Company Overview - The company recently held its annual shareholder meeting to discuss its current operational status [1] Product Line Strategy - The company has developed a comprehensive plan for its four product lines, aiming for each to achieve over 10 billion yuan in revenue. The product lines include Guo Fen, Lao Bai Fen, Qing Hua 20, and Qing Hua 26 and above, with a resource allocation ratio of 1:3:3:3. Guo Fen focuses on quantity control, while Lao Bai Fen has seen rapid growth after establishing brand value. The company plans to upgrade Lao Bai Fen this year, targeting over 10 billion yuan in sales within 2-3 years. Qing Hua 20 is identified as the main growth driver, and the Qing Hua 26+30 combination aims for competitive pricing in the 600-1000 yuan range. The marketing strategy for Qing Hua 26 includes a "1+4+1" model to enhance high-end product development through channel alliances [2] National Expansion Strategy - The company is advancing its nationalization strategy 2.0, focusing on deepening its presence in the Yangtze River Delta and Greater Bay Area, with growth targets exceeding the national average. Strategies include category leadership, innovative drinking scenarios, and cultural empowerment. The "Fen Xiang Li Yu" initiative is enhancing channel management, establishing clear roles and responsibilities for agents and terminals, with 889,000 active terminals currently. Future plans include improving online expense reimbursement for timeliness and traceability [3] Market Outlook - In the short term, market activity is expected to remain subdued in Q2, but the company anticipates maintaining a degree of resilience in its financial reports. The company has been enhancing its sales organization and team, with a focus on local recruitment for business roles. This shift is expected to improve local sales capabilities. Despite external market uncertainties, the company has room for adjustment, prioritizing market health and stable pricing for core products [4] Profit Forecast and Valuation - Due to weak mid-to-high-end liquor consumption during the off-season, the company has revised its profit forecasts for 2025/26 down by 1.8% and 3.7% to 13.1 billion and 13.9 billion yuan, respectively. The target price remains at 228 yuan, corresponding to 21/20 times P/E for 2025/26, while the current price reflects 17/16 times P/E, indicating a 24% upside potential. The company maintains an outperform rating in the industry [5]

Investment Rating - The report maintains a "Strong Buy" rating for Shanxi Fenjiu (600809) with a target price of 285 CNY [1] Core Views - The company held its 2024 annual shareholders' meeting on May 29, where management provided transparent communication regarding industry outlook, operational plans, investment, and dividend policies [1] - The company aims for long-term stable and healthy development, focusing on a flexible operational strategy and targeting younger demographics with new product lines [1][6] - The report highlights the company's strong operational quality and potential for increasing dividend rates, projecting a dividend payout ratio of 60% for 2024 and a dividend yield of 3.5% for 2025 [6] Financial Summary - Total revenue is projected to grow from 36,011 million CNY in 2024 to 45,917 million CNY by 2027, with a compound annual growth rate (CAGR) of approximately 8.4% [2] - Net profit attributable to shareholders is expected to increase from 12,243 million CNY in 2024 to 16,101 million CNY in 2027, reflecting a CAGR of 11.5% [2] - Earnings per share (EPS) is forecasted to rise from 10.04 CNY in 2024 to 13.20 CNY in 2027 [2] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 30.75% and a projected price-to-earnings (P/E) ratio decreasing from 19 in 2024 to 14 in 2027 [3][2] Operational Insights - The company is focusing on four main product lines: Glass Fen, Old White Fen, Qinghua 20, and Qinghua 26 + 30, with a resource allocation strategy of 1:3:3:3 [6] - The company has achieved over 65.8% of its sales from outside its home province, indicating successful national expansion [6] - The "Fen Enjoyment" channel has seen improved acceptance, with over 88.9 million active terminals, and the company plans to enhance marketing efficiency and cost-effectiveness [6]

Core Viewpoint - Shanxi Fenjiu held a shareholders' meeting on May 29, where Wu Yuefei, Wang Yan, and Zhi Zhe were successfully elected as directors, with Wu Yuefei later elected as vice chairman [1][3] Group 1: Management Changes - Wu Yuefei, born in August 1968, has a long career in various positions within the Lüliang city area, serving nearly 29 years before moving to Shuozhou in January 2019 [1] - Wu Yuefei was appointed as the deputy secretary of the party committee, vice mayor, and later became the deputy secretary, vice chairman, and general manager of Fenjiu Group in December 2024 [1] - The recent personnel changes were prompted by Chen Ying's work transfer and Yu Zhong's retirement, leading to the nomination of Wu Yuefei and others to fill the vacancies [1][3] Group 2: Board Composition - With Wu Yuefei's election, the board of Shanxi Fenjiu now includes four directors from Fenjiu Group, including the party secretary and chairman, Yuan Qingmao, and other key executives [3] - Wang Yan and Zhi Zhe, both from China Resources Group, were also elected to the board, with Wang serving as the president of China Resources and Zhi as the vice president [3]

Key Developments - Shanxi Fenjiu elected Wu Yuefei as the vice chairman of the board, with a term consistent with the current board [2] - Zhongke Xingtou has been suspended from participating in military procurement activities due to alleged violations, which may have a short-term impact on its operations [3] - Fengcai Technology has received approval from the China Securities Regulatory Commission for its overseas listing, planning to issue up to 26,554,400 shares [5] Financing Activities - Beijing Yandong Microelectronics has received approval for a private placement, aiming to raise up to 40.2 billion yuan, with 40 billion yuan allocated for a 12-inch integrated circuit production line project [7] - Fenghuo Communication has also received approval for a private placement, intending to raise 15 billion yuan, with funds to be used for working capital [8] - Huaci Co., Ltd. plans to raise up to 7 billion yuan through a private placement to fund the ASEAN Ceramic Valley project [9] - Shuanglin Co. intends to raise up to 15 billion yuan through a private placement for various projects and working capital [11] Mergers and Acquisitions - Fulede's acquisition of 100% equity in Jiangsu Fulehua Semiconductor Technology has been approved, involving the issuance of shares and convertible bonds [13] Corporate Announcements - Guangxi Guangdian plans to swap 100% equity of Guangdian Technology for 51% equity of Jiaoke Group, with a transaction value of 1.411 billion yuan [18] - Maoshuo Power has elected Fu Liang as the new chairman following the resignation of Zhang Xin [19] - Huayuan Real Estate will change its stock abbreviation to "Huayuan Holdings" starting June 5 [20] - Yiwei Communication plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on AI applications and IoT technology [21] - *ST Longyu's chairman Xu Zengzeng has resigned due to personal and health reasons, with interim leadership taken by Liu Ce [23] - Shen Sanda A has seen the resignation of its chairman and two directors due to retirement and work changes [24] - Zoomlion's wholly-owned subsidiary plans to register for the issuance of asset-backed securities up to 40 billion yuan [25]

Core Viewpoint - Shanxi Fenjiu has demonstrated strong financial performance and strategic growth in the high-end liquor market, with a focus on national expansion and product diversification [2][3][4]. Financial Performance - In 2024, Shanxi Fenjiu achieved operating revenue of 36.011 billion yuan, a year-on-year increase of 12.79% [2]. - The net profit attributable to shareholders reached 12.243 billion yuan, up 17.29% year-on-year [2]. - The company plans to distribute a cash dividend of 36.00 yuan per 10 shares, totaling 4.392 billion yuan, with a cumulative cash dividend of 7.393 billion yuan, representing 60.39% of the net profit [2]. Product and Market Expansion - The production volume for 2024 was 240,500 kiloliters, a 7.25% increase, while sales volume reached 220,600 kiloliters, up 7.20% [2]. - The high-end product line "Qinghua" generated revenue of 26.532 billion yuan, a 14.35% increase, with a gross margin of 84.45% [2]. - Revenue from markets outside Shanxi reached 22.374 billion yuan, a 13.81% increase, with a gross margin of 75.30% [2]. Strategic Initiatives - The company is advancing its nationalization and high-end strategy through a "1357+10" market expansion approach, focusing on southern China [3]. - Shanxi Fenjiu is optimizing its domestic market layout and enhancing its marketing strategies, including the "five-in-one" technology to empower distributors [3]. - The company is also pursuing international growth, with foreign exchange earnings increasing by 50% year-on-year in 2024 [3]. Industry Context - The Chinese liquor industry is experiencing increased competition, with market share concentrating among leading brands, highlighting a "Matthew Effect" [4]. - The industry is shifting from a focus on speed to quality, with a consensus on stabilizing markets, channels, and prices [4]. - Young consumers are becoming a significant force in the market, driving changes in consumption patterns and favoring high-quality, culturally rich liquor products [4].

恒一律师 山西杏花村汾酒厂股份有限公司 2024年年度股东大会 法律意见书 山西恒一律师事务所 Shanxi Hengyi Law Office 中国·太原 晋源区长兴南街 8号 1 幢 11 层办公 1101 号、1108 号 邮编:030012 电话:(0351) 7555621 传真:(0351) 7555621 电子信箱:shanxihengyi@163.com 网址:http://www.shanxihengyi.com 致:山西杏花村汾酒厂股份有限公司 山西恒一律师事务所(以下简称"本所")接受贵公司的委托,指派王莹、张 萌律师出席贵公司 2024年年度股东大会(以下简称本次股东大会),并依据《中 华人民共和国公司法》(以下简称《公司法》)、《上市公司股东大会规则》(以 下简称《股东大会规则》)以及《山西杏花村汾酒厂股份有限公司章程》(以下 简称《公司章程》)的有关规定,就贵公司本次股东大会的召集、召开程序、出 席会议人员资格和召集人资格、会议表决程序和表决结果等有关事项出具法律意 见。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执 ...

一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 29 日 (二)股东大会召开的地点：公司会议室 (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： | 1、出席会议的股东和代理人人数 | 1,234 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,007,087,414 | | 3、出席会议的股东所持有表决权股份数占公司有表决 | | | 权股份总数的比例（%） | 82.5505 | 证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-015 山西杏花村汾酒厂股份有限公司 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： 本次会议是否有否决议案：无 表决情况： 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：2024 年度董事会工作报告 审议结果：通过 (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。 本次会议由公司董事会召集，会议由公司董事长 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-016 山西杏花村汾酒厂股份有限公司 第八届董事会第七十三次会议决议公告 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。 一、董事会会议召开情况 山西杏花村汾酒厂股份有限公司（以下简称"公司"）于 2025 年 5 月 26 日以书面方式向全体董事发出关于召开第八届董事会第七十三次会议的 通知。会议于 2025 年 5 月 29 日在公司会议室以现场方式召开，会议由袁 清茂董事长主持，应到董事九名，实到董事九名。公司监事会成员、高级 管理人员列席了本次会议，会议的召开、表决程序符合《公司法》和公司 《章程》的有关规定。 二、董事会会议审议情况 1.会议选举武跃飞先生为公司第八届董事会副董事长，任期与本届董 事会一致。 同意票 9 票，反对票 0 票，弃权票 0 票。 2.会议对公司第八届董事会下设各专门委员会人员组成进行部分调 整，确定各委员会人员组成如下： 2025 年 5 月 30 日 （1）战略委员会 主任委员：袁清茂 1 委 员： 武跃飞 李振寰 刘 ...

金十数据5月29日讯，山西汾酒公告称，公司于2025年5月29日召开第八届董事会第七十三次会议，选举 武跃飞为公司第八届董事会副董事长，任期与本届董事会一致。 山西汾酒：选举武跃飞为副董事长 ...

Core Insights - The company reported a revenue of 36.011 billion yuan for 2024, representing a year-on-year increase of 12.79%, and a net profit attributable to shareholders of 12.243 billion yuan, up 17.29% year-on-year [1] - For Q1 2025, the company achieved a revenue of 16.523 billion yuan, reflecting a year-on-year growth of 7.72%, and a net profit of 6.648 billion yuan, which is a 6.15% increase year-on-year [1] Revenue Breakdown - In 2024, the revenue from mid-to-high-end liquor and other liquor categories was 26.532 billion yuan and 9.342 billion yuan, respectively, with year-on-year growth of 14.35% and 9.40% [1] - Revenue from the domestic market reached 13.500 billion yuan, while the revenue from the external market was 22.374 billion yuan, showing year-on-year increases of 11.72% and 13.81% respectively [1] - The number of distributors increased significantly, with 835 in the domestic market and 3,718 in the external market, net additions of 15 and 598 respectively compared to the end of 2023 [1] Profitability and Cost Structure - The company's gross margin for 2024 was 76.20%, an increase of 0.90 percentage points year-on-year, attributed to product mix improvements [2] - The expense ratios for sales, management, R&D, and finance were 10.35%, 4.02%, 0.41%, and -0.03% respectively, with slight increases year-on-year [2] - The net profit margin for 2024 was 34.00%, up 1.31 percentage points year-on-year, indicating improved profitability [2] Growth Potential and Market Strategy - The company demonstrated strong operational resilience with double-digit growth in revenue and net profit in 2024, and positive growth in Q1 2025, reflecting strong brand equity and growth momentum [3] - The product strategy focuses on enhancing the "Qinghua" series, strengthening mid-tier products, and maintaining the market position of "Guangping" liquor [3] - The company is expanding its market presence, particularly in southern regions, by targeting county-level markets and focusing on core distributors to increase terminal numbers [3] Investment Outlook - Based on the operational performance in 2024 and Q1 2025, profit forecasts for 2025, 2026, and 2027 are adjusted to 13.63 billion yuan, 15.11 billion yuan, and 16.67 billion yuan respectively, with year-on-year growth rates of 11.4%, 10.8%, and 10.4% [3] - The current stock price corresponds to price-to-earnings ratios of 17, 16, and 14 for the years 2025, 2026, and 2027 [3]