鉴于公司 2021 年员工持股计划存续期将于 2025 年 5 月 23 日届满，根据《四川水 井坊股份有限公司2021 年员工持股计划》的相关规定，在存续期届满前，经出席持有人 会议的持有人所持2/3 以上份额同意并提交公司董事会审议通过后，本员工持股计划的 存续期限可以延长。持有人会议同意将2021 年员工持股计划展期18 个月，即存续期延 长至2026 年11 月23 日。 表决结果：同意份额1,806.20 万份，占出席会议的持有人所持份额总数的79%；反 对份额 0 份，占出席会议的持有人所持份额总数的 0%；弃权份额 480.70 万份，占出席 会议的持有人所持份额总数的21%。 股票代码：600779 股票简称：水井坊 编号：2025-013 四川水井坊股份有限公司 2021 年员工持股计划第三次持有人会议决议公告 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 22 日以通讯方式召 开2021 年员工持股计划第三次持有人会议。参加本次会议的持有 ...

一、2021 年员工持股计划的基本情况 1、公司于2021 年9 月14 日召开第十届董事会2021 年第七次会议、第十届监事会 2021 年第四次会议，并于 2021 年 9 月 30 日召开 2021 年第一次临时股东大会，审议通 过了《关于<四川水井坊股份有限公司2021 年员工持股计划（草案）>及其摘要的议案》 等相关议案，同意公司实施2021 年员工持股计划，具体内容详见公司于2021 年9 月15 日、10 月8 日在《中国证券报》《上海证券报》《证券时报》《证券日报》和上海证券 交易所网站（www.sse.com.cn）刊载的相关公告。 2、公司于2021 年11 月22 日收到中国证券登记结算有限责任公司出具的《过户登 记确认书》，公司回购专用证券账户 B882798323 中所持有的 695,700 股公司股票已于 2021 年 11 月 19 日以非交易过户形式过户至公司 2021 年员工持股计划账户 （B884412957）。具体内容详见公司于 2021 年 11 月 24 日在《中国证券报》《上海证券 报》《证券时报》《证券日报》和上海证券交易所网站（www.sse.com.cn）刊载 ...

股票代码：600779 股票简称：水井坊 编号：2025-014 四川水井坊股份有限公司 第十一届董事会 2025 年第三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23 日以通讯表决方式 召开了第十一届董事会 2025 年第三次临时会议。会议通知于 2025 年 5 月 15 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23 日通过如下 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，并授权公司管理层办理责任保 险 ...

Core Points - The company held its third temporary board meeting of the 11th session on May 23, 2025, via communication voting, with all 9 directors participating [2]. - The board approved a proposal to purchase professional liability insurance for directors, supervisors, and senior managers to protect their legal rights and reduce risks associated with their duties [2][3]. - The company plans to apply for a bank credit limit of up to 3 billion RMB to ensure stable and sustainable development, with the credit limit being available for use until the annual shareholders' meeting in 2025 [3]. - The board also approved an extension of the 2021 employee stock ownership plan, which was set to expire on May 23, 2025 [3][4]. Proposal Details - The professional liability insurance will cover civil compensation claims due to unintentional violations, crisis management costs, and legal service fees, with a total coverage limit of 100 million RMB [3]. - The insurance will be underwritten by China Ping An Property Insurance Co., Ltd., with a premium estimated to be within 360,000 RMB [3]. - The bank credit application will allow for revolving use of the credit limit, with specific financing terms to be agreed upon with the banks [3].

股票代码：600779 股票简称：水井坊 编 号 ： 1 / 2 股计划持有公司股份129,199 股，占公司总股本的0.03%。 2025-015 四川水井坊股份有限公司 关于 2021 年员工持股计划存续期展期的公告 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23 日以通讯表决 方式召开了第十一届董事会2025 年第三次临时会议，会议审议通过了《关于2021 年 员工持股计划存续期展期的议案》，同意公司将2021 年员工持股计划展期18 个月， 即存续期延长至2026 年11 月23 日。现将具体情况公告如下： 一、2021 年员工持股计划的基本情况 1、公司于2021 年9 月14 日召开第十届董事会2021 年第七次会议、第十届监事 会2021 年第四次会议，并于2021 年9 月30 日召开2021 年第一次临时股东大会，审 议通过了《关于<四川水井坊股份有限公司2021 年员工持股计划（草案）>及其摘要 的议案》等相关议案，同意公司实施2021 年 ...

股票代码：600779 股票简称：水井坊 编 号 ： 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22 日以通讯方式 召开2021 年员工持股计划第三次持有人会议。参加本次会议的持有人共46 人，代表 员工持股计划份额2,286.90 万份（其中部分股票管理委员会已出售并按照《2021 年 员工持股计划》的相关规定进行了分配），占公司2021 年员工持股计划总份额的60%。 会议的通知、召集、召开和表决程序符合公司2021 年员工持股计划的有关规定。经 审议，本次持有人会议通过了以下事项： 一、审议通过了《关于2021 年员工持股计划存续期展期的议案》 2025-013 四川水井坊股份有限公司 2021 年员工持股计划第三次持有人会议决议公告 鉴于公司2021 年员工持股计划存续期将于2025 年5 月23 日届满，根据《四川 水井坊股份有限公司2021 年员工持股计划》的相关规定，在存续期届满前，经出席 持有人会议的持有人所持2/3 以上份额同意并提交公司董事 ...

股票代码：600779 股票简称：水井坊 编 号 ： 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，并授权公司管理层办 理责任保险购买相关事宜。责任保险具体内容如下： 投保人：四川水井坊股份有限公司 保险人：中国平安财产保险股份有限公司 被保险人： 2025-014 四川水井坊股份有限公司 第十一届董事会 2025 年第三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23 日以通讯表决 方式召开了第十一届董事会2025 年第三次临时会议。会议通知于2025 年5 月15 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 ...

Core Viewpoint - In the context of increasing volatility in global financial markets and ongoing pressure on A-share valuations, high-quality assets with stable growth and resilience are becoming increasingly scarce. Investors are shifting their focus from short-term high returns to long-term value based on fundamentals, particularly in the Chinese capital market where core consumer assets with brand strength and sustainable cash flow are gaining attention [2][3]. Industry Overview - China's economy is transitioning from high-speed growth to high-quality development, with consumption playing a crucial role in driving domestic demand and stabilizing growth. The retail sales of consumer goods increased by 4.9% year-on-year in Q1 2025, with a notable recovery in quality consumption represented by high-end liquor, smart home appliances, and beauty care products. This trend has led to an increase in overseas capital flowing back into A-shares, particularly in the food and beverage sector, indicating long-term optimism about China's high-end consumption potential [3]. Company Performance - Water Margin (水井坊) has demonstrated steady performance over the past year, continuing its trend of high-quality growth. In 2024, the company achieved revenue of 5.217 billion yuan, a year-on-year increase of 5.32%, and a net profit attributable to shareholders of 1.341 billion yuan, up 5.69%. In Q1 2025, the company reported revenue of 959 million yuan, a 2.74% increase, and a net profit of 190 million yuan, up 2.15%, showcasing its resilience and adaptability in a rational growth cycle for the liquor industry [4]. Strategic Initiatives - Water Margin's sustained growth is attributed to its commitment to long-termism and the synergistic advancement of its channels, products, and brand. The company is deepening its core high-end product line while optimizing price coverage and matching high-value consumption scenarios. In 2024, it added over 15,000 offline retail outlets, enhancing its national layout and sales efficiency through digital operations and e-commerce [4]. Brand Development - The company is increasingly focused on refined brand building, emphasizing emotional and aesthetic aspects of consumption. Initiatives like the "Fortune Ceremony" in collaboration with the Temple of Heaven aim to enhance brand experience and emotional value. This cultural approach not only strengthens user loyalty but also enhances Water Margin's influence among high-end consumers [5]. Sustainability Efforts - Water Margin has committed to sustainable development, releasing its ESG report for the fourth consecutive year. The company aims to reduce greenhouse gas emissions by at least 60,000 tons through production technology upgrades and energy management from 2024 to 2030. These efforts not only reflect social responsibility but also symbolize the company's future competitiveness, providing investors with confidence in its sustainable value [6]. Long-term Investment Perspective - From a long-term investment perspective, Water Margin is building its ability to navigate economic cycles through solid fundamentals, clear brand strategy, and robust market execution. The company is recognized as a core asset in the high-end liquor segment, offering potential for stable returns for investors focused on value and long-term gains [6].

Core Viewpoint - The newly revised "Regulations on Strict Economy and Opposition to Waste in Party and Government Agencies" emphasizes a ban on high-end dishes, cigarettes, and alcohol in work meals, which has led to a decline in the stock prices of liquor companies, particularly in the white liquor sector [1][4]. Group 1: Impact of the New Regulations - The new regulations reaffirm existing restrictions on public alcohol consumption, which have been in place since the "Eight Regulations" introduced in 2012, and further clarify the details of these rules [1][3]. - The market share of public alcohol consumption has significantly decreased, from approximately 40% in 2011 to less than 5% currently, indicating a substantial shift in the consumption landscape [3][4]. Group 2: Historical Context of Public Alcohol Consumption - Public alcohol consumption has historically held a significant role in Chinese culture, evolving from a political tool to a mainstream market driver, and is now being phased out [2][12]. - Previous bans on public alcohol consumption in 1989, 1996, and 2012 have each led to drastic changes in the white liquor market, with the latest ban being less impactful compared to earlier ones [6][10]. Group 3: Market Reactions and Trends - Following the announcement of the new regulations, 11 white liquor stocks experienced declines ranging from 0.19% to 2.73%, with high-end brands facing larger drops [4][11]. - Despite short-term fluctuations, analysts suggest that the long-term investment logic for the white liquor sector remains largely unaffected, as public alcohol consumption constitutes a minor portion of overall sales [4][6]. Group 4: Changing Consumer Preferences - The current consumer base for white liquor is shifting towards younger generations, who prioritize taste, brand recognition, price, and packaging, indicating a trend towards more diverse and personalized consumption [12][14]. - The top consumption scenarios for white liquor in 2024 are family gatherings, friend meet-ups, and business banquets, reflecting a move away from traditional public consumption [12][14].

Core Viewpoint - Diageo, the world's largest spirits group, is considering significant asset disposals as part of its "acceleration plan" to streamline operations and reduce debt levels, which may impact its stake in the Chinese liquor company Shui Jing Fang [1][3][9]. Group 1: Diageo's Strategy and Financial Performance - Diageo has announced an "acceleration plan" aimed at cost savings and selective asset disposals, indicating a shift towards a more agile global operating model [1][3][9]. - The company is currently burdened with nearly $21 billion in debt and has seen its stock price drop approximately 50% from its historical peak due to declining sales and profit margins [3][9]. - Diageo's global sales decreased by 1.4% to $20.3 billion in the fiscal year 2024, with a challenging consumer environment expected to persist until the end of fiscal year 2025 [7][8]. Group 2: Asset Disposals and Market Focus - Analysts predict that Diageo's Chinese liquor business, along with other underperforming brands, may be among the assets considered for sale as part of the acceleration plan [3][9]. - The company has previously adopted a "light asset" model in volatile markets, which may now expand to include more significant asset disposals [3][9]. - Diageo's management has committed to achieving approximately $3 billion in free cash flow annually starting from fiscal year 2026, alongside a $500 million cost-saving initiative over three years [8][9]. Group 3: Shui Jing Fang's Performance and Management Changes - Shui Jing Fang, under Diageo's control, has experienced fluctuating performance, with revenue growing from 850 million yuan to 4.63 billion yuan between 2015 and 2021, but facing challenges in recent years [14][15]. - In fiscal year 2024, Shui Jing Fang reported total revenue of 5.22 billion yuan, a year-on-year increase of 5.3%, with net profit rising by 5.7% to 1.34 billion yuan [15]. - The management team at Shui Jing Fang has seen frequent changes, with the current general manager being the first local manager not from Diageo, indicating a potential shift in operational strategy [15]. Group 4: Market Conditions and Future Outlook - The Asia-Pacific market, including China, has not performed well for Diageo, with organic net sales growth of only 1.6% in the region, primarily due to weakness in China and Southeast Asia [16]. - Diageo's CEO has categorized the Chinese liquor market as lacking sufficient scale, suggesting a need to explore new opportunities [16].