证券代码：600696 证券简称：*ST岩石 公告编号：2025－024 上海贵酒股份有限公司 关于股票交易异常波动的公告 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、准确性和完整性承担法律责任。 重要内容提示： ● 截至 2025 年 4 月 25 日上海证券交易所交易收盘，上海贵酒股份有限公司（以 下简称"公司"）股票交易连续 3 个交易日内日收盘价格跌幅偏离值累计达 12.00%。 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动。 ● 公司 2024 年经审计的归属于上市公司股东的净利润为负且营业收入低于 3 亿 元，触及《上海证券交易所股票上市规则》第 9.3.2 条第一款第（一）项规定的情形， 公司股票已于 2025 年 4 月 23 日起被实施退市风险警示（股票代码前冠以*ST）。具 体详见《上海贵酒股份有限公司关于公司股票停牌并实施退市风险警示的公告》 （2025-022）。敬请广大投资者注意投资风险。 ● 公司已于 2024 年 9 月 12 日披露了《上海贵酒股份有限公司关于公司实际控制 人被采取刑事强制措施的公告》（ ...

点评：顺鑫农业在2024年实现了净利润的扭亏为盈，但营业收入的下降显示出公司仍面临较大的经营压 力，未来需要在提升毛利率和优化业务结构方面继续努力。顺鑫农业未来将继续聚焦白酒和猪肉两大主 业，其如何进一步提升白酒毛利率和改善猪肉业务的盈利能力，将是公司未来突围的关键。 NO.2 天佑德酒今年一季度营收净利"双降" 每经记者 谢振宇 每经编辑 肖芮冬 丨2025年4月24日星期四丨 NO.1 顺鑫农业2024年营收跌破百亿元 4月22日晚，顺鑫农业发布2024年年报及2025年一季报。2024年，公司营业收入约91.26亿元，同比下降 13.85%；净利润为2.31亿元。其中，贡献了近八成营收的白酒业务，2024年实现营收约70亿元，同比微 增，但毛利率整体下滑5.23个百分点；另一大猪肉业务则再次"拖后腿"，实现营收约18.91亿元，同比下 滑27.21%，毛利率仅2.42%。 金种子酒4月23日公告称，公司于近期收到阜阳市人民政府国有资产监督管理委员会的批复，阜阳市国 资委原则同意公司公开转让安徽金太阳生化药业有限公司92%股权。公司还称，将积极推进相关工作。 金种子酒该动作被解读为"剥离医药业务"。数据显 ...

NO.1 燕京啤酒2024年营收净利"双增" 每经记者 谢振宇 每经编辑 赵云 丨2025年4月23日 星期三丨 NO.3 岩石股份去年营收2.85亿元，净利润亏损超2亿元 4月21日，燕京啤酒交出了2024年"答卷"。财报显示，2024年，公司实现啤酒销量400.44万千升，同比 增长1.57%；全年实现营收约146.67亿元，同比增长3.2%；归属于上市公司股东的净利润约10.56亿元， 同比增长63.74%。燕京啤酒经营业绩不断增长的背后，离不开旗下产品燕京U8的"助力"。2024年燕京 U8销量69.6万千升，同比增长31.4%。 4月21日，岩石股份发布的2024年年报显示，公司当年实现营业收入约为2.85亿元，净利润约为亏损2.17 亿元。审计机构中兴财光华会计师事务所（特殊普通合伙）对岩石股份2024年度财务报表进行了审计， 并出具了保留意见审计报告。岩石股份股票于4月23日起被实施退市风险警示，股票简称将变更为"*ST 岩石"。 点评：燕京啤酒交出了一份亮眼的财报，展现了公司在激烈市场竞争中的稳健表现和增长潜力。尽管燕 京啤酒在2024年面临市场竞争加剧和增速放缓的挑战，但公司通过产品结构优化 ...

证券代码：600696 证券简称：岩石股份 公告编号：2025－023 上海贵酒股份有限公司 关于2024年年度报告的更正公告 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。 上海贵酒股份有限公司（以下简称"公司"）于2025年4月22日披露了《上海贵 酒股份有限公司2024年年度报告》。经事后核查发现，报告正文第10页"第三节 管 理层讨论与分析 一、经营情况讨论与分析"中部分信息有误，现更正如下： 后公司将进一步加强披露文件的审核工作，因本次修正给投资者带来的不便，公司 深表歉意。 更正后： "第三节管理层讨论与分析 一、经营情况讨论与分析 2024年，对于公司来说是充满困难与挑战的一年，公司面临着前所未有的外部 行业压力和公司内部环境变化的严峻考验。在经济形势复杂多变、市场需求萎缩、 竞争愈发激烈的背景下，公司调整策略，集中力量应对困境，不断寻找生存与发展 的解决之道。报告期内，公司面对困境实施战略转型，精简组织，努力推动业务发 展，实现营业收入28,454.84万元。" 除上述更正外，《上海贵酒股份有限公司2024年年 ...

Financial Performance - The company reported a net profit attributable to shareholders of -217,354,867.82 RMB for the year 2024, indicating a significant decline compared to the previous year[5]. - By the end of 2024, the distributable profit available to shareholders was -66,460,424.97 RMB, reflecting financial strain[5]. - Operating cash flow turned negative for the first time, highlighting severe liquidity challenges[5]. - The company's operating revenue for 2024 was approximately ¥284.55 million, representing a decrease of 82.54% compared to ¥1.63 billion in 2023[23]. - The net profit attributable to shareholders for 2024 was a loss of approximately ¥217.35 million, compared to a profit of ¥87.07 million in 2023, indicating a significant decline[24]. - The basic earnings per share for 2024 was -¥0.65, a decrease from ¥0.26 in 2023, marking a non-applicable change due to the loss[26]. - The net cash flow from operating activities for 2024 was -¥75.46 million, down from ¥398.21 million in 2023, reflecting a substantial decline[24]. - Total assets at the end of 2024 were approximately ¥2.03 billion, a decrease of 10.99% from ¥2.28 billion in 2023[24]. - The weighted average return on equity for 2024 was -74.80%, a decrease of 90.45 percentage points from 15.65% in 2023[26]. - The company reported a net loss of approximately ¥141.80 million in the fourth quarter of 2024, following a loss of ¥57.72 million in the second quarter[29]. - Non-recurring gains and losses for 2024 totaled -¥53.67 million, compared to gains of ¥18.99 million in 2023[32]. Operational Challenges - The company faced reduced market investment and cautious inventory replenishment from distributors due to various adverse factors, including the detention of the actual controller[5]. - The company has outlined various risks it may face in its production and operational processes in the report[8]. - The company experienced a significant reduction in net assets attributable to shareholders, which decreased by 33.82% to approximately ¥399.27 million in 2024[24]. - The company reported a decline in cash flow from operating activities across all quarters, with the first quarter showing a net cash outflow of -¥29.19 million[29]. - The company is actively restructuring its sales network and restoring dealer confidence through various partner meetings and revised sales policies[38]. - The company is implementing cost reduction and efficiency improvement measures, including organizational restructuring and refined financial management to address market pressures[38]. Market Trends - The Chinese liquor industry is facing significant challenges, with production declining to 6.29 million kiloliters in 2023, a drop of over 50% from peak levels[39]. - The industry is experiencing inventory pressure, particularly among small and regional brands, necessitating improved inventory management to avoid financial strain[40]. - There is a downward shift in mainstream product price ranges, with mid-to-low-end liquor sales increasing while high-end liquor growth is slowing, indicating changing consumer preferences[40]. - The market is seeing increased brand concentration, with leading brands like Moutai and Wuliangye gaining market share, while smaller brands face heightened survival pressures[41]. - The rapid growth of e-commerce is transforming liquor sales, with younger consumers driving online purchases, prompting brands to enhance digital marketing and logistics capabilities[42]. Strategic Focus - The company is concentrating resources on core products, particularly promoting sauce-flavored liquor and ready-to-drink beverages, while streamlining its SKU and enhancing marketing integration[37]. - The company is advancing capacity construction with a focus on quality, including a technical transformation project for 8,500 tons of sauce-flavored liquor to enhance long-term competitiveness[37]. - The company plans to focus on core products and brands, shifting from a multi-brand strategy to a core brand strategy in 2024[73]. - The company aims to enhance market share by investing in core products, particularly in the mid-to-low price segments and small bottle products, targeting younger consumers[96]. - The company plans to optimize operational efficiency and cost control to ensure sustainable development, focusing resources on high-potential areas and seeking strategic investors[96]. Governance and Compliance - The audit report from Zhongxing Caiguanghua CPA indicated a qualified opinion, necessitating careful consideration by investors[4]. - The company has not engaged in non-operating fund occupation by controlling shareholders or related parties[7]. - There are no violations of decision-making procedures regarding external guarantees[7]. - The company maintains independence from its controlling shareholder in business operations, personnel, assets, and finances, with no interference in decision-making[105]. - The company adheres to strict information disclosure practices, ensuring transparency and compliance with regulatory requirements[106]. - The company is committed to strict adherence to legal regulations in its operations and governance practices[127]. Shareholder and Management Changes - The company has appointed Chen Qi as the acting secretary of the board due to the criminal detention of Han Xiao[112]. - Several key management personnel, including the general manager and multiple vice general managers, resigned due to personal reasons[119]. - New appointments include Zhu Nuo as general manager and Liu Zhitai as vice general manager, effective due to work-related reasons[119]. - The company has a clear succession plan in place, with designated acting roles for key positions during transitions[112]. - The total compensation for the board members and senior management during the reporting period amounted to 728.27 million CNY[112]. Legal and Litigation Issues - The company is currently facing a lawsuit with a claim amount of 995.60 million for payment of goods, with the case in progress[177]. - Another lawsuit involves a claim of 943.6 million for payment of goods, currently under trial[177]. - A claim of 802.24 million is pending in court regarding principal and interest payments[177]. - The company has reported ongoing major litigation cases, with no significant developments as of the report date[174]. - The company received a fine of 2 million yuan from the China Securities Regulatory Commission for information disclosure violations[120]. Environmental Compliance - The company reported a total wastewater discharge of 24,415 cubic meters in 2024, in compliance with local government requirements[155]. - The average concentration of nitrogen oxides in the company's exhaust emissions was 138 mg/m³, meeting the standards set by the relevant regulations[155]. - The company has upgraded its wastewater discharge pipeline and is utilizing a professional firm for wastewater treatment[156]. - The company has installed high-pressure pulse electrostatic bag dust removal systems in its grain milling workshop to control air emissions[156]. - The company encourages green office practices and has adopted energy-efficient lighting to promote sustainability[162].

Core Viewpoint - Rock Co., Ltd. (stock code 600696) is facing delisting risk due to financial performance issues, including a revenue of 285 million yuan and a net loss of 217 million yuan in the previous year, leading to a change in stock name to *ST Rock from April 23 [1][2][3] Financial Performance - In 2023, Rock Co., Ltd. reported a revenue of 285 million yuan, which is less than 300 million yuan, and a net loss of 217 million yuan, triggering delisting risk warnings [1][12] - By 2024, the company's revenue has shrunk to less than 20% of the previous year's figures, with significant declines in various product categories, with sales revenue dropping to 268 million yuan [2][12] Shareholder Dynamics - Despite the company's financial troubles, the number of shareholders increased from 23,834 at the end of 2023 to 45,972 by the end of 2024, nearly doubling [3][14] - As of March 2025, there are still over 44,000 shareholders holding Rock Co., Ltd. shares, indicating some investors are betting on a turnaround or potential acquisition [3][14] Corporate History and Changes - Rock Co., Ltd. has undergone ten name changes over its 30-year history, reflecting various ownership and operational shifts, including a transition to the liquor industry in 2018 [5][6] - The company previously achieved significant growth in liquor sales, with revenue rising from less than 60 million yuan to over 1 billion yuan in just a few years, but this growth has since reversed [6][12] Management and Operational Issues - The company has faced significant management turnover, with key executives leaving and the actual controller being detained by police, leading to operational instability [2][8] - Rock Co., Ltd. has also seen a drastic reduction in its distributor network, with 3,693 distributors leaving, leaving only 772 by the end of the previous year [13] Market Position - As of April 22, 2024, Rock Co., Ltd. has a market capitalization of approximately 2.7 billion yuan [15]

Company Developments - JD Group issued an open letter addressing the forced "choose one" behavior imposed on part-time delivery riders by competing platforms, which led to delays in some orders. Starting April 21, all orders delayed by over 20 minutes will be free of charge, and JD will increase full-time rider recruitment from 50,000 to 100,000, ensuring no forced "choose one" policy for part-time riders [7] - Meituan responded to rumors regarding the "choose one" requirement for riders, stating that no platform has the motivation or ability to restrict riders' order choices. Meituan has never limited riders from accepting orders on other platforms and continues to support multi-platform work for riders [7] - CATL launched its second-generation supercharging battery, a lithium iron phosphate battery with a range of 800 kilometers and a peak charging power exceeding 1.3 megawatts, capable of achieving over 520 kilometers of range with just 5 minutes of charging [7] - Xianyu initiated a support plan for small foreign trade businesses and individual sellers, offering measures to help them convert inventory into domestic sales [7] - Rock Shares announced that its stock will be subject to delisting risk warnings, with trading suspended for one day on April 22 and the stock name changing to *ST Rock on April 23 [7] - GoerTek reported Q1 revenue of 16.305 billion yuan, a year-on-year decrease of 15.57%, while net profit was 469 million yuan, a year-on-year increase of 23.53% [9] Industry Insights - The Shanghai Stock Exchange held a meeting with over ten leading private equity firms, which expressed that Chinese asset valuations are currently relatively low. With domestic economic restructuring, favorable policies, and global capital rebalancing, there is significant potential for valuation recovery and enhancement in Chinese assets [5] - The China Securities Regulatory Commission reported that as of mid-April, over 1,160 foreign institutions have entered the Chinese bond market, holding a total of 4.5 trillion yuan in bonds, an increase of over 270 billion yuan since the end of 2024. The total scale of China's bond market has reached 183 trillion yuan, ranking second in the world [6]

4月21日晚间，岩石股份（600696）(600696，又称上海贵酒)发布的2024年年报显示，公司当年实现营 业收入约为2.85亿元，净利润约为-2.17亿元。 由此，岩石股份将被实施退市风险警示，将"披星戴帽"。岩石股份表示，公司股票4月22日停牌一天， 并于4月23日起实施退市风险警示，其股票简称由"岩石股份"变更为"*ST岩石"。 审计机构中兴财光华会计师事务所(特殊普通合伙)对上海贵酒2024年度财务报表进行审计，并出具了保 留意见审计报告。值得注意的是，这已是岩石股份连续第三年被审计机构出具"保留意见"。去年营收同 比下滑超8成经销商减少超3693家 财报显示，岩石股份2024年营业收入为2.85亿元，同比下降82.54%；净利润为亏损2.17亿元，而2023年 净利润为8707万元；经营活动产生的现金流量净额-7546.18万元。 公司在年报中称，2024年，受多方面因素影响，公司资金承压，市场投放减少。叠加公司实际控制人被 公安机关采取强制措施和控股股东及其一致行动人所持公司股票被司法冻结等一系列事件影响，经销商 对于补货、备货持更加审慎观望态度，导致公司营业收入与上年同期相比大幅减少，且经营 ...

上海贵酒股份有限公司 关于续聘 2025 年度会计师事务所的公告 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： ● 拟续聘会计师事务所名称：中兴财光华会计师事务所（特殊普通合伙） 2025年4月18日，上海贵酒股份有限公司（以下简称"公司"）召开第十届董 事会第十八次会议，审议通过了《关于续聘2025年度会计师事务所的议案》，同 意续聘中兴财光华会计师事务所（特殊普通合伙）（以下简称"中兴财光华"）为 公司2025年度财务报告审计机构和内部控制审计机构，聘任期限为一年，现将相 关事项公告如下： 一、拟聘任会计师事务所事项的情况说明 中兴财光华具备从事证券、期货相关业务资格，具备专业胜任能力、投资者 保护能力、独立性及良好的诚信状况。在担任公司审计机构期间，勤勉尽责，坚 持独立、客观、公正的审计准则，公允合理地发表了审计意见，出具的审计报告 能公正、真实地反映公司的财务状况和经营成果。 证券代码：600696 证券简称：岩石股份 公告编号：2025－018 为保持审计工作的连续性和稳定性，经董事会审计委员会审议 ...

上海贵酒股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 证券代码：600696 证券简称：岩石股份 公告编号：2025-021 (一)股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 5 月 23 日 14 点 30 分 召开地点：贵州省遵义市仁怀市名酒工业园区荣昌坝生产区贵州高酱酒业有 限公司 1 号办公楼 6 楼大会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 23 日 至2025 年 5 月 23 日 股东大会召开日期：2025年5月23日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的 ...