Financial Performance and Key Indicators - In 2023, the company achieved operating revenue of 31.928 billion yuan, a year-on-year increase of 21.8% [1] - The net profit attributable to shareholders was 10.438 billion yuan, up 28.93% year-on-year [1] - Total assets reached 44.096 billion yuan, growing by 20.18% [1] - Basic earnings per share for 2023 were 8.56 yuan, an increase of 28.78% [1] - Cash dividends amounted to 4.37 yuan, representing 51.07% of the net profit attributable to shareholders [1] - In Q1 2024, operating revenue was 15.338 billion yuan, a 20.94% increase year-on-year, with net profit at 6.2 billion yuan, up 29.95% [1] Business Line Performance - Revenue from mid-to-high-end liquor reached 23.203 billion yuan in 2023, a growth of 22.56% [1] - The number of distributors outside the province increased to 3,120, with revenue from these regions amounting to 19.660 billion yuan [1] Market Data and Key Indicators - The company plans to optimize its investment structure and innovate its marketing strategies to enhance brand communication across all platforms in 2024 [1] Company Strategy and Development Direction - The company is implementing the "11125 Fenjiu Technology Strategy" to enhance quality management and product quality [1] - In 2024, the company aims to accelerate technological upgrades and expand raw liquor production and storage capacity [1] - The company is focused on establishing a scientific marketing system and enhancing cultural marketing capabilities [3] Management Comments on Operating Environment and Future Outlook - Management emphasized the importance of high-quality development and maintaining confidence in growth despite challenges [4] - The strategic layout is divided into two phases: 2022-2024 for transformation and management upgrades, and 2025-2030 for sustainable development [4] Other Important Information - The company is committed to green and low-carbon development principles [1] - A stable and sustainable profit distribution policy is in place to protect investor interests [2] Q&A Session Summary Question: What are the basic logic and key directions for the company's development? - The company has established five basic logics for development, including a scientific marketing system and enhancing cultural marketing capabilities [3] Question: What plans and measures does the company have for quality management and brand strategy? - The company plans to focus on quality management and brand positioning, emphasizing quality production and innovation [4] Question: What are the company's plans regarding culture and reform? - The company aims to strengthen cultural development and improve internal control systems [4] Question: What are the company's goals and plans for 2024? - The company aims for high-quality development and to enhance operational efficiency [4] Question: How does the company plan to manage capital expenditures and product structure? - The company will focus on production capacity and digitalization while enhancing competitiveness in the market [8] Question: What is the performance and growth potential of the Qinghua 20 product? - Qinghua 20 has shown strong growth potential in the mid-to-high-end market segment [8] Question: What are the core advantages and specific actions for the company's operations? - The core advantages include continuous growth and a focus on quality, brand, culture, and market [8] Question: How will the company enhance management and marketing? - The company is leveraging digital partnerships to improve management efficiency and marketing strategies [8] Question: What new initiatives are in place for reform and talent management? - The company is focusing on systematic reforms and enhancing talent recruitment efforts [9]

you you you you so so you you Dear investors, good afternoon. Welcome to the first quarter of the 2023 and 2024 Shaanxi Fenjiu performance briefing. Today, let's meet in Yongduang to interact with each other by video and text. Thank you for your support. Thank you for Shanzhen Luyan Center for providing us with the platform. Since April 26, 2024, after the first quarter of the year report and the first quarter of the year report in 2023, the company has communicated with investors in many ways, including ho ...

公司报告 | 公司深度研究 山西汾酒（600809） 证券研究报告 2024年 05月29日 清香龙头加速复兴，灵活布局彰显强α 投资评级 行业 食品饮料/白酒Ⅱ 6个月评级 买入（维持评级） 清香鼻祖底蕴深厚，二次改革重焕生机。山西汾酒地处酒都杏花村，是 当前价格 245.38元 清香型白酒国家标准的制订者之一，90 年代之前曾有“汾老大”之称。 目标价格 300.16元 2017 年汾酒集团董事长李秋喜上台，开启二次改革，通过引入战投+整 合资产+推行组阁聘任制+实施股权激励创新公司体制机制，激发市场活 基本数据 力，2017-2023 期间营收/归母净利润 CAGR 分别为 32%/49%，受青花系 A股总股本(百万股) 1,219.96 列放量&产品结构上行，整体盈利能力持续提升。 流通A股股本(百万 1,219.96 产品矩阵梯度分明，动态调整灵活放量。公司在高端/次高端/中端/大众 股) 端分别具有强势大单品青花 30 复兴版/青花 20/老白汾巴拿马/玻汾，其 A股总市值(百万元) 299,354.82 中玻汾定位全国化先行军，起到培育消费者的作用，目前保持控量运 流通A股市值(百万 299,3 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-015 山西杏花村汾酒厂股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明 会的公告 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： 投资者可于 2024 年 05 月 24 日(星期五) 至 05 月 30 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 sxfj@fenjiu.com.cn 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 山西杏花村汾酒厂股份有限公司（以下简称"公司"）已于 2024 年 4 月 26 日发布公司 2023 年度报告、2024 年第一季度报告，为便 于广大投资者更全面深入地了解公司经营成果、财务状况，公司计划 于 2024 年 05 月 31 日下午 15:00-16:30 举行 2023 年度暨 2024 年第 一季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以视频结合网络互动方式召开，公司将针对 ...

证 券 2024 年 05 月 20 日 研 究 品牌渠道基石稳固，产品区域轮动发力 报 告 —山西汾酒（600809.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 5 月 17 日，山西汾酒在山西汾阳举办 2023 年度股东 sunss@cfsc.com.cn 大会。 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 投资要点 基本数据 2024-05-17 ▌各价位带产品轮动发力，期待青 30 全新表达 当前股价（元） 263.77 总市值（亿元） 3218 灵活应对行业变化，提高腰部产品重视度。公司拥有多价位 带产品布局，其中腰部产品巴拿马与老白汾系列位于 100- 总股本（百万股） 1220 300 元价位带，在省内成熟度较高的基础上进行全国化扩 流通股本（百万股） 1220 张，巴拿马系列选取全国 40 个城市点状布局，老白汾系列以 52周价格范围（元） 185.07-270.32 环山西市场为主。公司将成立专业化指导小组，6 月上市老 日均成交额（百万元） 1088.09 白汾新品并召开两大系列产品推广督促 ...

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。 重要内容提示： 大股东持股的基本情况 截止本公告日，华创鑫睿（香港）有限公司（以下简称"华创鑫睿"）持有 公司股份 136,116,296 股，占公司总股本的比例为 11.16%，为公司持股 5%以上 股东。其中：华润创业有限公司（以下简称"华润创业"）持有华创鑫睿 80.62% 股份，华润创业联和基金一期（有限合伙）（以下简称"联和基金"）持有华创鑫 睿 19.38%股份。 减持计划的主要内容 根据联和基金相关合作协议，其面临基金到期退出安排，需要减持其间接持 有的公司股份，因此华创鑫睿本次拟通过大宗交易方式减持不超过 800 万股，自 本次减持计划公开披露之日起 15 个交易日后的 3 个月内（含 3 个月期满当日） 实施。 本次减持计划不会改变华润创业对公司未来发展前景的坚定信心和对公司 长期价值的高度认可，华润创业将通过华创鑫睿继续持有公司股份，没有减持公 司股份的计划。 | 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 | | | ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨山西汾酒（ ） 600809.SH [山Ta西b汾le_酒Ti2tl3e]年及 24Q1 业绩点评：增长势能延 续， 年规划积极 24 报告要点 [公Ta司ble2_0S2u3m年m营ar业y]总收入319.28亿元（+21.8%）；归母净利润104.38亿元（+28.93%），圆满 完成年初制定的20%增长目标。24年公司规划增长20%左右，整体指引仍然较为积极。公司 2024Q1营业总收入153.38亿元（+20.94%）；归母净利润62.62亿元（+29.95%），顺利实现 开门红。 ...

Investment Rating - The investment rating for Shanxi Fenjiu is maintained at "Buy" [1][6]. Core Views - The company is expected to maintain a steady operational rhythm, with a focus on the long-term operation of the Qinghua 30 Revival Edition and continued strength in mid-tier products [2][3]. - The company is projected to achieve revenue of CNY 38.47 billion, CNY 45.17 billion, and CNY 51.93 billion for 2024-2026, representing year-on-year growth of 20.5%, 17.4%, and 15.0% respectively [2][6]. - The expected net profit attributable to shareholders is CNY 13.12 billion, CNY 16.06 billion, and CNY 18.96 billion for the same period, with growth rates of 25.7%, 22.4%, and 18.0% respectively [2][6]. Summary by Sections Business Strategy - The company is focusing on the long-term operation of the Qinghua 30 Revival Edition and enhancing its product differentiation strategy, particularly with the Qinghua 20, Qinghua 30 Revival Edition, and Qinghua 40 China Dragon [3]. - In 2024, the company aims to strengthen its product structure, particularly in the CNY 100-300 price range, to capture the recovering demand in the mass banquet market [3]. Market Positioning - Shanxi Fenjiu is expected to adjust its operational rhythm in the Shanxi province while adopting a differentiated assessment strategy in external markets, allowing for a balanced income distribution across regions [4]. - The company is implementing the "Fen Enjoy Benefits" program to enhance its pricing stability and improve its management capabilities in the supply chain [5]. Financial Projections - The financial forecasts indicate a steady increase in revenue and net profit over the next three years, with corresponding PE ratios of 24.5, 20.0, and 17.0 for 2024-2026 [2][6]. - The company is expected to maintain a high gross margin, with projections of 76.51%, 77.11%, and 77.61% for the next three years [9].

(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，会议由公司副董事长李振寰先生主持。会议的 召集、召开符合《公司法》及《公司章程》的规定。 山西杏花村汾酒厂股份有限公司 2023 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 证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-013 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 277 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 929,569,085 | | 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 | 76.1964 | | 数的比例（%） | | 审议结果：通过 (一) 股东大会召开的时间：2024 年 5 月 17 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： 2、 议案名称：2023 ...

恒一律师 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 关 于 山西杏花村汾酒厂股份有限公司 2023 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 山西杏花村汾酒厂股份有限公司 2023 年年度股东大会的 法律意见书 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 莉律师出席贵公司 2023 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 ...