上海贵酒股份有限公司 第一章 总 则 第二章 经营宗旨和范围 第三章 股 份 第四章 股东和股东会 第五章 董事会 第六章 高级管理人员 第八章 通知和公告 章 程 2025 年 10 月（修订） 目 录 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 股 东 第二节 股东会的一般规定 第三节 股东会的召集 第四节 股东会的提案与通知 第五节 股东会的召开 第六节 股东会的表决和决议 第一节 董 事 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第一节 通 知 第二节 公 告 第二节 解散和清算 第十章 修改章程 第十一章 附 则 第一章 总 则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》 （以下简称《证券法》）和其他有关规定，制订本章程。 第五条 公司注册地址：上海市奉贤区南桥镇沪发路 65 弄 ...

上海贵酒股份有限公司 董事会审计委员会议事规则 （2025年10月修订） 第一章 总 则 第一条 为强化和规范上海贵酒股份有限公司（以下简称"公司"）董事会 决策功能，确保董事会对经理层的有效监督，完善公司法人治理结构，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《上市公司治理准则》、 《企业内部控制基本规范》、《上海证券交易所股票上市规则》、《上海贵酒 股份有限公司章程》（以下简称"《公司章程》"）及其他有关规定，公司特设 立董事会审计委员会，并制定本规则。 第二条 审计委员会是董事会下设的专门委员会，对董事会负责，向董事 会报告工作，主要负责监督公司的外部审计，指导公司内部审计工作，促进公 司建立有效的内部控制并提供真实、准确、完整的财务报告。 第二章 审计委员会的人员组成 第四条 审计委员会成员原则上须独立于上市公司的日常经营管理事务。 审计委员会中独立董事委员占审计委员会成员总数的半数以上，而且至少应有 一名独立董事为会计专业人士（会计专业人士是指具有高级职称或注册会计师 资格的人士）。审计委员会全部成员均须具有能够胜任审计委员会工作职责的 专业知识和商业经验。 第五条 审计委员会设召集 ...

上海贵酒股份有限公司 股东会议事规则 （2025 年 10 月修订） 第一章 总则 第一条 为规范上海贵酒股份有限公司（以下简称"公司"）的组织和行为， 保证股东依法行使职权，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上海证券交易所股票上市 规则》（以下简称"股票上市规则"）《上市公司股东会规则》等法律法规、规范性 文件，以及《上海贵酒股份有限公司章程》（以下简称"《公司章程》"）和其他 有关规定，制订本议事规则。 第二条 公司应当严格按照法律、行政法规、部门规章及《公司章程》的相 关规定召开股东会，保证股东能够依法行使权利。公司董事会应当切实履行职责， 认真、按时组织股东会。上市公司全体董事应当勤勉尽责，确保股东会正常召开 和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公 司法》第一百一十三条和《公司章程》第四十三条规定的应当召开临时股东会的 情形时，临时股东会应当 ...

上海贵酒股份有限公司 董事会议事规则 （2025 年 10 月修订） 第一章 总 则 第一条 为明确上海贵酒股份有限公司（以下简称"公司"）董事会的职责权 限，规范董事会内部机构及决策程序，充分发挥董事会的作用，根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《上海贵酒股份有限公司章程》（以下 简称"《公司章程》"）和其他有关规定，制订本议事规则。 第二条 公司依法设立董事会，董事会由股东会选举产生，受股东会委托， 负责经营管理公司的法人财产，是公司的经营决策中心，对股东会负责。 第三条 董事会应当在《公司法》、《公司章程》、股东会赋予的职权及本议事 规则规定的范围内行使职权，不得超越职权范围，并不得干涉董事对自身权利的 处分 第四条 公司董事会由 7 名董事组成，其中独立董事 3 人，非独立董事 4 人。 在本公司聘请的独立董事中，包括一名会计专业人士。公司董事会设董事长 1 人。 第五条 董事会实行会议制度。董事会会议分为定期会议和临时会议，定期 会议每年至少召开两次，临时会议的召开条件依照《公司章程》第一百一十五条 的规定办理。董事会会议应有过半数的董事出席方可举行。董事会会议除董事须 出席外 ...

上海贵酒股份有限公司 独立董事工作制度 （2025 年 10 月修订） 第一章 总则 第一条 为进一步强化独立董事的工作职能，充分发挥独立董事的作用， 完善公司治理结构，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司独立董事管理办法》（以下简称"《独立董事管理办法》"）、《上市公 司治理准则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 （以下简称"《规范运作》"）及其他有关法律、行政法规、部门规章、规范性 文件和《上海贵酒股份有限公司章程》（以下简称"《公司章程》"）的规定，并 结合上海贵酒股份有限公司（以下简称"公司"）的实际情况，制定《独立董事 工作制度》（以下简称"本制度"）。 第二条 有关法律、行政法规和《公司章程》中涉及董事的规定适用于独立 董事。独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按照相 关法律、行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、 上海证券交易所业务规则和《公司章程》的要求，认真履行职责，在董事会中 发挥参与决策、监督制衡、专业咨询作用，维护上市公司整体利益，保护中小 股东合法权益。 第二章 独立董事的任职条 ...

Core Insights - The liquor sector experienced a slight increase of 0.14% on October 21, with *ST Rock leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance Summary - *ST Rock (600696) closed at 5.84, with a rise of 5.04% and a trading volume of 47,600 shares, totaling 27.11 million yuan [1] - Other notable performers include Tianyoude Liquor (002646) at 9.80, up 1.34%, and Qingdao Wenzhou (000995) at 13.97, up 1.31% [1] - Major stocks like Luzhou Laojiao (000568) and Kweichow Moutai (600519) saw minor increases of 0.80% and 0.30%, respectively, with Moutai's closing price at 1462.26 and a trading volume of 25,400 shares, totaling 3.73 billion yuan [1] Capital Flow Analysis - The liquor sector saw a net inflow of 12.19 million yuan from major funds, while retail investors contributed a net inflow of 15.9 million yuan [2] - Conversely, speculative funds experienced a net outflow of 172 million yuan [2] Individual Stock Capital Flow - Kweichow Moutai (600519) had a significant net inflow of 1.26 billion yuan from major funds, while it faced a net outflow of 1.26 billion yuan from speculative funds [3] - Wuliangye (000858) reported a net inflow of 29.16 million yuan from major funds, but a net outflow of 39.27 million yuan from retail investors [3] - *ST Rock (600696) showed a net inflow of 6.38 million yuan from major funds, while retail investors withdrew 5.52 million yuan [3]

Core Viewpoint - The liquor sector experienced a decline of 1.79% on October 17, with the leading stock, Jiu Gui Jiu, falling significantly. The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1]. Group 1: Stock Performance - The liquor sector stocks showed varied performance, with notable declines in several key companies: - Zhi Si Cha (000799) closed at 62.22, down 3.20% with a trading volume of 106,600 shares and a transaction value of 671 million yuan - ST Yan Shi (600696) closed at 5.50, down 2.65% with a trading volume of 37,600 shares and a transaction value of 2.08 million yuan - She De Jiu Ye (600702) closed at 61.87, down 2.57% with a trading volume of 74,200 shares and a transaction value of 463 million yuan - Huang Tai Jiu Ye (000995) closed at 13.47, down 2.46% with a trading volume of 38,300 shares and a transaction value of 5.22 million yuan - Gu Li Gong Jiu (000596) closed at 155.80, down 2.02% with a trading volume of 22,100 shares and a transaction value of 348 million yuan - Kweichow Moutai (600519) closed at 1455.00, down 2.01% with a trading volume of 38,100 shares and a transaction value of 5.595 billion yuan - Shui Jing Fang (600779) closed at 42.10, down 1.98% with a trading volume of 20,700 shares and a transaction value of 87.98 million yuan - Jin Zhong Zi Jiu (661009) closed at 10.20, down 1.92% with a trading volume of 66,900 shares and a transaction value of 68.80 million yuan - Yi Li Te (600197) closed at 15.22, down 1.81% with a trading volume of 44,500 shares and a transaction value of 68.22 million yuan - Lao Bai Gan Jiu (600559) closed at 16.89, down 1.75% with a trading volume of 116,000 shares and a transaction value of 197 million yuan [1]. Group 2: Capital Flow - On the same day, the liquor sector saw a net outflow of 1.173 billion yuan from main funds, while retail funds experienced a net inflow of 488.5 million yuan and speculative funds saw a net inflow of 688 million yuan [2].

Market Overview - The liquor sector experienced a decline of 0.87% on October 13, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Individual Stock Performance - *ST Rock (600696) closed at 5.63, down 3.10% with a trading volume of 37,400 shares and a turnover of 20.94 million yuan [1] - Other notable declines include: - Si Gu Dian (000799) down 2.30% to 59.57 with a volume of 105,200 shares [1] - Gujing Gongjiu (000596) down 2.24% to 150.83 with a volume of 18,900 shares [1] - Huangtai Liquor (000995) down 2.12% to 13.83 with a volume of 39,700 shares [1] Capital Flow Analysis - The liquor sector saw a net outflow of 1.133 billion yuan from main funds, while retail funds had a net inflow of 579 million yuan [1] - The table of capital flow indicates that major stocks like Kweichow Moutai (6150009) had a net outflow of 4.91 million yuan, while retail investors contributed a net inflow of 29,500 yuan [2] - Luzhou Laojiao (000568) experienced a net outflow of 1.74 million yuan from main funds but saw a retail net inflow of 8.366 million yuan [2]

Core Viewpoint - Shanghai Gui Jiu is facing a severe crisis, with its stock nearing delisting due to financial difficulties and legal issues stemming from the actions of its controlling shareholder, Han Qiao [4][20]. Financial Performance - The company's revenue plummeted from 1.629 billion yuan in 2023 to less than 300 million yuan in 2024, with a net loss of 217 million yuan [6][16]. - In the first half of 2025, revenue further declined to 28.25 million yuan, a staggering 85.22% drop compared to the same period in 2024 [16]. Legal Issues - Shanghai Gui Jiu was ordered to pay approximately 4.1885 million yuan in damages for trademark infringement, adding to its financial woes [5]. - The company has been involved in 527 legal cases with a total amount of 222 million yuan, indicating a significant legal burden [13]. Management and Operational Challenges - The management team has seen a mass exodus, with six key executives leaving within six months, leading to operational instability [15]. - The number of distributors dropped from 4,465 to 772, severely impacting sales channels [15]. Debt and Financial Health - The company has a total current liability of 1.417 billion yuan, with a debt-to-asset ratio of 74.38%, significantly higher than the industry average of 22.05% [11]. - Cash reserves are critically low, with only 1.5387 million yuan in monetary funds [11]. Delisting Risk - According to new regulations, if the company fails to achieve a revenue of 300 million yuan and a positive net profit for two consecutive years, it will face mandatory delisting [18]. - To meet the revenue threshold for 2025, the company would need to generate approximately 272 million yuan in the second half, requiring an unrealistic growth rate of 962% [18]. Self-Rescue Efforts - The company has initiated discount promotions to clear inventory, but the effectiveness has been limited, with inventory only reduced by 7.07% [22][24]. - Attempts to expand online sales through platforms like Douyin and Pinduoduo have not yielded significant results, with low follower counts on social media [25]. Strategic Moves - Shanghai Gui Jiu is exploring the sale of base liquor to generate cash, but the market for base liquor has cooled significantly, making this strategy challenging [27][29]. - The company is actively seeking strategic investors, but no substantial progress has been reported [30]. Historical Context - The company has undergone multiple name changes and business model shifts since its establishment in 1993, reflecting a tumultuous history in the capital market [33]. - The likelihood of the company being delisted is high, given the current financial and operational challenges it faces [35][36].

Core Viewpoint - The legal dispute between *ST Yanshi and Guizhou Guijiu has reached a conclusion, with a court ruling prohibiting the use of the name "Guijiu" by Shanghai Guijiu, further complicating the already troubled situation for *ST Yanshi [1][5]. Summary by Sections Dispute Background - The trademark dispute dates back six years, initiated by Guizhou Guijiu in December 2019, claiming infringement of trademark rights against *ST Yanshi, which had rebranded itself as Shanghai Guijiu in 2019 [3][4]. - The rebranding was part of *ST Yanshi's strategy to enter the booming sauce liquor market, which had gained popularity since 2018 [3][4]. Legal Proceedings - A series of court rulings have occurred, with the initial judgment in July 2021 requiring *ST Yanshi to cease infringing activities and pay Guizhou Guijiu 1 million yuan in damages [4][5]. - Subsequent appeals led to increased compensation demands, culminating in a final ruling that requires *ST Yanshi to stop using the "Guijiu" name and pay a total of 4.1885 million yuan in damages [5][6]. Financial Impact - The recent ruling adds significant cash flow pressure on *ST Yanshi, which reported cash and cash equivalents of 4.7428 million yuan as of June 2025 [7]. - The company has faced declining performance, with a reported revenue of 28.2496 million yuan in the first half of 2025, a decrease of 85.22% year-on-year, and a net loss of 67.7668 million yuan [9]. - Inventory issues are severe, with a total inventory balance of 146 million yuan, primarily consisting of finished goods and semi-finished products, making up 99% of total inventory [10].