证券代码：600616 证券简称：金枫酒业 公告编号：2025-019 上海金枫酒业股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.05元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/10 | － | 2025/7/11 | 2025/7/11 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 23 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 1. 发放年度：2024年年度 2. 分派对象： 3. 分配方案： 本次利润分配以方案实施前的公司总股本669,004,950股为基数，每股 ...

Core Insights - The competitiveness of the Yangtze River Delta wine industry is fundamentally driven by the release of policy dividends, activation of geographical endowments, and the reconstruction of the industrial chain [12] Economic Overview - In 2024, the GDP of the Yangtze River Delta is projected to exceed 33 trillion yuan, contributing 25% of the national economic total with only 4% of the land [3] - The region accounts for approximately 17% of the national population and contributes about 30% to national economic growth [3] - In the first quarter of 2025, the GDP surpassed 8 trillion yuan, maintaining a strong position in the national economic landscape [3] Industry Performance - Anhui's liquor industry reported significant growth in 2024, with revenue from large enterprises reaching 37.58 billion yuan, a year-on-year increase of 9.2%, and total profits of 12.77 billion yuan, up 13.2% [4] - Jiangsu faced challenges with a 9.83% decline in liquor production and a 16.69% drop in profits, contrasting with the expansion of production capacity by major brands [4] - Zhejiang's yellow wine industry, which holds 57.02% of national production, has seen leading companies achieve growth through structural upgrades and market expansion [4] Challenges Faced - Shanghai's local brands are struggling, with Jin Feng Wine achieving a revenue of 578 million yuan, a mere 0.87% increase, while its net profit plummeted by 94.49% [5] - Shanghai Gui Jiu experienced an 82.54% revenue drop to 285 million yuan, resulting in a net loss of 217 million yuan due to issues like related party transactions and funding chain disruptions [5] - The overall industry faces challenges such as aging consumers in Zhejiang and insufficient penetration into younger markets [6] Strategic Insights - The integration strategy of the Yangtze River Delta aims to break down administrative barriers and inject new momentum into the wine industry [8] - The region's economic foundation and scale have fostered the rise of Su and Hui wines, with leading companies capturing over 60% of their respective provincial markets [7] - Experts suggest that the wine industry must shift from provincial strategies to a more integrated approach, leveraging the strengths of the entire region [10] Future Opportunities - The Yangtze River Delta's one-integration strategy presents a historic opportunity for the wine industry, emphasizing the need for collaboration and resource sharing among provinces [9] - Initiatives include establishing a smart brewing innovation chain, promoting integrated cultural tourism, and developing new green consumption scenarios [9] - The region's unique economic and demographic characteristics create a fertile ground for high-end consumption, with significant potential for growth in premium wine markets [8]

Core Viewpoint - The announcement details the change in related party transactions for Shanghai Jinfeng Wine Industry Co., Ltd. for the year 2025, specifically the transition of the related party from Mingyue Quansheng Wine Development Co., Ltd. to Guangming Wine Industry (Shanghai) Co., Ltd. due to business adjustments within the controlling shareholder's supply chain management company [2][12]. Group 1: Change in Related Party Transactions - The company approved a daily related party transaction limit of up to 40 million yuan with Mingyue Quansheng at the 2024 annual shareholders' meeting [2][11]. - Due to business adjustments, the related party for transactions will change from Mingyue Quansheng to Guangming Wine Industry effective July 1, 2025, while the transaction amount and content remain unchanged [2][12]. - The board meeting on June 20, 2025, confirmed the change, with independent directors reviewing and approving the transaction, ensuring no harm to the company's interests or those of minority shareholders [3][8]. Group 2: Financial and Operational Details - Guangming Wine Industry was established on February 7, 2012, with a registered capital of 13 million yuan, fully owned by the controlling shareholder, the Shanghai Sugar and Wine Group [5]. - In 2024, Guangming Wine Industry reported revenue of 751,123.89 yuan and a total profit of 6,991.64 yuan, with total assets of 390,401.3 yuan and total liabilities of 9,201,243.06 yuan, resulting in a negative net asset of -8,810,841.76 yuan [5]. - The company maintains a strong ability to fulfill obligations and is not listed as a dishonest executor, indicating a stable operational capacity for the upcoming transactions [6]. Group 3: Transaction Terms and Impact - The main products sold to Guangming Wine Industry include the core brands Shikumen, Hejiu, and Jinsenianghua, with pricing based on distributor costs and general commercial terms [7]. - The change in related party does not affect the company's independence or its main business operations, ensuring that the company does not become dependent on the related party for its operations [8].

Core Points - The company held its second board meeting on June 20, 2025, where it approved the change of related party for daily transactions in 2025, specifically with Shanghai Mingyue Quansheng Wine Development Co., Ltd. [1] - The board meeting was attended by 9 directors, with 7 votes in favor of the proposal, and no votes against or abstentions [1]. - The company plans to conduct daily related transactions with a limit of up to 40 million yuan in 2025 [1]. Related Party Changes - Shanghai Mingyue Quansheng is a wholly-owned subsidiary of Shanghai Sugar and Wine (Group) Co., Ltd., the company's controlling shareholder [2]. - Due to business adjustments, the wine sales business of Mingyue Quansheng will be transferred to Bright Wine (Shanghai) Co., Ltd. starting July 1, 2025 [2]. - The transaction limits and content with Mingyue Quansheng will remain unchanged despite the change in related party [2]. Independent Director Review - The independent directors conducted a prior review and agreed that the change in related party is necessary due to the business adjustments of the controlling shareholder [2]. - They confirmed that the change will adhere to fair market principles and will not harm the interests of the company or minority shareholders [2]. - The independent directors supported submitting the proposal to the board for approval [2].

2025 年第二次独立董事专门会议的审核意见 根据《公司法》《证券法》《上市公司独立董事管理办法》和《上海证券交易所 股票上市规则》等法律法规以及《公司章程》的有关规定，上海金枫酒业有限公司（以 下简称"金枫酒业"、"公司"）独立董事于 2025 年 6 月 16 日以通讯表决方式召开专门 会议，审议《金枫酒业关于 2025 年度日常关联交易变更关联方的议案》,审核意见如 下: 本次 2025 年度日常关联交易变更关联方是基于公司控股股东糖酒集团旗下上海海 博供应链管理有限公司业务调整的需要,变更后原金枫酒业和明悦全胜 2025 年度关联 交易额度、关联交易内容及其他内容不变。本次变更将严格遵守公平公允的市场交易 原则，不存在损害公司利益和广大中小股东的利益，不会对公司持续经营能力以及独 立性造成影响，同意将本议案提交公司董事会审议。 上海金枫酒业股份有限公司 2025 年第二次独立董事专门会议的审核意见 根据《公司法》、《证券法》、《上市公司独立董事管理办法》和《上海证券交易所股 票上市规则》等法律法规以及《公司章程》的有关规定,上海金枫酒业有限公司(以下 简称"金枫酒业"、"公司")独立董事于 2025年 ...

证券代码：600616 证券简称：金枫酒业 公告编号：2025-018 上海金枫酒业股份有限公司 关于2025年度日常关联交易变更关联方的公告 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个别及连带责任。 一、日常关联交易变更关联方的基本情况 （一）日常关联交易变更关联方的原因及履行的审议程序 上海金枫酒业股份有限公司（以下简称"金枫酒业"或"公司"）于2025年5月 23日召开的2024年年度股东大会上审议通过了《关于公司2024年度日常关联交易执 行情况及2025年度日常关联交易预计的议案》，同意2025年公司与关联方上海明悦 全胜酒业发展有限公司（以下简称"明悦全胜"）进行额度不超过4,000万元的日常 关联交易（销售商品、提供劳务类）。（详见刊登于2025年3月29日的《中国证券报》 和《上海证券报》和上海证券交易所网站http://www.sse.com.cn上的《上海金枫酒 业股份有限公司关于预计公司2025年日常关联交易的公告》） 明悦全胜为本公司控股股东上海市糖业烟酒（集团）有限公司（以下简称"糖 酒集团"）旗下上海海 ...

本公司于 2025 年 5 月 23 日召开的 2024 年年度股东大会上审议通过了《关 于公司2024年度日常关联交易执行情况及2025年度日常关联交易预计的议案》， 同意 2025 年公司与关联方上海明悦全胜酒业发展有限公司（以下简称"明悦全 胜"）进行额度不超过 4,000 万元的日常关联交易（销售商品、提供劳务类）。 明悦全胜为本公司控股股东上海市糖业烟酒（集团）有限公司（以下简称"糖 酒集团"）旗下上海海博供应链管理有限公司的全资子公司。为进一步做强供应 链主业，聚焦资源，实现专业化运营，上海海博供应链管理有限公司将实施业务 调整，专注物流主业，旗下明悦全胜酒类销售业务由糖酒集团全资子公司光明酒 业（上海）有限公司（以下简称"光明酒业"）承接。据此，本公司 2025 年度与 明悦全胜发生的关联交易的主体自 2025 年 7 月 1 日起由明悦全胜变更为光明酒 业，除此之外，《上海金枫酒业股份有限公司关于预计公司 2025 年日常关联交易 的公告》中披露的原和明悦全胜的关联交易额度、关联交易内容及其他内容不变。 （详见刊登于 2025 年 6 月 21 日的《中国证券报》和《上海证券报》和上海证券 交 ...

Group 1 - The yellow wine sector has suddenly become a focus in the capital market, with significant stock price increases observed in May, particularly for companies like Kuaijishan and Guyuelongshan, which saw respective gains of 17.36% and 18.13% [1][2] - Kuaijishan's stock price reached a high of 26.69 yuan per share on May 29, marking a 2.48% increase for the day, and its market capitalization rose to 12.68 billion yuan, surpassing Guyuelongshan [2][5] - Institutional investors have shown increased interest in yellow wine stocks, with notable increases in holdings for Kuaijishan and Guyuelongshan by the Penghua Zhongzheng Wine ETF [4] Group 2 - In 2024, Kuaijishan and Guyuelongshan reported revenues of 1.63 billion yuan and 1.94 billion yuan, respectively, with year-on-year growth rates of 15.6% and 8.55% [5][7] - Kuaijishan's mid-to-high-end product revenue reached 1.06 billion yuan, a 31.3% increase, while Guyuelongshan's mid-to-high-end product revenue grew by 12.5% [11][12] - The yellow wine industry is experiencing a transformation driven by high-end and youth-oriented strategies, with companies innovating their product offerings to attract younger consumers [11][18] Group 3 - Yellow wine companies are launching innovative products such as low-alcohol, fruit-flavored, and sparkling varieties to appeal to younger demographics [18][22] - Kuaijishan achieved remarkable sales through social media, with its "Kuaijishan Refreshing Wine" generating over 10 million yuan in sales within 12 hours during a live stream [18][22] - Companies are also creating new consumption scenarios, such as Kuaijishan's 1743 Yellow Wine Bar, which offers unique yellow wine-based products [22][24]

Core Viewpoint - The yellow wine market is experiencing significant growth, with a notable increase in stock prices and consumer interest, particularly among younger demographics, while traditional liquor brands face challenges in a declining market [3][4][5]. Yellow Wine Market Performance - In May, the yellow wine index surged over 40%, significantly outperforming the broader market, while traditional liquor brands like Moutai and Wuliangye struggled with declines [3][4]. - Kuaijishan, a leading yellow wine producer, saw its market capitalization exceed 12 billion yuan, marking it as a new leader in the yellow wine sector [3][4]. - The yellow wine sector's year-to-date growth reached 51.67%, surpassing other alcoholic beverage segments and popular investment themes [4]. Consumer Trends - There is a shift in consumer preferences from quantity to quality, with younger consumers favoring healthier drinking options, leading to increased popularity of yellow wine [5]. - The demographic of consumers aged 18-35 in the yellow wine market has grown from 23% in 2019 to 37% in 2024, indicating a strong trend towards younger consumers [5]. - During a recent promotional event, Kuaijishan's sparkling yellow wine achieved sales of over 10 million yuan in just 12 hours, with over 40% of buyers aged 18-35 [5]. Challenges Facing the Yellow Wine Industry - Despite recent stock performance, the yellow wine industry faces challenges in expanding beyond its traditional markets, primarily concentrated in the Yangtze River Delta [7]. - Brand recognition remains a significant hurdle, as yellow wine is often associated with low-end uses, hindering its premium positioning in the market [7]. - The average price of yellow wine is significantly lower than that of leading white wine brands, indicating a need for value enhancement and consumer perception shifts [7]. Future Outlook - The yellow wine industry must focus on quality upgrades, brand expansion, and innovative marketing strategies to capitalize on current trends and achieve long-term growth [7].

Core Viewpoint - The Huangjiu (yellow wine) industry is experiencing a resurgence, driven by its health attributes and innovative marketing strategies, which are appealing to younger consumers and providing a competitive edge against traditional Baijiu (white liquor) [1][2]. Industry Performance - The Huangjiu index has seen a cumulative increase of over 40% since May, significantly outperforming the broader market [1]. - Key companies such as Kuaijishan (会稽山) have experienced substantial stock price increases, with a 73% rise in May alone, and a total increase of 133.36% since 2025, reaching a market capitalization of nearly 12.4 billion [1]. - In 2024, Gu Yue Long Shan (古越龙山) led in revenue with 1.936 billion, a year-on-year growth of 8.55%, while Kuaijishan reported 1.631 billion with over 15% growth for two consecutive years [1]. Strategic Shifts - The Huangjiu sector is benefiting from a shift in consumer preferences as Baijiu consumption faces pressure, allowing Huangjiu companies to capture market share [2]. - Companies are focusing on high-end and youth-oriented strategies, successfully attracting younger consumers and shifting some high-end Baijiu consumption towards Huangjiu [2][3]. - Innovations in product offerings, such as Kuaijishan's "sparkling Huangjiu," have quickly gained traction, achieving over 10 million in sales within 12 hours of a live-streaming event [3]. Market Trends - The trend towards sparkling Huangjiu is seen as a potential competitor to the ready-to-drink beer market, prompting beer companies like Qingdao Beer to invest in Huangjiu [4]. - The high-end segment of Huangjiu is expected to grow, with companies focusing on quality and value enhancement to strengthen their market position [4][6]. Policy Support - Local government initiatives, such as those from Shaoxing City, aim to boost the Huangjiu industry, targeting a sales revenue of 10 billion by 2027 and establishing leading enterprises in the sector [5]. - The overall market outlook for Huangjiu is positive, with expectations of expanding consumer bases and diversified consumption scenarios as health and wellness trends gain traction [5]. Industry Concentration - The Huangjiu market is becoming increasingly concentrated, with leading companies capturing a larger share of revenue and profits, indicating a trend that is likely to continue [6].