Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu, with a target price not specified [6]. Core Viewpoints - The company is entering the second phase of its revitalization program, focusing on stable growth and expanding its market presence [2]. - The company has seen steady growth across its product lines, with significant increases in the number of distributors, indicating a robust distribution network [1]. - The introduction of new products, such as "Qinghua Fenjiu 26·Revival," aims to fill gaps in the pricing structure and enhance the product matrix [3]. Financial Performance and Projections - Revenue is projected to grow from 371 billion to 474 billion CNY from 2024 to 2026, with corresponding net profit growth from 123 billion to 160 billion CNY [4]. - The company expects a revenue growth rate of 16% in 2024, followed by 13% in 2025 and 2026 [5]. - The proposed cash dividend for 2024 is 30 billion CNY, reflecting a commitment to shareholder returns [3]. Market Strategy - The company plans to strengthen its mid-range price segment and enhance its marketing strategies to integrate channel, brand, and product strengths [2]. - The focus will be on the main brand products and the "Xinghuacun" brand, with a national expansion strategy set for 2025-2030 [3]. Financial Data Summary - The company reported a revenue of 31,928.48 million CNY in 2023, with an expected increase to 37,100.90 million CNY in 2024 [5]. - The net profit for 2023 was 10,438.11 million CNY, projected to rise to 12,338.92 million CNY in 2024 [11]. - The company's PE ratio is expected to decrease from 18X in 2024 to 14X in 2026, indicating potential for valuation improvement [4].

证券代码：600809 股票简称：山西汾酒 公告编号：临2024-035 山西杏花村汾酒厂股份有限公司 关于2024年中期利润分配的提示性公告 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。 特此公告 本次利润分配方案尚需提交公司股东大会审议。（详见公司临2024- 034公告） 二、本次利润分配时间安排 公司董事会决定于2025年1月9日召开2025年第一次临时股东大会， 审议公司《关于实施2024年中期利润分配的议案》。（详见公司临2024-033 公告） 本次利润分配方案经股东大会审议通过后，公司将严格按照相关法 律法规的规定，尽快完成本次权益分派实施工作，具体安排请以相关公 告为准。 重要内容提示： 每股分配情况：每股派发现金红利2.46元（含税）。 一、本次利润分配方案内容 经山西杏花村汾酒厂股份有限公司（以下简称"公司"）第八届董 事会第六十二次会议审议通过，公司拟向全体股东每股派发现金红利 2.46元（含税）。截至2024年9月30日，公司总股本为1,219,964,222股， 以此计算合计拟派发现金红利3,0 ...

山西杏花村汾酒厂股份有限公司 2025 年第一次临时股东大会 山西杏花村汾酒厂股份有限公司 2025 年第一次临时股东大会资料 2025 年 1 月 山西汾酒 2025 年第一次临时股东大会资料 资料目录 | 一、会议须知 2 | | --- | | 二、会议议程 3 | | 三、关于实施 2024 年中期利润分配的议案 4 | - 1 - 山西汾酒 2025 年第一次临时股东大会资料 2025 年第一次临时股东大会会议须知 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》以及中国证监会《上 市公司股东大会规则》的相关规定，制定以下会议须知，请出 席股东大会的全体人员严格遵守。 1.本次会议会务组设在公司董事会办公室，具体负责会议 期间的组织及相关会务工作。 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。 3.为保证会议的严肃性和正常秩序，切实维护与会股东的 合法权益，除出席会议的股东及股东代理人，公司董事、监事、 高级管理人员，公司聘任律师，董事会邀请的人员以及工作人 员外，公司有权依法拒绝其他人员进入会场。 4.会 ...

Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu (600809 SH) with a target price of 189 52 RMB as of December 24 2024 [11] - The current PE ratio is 19x for 2024 17x for 2025 and 15x for 2026 [2] Core Views - Shanxi Fenjiu is positioned as a leading light-flavor Baijiu company with strong brand heritage organizational efficiency and a well-structured product portfolio enabling it to navigate industry cycles effectively [2] - The company is expected to achieve steady growth in the future with sufficient growth tools and strong market regulation capabilities although growth may slow down it will not stall [2] - The company has set a tone of "steady development" for 2025 emphasizing stability over rapid expansion [3] Financial Projections - Revenue is projected to grow from 36 664 million RMB in 2024 to 44 723 million RMB in 2026 with a CAGR of 10 9% [13] - Net profit attributable to shareholders is expected to increase from 12 285 million RMB in 2024 to 15 414 million RMB in 2026 [13] - EPS is forecasted to rise from 10 07 RMB in 2024 to 12 63 RMB in 2026 [2] Strategic Initiatives - The company plans to focus on four major product lines aiming to develop four 10-billion RMB products within 2-3 years including the Bolfen series Qinghua 20 series Laobaifen series and Qinghua 30 series [23] - In 2025 the company will prioritize stability with key growth drivers being the Laobaifen series Qinghua 20 and Qinghua 30+ products [23] Market Performance - As of October 2024 the company had already achieved its full-year sales target from the previous year with the number of distributors generating over 100 million RMB in sales increasing from 41 to 51 [3] - The company is actively pursuing national market expansion youth-oriented strategies and international development [3] Dividend Policy - The company announced a mid-term dividend of 3 billion RMB for 2024 equivalent to 2 46 RMB per share representing approximately 26% of the first three quarters' net profit [20] - The dividend payout ratio is expected to increase potentially reaching over 60% in the future [20] Financial Ratios - The ROE is projected to decline from 33 1% in 2024 to 26 0% in 2026 reflecting a gradual normalization of profitability [13] - The P/E ratio is expected to decrease from 18 8x in 2024 to 15 0x in 2026 indicating improving valuation metrics [13]

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-033 山西杏花村汾酒厂股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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 召开的日期时间：2025 年 1 月 9 日 14 点 30 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 1 月 9 日 至 2025 年 1 月 9 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 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 股东大会召开日期：2025年1月9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 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资 ...

证券代码： 600809 股票简称：山西汾酒 公告编号：临 2024-034 山西杏花村汾酒厂股份有限公司 2024 年中期利润分配方案公告 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： 每股分配情况：每股派发现金股利2.46元（含税）。 本次利润分配拟以权益分派实施时股权登记日登记的总股本 为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派股权登记日前公司总股本发生变动的，拟维持 利润分配总额不变，相应调整每股分配比例，并将另行公告具体调整情 况。 一、利润分配方案内容 截至2024年9月30日，山西杏花村汾酒厂股份有限公司未分配利润为 24,340,316,031.02元。经董事会决议，公司拟以实施权益分派股权登记 日登记的总股本为基数，实施2024年中期利润分配。本次利润分配方案 如下： （一）经公司董事会充分研究，公司拟向全体股东每股派发现金红 利2.46元（含税）。截至2024年9月30日，公司总股本为1,219,964,222 股，以此计算合计拟派发现金红利3,001,111,986. ...

山西杏花村汾酒厂股份有限公司 第八届监事会第二十三次会议决议公告 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 公司于2024年12月19日以书面方式向全体监事发出关于召开第八届 监事会第二十三次会议的通知。会议于2024年12月24日以会签方式召开， 应出席监事4人，实际出席监事4人。会议的召开、表决程序符合《公司 法》、公司《章程》和《监事会议事规则》的规定，合法有效。 二、监事会会议审议情况 证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-032 1.审议通过《关于实施2024年中期利润分配的议案》；（此议案尚 需股东大会审议，详见公司临2024-034公告） 监事会认为：公司《关于实施2024年中期利润分配的议案》符合公 司经营现状，有利于公司持续稳定发展，同意本次利润分配方案。 同意票4票，反对票0票，弃权票0票。 特此公告 山西杏花村汾酒厂股份有限公司 监事会 2024年12月25日 1 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024- 031 山西杏花村汾酒厂股份有限公司 第八届董事会第六十二次会议决议公告 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。 一、董事会会议召开情况 公司于2024年12月19日以书面和电子邮件方式向全体董事发出关于 召开第八届董事会第六十二次会议的通知。会议于2024年12月24日以会 签方式召开，应出席董事8人，实际出席董事8人。会议的召开、表决程序 符合《公司法》、公司《章程》和《董事会议事规则》的规定，合法有效。 二、董事会会议审议情况 1.审议通过《关于实施2024年中期利润分配的议案》；（此议案尚需 股东大会审议，详见公司临2024-034公告） 会议同意以实施权益分派股权登记日登记的总股本为基数，向全体 股东每10股派发现金红利24.6元（含税）。 同意票8票，反对票0票，弃权票0票。 2 2.审议通过《关于确定召开 2025 年第一次临时股东大会相关事宜 的议案》； 会议决定于 2025 年 1 月 9 日召开公司 2025 年第一次临时股东大 ...

Investment Rating - The investment rating for Shanxi Fenjiu is maintained at "Accumulate" [2] Core Views - The report emphasizes the company's commitment to high-quality development and strategic marketing initiatives, including a focus on premium products and expanding market share both domestically and internationally [4][5] - The company aims to achieve significant revenue growth, with projected revenues of 370.6 billion, 415.1 billion, and 469.0 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 16.1%, 12.0%, and 13.0% [5][10] - The report highlights the successful performance of various product lines, with the Qinghua series and others achieving full-year revenue targets by October 2023 [4] Summary by Sections Market Performance - The stock price of Shanxi Fenjiu is currently at 198.77 yuan, with a market performance comparison showing a decline of 23% against the CSI 300 index [2] Financial Data and Forecast - The projected operating income for 2024 is 37,060 million yuan, with a net profit forecast of 12,339 million yuan, indicating a year-on-year growth of 18.2% [10] - The gross margin is expected to remain stable at around 75.5% for the next few years, with a slight increase to 76.0% by 2026 [10] Strategic Initiatives - The company is focusing on a "123" revival program, with specific phases aimed at consolidating achievements and enhancing production efficiency from 2025 to 2030 [4] - Shanxi Fenjiu plans to implement a controlled volume strategy in its home market while expanding its dealer network in other regions to enhance overall market presence [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company is consolidating its achievements and is on a path of revitalization, with a focus on national channel consolidation and marketing innovation. The company has introduced a new product priced at 600 yuan, the "Qinghua Fenjiu 26·Revival Edition," with a suggested retail price of 718 yuan [2][3] - The company aims to achieve a revenue of 36.32 billion yuan in 2024, with a year-on-year growth of 13.75%. The net profit attributable to the parent company is projected to be 12.20 billion yuan, reflecting a year-on-year increase of 16.91% [1][12] Summary by Sections Revenue and Profit Forecast - Total revenue for 2022 was 26.21 billion yuan, with projections of 31.93 billion yuan for 2023, 36.32 billion yuan for 2024, 40.71 billion yuan for 2025, and 46.75 billion yuan for 2026. The year-on-year growth rates are 31.26%, 21.80%, 13.75%, 12.10%, and 14.83% respectively [1] - The net profit attributable to the parent company was 8.10 billion yuan in 2022, expected to rise to 10.44 billion yuan in 2023, 12.20 billion yuan in 2024, 13.68 billion yuan in 2025, and 15.79 billion yuan in 2026, with year-on-year growth rates of 52.36%, 28.93%, 16.91%, 12.06%, and 15.49% respectively [1] Product Strategy - The company is focusing on a four-pronged product strategy with its brands: Fenjiu, Zhuyeqing, and Xinghuacun. The Fenjiu brand includes strategic products like Glass Fenjiu and Laobai Fenjiu, which are aimed at achieving a scale of 10 billion yuan each. The company is also targeting the health wine market with Zhuyeqing and plans to expand Xinghuacun nationally by 2025-2026 [4][5] Market Expansion - The company is advancing its national expansion strategy, with a revenue distribution of 40% from the home province and 60% from outside. The average revenue in provincial markets exceeds 600 million yuan. The company plans to enhance its market presence in provinces like Henan and Shandong, leveraging its brand advantages to stimulate demand [5][12]