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： 现金分红总额：由 141,566,169.93 元（含税）调整为 141,439,101.06 元 （含税）。 本次调整原因：自舍得酒业股份有限公司（以下简称"公司"）2024 年 度利润分配方案披露之日起至本公告披露日期间，公司通过上海证券交易所交易 系统以集中竞价交易方式新增回购公司股份 295,509 股。截至本公告披露日，公 司回购库存股份数量为 4,194,299 股，上述股份不参与本次利润分配，因此公司 实际参与利润分配的股本总数由 329,223,651 股调整为 328,928,142 股。公司按 照维持每股分配比例不变的原则，对 2024 年度利润分配方案中的分配总额进行相 应调整。 公司分别于 2025 年 3 月 21 日、2025 年 4 月 29 日召开第十一届董事会第十二 次会议、2024 年年度股东大会审议通过了《公司 2024 年度利润分配方案》，公司 拟以实施权益分派股权登记日的总股本扣除公司回购库存股份为基数，按每 10 股 派 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [6]. Core Insights - The report indicates that the demand for liquor during the May Day holiday met expectations, with the overall performance under pressure. However, the liquor industry is showing signs of bottoming out and improving, with major brands like Moutai, Wuliangye, and Fenjiu performing steadily. Local liquor leaders such as Gujinggongjiu and Jianshiyuan are also showing strong momentum. The report highlights a trend of increasing competition, leading to higher expenditure by companies and a slower pace of price upgrades. The overall valuation of the liquor sector is considered low, with many companies engaging in stock buybacks or increasing dividends [4][6]. Summary by Sections Industry News - Henan Shenglin's annual sales of Wuliangye series products exceeded 1 billion yuan - The Luzhou liquor industrial park held an economic analysis meeting - Ten liquor companies in Gansu received geographical indication protection [4][5]. Company News - Moutai plans to optimize its distributor assessment - Wuliangye's "He Mei Global Tour" has commenced - Fenjiu's revenue for 2024 is projected at 36.011 billion yuan [5][15]. Key Company Feedback - The report includes performance forecasts for several companies, with a focus on their earnings per share (EPS) and price-to-earnings (PE) ratios. For instance, Moutai's EPS is projected to be 75.23 yuan in 2025, with a PE ratio of 20.56 [7][28]. Market Performance - The food and beverage sector showed a decline of 1.5% over the past month, while the Shanghai and Shenzhen 300 index decreased by 2.4% [1][2]. Liquor Sector Recommendations - The report recommends companies with valuation advantages such as Shuijingfang, Shanxi Fenjiu, Shede Liquor, and Jiugui Liquor. For the entire year, it recommends Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Jianshiyuan, Gujinggongjiu, and Yingjia Gongjiu [4][6].

Group 1 - The core viewpoint of the announcement is that Shede Liquor Co., Ltd. has conducted a self-examination regarding insider trading related to its 2025 restricted stock incentive plan, confirming that no insider information was leaked and no insider trading occurred [1][5]. - The company held board and supervisory meetings on March 27, 2025, to review and approve the draft of the 2025 restricted stock incentive plan, which was publicly disclosed on March 28, 2025 [2][3]. - The self-examination covered the trading activities of insider information recipients and incentive objects within six months prior to the public disclosure of the incentive plan [2][4]. Group 2 - During the self-examination period from September 28, 2024, to March 27, 2025, some non-director and non-senior management individuals engaged in trading activities, while others did not [4]. - The company confirmed that the trading activities of certain individuals were based on their own market analysis and were not influenced by insider information regarding the incentive plan [4][5]. - The company has established relevant systems for information disclosure and insider information management, ensuring confidentiality and limiting access to insider information [5]. Group 3 - The annual general meeting of shareholders was held on April 29, 2025, where various resolutions were discussed and voted upon [7][8]. - The meeting was conducted in compliance with the Company Law and the company's articles of association, with all directors and supervisors present [9]. - Several resolutions were passed, including the reduction of registered capital and the approval of the 2024 annual financial report, while the resolutions related to the 2025 restricted stock incentive plan were not approved [10][12].

证券代码：600702 证券简称：舍得酒业 公告编号：2025-029 舍得酒业股份有限公司 本次会议是否有否决议案：有 一、 会议召开和出席情况 (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： 2024年年度股东大会决议公告 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： | 1、出席会议的股东和代理人人数 | 1,083 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 136,302,914 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 41.4385 | | 份总数的比例（%） | | (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。 本次股东大会由公司董事会召集，采用现场投票与网络投票相结合的方式表 决，由公司董事长蒲吉洲先生主持。会议的召集、召开和表决方式符合《公司法》 及《公司章程》的有关规定。 (一) 股东大会召开的时间：2025 年 4 月 29 日 (二) 股东大会召开的地点：公司艺术中心会 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2025-030 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《上市公司股权激励管理办法》及《上海证券交易所上市公司自律监管 指引第 2 号——信息披露事务管理》等规范性文件的要求，舍得酒业股份有限公 司（以下简称"公司"或"本公司"）针对公司 2025 年限制性股票激励计划（以 下简称"本激励计划"）采取了充分必要的保密措施，同时对本激励计划的内幕 信息知情人进行了登记。 公司于 2025 年 3 月 27 日召开第十一届董事会第十三次会议、第十一届监事 会第十二次会议，审议通过了《关于公司<2025 年限制性股票激励计划（草案）> 及其摘要的议案》，并于 2025 年 3 月 28 日首次公开披露，具体内容详见公司于 2025 年 3 月 28 日在上海证券交易所网站（www.sse.com.cn）披露的相关公告。 根据《上市公司股权激励管理办法》的有关规定，公司对内幕信息知情人及激励 对象在本激励计划草案公告日前六个月内买卖公司股票的情况进行了自查，具体 情况 ...

2024 年年度股东会 法律意见书 康达股会字【2025】第 0232 号 北京康达（成都）律师事务所 关于舍得酒业股份有限公司 致：舍得酒业股份有限公司 根据北京康达（成都）律师事务所（以下简称"本所"）与舍得酒业股份有 限公司（以下简称"舍得酒业"或"公司"）签订的《聘请法律顾问合同》，本 所指派杨波、徐小玉律师出席了舍得酒业 2024 年年度股东会（以下简称"本次 股东会"）。 本所律师根据《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》）、《上市公司股东会规则》（以下简称《股 东会规则》）等法律法规、规范性文件及《舍得酒业股份有限公司章程》（以下简 称《公司章程》）的有关规定，就本次股东会的召集和召开程序、召集人和出席 人员的资格、表决程序以及表决结果发表法律意见。 关于本法律意见书，本所及本所律师谨作如下声明： （1）在本法律意见书中，本所及本所律师仅就本次股东会的召集和召开程 序、召集人和出席人员的资格、表决程序以及表决结果进行核查和见证并发表法 律意见，不对本次股东会的议案内容及其所涉及的事实和数据的完整性、真实性 和准确性发表意见。 （2）本所及本 ...

Core Viewpoint - The white liquor industry is experiencing a significant slowdown in growth, with many companies reporting declining revenues and profits, indicating a challenging market environment [1][12][18]. Group 1: Industry Performance - As of April 29, nearly all listed white liquor companies reported a slowdown in performance for 2024, with six companies experiencing a year-on-year revenue decline [1][4]. - In the first quarter of 2025, nearly half of the white liquor companies reported negative performance, with some experiencing revenue declines of 20% to 30% [1][12]. - The total revenue of all white liquor companies in 2024 exceeded 440 billion yuan, primarily driven by growth from leading companies like Moutai [4][7]. Group 2: Market Dynamics - The competitive landscape of the white liquor industry has shifted, with Shanxi Fenjiu rising to the third position among leading brands, indicating a consolidation of market power among top players [2][8]. - Over the past five years, the rankings of the top ten white liquor companies have changed significantly, with new entrants and established brands experiencing shifts in their market positions [10][11]. - The performance of mid-sized and smaller liquor companies has generally been poor, with some facing delisting risks [2][12]. Group 3: Future Outlook - Analysts suggest that the white liquor industry is currently in a "bottoming out" phase, with expectations of continued low performance in the second quarter of 2025 [2][17]. - The core issue facing the industry is weak consumer demand, with a need for companies to connect with younger consumers and explore new market segments [18].

Core Viewpoint - The white liquor industry is experiencing a significant slowdown in growth, with many companies reporting declining revenues and profits, indicating a challenging market environment [1][2][8]. Group 1: Industry Performance - As of April 29, nearly all listed white liquor companies reported a slowdown in performance for the 2024 annual report and the first quarter of 2025, with six companies experiencing a year-on-year revenue decline [1][2]. - In the first quarter of 2025, nearly half of the white liquor companies reported negative performance, with some experiencing revenue declines of 20% to 30% [1][8]. - The total revenue of all white liquor companies in 2024 exceeded 440 billion yuan, primarily driven by growth from leading companies like Moutai [3][5]. Group 2: Market Dynamics - The competitive landscape of the white liquor industry has shifted, with Shanxi Fenjiu rising to the third position among leading brands, indicating a consolidation of the market among top players [2][5]. - The top ten white liquor companies have seen significant changes in rankings over the past five years, with new entrants and established brands experiencing shifts in their market positions [6][7]. - The performance of mid-sized and smaller liquor companies has generally been poor, with some facing delisting risks due to continued underperformance [2][12]. Group 3: Future Outlook - Analysts suggest that the white liquor industry is currently in a "bottoming out" phase, with expectations of continued low performance in the second quarter of 2025 [2][13]. - The industry faces challenges in consumer demand, particularly in attracting younger consumers, which is crucial for future growth [12][13]. - Despite some companies maintaining double-digit growth, the overall market sentiment remains pessimistic, with concerns about the sustainability of this growth amid macroeconomic uncertainties [12][13].

舍得酒业股份有限公司 章 程 (2025 年 4 月修订，公司 2024 年年度股东大会审议批准) 舍得酒业股份有限公司章程 （2025 年修订） 舍得酒业股份有限公司章程 （2025 年 4 月修订） 目 录 — 1 — 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第五章 董事会 第一节 董事 第二节 董事会 第六章 总裁及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 财务会计制度、利润分配和审计 舍得酒业股份有限公司章程 （2025 年修订） — 2 — 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 第九章 通知与公告 第一节 通知 第二节 公告 第十章 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 第二节 解散和清算 第十一章 修改章程 第十二章 附则 舍得酒业股份有限公司章程 （2025 年修订 ...

Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]