四川水井坊股份有限公司 股东会议事规则 （2025年5月28日修订） 第一章 总则 第一条 为了完善四川水井坊股份有限公司（简称公司或本公司）法人治理结构，保证公 司股东会能够依法召集、召开并充分行使其职权，促进公司规范化运作，特制定本规则。 第二条 本规则系根据《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股东 会规则》、《上海证券交易所股票上市规则》和《四川水井坊股份有限公司章程》等有关条款的规 定，结合本公司实际情况制定。 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司严格按照法律、行政法规、公司章程及本规则的相关规定召开股东会,保证股东 能够依法行使权利。 公司董事会切实履行职责,认真、按时组织股东会。公司全体董事勤勉尽责,确保股东会 正常召开和依法行使职权。 第四条 股东会在《公司法》和公司章程规定的范围内行使职权。 第五条 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,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》第一百一十三条规定的召开 临时股东会的情形时,临时股东会在2个月内召开。 公司在上述期限内如不能召开股东会,则报告 ...

2025-018 股票代码：600779 股票简称：水井坊 编 号 ： 四川水井坊股份有限公司 关于修订《公司章程》暨取消监事会的公告 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。 四川水井坊股份有限公司（以下简称"公司"）于2025 年5 月28 日召开第十一 届董事会2025 年第四次临时会议，会议审议通过了《关于修订<公司章程>暨取消监 事会的议案》。具体情况如下： 一、关于修订《公司章程》暨取消监事会的原因 根据《公司法》《上市公司章程指引》等相关法律法规的规定，公司拟不再设置监 事会，监事会的职权由董事会审计委员会行使，《监事会议事规则》相应废止。同时， 公司依据相关规则对《公司章程》中监事会相关条款及其他条款进行相应修订。 二、《公司章程》修订内容 | 原条款 | 修改后条款 | | --- | --- | | 第一条 为维护公司、股东和债权人的合法权益,规范公司的 | 第一条 为维护公司、股东、职工和债权人的合法权益,规范公 | | 组织和行为,根据《中华人民共和国公司法》(以下简称《公 | 司的组织和行为,根 ...

四川水井坊股份有限公司 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 （一） 股东大会类型和届次 2024年年度股东大会 （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 证券代码：600779 证券简称：水井坊 公告编号：2025-019 （四） 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 18 日 9 点 30 分 召开地点：成都市青羊区人民中路 1 段 15 号 天府丽都喜来登饭店 （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 6 月 18 日 股东大会召开日期：2025年6月18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 至2025 年 6 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交 ...

股票代码：600779 股票简称：水井坊 编 号 ： 2025-017 四川水井坊股份有限公司 第十一届监事会 2025 年第一次临时会议决议公告 本公司监事会及全体监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。 公司对被保险人负赔偿责任（免赔额除外）。 四川水井坊股份有限公司（以下简称"公司"）于2025 年5 月28 日以通讯表决 方式召开了第十一届监事会2025 年第一次临时会议。会议通知于2025 年5 月23 日 通过电子邮件方式送达全体监事。会议应参加表决监事3 人，实际参加表决监事3 人。 会议的召集、通知、召开时间、地点、方式及出席人数均符合《公司法》《公司章程》 及相关法律法规的规定，合法、有效。经与会监事认真审议、依法表决，通过了如下 决议： 一、审议通过了公司《关于购买董事、监事和高级经理职业责任保险的议案》 为保障公司董事、监事及高级经理合法权益，降低其在履职过程中可能引致的风 险，以激励其更好地履行职责，根据中国证监会《上市公司治理准则》《公司章程》等 相关规定，公司拟为董事、监事和高级经理购买职业责任保险，并授权公司 ...

股票代码：600779 股票简称：水井坊 编 号 ： 2025-016 四川水井坊股份有限公司 第十一届董事会 2025 年第四次临时会议决议公告 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。 四川水井坊股份有限公司（以下简称"公司"）于2025 年5 月28 日以通讯表决 方式召开了第十一届董事会2025 年第四次临时会议。会议通知于2025 年5 月23 日 通过电子邮件方式送达全体董事。会议应参加表决董事9 人，实际参加表决董事9 人。 会议的召集、通知、召开时间、地点、方式及出席人数均符合《公司法》《公司章程》 及相关法律法规的规定，合法、有效。经与会董事充分审议，会议于2025 年5 月28 日通过如下决议： 一、审议通过了《关于修订〈公司章程〉暨取消监事会的议案》 根据《公司法》《上市公司章程指引》等相关法律法规的规定，公司拟不再设置监 事会，监事会的职权由董事会审计委员会行使，《监事会议事规则》相应废止。同时， 公司依据相关规则对《公司章程》中监事会相关条款及其他条款进行相应修订。 针对新修订的《公司章程》第九 ...

Group 1: Company Overview - Sichuan Shui Jing Fang Co., Ltd. is actively participating in the transformation and upgrading of the Chinese liquor industry, showcasing a model for foreign investment in traditional industries [2] - The company is investing over 6.8 billion yuan in a full industrial chain base project in Qionglai, Chengdu, with the first phase already in production, achieving an annual capacity of 20,000 tons [2] - The Qionglai project is expected to create numerous local job opportunities and promote the development of upstream and downstream enterprises through localized collaboration [2] Group 2: Technological and Sustainable Development - Shui Jing Fang is collaborating with the Chinese Academy of Sciences to analyze the genetic map of its "No. 1 Microbial Group," bridging traditional brewing techniques with modern biotechnology [3] - The company is one of the first in the industry to systematically set and publish sustainable development goals, implementing green technologies such as solar power and wastewater recycling at its Qionglai base [3] - In 2024, Shui Jing Fang improved its MSCI ESG rating to BBB, reflecting its commitment to green procurement and sustainable supply chain transformation [3] Group 3: Market Position and Future Outlook - Diageo, the controlling shareholder of Shui Jing Fang, has been firmly rooted in the Chinese market, seizing development opportunities in the liquor sector [4] - The company aims to continue deepening its presence in the Chinese liquor market, contributing to the high-quality development of the industry [4]

Group 1 - The core viewpoint of the article highlights a downward trend in liquor prices in major cities like Guangzhou, Shenzhen, and Dongguan as the Dragon Boat Festival approaches, with over two-thirds of products experiencing price declines [1][2][4] - In Guangzhou, the retail price of Feitian Moutai has dropped to an average of 2579.73 yuan per bottle, with some retailers offering it at around 2300 yuan, while other premium products like Wuliangye have seen a slight decrease of 18 yuan per bottle [2][3] - Shenzhen's market shows a similar trend, with over two-thirds of sampled products experiencing price drops, although some prices may be artificially inflated due to limited availability in certain channels [4][5] Group 2 - In Dongguan, nearly half of the sampled products maintained stable prices, with only 8 out of 21 products showing a decline, while the price of Luzhou Laojiao increased by 61.1 yuan to 1075.6 yuan per bottle due to replenished stock in certain channels [7][8] - The article notes that the upcoming 618 shopping festival has led to price adjustments on e-commerce platforms, with 15 out of 21 sampled premium liquors experiencing price reductions, while only one liquor saw an increase [9][10] - A comparison between the Bay Area and Southwest liquor prices reveals that the Bay Area's retail prices are significantly higher, with differences ranging from 15 to 82 yuan, attributed to higher demand for premium products in the region [11][12]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational targets for 2025. The report emphasizes three main investment lines: leading brands with competitive advantages, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1][2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in the first four months of 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The report highlights the broad recovery potential in the catering supply space, with leading companies expected to benefit from improved performance and market expansion strategies [4][7]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, high-quality growth with a focus on market share rather than aggressive growth targets. Key strategies include product innovation, market penetration, and international expansion [2]. - Major companies like Guizhou Moutai and Shanxi Fenjiu are focusing on maintaining market stability and enhancing their brand presence among younger consumers [2]. Beer and Beverage - The beer production for January to April 2025 was 11.44 million kiloliters, reflecting a slight decline. However, April showed a 4.8% increase in production, indicating potential for recovery [3]. - The beverage sector is characterized by intense competition, but new product launches and recovery in consumer demand are expected to sustain high growth [3]. Catering Supply - The report notes significant opportunities for leading companies in the catering supply sector, particularly with the introduction of new products and expansion into new categories [4][7]. - Companies like Three Squirrels are diversifying their product lines and enhancing their distribution channels to capture more market share [7].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational growth targets for 2025. Key players are emphasizing market share enhancement and strategic execution efficiency. Innovations, market penetration, international expansion, and youth-oriented strategies are highlighted as core directions for liquor companies [2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in output from January to April 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The beverage sector is characterized by intense competition, but there are opportunities for growth driven by extended holiday periods and improved travel scenarios. Companies with strong channel networks and high-potential products are recommended for investment [3]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, quality growth with a focus on market share rather than aggressive quantitative targets. Major companies like Guizhou Moutai and Shanxi Fenjiu are implementing strategies to enhance brand resilience and market stability [2]. - Guizhou Moutai aims for a revenue target of 7.6 billion yuan (approximately $1.1 billion) for 2025, reflecting a 3.49% year-on-year increase, while net profit is targeted at 2.62 billion yuan (approximately $380 million), a 1% increase [2]. Beer and Beverage - The beer production for the first four months of 2025 totaled 11.44 million kiloliters, with April showing a 4.8% increase compared to the previous year. The sector is expected to benefit from low comparative bases in the upcoming quarters [3]. - The beverage market is witnessing the launch of innovative products, such as the new electrolyte water brand targeting health-conscious consumers. Despite fierce competition, the beverage sector is projected to maintain high growth due to favorable market conditions [3]. Food Supply - The food supply sector is seeing recovery among leading companies, with a focus on expanding product lines and enhancing distribution channels. Companies like Three Squirrels are diversifying into new categories and exploring innovative retail strategies [7].

Core Viewpoint - Water Jiufang, the only foreign-controlled liquor company among 19 A-share listed liquor enterprises, is struggling to establish a strong position in the high-end market while lacking a solid presence in the lower-end market, leading to a passive situation of being unable to compete effectively in either segment [2][10]. Financial Performance - In 2024, Water Jiufang reported a revenue of 5.217 billion yuan, a year-on-year increase of 5.32%, and a net profit of 1.341 billion yuan, up 5.69% year-on-year [3][5]. - Despite the growth, the company has been experiencing a significant gap compared to first and second-tier liquor companies, with a net profit margin of only 15.1% in Q4 2024, the lowest in five years [5][12]. - In Q1 2025, revenue continued to slow, reaching 959 million yuan, a year-on-year increase of 2.74%, while net profit was 190 million yuan, up 2.15% [6][7]. Cash Flow Concerns - The company's operating cash flow dropped sharply from 1.734 billion yuan in 2023 to 744 million yuan in 2024, a decline of 57% [8]. - In Q1 2025, the cash flow turned negative at -576 million yuan, a staggering year-on-year decrease of 463.2% [6][8]. Product Structure and Market Position - The product "Zhenniang No. 8," priced at 428 yuan, is a key contributor to Water Jiufang's revenue, with expected sales of around 3 billion yuan in 2024 [9]. - High-end liquor accounted for 91.32% of total revenue in 2024, but growth in this segment is slowing, with only a 1.99% increase year-on-year [9][14]. - The company has been focusing on the next high-end market (300-800 yuan), but faces challenges from both high-end brands and low-end competitors [10][15]. Strategic Challenges - Water Jiufang's high-end strategy has not yielded expected results, with significant issues in brand recognition and market competition [12][14]. - The company has a limited number of distributors and a concentrated geographic presence, making it difficult to compete effectively in the mid-to-low-end market [16]. - Inventory issues are becoming critical, with stock levels reaching 2.939 billion yuan in 2024, a 21% increase, and a turnover period of 180 days [17]. Internationalization Efforts - Water Jiufang's international strategy has not translated into significant growth, with overseas revenue of 57.82 million yuan in 2024, but a sharp decline of 84.35% in Q1 2025 [18]. - The company lacks a robust global distribution system and has not effectively penetrated local markets, limiting its international growth potential [18][19].