Investment Rating - The report maintains an "Outperform" rating for the consumer sector [3] Core Insights - The heavy holding ratio in the consumer sector continues to decline, with a decrease of 0.43 percentage points to 7.01% in Q1 2025, significantly below the historical average of 11.56% [6][12] - The heavy holding market value ratio has also decreased, now at 18.81% (down 0.33 percentage points), while the overweight ratio has fallen to 5.83% (down 0.13 percentage points) [6][13] - There is a notable internal differentiation in heavy holding ratios among sub-sectors, with social services, retail, and beauty care seeing slight increases, while other sectors experienced declines [6][16] Summary by Sections Heavy Holding Ratios - The consumer sector's heavy holding ratio has been on a downward trend for four consecutive quarters, reaching a historical low [12] - The top three sectors by heavy holding ratio are food and beverage (4.24%), home appliances (1.70%), and agriculture, forestry, animal husbandry, and fishery (0.40%) [16] Individual Stocks - In the top 20 stocks by heavy holding ratio, the consumer sector occupies four positions, with an increase of one position compared to Q4 2024 [28] - The heavy holding ratios for key consumer stocks are as follows: Kweichow Moutai (2.04%), Midea Group (0.92%), Wuliangye (0.53%), and Shanxi Fenjiu (0.40%) [28][31] Investment Recommendations - The report suggests that domestic consumption demand remains weak, with expanding domestic demand being a key focus for 2025 [6] - Specific recommendations include: 1. Social Services: Expected growth in multiple sectors due to improved holiday policies and inbound consumption [7] 2. Retail: Focus on gold and jewelry as a safe-haven asset, and on domestic beauty brands gaining market share [7][8] 3. Light Industry Manufacturing: Anticipated demand recovery in home appliances due to real estate market stabilization [8] 4. Food and Beverage: The liquor industry is expected to recover due to economic stimulus policies and pent-up demand [8]

"不是年轻人不喝酒，而是他们用新的方式喝酒。抓住即时零售，就是抓住下一个十年。"一位企业负责人站在台上高呼。 三月末，四川成都，春糖余韵尚未散尽，一场酒业展会几乎吸引来整个酒水产业链的上下游玩家。其中，既有各大酒企负责人，也有从各地赶来的经销 商。 这对酒业来说，尤其是白酒，堪称一针强心剂。要知道，上一个十年，白酒产量连续八年下降，消费逐渐回归理性。 "即买即用"，正在年轻一代中掀起新的消费浪潮。美团闪购曾披露一组数据：到2027年，酒类即时零售的渗透率将达到6%，市场规模或将达到千亿元。 即时零售就像某种蔓延的藤类植物，根系与枝叶的无声扩张，不断蚕食着传统渠道的份额。 今年以来，头部酒企加速布局即时零售。酒饮加上即时零售，两个万亿市场，究竟能迸发出怎样的火花？入局玩家又是怎么玩的？究竟能不能做，还有多 少空间？带着这些问题，我们近期与一些商家聊了聊。 茅台、五粮液纷纷下场，白酒届也开卷即时零售 截至4月底，21家白酒上市公司披露了2024年财报。亿邦动力整理数据发现，营收实现两位数增长的企业，从前一年的18家降至6家；负增长企业从2家增 长到6家；10家在年初提出营收目标，仅有2家完成，分别是茅台和金徽酒。 ...

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]

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 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： （1）战略委员会 主任委员：袁清茂 委 员： 武跃飞 李振寰 刘卫华 王 彦 支 喆 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 主任委员：樊燕萍 周培玉 （2）提名委员会 委 员：李振寰 ...

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]

Investment Rating - The investment rating for the food and beverage industry is maintained as "Outperform" against the market [4]. Core Insights - The heavy holding ratio in the food and beverage sector continues to decline, with a total of 3,757 funds holding shares, down by 263 funds from the previous quarter. The total market value of heavy holdings is 293.199 billion yuan, a decrease of 16.055 billion yuan, resulting in a heavy holding ratio of 4.24%, down by 0.33 percentage points. This ratio is below the 5-year average of 7.22%, indicating significant room for growth [1][11]. - The white liquor sector has seen a significant decline, with its heavy holding ratio at 3.71%, down by 0.23 percentage points. Most segments in the mass consumer goods sector also show a downward trend in heavy holding ratios, except for the food processing segment, which remains stable at 0.06% [2][14]. - The top 10 heavy holdings in the food and beverage sector are dominated by white liquor stocks, with seven out of ten positions occupied by these stocks. The overall heavy holding ratio for the top 10 is 3.95%, down by 0.27 percentage points [3][28]. Summary by Sections Heavy Holding Ratios - The food and beverage industry's heavy holding ratio has decreased, with a total market value of heavy holdings at 293.199 billion yuan, down by 16.055 billion yuan. The current heavy holding ratio is 4.24%, which is below the historical average [1][11]. - The heavy holding ratio for the white liquor sector has dropped to 3.71%, while the mass consumer goods sector shows a mixed trend, with most segments declining [2][14]. Individual Stocks - The top 10 heavy holdings in the food and beverage sector include seven white liquor stocks, with Guizhou Moutai, Wuliangye, and Shanxi Fenjiu leading the list. The heavy holding ratio for the top 10 is 3.95%, reflecting a decrease from the previous quarter [3][28]. Investment Recommendations - The report suggests that the food and beverage industry is expected to see performance improvements due to increased domestic demand policies and declining upstream raw material prices. Specific attention is recommended for the white liquor sector, which is anticipated to recover due to economic stimulus policies and increased demand for banquets and celebrations [3][4].

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 ...