Group 1 - The company Shanxi Fenjiu (600809) announced that it will hold its second extraordinary general meeting of shareholders on September 19, 2025 [1] - The agenda for the meeting includes the review of the proposal to amend the company's articles of association and its attachments [1]

Core Viewpoint - Shanxi Fenjiu (600809.SH) reported a stable growth in revenue and net profit for the first half of 2025, demonstrating resilience and a commitment to high-quality development in a challenging market environment [1][3]. Group 1: Financial Performance - The company achieved an operating revenue of 23.964 billion yuan, representing a year-on-year increase of 5.35% [1]. - The net profit attributable to shareholders reached 8.505 billion yuan, with a year-on-year growth of 1.13% [1]. Group 2: Strategic Goals - Despite facing numerous challenges in a complex market environment, the company maintained a solid foundation, achieving "steady growth" in both revenue and net profit [3]. - The company aims to solidify its position within the top tier of the Chinese liquor industry while ensuring stable revenue growth throughout the year [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [2][9] Core Viewpoints - Recent policies aimed at boosting consumption, such as the "2025 Shaoxing City Consumption Promotion Policy," are expected to benefit cyclical sectors, particularly in the liquor and restaurant chains [5] - The policy includes subsidies for banquet consumption, which will directly stimulate demand for liquor and benefit suppliers in the banquet consumption chain [5] - The report anticipates that similar policies may be adopted in other regions, which could enhance overall consumer demand and support the recovery of liquor demand and banquet supply chain enterprises [5] - The restaurant industry is currently at the bottom of its cycle but is expected to gradually recover due to ongoing policy support, with specific recommendations for various segments including liquor, restaurant chains, beer, and yellow wine [5] Summary by Sections Recent Market Performance - The food and beverage sector has shown a performance of -7% over the last 12 months, compared to 2% for the CSI 300 and 11% for the Shanghai Composite Index [4] Policy Impact - The Shaoxing policy provides tiered subsidies for banquet consumption, with a maximum of 5,000 yuan for events with five tables or more and total spending exceeding 10,000 yuan [5] - The policy is expected to stimulate banquet consumption during the upcoming Mid-Autumn Festival and National Day holidays, benefiting liquor demand [5] Investment Recommendations - The report recommends focusing on the following companies: - Liquor: Guizhou Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Shede Liquor, Gujing Gongjiu, Yingjia Gongjiu, and Jinshiyuan [5] - Restaurant Chains: Hai Tian Wei Ye, Anji Food, Angel Yeast, and Qianwei Central Kitchen [5] - Beer: Qingdao Beer, China Resources Beer, and Yanjing Beer [5] - Yellow Wine: Kuaijishan and Guyue Longshan [5]

（编辑 任世碧） 证券日报网讯 9月3日晚间，山西汾酒发布公告称，公司于2025年9月3日召开第八届董事会第七十七次 会议，审议通过了《关于董事会换届选举独立董事的议案》《关于董事会换届选举非独立董事的议 案》，董事会同意提名袁清茂先生、武跃飞先生、李振寰先生、刘卫华先生、王彦先生、马文杰先生为 公司第九届董事会非独立董事候选人；提名周培玉先生、李临春先生、樊燕萍女士、贺祯先生为公司第 九届董事会独立董事候选人。 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-024 山西杏花村汾酒厂股份有限公司 关于召开2025年第二次临时股东大会的通知 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 - 1 - 股东会召开日期：2025年9月19日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 (一)股东会类型和届次 2025年第二次临时股大东会 (二)股东会召集人：董事会 (三)投票方式：本次股东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 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 19 日 9 点 30 分 召开地点：公司会议室 (五)网络投票的系统、起止日期和投票时间。 本次股东会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | 股股东 A | | 非累积投票议案 | | | | 1 | 关于修订公司《章 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-023 山西杏花村汾酒厂股份有限公司 关于董事会换届选举的公告 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。 鉴于山西杏花村汾酒厂股份有限公司（以下简称"公司"）第八届 董事会任期已届满，根据《公司法》等法律法规和公司《章程》的有关 规定，公司董事会需要进行换届选举。现就相关情况公告如下： 公司于 2025 年 9 月 3 日召开第八届董事会第七十七次会议，审议通 过了《关于董事会换届选举独立董事的议案》《关于董事会换届选举非 独立董事的议案》。 1 特此公告 山西杏花村汾酒厂股份有限公司董事会 2025 年 9 月 4 日 2 附件： 非独立董事候选人简历 袁清茂：中国共产党山西省第十二届委员会委员，研究生学历，正 高级会计师，1990 年 7 月参加工作。历任太原高新技术产业开发总公司 总经理；山西省供销社财务处处长，山西兴合资产经营管理有限公司总 经理；山西省供销合作社联合社党组成员、副主任；山西省交通厅党组 成员、副厅长兼总会计师；山西交通控股集团 ...

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 证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-022 山西杏花村汾酒厂股份有限公司 第八届董事会第七十七次会议决议公告 山西杏花村汾酒厂股份有限公司于 2025 年 8 月 29 日以书面和电子 邮件方式向全体董事发出关于召开第八届董事会第七十七次会议的通知。 会议于 2025 年 9 月 3 日以传阅会签方式召开，应出席董事 9 人，实际出 席董事 9 人。会议的召开、表决程序符合公司《章程》和《董事会议事 规则》的规定，合法有效。 二、董事会会议审议情况 1.审议通过《关于董事会换届选举非独立董事的议案》。（此议案 尚需股东大会审议，详见公司临 2025-023 公告） 本届董事会任期届满，根据《公司法》、公司《章程》的有关规定 应进行换届选举。 会议同意山西杏花村汾酒集团有限责任公司提名袁清茂、武跃飞、 李振寰、刘卫华为公司第九届董事会非独立董事候选人。 会议同意华创鑫睿（香港）有限公司提名王彦、马文杰为公司第九 届董事会非独 ...

Core Viewpoint - Shanxi Xinghuacun Fenjiu Distillery Co., Ltd. is undergoing a board restructuring with the nomination of new candidates for both non-independent and independent director positions, indicating a strategic shift in governance [1] Group 1: Board Restructuring - The company held its 77th meeting of the 8th Board of Directors on September 3, 2025, to review and approve the board restructuring proposals [1] - The board has nominated six candidates, including Yuan Qingmao, for the 9th term of non-independent directors, and four candidates, including Zhou Peiyu, for independent directors, with a term of three years starting from the shareholders' meeting approval [1] - The qualifications of all candidates have been reviewed and approved, with independent director candidates receiving no objections from the Shanghai Stock Exchange [1] Group 2: Candidate Profiles - The announcement included resumes and shareholding information of the candidates, revealing that except for Liu Weihua, who holds 1,400 shares of A-shares, the other candidates do not hold any shares in the company [1] - Most candidates meet the necessary qualifications for their respective positions, indicating a focus on compliance and governance standards [1]

Market Overview - The liquor sector experienced a decline of 0.98% on September 3, with Yili Te leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Key stocks in the liquor sector showed varied performance, with the following notable changes: - Shede Liquor: Closed at 67.25, up 0.13% [1] - Kweichow Moutai: Closed at 1480.55, down 0.72% with a trading volume of 45,000 shares and a transaction value of 6.656 billion [1] - Wuliangye: Closed at 126.62, down 1.51% with a trading volume of 302,900 shares and a transaction value of 3.883 billion [1] - Yili Te: Closed at 15.56, down 3.35% with a trading volume of 78,800 shares and a transaction value of 1.25 billion [2] Capital Flow Analysis - The liquor sector saw a net outflow of 726 million from institutional investors, while retail investors contributed a net inflow of 479 million [2] - The following stocks had significant capital flow: - Shede Liquor: Net inflow from institutional investors was 59.79 million, while retail investors had a net outflow of 17.44 million [3] - Kweichow Moutai: Experienced a net outflow of 14 million from institutional investors [3] - Yili Te: Had a net outflow of 2.68 million from institutional investors [3]

Core Viewpoint - The Chinese liquor industry is currently in a downward trend, with many companies experiencing significant declines in performance, indicating a challenging market environment [1][5][8]. Financial Performance Summary - Among 21 listed liquor companies, 15 reported a decline in performance in the first half of the year, while only 6 maintained positive growth, including leading brands like Kweichow Moutai, Wuliangye, and Shanxi Fenjiu [1][2]. - Kweichow Moutai reported a revenue of 89.39 billion yuan, with a year-on-year growth of 9.16%, and a net profit of 45.40 billion yuan, growing by 8.89% [2]. - Shanxi Fenjiu and Wuliangye also showed growth, but many other companies, especially in the lower tiers, faced significant declines, with some experiencing drops over 20% [2][4]. Market Dynamics - The second quarter saw 17 out of 21 liquor companies report revenue declines, with half of them experiencing drops exceeding 20% [4][5]. - The overall market is undergoing a reshuffling, with leading brands maintaining their positions while others struggle to keep up [8][10]. - The industry is witnessing a trend where competitive advantages are increasingly concentrated among top brands, leading to a significant market reshuffle [12][19]. Future Outlook - Analysts suggest that unless there is a rapid market recovery in the third quarter, most liquor companies are unlikely to see unexpected growth in the latter half of the year [7][15]. - There is speculation that the upcoming Mid-Autumn and National Day festivals could provide a window for price stabilization and potential recovery for leading brands [14][18]. - The current market conditions may lead to a prolonged adjustment period, with some experts predicting a U-shaped recovery by late 2026 [16][20].