Group 1: Shanxi Fenjiu - Shanxi Fenjiu achieved revenue of approximately 36.01 billion yuan in 2024, representing a year-on-year growth of 12.79% [1] - The net profit attributable to shareholders was about 12.24 billion yuan, with a year-on-year increase of 17.29% [1] - In Q1 2025, the company reported revenue of around 16.52 billion yuan, a growth of 7.72% year-on-year, and a net profit of approximately 6.65 billion yuan, up 6.15% year-on-year [1] Group 2: Chongqing Beer - Chongqing Beer reported Q1 2025 revenue of about 4.36 billion yuan, reflecting a year-on-year increase of 1.46% [2] - The net profit attributable to shareholders was approximately 473 million yuan, with a year-on-year growth of 4.59% [2] - Beer sales reached 883,500 kiloliters, an increase of 1.93% compared to the same period last year [2] Group 3: Moutai Cultural Tourism - Moutai Cultural Tourism Company announced the recruitment of an online operator for its cultural and creative store on JD.com to expand its online market [3] - The service period for the operator is three years, with annual assessments for contract renewal [3] - This initiative aims to enhance product exposure and sales channels, potentially increasing revenue and engaging younger consumers [3] Group 4: Lehui International - Lehui International expects its fresh beer segment to break even in 2025 after addressing losses in 2024 due to high fixed asset depreciation and operational costs [4] - The company has shifted its tavern model to a franchise approach to reduce investment and financial pressure [4] - Fresh beer is identified as a new growth trend in the domestic beer market, with significant potential for future expansion [4]

Group 1: Market Developments - Jiang Jia led a team to investigate the UAE market, emphasizing the importance of the region for Wuliangye's strategic layout and future efforts in channel construction and brand promotion [1] - Xifeng Wine held a business meeting to deploy strategies for the Jiangsu market, highlighting its strong development foundation [1] - Yunmen Wine established a liaison office in Japan and an Osaka tasting center, marking a significant step in its internationalization strategy [1] Group 2: Financial Performance - Shanxi Fenjiu reported a revenue of 36.011 billion in 2024, a year-on-year increase of 12.79%, with a net profit of 12.243 billion, up 17.29% [1] - Yanghe Co. achieved a revenue of 28.876 billion in 2024, with a net profit of 6.673 billion [1] - Yingjia Gongjiu's revenue for 2024 was 7.344 billion, up 8.46%, with a net profit increase of 13.45% to 2.589 billion [1] - Kouzi Jiao reported a revenue of 6.015 billion in 2024, a slight increase of 0.89%, but a net profit decrease of 3.83% to 1.655 billion [1] - Yilite's revenue for 2024 was 2.203 billion, down 1.27%, with a net profit decline of 15.91% to 0.286 billion [1] - Jiugui Wine's revenue fell to 1.423 billion in 2024, a decrease of 49.70%, with a net profit drop of 97.72% to 0.012 billion [1][2] - Jinzongzi Wine reported a revenue of 0.925 billion in 2024, down 37.04%, resulting in a net loss of 0.258 billion [2] Group 3: Industry Standards and Sustainability - The national standard for "Rice Aroma Type Baijiu" was released, indicating regulatory developments in the industry [3] - New Zealand's wine industry reported significant sustainability achievements, with 68% of wineries implementing carbon reduction measures, reflecting a growing trend towards environmental responsibility [4]

Core Viewpoint - The white liquor industry is experiencing a significant slowdown in growth, with many companies reporting declining revenues and profits, indicating a challenging market environment [1][12][18]. Group 1: Industry Performance - As of April 29, nearly all listed white liquor companies reported a slowdown in performance for 2024, with six companies experiencing a year-on-year revenue decline [1][4]. - In the first quarter of 2025, nearly half of the white liquor companies reported negative performance, with some experiencing revenue declines of 20% to 30% [1][12]. - The total revenue of all white liquor companies in 2024 exceeded 440 billion yuan, primarily driven by growth from leading companies like Moutai [4][7]. Group 2: Market Dynamics - The competitive landscape of the white liquor industry has shifted, with Shanxi Fenjiu rising to the third position among leading brands, indicating a consolidation of market power among top players [2][8]. - Over the past five years, the rankings of the top ten white liquor companies have changed significantly, with new entrants and established brands experiencing shifts in their market positions [10][11]. - The performance of mid-sized and smaller liquor companies has generally been poor, with some facing delisting risks [2][12]. Group 3: Future Outlook - Analysts suggest that the white liquor industry is currently in a "bottoming out" phase, with expectations of continued low performance in the second quarter of 2025 [2][17]. - The core issue facing the industry is weak consumer demand, with a need for companies to connect with younger consumers and explore new market segments [18].

Core Viewpoint - The white liquor industry is experiencing a significant slowdown in growth, with many companies reporting declining revenues and profits, indicating a challenging market environment [1][2][8]. Group 1: Industry Performance - As of April 29, nearly all listed white liquor companies reported a slowdown in performance for the 2024 annual report and the first quarter of 2025, with six companies experiencing a year-on-year revenue decline [1][2]. - In the first quarter of 2025, nearly half of the white liquor companies reported negative performance, with some experiencing revenue declines of 20% to 30% [1][8]. - The total revenue of all white liquor companies in 2024 exceeded 440 billion yuan, primarily driven by growth from leading companies like Moutai [3][5]. Group 2: Market Dynamics - The competitive landscape of the white liquor industry has shifted, with Shanxi Fenjiu rising to the third position among leading brands, indicating a consolidation of the market among top players [2][5]. - The top ten white liquor companies have seen significant changes in rankings over the past five years, with new entrants and established brands experiencing shifts in their market positions [6][7]. - The performance of mid-sized and smaller liquor companies has generally been poor, with some facing delisting risks due to continued underperformance [2][12]. Group 3: Future Outlook - Analysts suggest that the white liquor industry is currently in a "bottoming out" phase, with expectations of continued low performance in the second quarter of 2025 [2][13]. - The industry faces challenges in consumer demand, particularly in attracting younger consumers, which is crucial for future growth [12][13]. - Despite some companies maintaining double-digit growth, the overall market sentiment remains pessimistic, with concerns about the sustainability of this growth amid macroeconomic uncertainties [12][13].

Core Insights - Shanxi Fenjiu reported a dual growth in revenue and net profit for 2024, achieving a revenue of 36.011 billion yuan, a year-on-year increase of 12.79%, and a net profit of 12.243 billion yuan, up 17.29% [2][3] - The company’s performance reflects its successful high-end strategy and national expansion efforts, indicating a strong momentum in the premium liquor market [2][6] Financial Performance - In Q1 2025, Shanxi Fenjiu recorded a revenue of 16.522 billion yuan, a 7.72% increase year-on-year, and a net profit of 6.648 billion yuan, up 6.15% [2] - The proportion of mid-to-high-end products increased to 73.97%, driven by the company's strategy of focusing on premium offerings [4][5] Market Strategy - The company’s strategy includes enhancing the sales of its core products, particularly the Qinghua Fen series, which saw a revenue increase of 14.35% to 26.532 billion yuan in 2024 [5] - The company has established a robust dealer network with 4,553 dealers, including 57 dealers with over 100 million yuan in sales, facilitating its national expansion [6] Brand Value and Marketing - Shanxi Fenjiu achieved a 24.4% increase in brand value, ranking first among liquor companies in China, reflecting effective marketing strategies [7] - The marketing expenses for 2024 were 3.726 billion yuan, with a marketing efficiency ratio of 10.35%, showcasing the effectiveness of its digital marketing initiatives [7] Industry Context - The white liquor industry in 2024 faced challenges such as "consumer fatigue" and "high inventory," yet Shanxi Fenjiu managed to accelerate its growth, demonstrating resilience [3][6] - The company’s performance is indicative of a broader trend in the liquor industry, where premium brands are gaining market share amid increasing consumer demand for high-quality products [2][4]

根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司治理准则》《国有企业、上市公司选聘会计 师事务所管理办法》等规定和要求，山西杏花村汾酒厂股份 有限公司（以下简称"公司"）董事会审计委员会勤勉尽责， 现将审计委员会 2024 年度履行监督职责情况汇报如下： 一、聘请会计师事务所基本情况 （一）会计师事务所基本情况 天衡会计师事务所（特殊普通合伙）（以下简称"天衡"） 前身为 1985 年成立的江苏会计师事务所，1999 年脱钩改制， 2013 年转制为特殊普通合伙会计师事务所，于 2013 年 9 月 28 日取得江苏省财政厅颁发的会计师事务所执业证书，长期 从事证券服务业务，是中国首批获得证券期货相关业务资格 和首批取得金融企业审计资格的会计师事务所之一。截至 2024 年末，天衡会计师事务所拥有合伙人 85 名、注册会计 师 386 名，签署过证券服务业务审计报告的注册会计师 227 名，是国内最具综合实力的会计师事务所之一。天衡会计师 1 事务所近三年不存在任何因与执业行为相关的民事诉讼而 需承担民事责任的情况。 （二）聘任会计师事务所履行的程序 2024 年度公司第八届董事会审计委员会第 ...

公司代码：600809 公司简称：山西汾酒 山西杏花村汾酒厂股份有限公司 2024年度内部控制评价报告 山西杏花村汾酒厂股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变 ...

山西杏花村汾酒厂股份有限公司第八届 董事会审计委员会 2024 年履职报告 根据《上市公司治理准则》《企业内部控制基本规范》 《上海证券交易所股票上市规则》《上海证券交易所上市公 司董事会审计委员会运作指引》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》等规范性文件的有关规 定及公司《董事会审计委员会议事规则》，2024 年山西杏花 村汾酒厂股份有限公司(以下简称"公司")董事会审计委员 会勤勉尽责，恪尽职守,积极开展工作，认真履行职责。现将 公司董事会审计委员会 2024 年度履职情况汇报如下: 一、审计委员会基本情况 目前，公司第八届董事会审计委员会由董事李振寰和独 立董事樊燕萍、李临春组成，其中主任委员由具有专业会计 资格的独立董事樊燕萍同志担任。 2024年9月公司董事会收到关于原独立董事王超群先生 和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，故不再担任审计委员会委员职务。 二、公司董事会审计委员会 2024 年度会议召开情况 2024 年度，公司董事会审计委员会共召开了六次会议： 1.2024 年 1 月 18 日，召开了第一次会议： （1）审阅财务部门编制的 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-010 山西杏花村汾酒厂股份有限公司 关于召开2024年年度股东大会的通知 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 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 召开的日期时间：2025 年 5 月 29 日 14 点 00 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。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 29 日 至2025 年 5 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年5月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (三)投票方式：本次股东大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 东大会召开当日的交易时间段，即 9:15-9:25,9:30 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-007 山西杏花村汾酒厂股份有限公司 第八届监事会第二十四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 山西杏花村汾酒厂股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日以书面方式向全体监事发出关于召开第八届监事会第二十四次会 议的通知。会议于 2025 年 4 月 28 日在观云阁会议室以现场方式召开， 会议由双立峰主席主持，应到监事 4 名，实到监事 4 名。会议的召开、 表决程序符合公司《章程》和《监事会议事规则》的规定。 二、监事会会议审议情况 1.审议通过公司《2024 年度监事会工作报告》；（该议案尚需股东 大会审议） 同意票 4 票，反对票 0 票，弃权票 0 票。 2.审议通过公司《2024 年度利润分配预案》；（该议案尚需股东大 会审议） 监事会认为：公司《2024 年度利润分配预案》符合公司经营现状， 有利于公司持续稳定发展，同意本次利润分配预案。 同意票 4 票，反对票 0 票， ...