Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Insights - The company reported a total revenue of 4.088 billion in the first three quarters of 2024, reflecting a year-on-year growth of 6.29%, with a net profit of 556 million, up 33% year-on-year. The Q3 revenue was 1.618 billion, showing a slight increase of 0.26% year-on-year, while net profit for Q3 reached 252 million, a growth of 25.17% [4][5]. - The company is expected to maintain its profit forecasts for 2024-2026, with projected net profits of 846 million, 1.001 billion, and 1.161 billion respectively, representing growth rates of 27%, 18%, and 16% [5][8]. - The company benefits from product differentiation, competitive pricing, and strong channel relationships, particularly in the Hebei province, which has room for upgrades. The Wuling liquor market in Hunan is also showing steady growth potential [5][6]. Summary by Sections Market Data - Closing price: 20.39 yuan - Market capitalization: 18,438 million yuan - Price-to-earnings ratio (PE) for 2024-2026 is projected at 22x, 19x, and 16x respectively [2][5]. Financial Performance - Q3 2024 operating revenue was 1.618 billion, with a net profit of 252 million. The overall revenue for the first three quarters was 4.088 billion, with a net profit of 556 million [4][5]. - The company’s gross margin for Q3 was 66.77%, reflecting a year-on-year increase of 0.6 percentage points [7]. Revenue Breakdown - Q3 2024 revenue from white liquor was 1.61 billion, with a year-on-year growth of 5.9%. Revenue from products priced above 100 yuan was 790 million, up 9.9%, while those priced at or below 100 yuan generated 820 million, a growth of 2.3% [6][7]. - Regional performance showed that Hebei revenue was 910 million, growing 1.6%, while Hunan revenue reached 340 million, up 18.2% [6][7]. Future Projections - The company anticipates continued revenue growth, with total revenue projected to reach 5.807 billion in 2024, 6.372 billion in 2025, and 6.937 billion in 2026 [8][10].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company has achieved a revenue of 4.09 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 6.3%, with a net profit attributable to shareholders of 560 million yuan, up 33.0% year-on-year [1]. - The company continues to optimize its product structure, with products priced above 100 yuan generating 2.04 billion yuan in revenue, a year-on-year increase of 15.7% [1]. - The company is focused on its dual-brand strategy of "Hengshui Laobai Gan" and "Shibajiu Fang," aiming to enhance market penetration in high-end products [1]. Financial Performance - For Q3 2024, the company reported revenue of 1.62 billion yuan, a slight increase of 0.3% year-on-year, and a net profit of 250 million yuan, up 25.2% year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 66.2%, a decrease of 0.5 percentage points year-on-year, while the net profit margin improved to 13.6%, an increase of 2.7 percentage points year-on-year [1]. - The company expects revenues of 5.6 billion, 6.17 billion, and 6.91 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 868 million, 1.09 billion, and 1.31 billion yuan [2][4]. Market and Competitive Position - The company has seen strong growth in various regions, with Hebei achieving 2.34 billion yuan in revenue, a year-on-year increase of 9.1%, and Shandong showing a significant increase of 33.6% [1]. - The company has increased its number of distributors in Hebei to 1,901, while reducing the number in Hunan to 8,485, indicating a strategic focus on regional strengths [1]. - The company is actively pursuing cost control and efficiency improvements, which are expected to enhance its earnings elasticity [1].

证券代码：600559 证券简称:老白干酒 公告编号：2024-027 河北衡水老白干酒业股份有限公司 2024 年前三季度经营数据公告 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法律责任。 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》之《第十二号——酒制造》第十六条相关规定，河北衡水 老白干酒业股份有限公司现将 2024 年前三季度主要经营数据（未经 审计）披露如下： 一、按产品档次分类情况 注：1.上表中营业收入不含"其他业务收入"，下同。 2.公司按产品的出厂价位段划分产品档次：100 元以上的产品主 要代表有 1915 衡水老白干酒、十八酒坊（甲等 20）、十八酒坊（甲等 15）、衡水老白干（古法 20）、衡水老白干（五星）、武陵上酱、39° 太平龙印升级版、文王皇宫宴、不惑、40.8°文王贡酒专十二、36° 孔府家酒·朋自远方 6 等；100 元（含 100 元）以下的产品主要代表 有十八酒坊（8 酒）、十八酒坊（王牌酒）、38°和顺 1975 金爵升级 版、武陵飘香、40.8°文王贡专九（压罐版 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,617,872,456.01, representing a year-on-year increase of 0.26%[2] - Net profit attributable to shareholders for the same period was CNY 251,843,358.38, up 25.17% year-on-year[2] - The net profit after deducting non-recurring gains and losses reached CNY 239,817,887.93, reflecting a 22.51% increase compared to the previous year[2] - The basic earnings per share for Q3 2024 was CNY 0.28, an increase of 27.27% year-on-year[3] - Operating profit for the first three quarters of 2024 was CNY 736,739,721.99, compared to CNY 556,367,716.78 in 2023, representing a significant increase of 32.5%[17] - Net profit for the first three quarters of 2024 was CNY 736,272,153.02, up from CNY 560,671,873.33 in the same period last year, indicating a growth of 31.2%[17] - The net profit for the first three quarters of 2024 reached ¥556,188,673.45, an increase of 33.1% compared to ¥418,198,382.88 in the same period of 2023[18] - Basic and diluted earnings per share for the period were both ¥0.61, up from ¥0.46 in the previous year, representing a growth of 32.6%[18] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 9,745,422,151.83, a 2.58% increase from the end of the previous year[3] - The total assets of the company increased to CNY 9,745,422,151.83 as of the end of the third quarter of 2024, compared to CNY 9,500,531,996.36 at the end of 2023, marking a growth of 2.6%[16] - The total liabilities decreased slightly to CNY 4,682,676,519.82 from CNY 4,690,247,814.03, showing a reduction of 0.2%[16] - The company's equity attributable to shareholders increased to CNY 5,062,745,632.01, up from CNY 4,810,284,182.33, reflecting a growth of 5.2%[16] Cash Flow - The net cash flow from operating activities decreased by 36.53% to CNY 418,991,681.44 compared to the same period last year[6] - Cash flow from operating activities generated a net amount of ¥642,263,121.44, a decrease of 22.6% from ¥829,121,346.60 in the first three quarters of 2023[20] - Total cash inflow from operating activities was ¥4,866,739,923.09, slightly down from ¥4,924,343,174.97 in the same period last year[20] - Cash outflow for operating activities totaled ¥4,224,476,801.65, an increase of 3.1% compared to ¥4,095,221,828.37 in the previous year[20] Investments and Expenditures - The company invested ¥2,085,000,000.00 in capital expenditures, up from ¥1,866,700,000.00 in the same period last year, indicating a 11.7% increase[21] - The company reported a significant increase in financial assets, with a rise of 44.33% attributed to increased wealth management purchases[5] - The company reported a significant increase in trading financial assets, rising to RMB 957,533,360.27 from RMB 663,444,990.43, which is an increase of approximately 44.4%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 175,045, with the largest shareholder holding 25.14% of the shares[7] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 10,908,117.46, compared to CNY 10,309,568.52 in 2023, indicating an increase of 5.8%[17] Government Support - The company received government subsidies totaling CNY 10,401,011.11 during the reporting period, contributing to its financial performance[4] Inventory and Receivables - Inventory increased to RMB 3,436,778,434.24 from RMB 3,349,782,536.52, showing a rise of approximately 2.6%[14] - The accounts receivable decreased to RMB 3,523,606.71 from RMB 26,603,278.97, reflecting a substantial decline of about 86.8%[14] Future Outlook - The report does not provide specific future guidance or performance outlook for the upcoming quarters[12] - There are no updates on market expansion or mergers and acquisitions mentioned in the report[12] - The company has not disclosed any new product developments or technological advancements in this report[12]

证券代码：600559 证券简称：老白干酒 公告编号：2024-026 (一) 股东大会召开的时间：2024 年 10 月 29 日 (二) 股东大会召开的地点：河北省衡水市振华大街 999 号酒都大厦 13 楼 1308 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 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《公司法》及《公 司章程》的规定，会议合法有效。 (五) 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 8 人，出席 8 人，其中：独立董事兰霞、宋学宝、何海明 以通讯会议方式参加会议。 2、 公司在任监事 5 人，出席 5 人； 二、 议案审议情况 河北衡水老白干酒业股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召 ...

冀华股见字 2409 号 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 年第一次临时股东大会法律意见书 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 年第一次临时股东大会法律意见书 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》")、《上市公司股东大会规则)》(下称"《股东大 会规则》")、《上海证券交易所上市公司股东大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 年第一 ...

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [5]. Core Views - The company is positioned as a leading player in the liquor industry, with a focus on brand diversification and product structure enhancement. The reforms implemented are expected to gradually release potential, leading to improved profitability [1][3][14]. - The company has successfully integrated various brands, including Wuling, and is actively expanding its market presence outside its home province, which is anticipated to accelerate revenue growth [2][3][4]. Summary by Sections Company Overview - The company has a rich history of over 2000 years in liquor production, with its flagship product, Hengshui Laobai Gan, recognized for its unique flavor and quality [14][19]. - The acquisition of Fenglian Liquor in 2018 has allowed the company to diversify its product offerings, creating a multi-brand strategy that includes Wuling, Wenwang, and Kongfu family wines [15][22]. Financial Performance - The company reported a revenue of 4,653.10 million yuan in 2022, with a projected growth rate of 12% in 2024, reaching 5,904.73 million yuan [4]. - The net profit attributable to the parent company is expected to grow from 665.94 million yuan in 2023 to 846.65 million yuan in 2024, reflecting a growth rate of 27.14% [4]. Brand Strategy - The company is focusing on upgrading its product structure to align with consumer trends towards higher quality and premium products. The Hengshui Laobai Gan series is actively targeting the mid-to-high price segments [1][3][14]. - Wuling liquor is undergoing rapid capacity expansion and is adopting a direct-to-consumer model to enhance market control and pricing power [2][3]. Future Outlook - The company anticipates continued revenue growth driven by the expansion of Wuling liquor and the successful launch of high-end products like the 1915 series [3][4]. - The projected revenue growth rates for 2024-2026 are 12%, 14%, and 15%, respectively, with net profit growth rates of 27%, 21%, and 25% [3][4].

河北衡水老白干酒业股份有限公司 2024 年第一次临时股东大会会议资料 二 O 二四年十月 2024 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事 效率，保证大会的顺利进行，根据《中华人民共和国公司法》、《中 华人民共和国证券法》、《上市公司股东大会规则》以及《公司章程》、 《股东大会议事规则》等相关规定，特制定 2024 年第一次临时股东 大会会议须知。 一、为保证本次大会的正常秩序，切实维护与会股东（或股东代 理人）的合法权益，除出席会议的股东（或股东代理人）、公司董事、 监事、高级管理人员、见证律师及董事会邀请的人员外，公司有权依 法拒绝其他无关人员进入会场。 二、出席会议的股东及股东代理人须在会议召开前半小时到会议 现场办理签到手续，出席会议的个人股东持本人身份证、股东账户卡、 有效股权凭证；法人股东持营业执照复印件（盖章）、法人授权代表 授权委托书、出席人身份证；委托代理人须持本人身份证、委托人身 份证、授权委托书、委托人股东账户卡办理登记手续，上述登记材料 均需提供复印件一份，经验证后领取会议资料，方可出席会议。会议 开始后，由会议主持人宣布现场出席会议的 ...

证券代码：600559 证券简称：老白干酒 公告编号：2024-025 河北衡水老白干酒业股份有限公司董事会 2024 年 10 月 12 日 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 2024 年 10 月 15 日 (周二)15:30-17:00。 届时公司总经理赵旭东先生、董事会秘书刘勇先生、财务总监吴 东壮先生将在线就公司业绩、公司治理、发展战略、经营状况和可持 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! 特此公告。 河北衡水老白干酒业股份有限公司 关于参加 2024 年河北辖区上市公司投资者网上集体 接待日暨 2024 年半年报业绩说明会的公告 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。 为进一步加强与投资者的互动交流，河北衡水老白干酒业股份有 限公司(以下简称"公司")将参加由河北证监局、河北上市公司协会 与深圳市全景网络有限公司联 ...

河北衡水老白干酒业股份有限公司 关于吸收合并全资子公司的公告 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。 重要内容提示： 河北衡水老白干酒业股份有限公司（以下简称"公司"）拟吸 收合并全资子公司丰联酒业控股集团有限公司（以下简称"丰联酒 业"）。本次吸收合并完成后，丰联酒业的法人资格将被注销，其全 部资产、债权债务、股权、业务等由公司承继。 本事项已经公司第八届董事会第八次会议审议通过，本次吸收 合并事项不构成关联交易，也不构成《上市公司重大资产重组管理办 法》规定的重大资产重组。本事项尚需提交公司股东大会审议。 证券代码：600559 证券简称：老白干酒 公告编号：2024-023 被合并方丰联酒业为公司全资子公司，其财务报表已纳入公司 的合并报表范围，本次吸收合并不会对公司的财务状况和经营成果产 生实质性影响，也不会损害公司及全体股东的利益。 一、吸收合并情况概述 根据公司的战略发展需要，为了整合公司资源，提高资产运行效 率，同时压缩股权层级，优化公司组织架构，提升管理效率，河北衡 水老白干酒业股份有限公司拟吸收合并全 ...