Core Viewpoint - Shanxi Fenjiu reported a revenue of 32.924 billion for the first three quarters of 2025, reflecting a year-on-year growth of 5% [1] - The net profit attributable to shareholders for the same period was 11.405 billion, showing a slight increase of 0.48% year-on-year [1] Financial Performance Summary - Revenue for Q3 2025 reached 8.96 billion, marking a year-on-year increase of 4.05% [1] - Net profit attributable to shareholders in Q3 2025 was 2.899 billion, which represents a year-on-year decline of 1.38% [1]

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-029 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。 山西杏花村汾酒厂股份有限公司 2025年前三季度经营数据公告 3.按地区分类情况 二、经销商变动情况 | 地区分 布 | 产品种类 | 报告期末经销商 | 期初至报告期末经 | 期初至报告期末经 | | --- | --- | --- | --- | --- | | | | 数量（户） | 销商增加数量（户） | 销商减少数量（户） | | 省内 | 汾酒 | 572 | 22 | 7 | | | 其他酒类 | 225 | 56 | 109 | | 省外 | 汾酒 | 2872 | 223 | 206 | | | 其他酒类 | 690 | 283 | 456 | 1.按产品分类情况 2.按销售渠道分类情况 单位：万元 币种：人民币 | 渠道类型 | 2025 年 | | 1-9 | 月 | 2024 年 1-9 月 | 增减变动 | | | --- | --- | --- | --- | --- | - ...

Financial Performance - The company's operating revenue for the third quarter reached ¥8,960,447,604.09, representing a year-on-year increase of 4.05%[4] - The total profit for the quarter was ¥3,971,035,642.55, showing a slight increase of 0.85% compared to the same period last year[4] - The net profit attributable to shareholders was ¥2,899,431,789.53, which is a decrease of 1.38% year-on-year[4] - Total operating revenue for the first three quarters of 2025 reached ¥32.92 billion, an increase of 4.99% compared to ¥31.36 billion in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥11.45 billion, a slight increase of 0.78% from ¥11.36 billion in 2024[20] - The company reported a total profit of ¥15.41 billion for the first three quarters of 2025, compared to ¥15.24 billion in 2024, reflecting a growth of 1.16%[20] Cash Flow and Assets - The cash flow from operating activities for the year-to-date period was ¥8,982,107,362.78, reflecting a decrease of 21.45% compared to the previous year[5] - Cash flow from operating activities generated a net amount of ¥8.98 billion, down 21.43% from ¥11.43 billion in 2024[22] - Cash flow from investment activities showed a net inflow of ¥3.76 billion, significantly up from ¥1.40 billion in the previous year[23] - Cash and cash equivalents at the end of the period totaled ¥11.28 billion, an increase from ¥10.93 billion at the end of 2024[23] - The company's cash and cash equivalents increased significantly to RMB 11.31 billion from RMB 6.28 billion, representing a growth of approximately 80.45%[14] - Total assets at the end of the reporting period amounted to ¥54,550,849,056.82, an increase of 1.97% from the end of the previous year[5] Shareholder Equity - The equity attributable to shareholders increased by 11.58% year-on-year, reaching ¥38,779,847,796.72[5] - The equity attributable to shareholders increased to RMB 38.78 billion from RMB 34.75 billion, reflecting a growth of approximately 11.5%[16] - The total number of ordinary shareholders at the end of the reporting period was 79,985[9] Costs and Expenses - Total operating costs increased to ¥17.63 billion, up 8.33% from ¥16.28 billion year-over-year[19] - Tax expenses for the first three quarters of 2025 were ¥3.96 billion, an increase from ¥3.88 billion in the same period last year[20] - The company's research and development expenses increased to ¥122.47 million, up from ¥101.72 million in 2024, indicating a focus on innovation[19] Other Financial Metrics - The basic earnings per share for the quarter was ¥2.38, down by 1.24% from the same period last year[5] - Earnings per share for the first three quarters of 2025 was ¥9.35, compared to ¥9.30 in the same period last year[20] - The weighted average return on equity for the quarter was 8.05%, an increase of 1.17 percentage points year-on-year[5] Changes in Liabilities and Investments - Total liabilities decreased to RMB 15.27 billion from RMB 18.29 billion, a reduction of approximately 16.5%[16] - The long-term equity investments increased to RMB 110.72 million from RMB 95.60 million, a growth of approximately 15.77%[14] - The company reported a significant increase in other receivables, which decreased to RMB 19.88 million from RMB 33.12 million, indicating a reduction of approximately 40.06%[14] Accounting Standards - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of the year[24]

Core Viewpoint - The liquor industry is experiencing a recovery in demand, with market expectations for performance and pricing becoming more optimistic, leading to a potential valuation recovery as supply-demand dynamics improve [1] Industry Summary - The Shanghai Composite Index rose by 0.06% to 4018.86 points on October 30, with the liquor sector closing at 2260.38 points, up 0.39% [1] - Guizhou Moutai's stock price closed at 1429.61 CNY per share, down 0.16%; Wuliangye closed at 118.95 CNY, up 0.10%; Shanxi Fenjiu closed at 190.21 CNY, up 1.95%; Luzhou Laojiao closed at 131.06 CNY, up 0.92%; and Yanghe Brewery closed at 71.16 CNY, up 2.55% [1] - Guizhou Moutai and Wuliangye showed slight declines, while Shanxi Fenjiu, Luzhou Laojiao, and Yanghe Brewery experienced notable gains [1] Company Summary - Guizhou Moutai's stock performance indicates a slight decline, reflecting market adjustments [1] - Wuliangye's minor increase suggests stable demand amidst market fluctuations [1] - The overall performance of liquor companies indicates a mixed response to market conditions, with some companies showing resilience and growth [1]

Core Insights - Shanxi Fenjiu reported Q3 revenue of 8.96 billion, a year-on-year increase of 4.05% while net profit was 2.899 billion, a year-on-year decrease of 1.38% [1] - For the first three quarters, revenue reached 32.924 billion, reflecting a year-on-year growth of 5.00%, and net profit was 11.405 billion, showing a year-on-year increase of 0.48% [1] Financial Performance - Q3 revenue: 8.96 billion, up 4.05% year-on-year [1] - Q3 net profit: 2.899 billion, down 1.38% year-on-year [1] - Year-to-date revenue: 32.924 billion, up 5.00% year-on-year [1] - Year-to-date net profit: 11.405 billion, up 0.48% year-on-year [1]

Core Insights - The liquor sector experienced a slight decline of 0.09% on October 30, with Huangtai Liquor leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Liquor Sector Performance - Notable gainers in the liquor sector included: - Macau Sina: Closed at 40.08, up 2.59% with a trading volume of 137,600 shares and a transaction value of 556 million [1] - ST Yanshi: Closed at 5.67, up 2.35% with a trading volume of 51,300 shares and a transaction value of 29.27 million [1] - Yanghe Distillery: Closed at 70.82, up 2.06% with a trading volume of 81,100 shares and a transaction value of 574 million [1] - Other companies like Kweichow Moutai and Wuliangye saw minor declines of 0.36% and 0.30% respectively [2] Capital Flow Analysis - The liquor sector saw a net outflow of 586 million from institutional investors, while retail investors contributed a net inflow of 65.5 million [2] - Major stocks with significant capital inflows included: - Yingjia Gongjiu: Net inflow of 52.03 million from institutional investors [3] - Luzhou Laojiao: Net inflow of 37.36 million from institutional investors [3] - Conversely, stocks like Yanghe Distillery and Kweichow Moutai experienced net outflows from both institutional and retail investors [3]

Group 1 - The food and beverage sector experienced a significant reversal on October 30, with the Food ETF (515710) opening lower but then rising to a gain of 0.33% as of the report [1] - Notable stocks in the sector included strong performances from liquor brands, with companies like Yingjia Gongjiu and Tangchen Beijian both rising over 4%, and New Dairy rising over 3% [1] - Guizhou Moutai reported a total revenue of 130.904 billion yuan for the first nine months of the year, a year-on-year increase of 6.32%, with a net profit of 64.626 billion yuan, also reflecting a growth of 6.25% [2][3] Group 2 - Huatai Securities highlighted that the food and beverage sector is currently at a low valuation, making it a potentially good time for investment, with the Food ETF's price-to-earnings ratio at 19.99, which is in the 4.7% percentile of the last decade [3] - Guizhou Moutai's third-quarter revenue reached 39.81 billion yuan, showing a slight year-on-year increase of 0.35%, indicating stable performance amidst market fluctuations [2][3] - The food and beverage sector is expected to enter a recovery phase as consumer policies from the second quarter begin to wane, with signs of improved supply chain dynamics and industry consolidation [4]

Core Viewpoint - Shanxi Fenjiu's stock price has shown a slight increase, with a year-to-date rise of 6.84%, indicating a stable performance in the market [1] Group 1: Stock Performance - On October 30, Shanxi Fenjiu's stock rose by 2.02%, reaching 190.34 CNY per share, with a trading volume of 397 million CNY and a turnover rate of 0.17% [1] - The total market capitalization of Shanxi Fenjiu is 232.2 billion CNY [1] - Year-to-date, the stock has increased by 6.84%, with a 0.44% rise over the last five trading days, a 2.19% decline over the last 20 days, and a 2.83% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Shanxi Fenjiu reported a revenue of 23.964 billion CNY, reflecting a year-on-year growth of 5.35%, and a net profit attributable to shareholders of 8.505 billion CNY, which is a 1.13% increase year-on-year [1] - Since its A-share listing, Shanxi Fenjiu has distributed a total of 24.325 billion CNY in dividends, with 16.775 billion CNY distributed over the past three years [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Shanxi Fenjiu reached 104,400, an increase of 52.38% compared to the previous period [1] - The average number of tradable shares per shareholder is 11,687 shares, which is a decrease of 34.38% from the previous period [1] - Major institutional shareholders include Hong Kong Central Clearing Limited, which holds 48.9991 million shares, and other significant shareholders such as China Merchants Index and E Fund Blue Chip Select Mixed Fund [2]

Core Insights - The meeting held on October 28 focused on building communication platforms, deepening industrial collaboration, and promoting high-quality development between Shanxi Provincial Private Economy Promotion Association and Zhuyeqing Industry Company [1] Group 1: Meeting Overview - The meeting was attended by key figures from the Shanxi Provincial Private Economy Promotion Association and Zhuyeqing Industry Company, including leaders and representatives from various sectors [3] - The meeting was hosted by Secretary-General Li Bing, emphasizing the importance of collaboration and resource sharing for mutual growth [3] Group 2: Key Statements - Wang Guohua expressed gratitude towards Zhuyeqing for their hospitality and highlighted the association's role in promoting Shanxi's private economy, noting Zhuyeqing as a significant cultural and economic symbol of the province [5] - Chen Jieming provided an introduction to Zhuyeqing Industry Company, detailing its development history, core advantages, and future plans, showcasing its rich heritage and innovative spirit [7] Group 3: Collaborative Opportunities - Zhu Qianrui acknowledged the significance of the meeting, emphasizing Zhuyeqing's market potential and the importance of resource sharing and collaboration for future development [9] - The free exchange segment allowed entrepreneurs to propose constructive cooperation ideas in areas such as packaging design, marketing, logistics, digital management, and resource recycling, aligning closely with Zhuyeqing's development needs [9] Group 4: Strategic Development - Both parties agreed to leverage their respective resources to deepen cooperation in industrial integration, brand building, and innovative development, aiming for a synergistic effect to boost Shanxi's brand products and private economy [9] - This year is pivotal for the revival of the Zhuyeqing brand, with the company focusing on strategic product development and market planning along three main paths: "liquor transformation, functionality, and fashion" [9] Group 5: Historical Significance - Zhuyeqing liquor has a rich history, being recognized as the first liquor served at state banquets in New China and winning multiple awards, establishing itself as a benchmark in the liquor industry [10] - The brand has gained international recognition, selling in over 60 countries and regions, thus becoming a vibrant representation of Chinese culture [10]

Core Insights - The 2024 FCF Top 99 list was released on October 28, highlighting the free cash flow generation capabilities of A-share listed companies in China [1] - The report series, including CVA Top 50 and EVA Top 99, aims to reveal the shareholder value creation abilities of these companies [1] - The focus on free cash flow generation has led to the introduction of various index products linked to free cash flow by index companies [1] FCF Top 99 Summary - Guizhou Moutai (600519) and Focus Media (002027) share the highest net asset free cash flow return rate (FCFOE) at 0.361, up from 0.277 in 2023 [3] - Among the 16 companies listed continuously from 2016 to 2024, five are in the liquor sector, and two are in home appliances [3] - Gree Electric (000651) has seen a decline in ranking from a three-time champion to 8th place [3] Company Ownership Structure - The 2024 list includes 35 state-controlled companies, a decrease of 11 from the previous year, while non-state-controlled companies increased to 64, surpassing 60% [4] - The pharmaceutical manufacturing industry leads with 15 companies, followed by the beverage and refined tea manufacturing, and electrical machinery and equipment manufacturing with 12 each [4] CVA Top 50 Summary - The CVA Top 50 report indicates that only companies generating net profits or free cash flow exceeding the cost of equity capital create true shareholder value [5] - Among the 11 companies consistently listed from 2016 to 2024, five are in the liquor sector [5] - The number of state-controlled companies on the list decreased to 18, while non-state-controlled companies rose to 32, making up 64% [5] EVA Top 99 Summary - The EVA Top 99 list emphasizes that economic value added (EVA) reflects the true shareholder value creation by accounting for the cost of equity capital [6] - Chongqing Beer (600132) topped the list with an EVA return rate (EVAOE) of 0.297, while Guizhou Moutai ranked second at 0.235 [8] - The liquor industry dominates the top three positions in the EVA rankings [8] Long-term Trends - From 2016 to 2024, the liquor sector maintained a strong presence with six companies consistently listed, while the number of state-controlled companies decreased to 27 [9] - Non-state-controlled companies increased to 72, representing 72% of the total [9]