为维护河北衡水老白干酒业股份有限公司（简称"公司"）全体 股东利益，基于对公司未来发展前景的信心及价值的认可，公司于 2024 年 2 月 19 日发布了《关于推动公司"提质增效重回报"及控 股股东自愿承诺不减持公司股份的公告》（以下简称"提质增效重回 报行动"）。2024 年公司根据提质增效重回报行动内容，积极开展 和落实各项工作，现将行动方案的执行情况评估报告如下： 一、控股股东自愿承诺不减持公司股份 基于对公司未来发展前景的信心以及对公司价值的合理判断， 为促进公司持续、稳定、健康发展，增强广大投资者信心，切实维 护投资者权益和资本市场的稳定，老白干集团在"提质增效重回报 行动"中向公司及全体投资者承诺：自 2024 年 2 月 19 日起 12 个月 内不通过二级市场、大宗交易减持其直接持有的老白干酒股票，承 诺期内如发生资本公积转增股本、派送股票红利、配股、增发等产 生的股份，亦遵守上述承诺。在上述承诺期间，若老白干集团违反 承诺减持公司股份，则因减持公司股份所得收益全部归公司所有。 截至本公告日，河北衡水老白干酿酒（集团）有限公司未减持 公司股份，持有公司股份情况如下： 河北衡水老白干酒业股份有限 ...

第一条 为规范河北衡水老白干酒业股份有限公司（以下简称 "公司"或"本公司"）董事、高级管理人员离职管理，保障公司治 理稳定性及股东合法权益，根据《中华人民共和国公司法》《上市公司 章程指引》和《河北衡水老白干酒业股份有限公司章程》的规定，制 定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理 人员的辞任、任期届满、解任等离职情形。 第二章 离职情形与生效条件 第三条 董事可以在任期届满以前辞任。董事辞任应向董事会提 交书面辞职报告，公司收到辞职报告之日辞任生效，公司将在两个交 易日内披露有关情况。 如因董事的辞任导致公司董事会低于法定最低人数时，在改选出 的董事就任前，原董事仍应当依照法律、行政法规、部门规章和本章 程规定，履行董事职务。 第四条 董事任期届满未获连任的，自股东会决议通过之日自动 离职。 第五条 股东会可以决议解任董事，决议作出之日解任生效。 河北衡水老白干酒业股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 无正当理由，在任期届满前解任董事的，董事可以要求公司予以 赔偿。 第六条 公司高级管理人员可以在任期届满以前提出辞职。有关 高级管理人员辞职的具体程序和办法 ...

河北衡水老白干酒业股份有限公司 2024 年度审计委员会对会计师事务所 履行监督职责情况报告 根据《公司法》、《证券法》、《上市公司治理准则》、《国有企业、 上市公司选聘会计师事务所管理办法》、《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》和《公司章程》等规定和要求，董 事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将董 事会审计委员会对会计师事务所 2024 年度履行监督职责的情况汇报 如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 中喜会计师事务所（特殊普通合伙）于 2013 年 11 月 28 日成立， 注册地址：北京市东城区崇文门外大街 11 号 11 层 1101 室，首席合 伙人为张增刚先生，经营范围包括审查企业会计报表、出具审计报告； 验证企业资本、出具验资报告；办理企业合并、分立、清算事宜中的 审计业务，出具有关报告；基本建设年度财务决算审计；代理记账； 会计咨询、税务咨询、管理咨询、会计培训；法律、法律规定的其他 业务。 截至 2024 年末，中喜会计师事务所拥有合伙人 102 名、注册会 计师 442 名，签署过证券服务业务审计报告的 ...

证券代码：600559 证券简称：老白干酒 公告编号：2025-008 河北衡水老白干酒业股份有限公司 关于修订《公司章程》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。 | （五）项、第（六）项 情形 | 并应当在3年内转让或者注销。 | | --- | --- | | 的，公司合计持有的本公司股份 | 公司收购本公司股份的，应 | | 数不得超过本公司已发行股份总 | 当依照《中华人民共和国证券 | | 额的10%，并应当在3年内转让或 | 法》的规定履行信息披露义务。 | | 者注销。 | | | 公司收购本公司股份的，应 | | | 当依照《中华人民共和国证券 | | | 法》的规定履行信息披露义务。 | | | 第二十六条 公司的股份可 | 第二十八条 公司的股份应 | | 以依法转让。 | 当依法转让。 | | 第二十七条 公司不接受本 | 第二十九条 公司不接受本 | | 公司的股票作为质押权的标的。 | 公司的股份作为质权的标的。 | | 第二十八条 发起人持有的 | 第三十条 公司公开发行 | | ...

一、资质条件 中喜会计师事务所于 2013 年 11 月 28 日成立，位于北京市东城 区，首席合伙人为张增刚先生。中喜会计师事务所主要经营范围包括 审查企业会计报表、出具审计报告；验证企业资本、出具验资报告； 办理企业合并、分立、清算事宜中的审计业务，出具有关报告；基本 建设年度财务决算审计；代理记账；会计咨询、税务咨询、管理咨询、 会计培训；法律、法律规定的其他业务。 截至 2024 年末，中喜会计师事务所拥有合伙人 102 名、注册会 计师 442 名，签署过证券服务业务审计报告的注册会计师 330 名。 中喜会计师事务所 2024 年业务收入（审定数）41,845.83 万元， 其中审计业务收入：36,575.89 万元；证券业务收入：12,260.14 万 元。 2024 年度中喜会计师事务所为 40 家上市公司提供年报审计服务， 年报审计收费总额 6,027.04 万元，同行业上市公司审计客户 2 家。 二、执业记录 河北衡水老白干酒业股份有限公司 2024 年度对会计师事务所履职情况评估报告 河北衡水老白干酒业股份有限公司（以下简称"公司"）聘请中 喜会计师事务所（特殊普通合伙）（以下简称：中喜 ...

老白干酒（600559）公告，2025年第一季度营收为11.68亿元，同比增长3.36%；净利润为1.52亿元，同 比增长11.91%。 ...

Investment Rating - The report maintains a recommendation for the industry, indicating that the overall upward risk outweighs the downward risk, especially with the current low positioning of the sector [1][3]. Core Insights - The industry is currently in a "corporate agony period," with signs of a bottom reversal established. The report suggests that while performance may be under pressure in the next two quarters, stock prices are expected to rebound [1][7][27]. - High-end liquor and strong regional brands are anticipated to lead the market recovery, with a particular focus on the evolution of Luzhou Laojiao and Shanxi Fenjiu [1][7][42]. Summary by Sections Section 1: Historical Review of the Industry - The previous adjustment period from 2012 to 2015 saw stock prices decline ahead of performance, with a notable drop of 61% in the index from its peak [11][16]. - The report outlines two phases during the last cycle: the "channel agony period" and the "corporate agony period," highlighting how stock prices often lead performance by 2-3 quarters [11][20]. Section 2: Current Cycle Analysis - The current cycle has transitioned from a "channel agony period" starting in 2022 to a "corporate agony period," with inventory levels decreasing and market conditions improving [7][27]. - The report notes that the current adjustment has been less severe than the previous one, with the index experiencing a 45% decline from its peak, compared to a more rapid decline in the earlier cycle [27][30]. Section 3: Investment Recommendations - The report recommends focusing on companies with strong market dynamics and improved strategic capabilities, such as Luzhou Laojiao and Shanxi Fenjiu, which are expected to outperform due to their robust distribution networks and mature pricing strategies [1][7][42]. - It also highlights the potential for leading brands like Guizhou Moutai and Wuliangye to benefit from the recovery, as they have historically led rebounds in previous cycles [1][42]. Section 4: Market Performance Metrics - The report provides data on the industry scale, noting 143 listed companies with a total market value of 5,313 billion [3]. - It also includes performance metrics, indicating a 6.3% absolute performance over one month and a 37.6% performance over six months [5].

Investment Rating - The report assigns an "Overweight" rating for the liquor industry, consistent with the previous rating [4][8]. Core Viewpoints - The essence of the 2025 liquor strategy is to focus on market share logic, indicating a shift from price concentration to volume concentration, with individual stock excess returns stemming from the ability to gain market share [2][10]. - Short-term stock price movements have largely reflected market pessimism, and with a recovery in policy expectations, the valuation of the liquor sector is expected to continue to recover [6][8]. Summary by Sections Investment Recommendations - The report suggests an "Overweight" position, highlighting companies that have demonstrated strong market share logic, such as Shanxi Fenjiu, Jiuziyuan, and Yingjia Gongjiu. It also identifies leading companies with potential for market share growth, including Wuliangye, Kweichow Moutai, Luzhou Laojiao, and Gujing Gongjiu, among others [6][8]. Individual Stock Performance - The excess returns of liquor stocks are fundamentally driven by market share logic, with companies achieving sustained share increases in their respective regions and price segments [10][12]. - Specific observations include: - Su liquor brands like Jiuziyuan have shown significant market share increases in regions such as Jiangsu and Anhui [11]. - Anhui liquor brands like Yingjia and Gujing are entering a phase of market share competition, with notable performance in key markets [12]. - Shanxi Fenjiu has demonstrated significant national market share growth, particularly in the Shandong and Henan markets [12]. Market Share Logic - Companies that exhibit strong market share logic typically share common traits, such as having products in the early stages of their lifecycle and benefiting from scale effects [13]. - The differences in market share logic among individual stocks are influenced by channel dynamics and brand strength, with some brands still in the process of channel development [13][14]. Industry Dynamics - The liquor industry is currently transitioning through three phases: total expansion, structural growth, and now a focus on volume concentration following a period of inventory adjustment [14]. - The report emphasizes that leading companies can achieve higher performance certainty through increased concentration, as evidenced by Moutai's successful strategy of trading price for volume [14].

Investment Rating - The report maintains a "Strong Buy" rating for the food and beverage industry, specifically highlighting the potential in the liquor sector due to the ongoing digital transformation [1]. Core Insights - The report outlines the evolution of online liquor sales in China, indicating a significant growth trajectory with a 56.4% year-on-year increase in online liquor sales, reaching over 120 billion yuan in 2023 [3][23]. - The shift towards online sales is driven by several factors, including the pressure on traditional sales channels, the influence of substantial subsidies from e-commerce platforms, and the preferences of younger consumer demographics [3][34]. - The report anticipates a long-term trend towards the standardization of online liquor sales, with the potential rise of professional operational agencies to assist liquor manufacturers in navigating the digital landscape [3][44]. Summary by Sections Review of Online Liquor Development - The report identifies four key phases in the development of online liquor sales from 2000 to the present, highlighting the gradual maturation of the e-commerce landscape and the increasing integration of liquor brands into online platforms [3][4]. Reasons for Growth - The report attributes the growth of online liquor sales to the maturity of logistics and payment systems, the normalization of e-commerce subsidies, and the changing preferences of younger consumers who are more inclined to shop online [3][34][37]. Future Outlook - The report suggests that the online penetration rate for liquor is currently at 12%, indicating substantial room for growth compared to the overall consumer goods market, which has a penetration rate of approximately 30% [3][44]. - It also notes that the rise of high-potential channels like Douyin (TikTok) presents significant opportunities for further expansion in online liquor sales [3][44]. Investment Recommendations - The report recommends focusing on three main lines of investment: high-end liquor brands such as Kweichow Moutai and Wuliangye, mid-range brands like Shanxi Fenjiu, and local brands positioned in expanding price segments [3][44].

证券代码：600559 证券简称：老白干酒 公告编号：2025-001 河北衡水老白干酒业股份有限公司董事、高级管理 人员减持股份计划公告 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。 重要内容提示： 董事、高级管理人员持股的基本情况：截止本公告日，河北衡水老白干 酒业股份有限公司（以下简称"公司"）副董事长张煜行先生持有公司股份 27 万 股，占公司总股本的 0.0295%；副总经理李玉雷先生持有公司股份 27 万股，占 公司总股本的 0.0295%；副总经理郑宝洪先生持有公司股份 27 万股，占公司总 股本的 0.0295%；上述股份来源均为公司实施 2022 年限制性股票激励计划所获 授的股份。 本次减持计划的主要内容：因个人资金需求，张煜行先生、李玉雷先生、 郑宝洪先生三人拟以集中竞价交易方式分别减持公司股份不超过 6.75 万股，即 上述董事、高管减持公司股份合计不超过 20.25 万股，占公司总股本的 0.0222%。 若在减持计划实施期间，公司发生送股、资本公积金转增股本、股份回购、可转 债转股等事项 ...