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].

Core Viewpoint - Shanghai Gui Jiu Co., Ltd. (stock abbreviation "*ST Rock", stock code "600696.SH") has lost a trademark dispute with Guizhou Gui Jiu, resulting in a court ruling that prohibits the company from using the name "Gui Jiu" and requires compensation for economic losses [1][5]. Group 1 - The lawsuit involved Guizhou Gui Jiu Group Co., Ltd. suing multiple defendants, including Shanghai Gui Jiu and others, for trademark infringement [5]. - The Nanjing Intermediate People's Court initially ruled in favor of Shanghai Gui Jiu on July 13, 2021, but Guizhou Gui Jiu appealed, leading to a higher court's decision to overturn the initial ruling on May 17, 2022 [5][6]. - The Jiangsu High People's Court's recent ruling requires Shanghai Gui Jiu and associated companies to cease using the "Gui Jiu" name and pay a total of 4.18847 million yuan in damages and legal fees to Guizhou Gui Jiu [6]. Group 2 - The historical background of Guizhou Gui Jiu dates back to 1950 when it was established as a state-owned enterprise, later privatized in 2009 and fully acquired by Yanghe Brewery in 2016 [6]. - Shanghai Gui Jiu was formerly known as Shanghai Rock Enterprise Development Co., Ltd. and entered the liquor industry in December 2019, subsequently changing its name [6]. - The legal prohibition on using the "Shanghai Gui Jiu" name poses significant challenges for the company, which is already facing operational and debt crises, as indicated by its financial report showing a revenue decline of 85.22% year-on-year and a net loss of 67.7668 million yuan for the first half of 2025 [6].