Core Viewpoint - Shanxi Fenjiu's stock closed down 2.39% on May 19, indicating a decline in investor confidence and performance in the market [1] Company Overview - Shanxi Xinghuacun Fenjiu Distillery Co., Ltd. was established in 1985 and is located in Lüliang City, primarily engaged in the manufacturing of liquor, beverages, and refined tea [1] - The company has a registered capital of 12,201.14372 million RMB, with Yuan Qingmao as the legal representative [1] Investment Performance - The招商中证白酒指数(LOF)A, managed by招商基金, reduced its holdings in Shanxi Fenjiu during the first quarter of this year [1] - Year-to-date performance for the fund is -2.18%, ranking 2,669 out of 3,435 in its category [1][2] - The fund's performance over various time frames shows a decline of -0.34% over the past week, -3.07% over the past month, and -10.08% over the past six months [2] Fund Management - The fund manager for招商中证白酒指数(LOF)A is Hou Hao, who has extensive experience in risk management and quantitative investment strategies [3][4] - Hou Hao has been with招商基金 since 2009 and has held various positions, including senior risk manager and investment manager [3][4]

Core Viewpoint - The annual shareholder meeting of Shanxi Fenjiu highlights the company's commitment to high-quality development, governance optimization, and shareholder returns, showcasing significant financial growth and strategic initiatives for future expansion [3][4][7]. Meeting Details - The annual shareholder meeting is scheduled for May 29, 2025, at 14:00 in the company conference room [2]. - The agenda includes the appointment of the auditing firm for the 2025 annual report and internal control audit [2]. Financial Performance - In the reporting period, the company achieved total revenue of 36.011 billion yuan, a year-on-year increase of 12.79% [3]. - The net profit attributable to shareholders was 12.243 billion yuan, reflecting a year-on-year growth of 17.20% [3]. - Earnings per share reached 10.04 yuan, up by 17.20% compared to the previous year [3]. Governance and Management - The company has optimized its corporate governance structure, revising its articles of association and enhancing the effectiveness of its board of directors [4]. - A total of 18 board meetings were held, with 57 proposals reviewed, covering strategic planning and major investments [4][5]. - The company emphasizes shareholder returns, distributing a cash dividend of 4.37 yuan per share for the 2023 fiscal year, totaling 5.331 billion yuan, which represents 51.07% of the net profit attributable to shareholders [5]. Investor Relations and Communication - The company has been recognized for its information disclosure practices, receiving an A-level rating from the Shanghai Stock Exchange for three consecutive years [6]. - A total of 84 investor communication events were organized, engaging 3,361 institutional investors and analysts [6]. Quality and Innovation - The company is committed to high-quality development, focusing on enhancing production standards and integrating ESG (Environmental, Social, and Governance) practices into its operations [7][8]. - The establishment of the Shanxi Provincial Ecological Brewing Technology Innovation Center aims to improve research and development capabilities [10]. Market Expansion and Branding - The company is actively expanding its market presence both domestically and internationally, with a focus on optimizing its marketing strategies and enhancing brand recognition [9][10]. - The international market saw over 700 promotional activities, successfully entering 11 new countries [10]. Future Plans - The company plans to continue its focus on high-quality development, brand collaboration, and market expansion, aiming for steady revenue growth in 2025 [16]. - Strategic initiatives will include enhancing product quality, optimizing management practices, and deepening cultural engagement with consumers [17][18].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [1][4][72]. Core Views - The food and beverage sector has shown a slight increase of 0.53% in the week from May 12 to May 16, 2025, but underperformed the Shanghai Composite Index by 0.23 percentage points [1][20]. - The report highlights three investment themes: 1) Leading companies with proven risk resilience such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye; 2) Companies like Luzhou Laojiao that are showing positive feedback from digital initiatives and are undervalued; 3) Brands like Jinsiyuan and Yingjia Gongjiu that have potential for market share growth [1][12][13]. Summary by Sections 1. Weekly Insights - The report notes that the white liquor market is currently in a low demand season, while beer and beverage sectors are entering a peak season [1][10]. - White liquor prices have shown a year-on-year decrease of 2% and a month-on-month stability, indicating ongoing pressure on consumption demand [1][10]. - The first quarter of 2025 saw a 7.22% year-on-year decline in white liquor production, with sales revenue of 196.3 billion yuan, down 0.38% year-on-year [1][10]. 2. Key Data Tracking - The food and beverage sector's performance in the week of May 12-16, 2025, was characterized by a 0.53% increase, which lagged behind the Shanghai Composite Index [20]. - The report provides insights into the performance of various segments, including a 3.7% year-on-year revenue growth in the beer sector for Q1 2025, driven by stable dining demand and inventory replenishment [13][14]. 3. Company Earnings Forecasts and Investment Ratings - Kweichow Moutai is rated "Outperform the Market" with an expected EPS of 68.64 yuan for 2025 and a PE ratio of 23.5 [3]. - Luzhou Laojiao is also rated "Outperform the Market" with an expected EPS of 9.02 yuan for 2025 and a PE ratio of 14.0 [3]. - The report emphasizes the importance of focusing on leading companies with strong market positions and growth potential in the food and beverage sector [1][12].

Core Viewpoint - The newly revised "Regulations on Strict Economy and Opposition to Waste by Party and Government Agencies" has been issued, which restricts high-end dining and alcohol consumption in official settings, leading to a decline in the liquor sector, particularly in the baijiu market [1][2]. Group 1: Impact on Baijiu Industry - Following the announcement of the new regulations, several baijiu companies, including Yingjia Gongjiu and Shanxi Fenjiu, saw their stock prices drop by over 2%, with Jinshiyuan experiencing a decline of more than 3.5% [1]. - Analysts suggest that the impact of the new regulations on the baijiu industry will be limited, as the proportion of government consumption in baijiu sales has already decreased significantly, now accounting for less than 5% [1][2]. - The previous "Central Eight Regulations" have already reduced the share of government consumption in high-end baijiu, shifting the focus to business and residential demand [2]. Group 2: Historical Context of Regulations - The baijiu industry has faced multiple disruptions from "ban on alcohol" policies since 2011, with significant impacts noted after the introduction of the "Central Eight Regulations" [2][3]. - The government has implemented strict measures against public alcohol consumption, which has historically affected high-end baijiu sales, but the current market dynamics show a shift towards business and residential consumption [2][3]. Group 3: Business Wine Market Challenges - The decline in the public wine market has forced companies to focus on the business wine segment, which primarily consists of mid-to-high-end products [4]. - Major baijiu companies have adjusted their product structures, with a significant portion of revenue now coming from mid-to-high-end products [5]. - However, the business wine market is facing challenges, with reports indicating a substantial decrease in business consumption frequency and overall sales, with some companies experiencing a 20%-50% decline in performance [5][6]. Group 4: Future Outlook - Many baijiu companies are proactively lowering their performance targets for 2025 to alleviate pressure, contrasting with previous years' growth ambitions [6]. - Companies like Wuliangye and Luzhou Laojiao have adjusted their revenue growth expectations to align more closely with macroeconomic indicators [6].

2.出席本次会议的股东必须为股权登记日登记在册的 公司股东，会议召开之前公司股东应该办理登记手续。 山西汾酒 2024 年年度股东大会资料 山西杏花村汾酒厂股份有限公司 2024 年年度股东大会 资料目录 | 一、会议须知 2 | | --- | | 二、会议议程 3 | | 三、2024 年度董事会工作报告 4 | | 四、2024 年度监事会工作报告 19 | | 五、2024 年度独立董事述职报告（周培玉） 23 | | 六、2024 年度独立董事述职报告（李临春） 29 | | 七、2024 年度独立董事述职报告（樊燕萍） 35 | | 八、2024 年度财务决算报告 41 | | 九、2024 年度利润分配预案 45 | | 十、关于 2024 年年度报告及其摘要的议案 47 | | 十一、关于聘请公司 2025 年度年报审计机构、内部控制审计机构的 | | 议案 53 | | 十二、关于增补第八届董事会董事的议案 54 | — 1 — 山西汾酒 2024 年年度股东大会资料 2024 年年度股东大会会议须知 为确保公司股东大会的正常秩序和议事效率，维护投资 者的合法权益，根据《公司法》《证券法》以 ...

Group 1 - The core index of the beverage sector, the China Securities Beverage Theme Index, experienced a decline of 1.06% closing at 25,626.43 points with a trading volume of 19.09 billion yuan [1] - Over the past month, the index has decreased by 2.20%, while it has increased by 3.61% over the last three months, and has seen a year-to-date decline of 1.56% [1] - The index comprises 50 listed companies in the beverage sector, including alcoholic and soft drink companies, reflecting the overall performance of the beverage theme listed companies [1] Group 2 - The top ten weighted companies in the index include Kweichow Moutai (16.73%), Wuliangye (14.16%), Shanxi Fenjiu (11.9%), and Luzhou Laojiao (11.06%) among others [1] - The index's holdings are primarily listed on the Shanghai Stock Exchange (58.00%) and the Shenzhen Stock Exchange (42.00%) [1] - In terms of industry composition, the index shows that liquor accounts for 77.09%, soft drinks for 11.44%, beer for 7.96%, wine and others for 2.09%, and yellow wine for 1.42% [1] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [1][4][3]. Core Views - The report highlights the distinct off-season characteristics of the liquor market, while beer and beverages are entering their peak season [1][10]. - The liquor market is experiencing continued pressure on consumption demand, with a notable decline in production and sales figures for the first quarter of 2025 [1][10]. - The beer industry is showing signs of recovery, with a focus on inventory replenishment and stable demand, particularly in the 8-10 yuan price range [2][13][14]. - The snack food sector is experiencing mixed performance, with some companies showing significant revenue growth despite overall challenges [2][15]. - The report suggests a structural configuration opportunity in the beverage sector, with expectations of continued growth in demand for products like no-sugar tea and energy drinks [2][19]. Summary by Sections Liquor Market - The liquor market is under pressure, with April prices showing a year-on-year decline of 2% and a production drop of 7.22% in Q1 2025 [1][10]. - Key companies like Kweichow Moutai are expanding their consumer reach through new policies and channel strategies, with online sales showing over 30% growth [1][10]. - Investment recommendations focus on resilient leaders such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, as well as companies like Luzhou Laojiao that are showing signs of recovery [1][12]. Beer Market - The beer sector is entering a phase of inventory replenishment and demand stabilization, with Q1 2025 showing a revenue increase of 3.7% year-on-year [2][13]. - Leading brands like Yanjing and Zhujiang are experiencing significant growth due to effective cost management and product strategy adjustments [2][14]. - The report anticipates a favorable outlook for the beer sector in Q2 2025, recommending continued investment in quality beer leaders [2][14]. Snack Food Sector - The snack food sector's revenue growth in Q1 2025 was impacted by the timing of the Spring Festival, with a year-on-year increase of 31% [2][15]. - Companies like Wanchen Group and Youyou Food are leading in revenue growth, driven by channel expansion and product innovation [2][15]. - The report suggests focusing on companies with competitive advantages and those that are likely to benefit from new product categories [2][15]. Other Food and Beverage Segments - The condiment sector is performing steadily, with a focus on inventory replenishment and strong cash flow among leading companies [2][16]. - The frozen food market is facing challenges due to weak restaurant demand, with Q1 2025 revenue showing a slight decline [2][17]. - The dairy sector is expected to see improvements in supply and demand dynamics, with potential policy catalysts supporting growth [2][19]. - The beverage sector is entering a peak consumption period, with leading companies increasing their market presence through strategic investments [2][19].

金十图示：2025年05月19日（周一）富时中国A50指数成分股今日收盘行情一览：白酒、汽车、消费电子等板块跌势明显，半导 体、航运港口等板块小幅收高 0.00(0.00%) -0.02(-0.38%) -0.02(-0.27%) 保险 中国太保 中国平安 中国人保 01 3635.21亿市值 3228.59亿市值 9706.06亿市值 8.31亿成交额 17.30亿成交额 10.74亿成交额 53.30 8.22 33.56 +0.13(+0.39%) -0.09(-0.17%) +0.01(+0.12%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19835.11亿市值 5018.92亿市值 2441.15亿市值 60.22亿成交额 11.38亿成交额 30.63亿成交额 1578.98 129.30 200.10 -4.90(-2.39%) -35.15(-2.18%) -1.78(-1.36%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2323.66亿市值 2805.06亿市值 3251.75亿市值 16.89亿成交额 22.26亿成交额 11.15亿成交额 139.90 435.00 671 ...

Market Overview - The FTSE China A50 index components showed mixed performance in the banking and insurance sectors, while the semiconductor sector experienced gains [1] - The liquor and automotive sectors faced declines, with notable drops in companies like Kweichow Moutai and BYD [1] Sector Performance Banking and Insurance - China Pacific Insurance had a market capitalization of 363.96 billion, with a trading volume of 4.60 billion, showing a slight decrease of 0.03 (-0.06%) [3] - Ping An Insurance reported a market cap of 321.32 billion and a trading volume of 11.02 billion, also down by 0.03 (-0.09%) [3] - China Life Insurance had a market cap of 971.70 billion, with a trading volume of 6.91 billion, increasing by 0.02 (+0.24%) [3] Liquor Industry - Kweichow Moutai led with a market cap of 1,979.70 billion, experiencing a decline of 38.18 (-2.37%) [3] - Shanxi Fenjiu and Wuliangye Yibin also saw decreases of 4.09 (-2.00%) and 1.97 (-1.50%) respectively [3] Semiconductor Sector - Northern Huachuang had a market cap of 232.15 billion, with a trading volume of 12.09 billion, increasing by 6.00 (+1.40%) [3] - Cambrian and Haiguang Information reported market caps of 278.94 billion and 324.71 billion, with slight increases [3] Automotive Sector - Great Wall Motors had a market cap of 295.13 billion, down by 5.64 (-1.45%) [3] - BYD reported a market cap of 1,165.57 billion, decreasing by 0.36 (-1.52%) [3] Energy Sector - China Petroleum & Chemical Corporation had a market cap of 1,500.77 billion, with a trading volume of 3.59 billion, increasing by 0.03 (+0.53%) [3] - China National Offshore Oil Corporation reported a market cap of 690.09 billion, with a slight increase of 0.10 (+0.62%) [3] Other Sectors - The electric power sector saw China Yangtze Power with a market cap of 743.34 billion, increasing by 0.05 (+0.53%) [4] - In the food and beverage sector, Haitian Flavoring & Food had a market cap of 238.77 billion, increasing by 0.36 (+0.85%) [4] - The logistics sector featured SF Holding with a market cap of 273.56 billion, decreasing by 0.35 (-0.62%) [4]

Market Performance - The market rebounded last week, with the China Securities Xinhua National Brand Index rising by 0.94% to 1666.03 points [1] - The Shanghai Composite Index increased by 0.76%, the Shenzhen Component Index by 0.52%, the ChiNext Index by 1.38%, and the CSI 300 Index by 1.12% [1] Strong Stock Performances - Notable strong performers in the brand index included BGI Genomics, which rose by 17.27%, and Yiling Pharmaceutical, which increased by 9.81% [1] - Other significant gainers included Stone Technology and Marubi Biological, which rose by 7.18% and 6.79%, respectively [1] Year-to-Date Stock Gains - Since the beginning of 2025, Marubi Biological has surged by 60.82%, leading the gains, followed by Shanghai Jahwa with a 46.72% increase and BGI Genomics with a 34.45% rise [2] - Other stocks with notable increases include Anji Technology, Xintai, and Weir Shares, each rising over 20% [2] Market Outlook - Institutions expect the market to refocus on domestic economic fundamentals, with a positive policy response anticipated [2][3] - The current market is viewed as being in a high cost-performance range, with significant policy support expected to stabilize the economy and market [2] Economic Data Focus - Attention is drawn to upcoming economic data, particularly export performance and the sustainability of the export supply chain recovery [3] - The prevailing market conditions are supported by policy measures and liquidity easing, which are expected to bolster the stability of the domestic economy and capital markets [3]