董事会战略委员会议事规则 第一章 总 则 第一条 为适应山西杏花村汾酒厂股份有限公司（以下简称"公司"）战略 发展需要,增强公司核心竞争力,确定公司发展规划,健全投资决策程序,加强决 策科学性,提高重大投资决策的效益和决策的质量,完善公司治理结构,根据《中 华人民共和国公司法》、《上市公司治理准则》、公司《章程》及其他有关规定, 公司董事会设立战略委员会,并制定本议事规则。 第二条 董事会战略委员会是董事会按照股东大会决议设立的专门工作机 构，主要负责对公司长期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会成员由 5-7 名董事组成。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名,并由董事会选举产生。 第五条 战略委员会设主任委员一名,由公司董事长担任，负责主持委员会 工作。 第六条 战略委员会委员全部为公司董事，其在委员会任期与其董事任期一 致,任期届满,连选可以连任。期间如有委员因辞职或其它原因不再担任公司董事 职务,其委员资格从其不再担任董事之时自动丧失,董事会应根据公司《章程》和 本规则增补新的委员。 第七条 战略委员会下设投资评审 ...

山西杏花村汾酒厂股份有限公司 董事会提名委员会议事规则 第一章 总 则 第一条 为规范山西杏花村汾酒厂股份有限公司（以下简称"公司"）领导人员的产 生，优化董事会组成，完善公司治理结构，根据《中华人民共和国公司法》《上市公司治理准则》、 公司《章程》及其他有关规定，公司特设立董事会提名委员会，并制定本议事规则。 第二条 董事会提名委员会是董事会按照股东大会决议下设的专门工作机构，主要负 责对公司董事和经理人选、选择标准和程序进行研究、审查并提出建议。 第二章 人员组成 第三条 提名委员会成员由 3-5 董事组成,其中独立董事占多数。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的三分之一 以上提名,并由董事会选举产生。 第五条 提名委员会设主任委员一名,由独立董事委员担任,负责主持委员会工作； 主 任委员在委员内经二分之一以上委员选举,并报请董事会批准产生。 第 六 条 提名委员会委员全部为公司董事，其在委员会任期与其董事任期一致,任 期届满,连选可以连任。期间如有委员因辞职或其它原因不再担任公司董事职务,其委员资格从 其不再担任董事之时自动丧失,董事会应根据公司《章程》和本规则增补新的委 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company has a deep heritage as a famous liquor brand, with significant brand advantages established since its recognition at the 1915 Panama International Exposition and its status as a national banquet liquor since 1949 [2][3]. - The company is experiencing a revival due to reforms initiated in 2017, which have improved governance, operational efficiency, and market competitiveness, leading to substantial revenue growth [3][4]. - The company is focusing on high-end product upgrades and nationwide market penetration, with a notable increase in sales from its premium product lines [4][5]. Summary by Sections 1. Brand Heritage and Advantages - The company has been recognized multiple times as a top liquor brand in China, with its first listing as a public company in 1993 [2][3]. 2. Reform and Revival - The introduction of strategic investors and governance reforms in 2017 has led to improved management and operational efficiency, resulting in a revenue increase from over 10 billion yuan in 2019 to over 30 billion yuan in 2023 [3][4]. 3. Product Strategy and Market Penetration - The company has optimized its product structure, with the Qinghua series accounting for 46% of sales in 2023, and has successfully expanded its market presence both online and offline [4][5]. - The company has achieved a market share of nearly 50% in its home province and is expanding its presence in other regions, with a 61.57% revenue contribution from outside its home province in 2023 [4][5]. 4. Financial Projections - Revenue projections for 2024-2026 are estimated at 384.06 billion, 449.15 billion, and 517.99 billion yuan, with corresponding net profits of 127.12 billion, 152.35 billion, and 178.11 billion yuan [4].

Investment Rating - The report assigns a "Recommended" rating for Shanxi Fenjiu, indicating a positive outlook for the company and the industry as a whole [2][12]. Core Viewpoints - The industry is expected to experience a sustainable rebound due to recent policy stimuli, which are likely to benefit the sector in the short term [2]. - Despite a slowdown in company performance, Shanxi Fenjiu maintains a strong absolute growth rate compared to its peers, supported by its leading position in the light aroma liquor segment [3]. - The company's product matrix is well-structured, with major products like Qinghua, Laobai Fen, Panama, and Bolifen effectively countering the overall market weakness [3]. - The valuation of the company is currently at a low point, with a TTM valuation in the 1st percentile over the past decade, indicating significant potential for recovery [4]. - Profit forecasts for 2024-2026 project net profits of 12.8 billion, 15.3 billion, and 18.0 billion respectively, with corresponding P/E ratios of 17x, 14x, and 12x, supporting the "Recommended" rating [4][8]. Industry Summary - The recent introduction of a series of policies is expected to stimulate the market, leading to a potential recovery in the industry [2]. - The demand side shows signs of improvement, albeit limited, with expectations of a gradual increase in sales as the low base effect kicks in [2]. - The overall sentiment in the market remains cautious, particularly in the lead-up to the National Day holiday, with concerns about volume and price pressures [2].

Investment Rating - The report initiates coverage with a "Buy" rating for Shanxi Fenjiu [1][4]. Core Views - Shanxi Fenjiu is positioned as a leading brand in the clear aroma liquor sector, demonstrating strong organizational efficiency, a well-structured product lineup, and successful high-end and national expansion, making it one of the few companies capable of navigating through industry cycles [1][2]. - The company has shown resilience in performance even during industry downturns, with a revenue CAGR of 29% and a net profit CAGR of 45% from 2015 to 2023, ranking first and second among peers respectively [1][17]. - The financial forecasts for 2024-2026 indicate a continued upward trajectory in net profit, with expected figures of 127.2 billion, 152.4 billion, and 180.9 billion yuan, reflecting year-on-year growth rates of 21.8%, 19.8%, and 18.7% respectively [1][3]. Summary by Sections Company Overview - Shanxi Fenjiu is recognized as a pioneer in the clear aroma liquor category, with a rich historical background and significant accolades, including being the only Chinese liquor brand to win a gold medal at the Panama International Exposition in 1915 [15][16]. - The company has a stable shareholding structure, with the Shanxi Provincial State-owned Assets Supervision and Administration Commission as the ultimate controller [20][22]. Historical Review - The company experienced a decline in its leading position during the late 1990s but has since undergone significant reforms starting in 2009, leading to a resurgence in performance [1][2][15]. - From 2015 onwards, the company has capitalized on the recovery of the liquor industry, achieving notable growth even amidst market challenges [1][2]. Competitive Advantages - The brand's historical and cultural significance provides a strong competitive moat, particularly in the mid-to-high-end clear aroma liquor market, where competition is minimal [2][3]. - The company has optimized its organizational structure and marketing strategies since 2017, enhancing its operational efficiency and brand cultivation [2][3]. Growth Potential - The company is well-positioned for future growth, with a focus on expanding its market share in southern China and enhancing its product offerings, particularly in the high-end segment [2][3]. - The financial outlook remains positive, with projected revenue growth and profitability driven by strategic product upgrades and market expansion efforts [1][3].

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-023 山西杏花村汾酒厂股份有限公司 关于独立董事任期届满辞职的公告 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。 按照相关规定尽快完成董事会专门委员会成员的补选工作。 樊三星先生、王超群先生、张远堂先生在担任公司独立董事期间勤 勉尽责，客观公正，在保护广大投资者的合法权益、促进公司规范运作 和健康发展等方面发挥了积极作用。公司及董事会对樊三星先生、王超 群先生、张远堂先生在任职期间所做的贡献表示衷心的感谢！ 特此公告 山西杏花村汾酒厂股份有限公司 董事会 2024 年 9 月 28 日 2 公司董事会近期收到独立董事樊三星先生、王超群先生、张远堂先 生的书面辞职报告，因在公司连续担任独立董事期限已满六年，根据中 国证监会《上市公司独立董事管理办法》等法律法规关于独立董事任职 期限的规定，樊三星先生申请辞去公司独立董事、提名委员会主任委员、 战略委员会委员职务，王超群先生申请辞去公司独立董事、薪酬与考核 委员会主任委员、提名委员会委员、审计委员会委员职务，张 ...

重要内容提示： 拟聘任的会计师事务所名称：天衡会计师事务所（特殊普通合 伙）（以下简称"天衡会计师事务所"） 原聘任的会计师事务所名称：大华会计师事务所（特殊普通合 伙）（以下简称"大华会计师事务所"） 变更会计师事务所的简要原因及前任会计师的异议情况：综合 考虑公司的业务情况、管理实际和审计需求等情况，经公司审慎评估 和研究，拟变更会计师事务所。公司已就该事项与大华会计师事务所 进行了充分沟通，其已知悉本次变更事项并对此无异议。根据公司选 聘会计师事务所的竞争性谈判结果，拟聘任天衡会计师事务所担任公 司 2024 年度财务审计与内部控制审计机构。 一、拟聘任会计师事务所的基本情况 证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-022 山西杏花村汾酒厂股份有限公司 关于变更会计师事务所的公告 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。 （一）机构信息 1.基本信息 1 （1）会计师事务所名称：天衡会计师事务所（特殊普通合伙） （2）成立日期：2013年11月4日 （3）组织形式：特殊普通合伙企业 （ ...

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% from the current price [5]. Core Insights - The company reported H1 2024 revenue of 22.75 billion RMB, a year-on-year increase of 19.6%, and a net profit of 8.41 billion RMB, up 24.3% year-on-year. Q2 revenue was 7.4 billion RMB, with a 17% year-on-year increase, and net profit of 2.15 billion RMB, reflecting a 10% year-on-year growth [3][4]. - The company is focusing on enhancing its mid-to-high-end product offerings, with significant contributions from the Lao Bai Fen and Panama series, while other liquor categories saw a revenue increase of 27.4% year-on-year [3][4]. - The company plans to strengthen channel management and marketing team effectiveness in H2 2024, with expectations for continued strong performance from mid-tier products [4]. Summary by Sections Company Overview - The company operates in the food and beverage industry, with a current A-share price of 154.15 RMB as of September 12, 2024, and a market capitalization of 188.06 billion RMB [1][2]. Financial Performance - H1 2024 revenue and net profit growth were driven by strong performance in mid-to-high-end liquor categories, with a gross margin of 76.69%, up 0.39 percentage points year-on-year [3][4]. - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 12.77 billion RMB, 14.90 billion RMB, and 16.80 billion RMB, respectively, with corresponding EPS of 10.45 RMB, 12.22 RMB, and 13.77 RMB [4][6]. Market Position - The company has a significant market presence, with 14.1% of A-shares held by funds and 72.1% by general corporations, indicating strong institutional support [2].

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-021 山西杏花村汾酒厂股份有限公司 股东减持计划期间届满暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 2024 年 5 月 21 日，公司披露了《关于股东通过大宗交易方式转让股份计划 的公告》（公告编号：临 2024-014），华创鑫睿计划以大宗交易方式减持公司 股份合计不超过 8,000,000 股，即不超过公司总股本的 0.6558%。 截至 2024 年 9 月 11 日，本次减持计划期间届满，华创鑫睿于 2024 年 6 月 12 日至 2024 年 9 月 11 日期间通过大宗交易方式累计减持公司股份 1,702,000 股，占目前公司总股本的 0.14%。本次减持计划实施后，华创鑫睿持有公司股份 134,414,296 股，占目前公司总股本的 11.02%。 上述减持主体无一致行动人。 1 一、减持主体减持前基本情况 股东名称 股东身份 持股数量（股） 持股比例 当前持股股份来源 华创鑫睿 5% 以 上 非 第 一 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-020 山西杏花村汾酒厂股份有限公司 关于控股股东增持公司股份结果的公告 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。 重要内容提示： 增持计划的基本情况：山西杏花村汾酒厂股份有限公司（以下简称 "公司"）控股股东山西杏花村汾酒集团有限责任公司（以下简称"汾 酒集团"）计划自 2024 年 3 月 11 日起 6 个月内使用自有资金通过集中 竞价交易方式增持公司股份，增持金额不低于人民币 10,000 万元、不超 过人民币 20,000 万元。 （二）增持主体持有股份情况：本次增持计划实施前，控股股东汾 酒集团直接持有公司股份 690,121,565 股，占公司总股本的 56.57%。 二、增持计划的主要内容 基于对公司未来持续稳定发展的坚定信心、对公司长期价值的认可 和切实履行社会责任的目的，支持公司未来持续、稳定发展，汾酒集团 计划自 2024 年 3 月 11 日起 6 个月内，通过其自有资金以集中竞价交易 方式增持公司 A 股股份，增持金额不低于人 ...