董事会会议审议情况 表决结果赞成票 7 票，反对票 0 票，弃权票 0 票。 公司董事会薪酬与考核委员会事先对此事项进行了审核，并发表 了同意的审核意见。以上事项已经公司 2021 年度股东大会授权公司 董 ...

Core Insights - The overall performance of listed liquor companies in 2024 showed steady growth despite industry pressures, with 22 companies reporting a total revenue of 446.22 billion yuan and a net profit of 167.82 billion yuan, reflecting a slowdown in growth rates compared to previous years [1][4] Industry Overview - The liquor sector experienced increased differentiation in 2024, with six leading companies accounting for 80% of total revenue and 90% of net profit, even showing slight increases from 2023 [1][4] - The top six liquor companies, including Guizhou Moutai, Wuliangye, and Shanxi Fenjiu, achieved a combined revenue of 379.74 billion yuan, marking a significant increase of 164.96 billion yuan since 2020 [5][6] Competitive Landscape - Shanxi Fenjiu entered the top three with a revenue of 36 billion yuan, indicating a shift in rankings among leading companies [4][5] - The competition among mid-tier liquor companies intensified, with companies like Shunxin Agriculture and Shede Liquor facing significant revenue declines, highlighting the challenges in maintaining market positions [4][9] Market Trends - The industry is undergoing a transition towards high-end and youth-oriented products, with companies needing to focus on national expansion to succeed in a competitive market [4][11] - Regional market reliance remains high among many companies, with some struggling to increase their contributions from outside their home markets [10][11] Future Outlook - Companies are expected to balance expansion with cost control, with a focus on refining distribution channels as a new competitive dimension [11][13] - Emerging markets, particularly in the northwest, are becoming battlegrounds for companies seeking to increase their market share [11][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue for 2024 is projected to be 5.358 billion yuan, representing a year-on-year increase of 2%, while the net profit attributable to shareholders is expected to reach 787 million yuan, up 18% [1] - The management's continuous improvement, regional operation of five brands, and effective cost control are expected to enhance profitability [1] - The product structure is continuously improving, with notable performance from brands such as Kongfu Family and Wuling Wine [1][4] Revenue and Profitability - In 2024, the revenue breakdown by product includes: - Laobai Gan: 2.590 billion yuan (+9.96%) - Bancheng Shaoguo: 858 million yuan (-10.33%) - Wenwang Gong: 550 million yuan (+0.53%) - Kongfu Family: 230 million yuan (+28.12%) - Wuling Wine: 1.099 billion yuan (+12.30%) - The average price per ton for these products has also increased, with Wuling Wine seeing a rise of 30.34% [1][4] Market Performance - The company's main markets, including Hebei, Anhui, Hunan, and Shandong, have shown steady growth, with Shandong experiencing a remarkable increase of 31.39% in revenue [2] - In Q1 2025, the revenue from high-end wines (over 100 yuan) reached 661 million yuan, a year-on-year increase of 25.50%, accounting for 56.85% of total revenue [1][2] Cost Control and Profit Margins - The gross margin for 2024 is projected at 65.95%, with a non-recurring net profit margin of 13.78% [3] - In Q1 2025, the gross margin improved to 68.58%, reflecting a year-on-year increase of 5.86 percentage points [3] - The company aims to control total operating costs within 4.359 billion yuan for 2025 [4] Financial Forecasts - The company forecasts revenue growth rates of 4% and 6% for 2025 and 2026, respectively, with net profit growth rates of 12% and 13% [4] - The projected earnings per share for 2024 is 0.86 yuan, with a price-to-earnings ratio of 20.68 [5]

Group 1 - The core strategy of Zhenjiu Lidu Group includes launching a new mid-to-high-end product priced between 500 to 600 yuan, aimed at enhancing competitiveness and expanding market share in the mid-to-high-end segment [1] - The new product is designed to compete with products priced around 2000 yuan, creating a synergistic effect with existing products like Zhen Fifteen and Zhen Thirty [1] - The company plans to target younger consumers, particularly those born in the 1980s and 1990s, through marketing activities that resonate with this demographic, aiming to strengthen consumer loyalty and expand the customer base [1][2] Group 2 - Wang Zhanggang has been appointed as the Party Secretary of Hebei Hengshui Laobai Gan Group, which is expected to enhance leadership stability and promote high-quality development within the company [3] - This leadership change is anticipated to improve brand influence and consumer recognition, providing a solid foundation for gaining market share in the competitive liquor industry [3] Group 3 - China Environmental Energy has officially changed its name to "Du Fu Liquor Group," marking its entry into the liquor industry [4] - This strategic transformation is expected to have significant implications for both the company and the industry, although the company will face challenges in a highly competitive market [4] - Continuous investment in product quality, channel development, and brand marketing will be essential for the company's success in the liquor sector [4]

Core Viewpoint - The revenue growth of Laobai Gan liquor has significantly declined, with a 2024 revenue of 5.36 billion yuan, a mere 1.91% increase year-on-year, raising concerns about the sustainability of profit growth despite a net profit increase of 18.19% [2][4][5] Financial Performance - In 2024, Laobai Gan achieved a total revenue of 5.36 billion yuan, up 1.91% from 2023's 5.26 billion yuan, which had a 12.98% growth [3][4] - The net profit attributable to shareholders was 787 million yuan, reflecting an 18.19% increase compared to 666 million yuan in 2023 [3][4] - The net profit after deducting non-recurring gains and losses was 738 million yuan, a 20.12% increase from 614 million yuan in 2023 [3] Revenue Breakdown - The primary sales region for Laobai Gan remains Hebei, generating 3.12 billion yuan in revenue, a 2.61% increase [5] - Other notable revenue contributions include Hunan at 1.10 billion yuan (12.30% growth), Anhui at 550 million yuan (0.53% growth), and Shandong at 210 million yuan (31.39% growth) [5] Product Performance - The core product line, Laobai Gan series, generated 2.59 billion yuan, accounting for 48% of total revenue, with a growth of 9.96% [8] - The Wuling series saw a revenue of 1.10 billion yuan, up 13.30%, while the Kongfu family series grew by 28.12% to 230 million yuan [8] - High-end products priced above 100 yuan generated 2.70 billion yuan, a 5.29% increase, while products priced at or below 100 yuan generated 2.62 billion yuan, a 7.09% increase [8][9] Strategic Challenges - Laobai Gan's struggle to expand its market presence and high-end product sales is attributed to limited geographical reach and insufficient brand recognition [5][7] - The company faces intense competition not only from leading domestic brands but also from local competitors in Hebei [7] - The high pricing strategy for the 1915 series has not translated into significant market traction, highlighting the challenges of positioning as a premium brand [10] Future Outlook - The company's ability to penetrate the high-end market through targeted marketing and the success of its regional strategies will be critical for future growth [12] - Without achieving a revenue scale of 10 billion yuan within the next 3-5 years, Laobai Gan risks falling out of the second-tier market [12]

河北衡水老白干酒业股份有限公司 2024 年年度股东会会议资料 二 O 二五年五月 2024 年年度股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效 率，保证股东会的顺利进行，根据《中华人民共和国公司法》、《中 华人民共和国证券法》、《上市公司股东会规则》以及《公司章程》、 《股东会议事规则》等相关规定，特制定 2024 年年度股东会会议须 知，出席会议的全体人员应当认真阅读并一致遵守： 一、 本次会议全体出席人员应以维护股东合法权益、确保大会 正常进行、提高议事效率为原则，认真履行法定职责。 二、 请参会人员携带相关证件在会议召开前十五分钟到达会场， 登记参会资格并签到，未能提供有效证件并办理签到的，不得参加现 场表决和发言。 三、 为保证本次会议的严肃性和正常秩序，除依法出席（或列 席）会议的公司股东（或股东代表）、董事、董事候选人、监事、董 事会秘书、高级管理人员、聘请的律师和董事会邀请参会的人员外， 公司有权依法拒绝其他人士入场。对于干扰会议秩序、寻衅滋事和侵 犯其他股东合法权益的行为，公司有权采取必要措施予以制止并报告 有关部门查处。 四、 股东（或股东代表）应自觉遵守会场秩 ...

Core Viewpoint - The Chinese liquor industry is experiencing a deep adjustment in 2024, characterized by declining production and sales, sluggish terminal movement, shrinking consumption scenarios, and insufficient consumer confidence, leading to price inversions for various products [1] Group 1: Industry Trends - The liquor industry is facing dual declines in production and sales, with a notable slowdown in revenue growth for liquor companies in 2024 [1] - The number of liquor companies experiencing revenue declines increased from 2 to 6 compared to the previous year, with brands like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Group 2: Sales Expenses - The total sales expenses for 19 listed liquor companies reached 45.87 billion yuan in the previous year, marking an 11% year-on-year increase, which outpaced revenue growth [2] - The median sales expense ratio rose from 16.26% to 19.1%, indicating a growing burden on companies [2] - Notably, Wu Liang Ye had the highest sales expenses at 10.692 billion yuan, followed by Gu Qing Gong Jiu and Kweichow Moutai [2] Group 3: Management Expenses - The total management expenses for listed liquor companies amounted to 22.85 billion yuan, slightly up from 22.66 billion yuan the previous year, with a median management expense ratio of 7.27% [3] - Eleven companies reported an increase in management expenses, while eight companies saw a decline [3] - Companies like Shanxi Fen Jiu, Shui Jing Fang, and Tian You De Jiu experienced management expense growth exceeding 10% [3] Group 4: Expense Ratios - Jiu Gui Jiu had the highest sales expense ratio at 42.94%, followed by Jin Zhong Zi Jiu at 31.84% and Gu Qing Gong Jiu at 26.22% [4] - Kweichow Moutai had the lowest sales expense ratio at 3.24%, indicating efficient cost management [4] - The management expense ratios for Tian You De Jiu, Jiu Gui Jiu, and Jin Zhong Zi Jiu exceeded 10%, while companies like Wu Liang Ye and Kweichow Moutai maintained lower ratios [4]