第三条 审计委员会成员由 3-5 名董事组成，独立董事占多数，并至少有一 名董事为会计专业人士。 第四条 审计委员会委员由董事长、过半数独立董事或者全体董事的三分之 一以上提名,并由董事会选举产生。 第五条 审计委员会设主任委员一名,由独立董事中会计专业人士担任，若会计 专业人士有两名或两名以上，则会计专业人士均作为主任委员候选人，经过半数委 员选举,并报请董事会批准产生。 董事会审计委员会议事规则 第一章 总 则 第一条 为强化山西杏花村汾酒厂股份有限公司（以下简称"公司"）董事 会决策功能,做到事前审计、专业审计,确保董事会对经理层的有效监督,完善公 司治理结构,根据《中华人民共和国公司法》《上市公司治理准则》、公司《章 程》及其他有关规定,公司设立董事会审计委员会,并制定本议事规则。 第二条 董事会审计委员会是董事会设立的专门工作机构，主要负责公司内、 外部审计的沟通、监督和核查工作，行使《公司法》规定的监事会的职权。 第二章 人员组成 第六条 审计委员会委员全部为不在公司担任高级管理人员的董事，其在委 员会任期与其董事任期一致,任期届满,连选可以连任。期间如有委员因辞职或其 它原因不再担任公司董事职务 ...

8月28日，山西汾酒大宗交易成交1.7万股，成交额368.56万元，占当日总成交额的0.24%，成交价216.8元，较市场收盘价197.61元溢价9.71%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | | 2025-08-28 | 山西汾酒 | 600809 | 216.8 368.56 1.7 | 东北证券股份有限 公司上海北艾路证 | 粤开证券股份有限 公司深圳分公司 | ...

Definitions [Definitions](index=4&type=section&id=第一节%20释义) This section defines key terms used in the report, including "Fenjiu Group," "Company/the Company," "Fenjiu Sales Company," and "Development Zone Co., Ltd.," ensuring clear understanding of the report's content - "Company" or "the Company" specifically refers to Shanxi Xinghuacun Fenjiu Distillery Co., Ltd[13](index=13&type=chunk) - "Fenjiu Group" refers to Shanxi Xinghuacun Fenjiu Group Co., Ltd., the controlling shareholder of the Company[13](index=13&type=chunk) Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information, contact details, stock profile, key accounting data, and financial indicators for the reporting period, along with disclosure of non-recurring gains and losses, offering investors a macro view of the company's operations [Company Information](index=4&type=section&id=一、公司信息) The company's full Chinese name is Shanxi Xinghuacun Fenjiu Distillery Co., Ltd., abbreviated as Shanxi Fenjiu, with Yuan Qingmao as its legal representative - Company's full Chinese name: Shanxi Xinghuacun Fenjiu Distillery Co., Ltd., Chinese abbreviation: Shanxi Fenjiu[15](index=15&type=chunk) - The company's legal representative is Yuan Qingmao[15](index=15&type=chunk) [Contact Person and Contact Information](index=4&type=section&id=二、联系人和联系方式) This section discloses the contact information for Xu Zhifeng, the Board Secretary, and Zhang Chi, the Securities Affairs Representative, including address, phone, fax, and email, to facilitate investor communication - The Board Secretary is Xu Zhifeng, and the Securities Affairs Representative is Zhang Chi, both with the contact address in Xinghuacun, Fenyang City, Shanxi Province[16](index=16&type=chunk) [Brief Introduction to Changes in Basic Information](index=4&type=section&id=三、基本情况变更简介) The company's registered and office addresses are both located in Xinghuacun, Fenyang City, Shanxi Province, with no historical changes during the reporting period - The company's registered and office addresses are both in Xinghuacun, Fenyang City, Shanxi Province, and the registered address has not changed historically[17](index=17&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=4&type=section&id=四、信息披露及备置地点变更情况简介) The company designates "China Securities Journal" and "Shanghai Securities News" as its information disclosure newspapers, publishes reports on the Shanghai Stock Exchange website, and keeps documents at the Board of Directors' Office - The company's information disclosure newspapers are "China Securities Journal" and "Shanghai Securities News," and the website for publication is http://www.sse.com.cn[18](index=18&type=chunk) [Brief Introduction to Company Shares](index=4&type=section&id=五、公司股票简况) The company's A-shares are listed and traded on the Shanghai Stock Exchange, with the stock abbreviation Shanxi Fenjiu and stock code 600809 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Shanxi Fenjiu and stock code 600809[19](index=19&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=七、公司主要会计数据和财务指标) In the first half of 2025, the company's operating revenue increased by 5.35% to **23.96 billion yuan**, and net profit attributable to the parent company increased by 1.13% to **8.51 billion yuan**; net cash flow from operating activities decreased by 24.59%, and the weighted average return on net assets decreased by 3.22 percentage points 2025 H1 Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 23,963,969,151.59 yuan | 22,746,234,674.44 yuan | 5.35 | | Total Profit | 11,437,249,003.03 yuan | 11,305,389,615.25 yuan | 1.17 | | Net Profit Attributable to Shareholders of Listed Company | 8,505,077,281.27 yuan | 8,409,892,313.64 yuan | 1.13 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 8,516,198,151.26 yuan | 8,409,194,423.29 yuan | 1.27 | | Net Cash Flow from Operating Activities | 5,980,102,739.72 yuan | 7,930,094,411.97 yuan | -24.59 | | **Period-End Indicators** | **Current Period-End** | **Prior Year-End** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders of Listed Company | 35,868,836,892.85 yuan | 34,753,830,416.04 yuan | 3.21 | | Total Assets | 56,602,652,401.47 yuan | 53,495,197,888.51 yuan | 5.81 | 2025 H1 Key Financial Indicators | Key Financial Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 6.9716 | 6.8936 | 1.13 | | Diluted Earnings Per Share (yuan/share) | 6.9716 | 6.8936 | 1.13 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 6.9807 | 6.8930 | 1.27 | | Weighted Average Return on Net Assets (%) | 23.77 | 26.99 | Decreased by 3.22 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 23.80 | 26.99 | Decreased by 3.19 percentage points | [Non-recurring Gains and Losses and Amounts](index=5&type=section&id=九、非经常性损益项目和金额) During the reporting period, the company's total non-recurring gains and losses amounted to **-11.12 million yuan**, primarily including gains and losses from disposal of non-current assets, fair value changes and disposal gains/losses of financial assets and liabilities, and other non-operating income and expenses 2025 H1 Non-recurring Gains and Losses | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -1,230,416.45 | | Gains and losses from changes in fair value of financial assets and financial liabilities and disposal gains and losses | 1,236,294.90 | | Other non-operating income and expenses | -12,895,379.09 | | Less: Income tax impact | -2,117,188.81 | | Impact on minority interests (after tax) | 348,558.16 | | Total | -11,120,869.99 | - The company recognized gains and losses from routine cash management activities, such as time deposits and large-denomination certificates of deposit, as fair value changes and investment income, totaling **73.24 million yuan**[26](index=26&type=chunk) Management Discussion and Analysis [Management Discussion and Analysis](index=6&type=section&id=第三节%20管理层讨论与分析) This section elaborates on the company's operating performance in the first half of 2025, including progress in main business, management reforms, production operations, market expansion, technological innovation, and cultural dissemination, while also analyzing core competencies and risks faced [Description of the Company's Industry and Main Business During the Reporting Period](index=6&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company's main business is the production and sale of Fenjiu, Zhuyeqing wine, and Xinghuacun wine, being one of the formulators of national standards for light-aroma Baijiu, operating with an integrated R&D, production, supply, and sales model, and continuously strengthening research, raw material procurement, production processes, and sales channel management - The company's main business has not changed, encompassing the production and sale of Fenjiu, Zhuyeqing wine, and Xinghuacun wine[28](index=28&type=chunk) - The company owns over **1.4 million mu** of raw grain planting bases, ensuring green and healthy raw materials for brewing[28](index=28&type=chunk) - The company employs Fenjiu's unique "earthen jar solid-state separate fermentation, clear steaming twice" brewing process and implements a marketing model led by the distillery in partnership with distributors[29](index=29&type=chunk) [Discussion and Analysis of Operating Performance](index=6&type=section&id=二、经营情况的讨论与分析) In the first half of 2025, the company achieved operating revenue of **23.96 billion yuan** and net profit attributable to the parent company of **8.51 billion yuan** amidst a complex market environment, making steady progress in various operational aspects through deepening management reforms, solidifying production foundations, expanding market presence, focusing on technological innovation, and integrating cultural tourism empowerment [Deepening Management Reforms, Building a New Pattern of Efficient Governance](index=6&type=section&id=一、深化管理变革，构筑高效治理新格局) The company continuously improved its governance system, standardized board operations, optimized corporate governance structure, strictly adhered to information disclosure, implemented interim and annual dividends totaling **7.393 billion yuan** in 2024, and strengthened its risk internal control system - The company implemented a 2024 interim dividend of **2.46 yuan/share** and an annual dividend of **3.6 yuan/share**, with cumulative cash dividends reaching **7.393 billion yuan**[31](index=31&type=chunk) - The company held **52** investor communication events and revised its "Internal Control Management Manual" to enhance compliance and operational efficiency[31](index=31&type=chunk) [Solidifying Production and Operation Foundations, Building a High-Quality Development Base](index=7&type=section&id=二、夯实生产运营根基，筑牢高质量发展底盘) In the first half of the year, the company strengthened supply chain resilience, accelerated the Fenjiu "2030" production and storage capacity and Fenqing original liquor base projects, deepened green and intensive development, empowered digital transformation, and strictly maintained safety, comprehensively improving production and operational efficiency and capabilities - The company established backup procurement channels for raw materials and optimized storage and transportation platforms and bulk purchasing mechanisms to ensure efficient and safe supply chain operations[32](index=32&type=chunk) - Solid progress was made in projects such as the Fenjiu "2030" production and storage capacity expansion and the Fenqing original liquor base, continuously strengthening the company's production and storage capabilities[32](index=32&type=chunk) - The comprehensive budget management system was successfully deployed, promoting the effective implementation of digital management models[32](index=32&type=chunk) [Expanding National Layout, Unleashing New Momentum for Market Growth](index=7&type=section&id=三、拓展全国化布局，激发市场增长新动能) The company fully advanced its nationalization 2.0 strategy, deeply cultivating high-potential regions such as the Yangtze River Delta and Pearl River Delta, building an omni-channel communication matrix through **30** key advertising and promotion projects, and optimizing channel management to achieve high-quality customer retention - The company fully advanced its nationalization 2.0 strategy, with high-potential regions such as the Yangtze River Delta and Pearl River Delta maintaining rapid growth[33](index=33&type=chunk) - An omni-channel communication matrix was built through **30** key advertising and promotion projects, focusing on high-end scenarios like high-speed rail and airports to strengthen brand penetration[33](index=33&type=chunk) - The "Fenxiang Liyu" system established a multi-dimensional incentive mechanism for terminals and a full-process expense control mechanism, promoting refined membership operations for e-commerce channels[33](index=33&type=chunk) [Focusing on Technological Innovation, Leading New Heights in Quality Upgrades](index=7&type=section&id=四、聚力科技创新，引领品质升级新高度) In the first half of the year, the company continued to increase R&D investment, achieving breakthroughs in key areas such as raw grain selection, quality improvement, and brewing micro-ecology research, with **6** scientific research achievements passing appraisal, **5** of which reached international leading levels, filling multiple industry technical gaps - The company achieved breakthrough progress in key areas such as raw grain selection, quality improvement, brewing micro-ecology research, biotechnology application, intelligent equipment R&D, and new product development[34](index=34&type=chunk) - A total of **6** scientific research achievements passed scientific and technological appraisal, with **5** reaching international leading levels, filling multiple industry technical gaps[34](index=34&type=chunk) [Integrating Cultural Tourism Empowerment, Shaping a New Cultural Revival Brand](index=7&type=section&id=五、融合文旅赋能，塑造文化复兴新名片) The company, with culture as its soul, comprehensively enhanced brand awareness and reputation through high-frequency appearances on CCTV channels, title sponsorship of the CBA men's basketball team, and successful hosting of the Fenjiu Xinghua Festival, while also deeply exploring and revitalizing Fenjiu culture and strengthening cultural and creative expression - The company made high-frequency appearances on CCTV channels through "News Broadcast + Premium Programs" and exclusively sponsored the Beijing Satellite TV Spring Festival Gala, enhancing brand awareness[35](index=35&type=chunk) - Continued to title sponsor the "Shanxi Fenjiu" CBA men's basketball team, leveraging sports IP to convey brand vitality[35](index=35&type=chunk) - Successfully hosted the Fenjiu Xinghua Festival and conducted archaeological research on the "Xinghuacun Site and Surrounding Areas" to strengthen cultural heritage[35](index=35&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=7&type=section&id=三、报告期内核心竞争力分析) The company's core competitiveness lies in its leading production technology, profound historical and cultural heritage, and the advantages of its three well-known brands: "Fen," "Zhuyeqing," and "Xinghuacun," ensuring product quality and market influence - The company possesses leading manufacturing capabilities in the light-aroma Baijiu industry, was the first to implement food internal control standards aligned with international standards, and has a national-level technology center and a team of tasters and brewing masters[36](index=36&type=chunk) - Fenjiu has a long history and profound cultural heritage, with its unique brewing techniques passed down through generations[37](index=37&type=chunk) - The company owns three well-known brands: "Fen," "Zhuyeqing," and "Xinghuacun," which are influential in both Baijiu and health liquor categories[37](index=37&type=chunk) [Main Operating Performance During the Reporting Period](index=8&type=section&id=四、报告期内主要经营情况) This section analyzes the company's main operating performance during the reporting period, including changes in financial statement items, asset and liability status, and investment activities, revealing key information such as revenue growth, cash flow changes, and major project investments [(I) Analysis of Main Business](index=8&type=section&id=(一)%20主营业务分析) The company's main business revenue increased by 5.35%, but selling expenses and R&D expenses significantly increased, and net cash flow from operating activities decreased by 24.59%, primarily due to increased advertising and promotion expenses and dividend payments Analysis of Financial Statement Related Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 23,963,969,151.59 | 22,746,234,674.44 | 5.35 | | Operating Cost | 5,595,586,221.92 | 5,302,412,324.14 | 5.53 | | Selling Expenses | 2,382,207,838.28 | 2,000,106,196.66 | 19.10 | | Administrative Expenses | 613,547,128.45 | 620,918,981.76 | -1.19 | | Financial Expenses | -6,786,484.97 | -2,008,867.31 | Not applicable | | R&D Expenses | 75,179,197.48 | 55,105,855.95 | 36.43 | | Net Cash Flow from Operating Activities | 5,980,102,739.72 | 7,930,094,411.97 | -24.59 | | Net Cash Flow from Investing Activities | 4,759,779,300.88 | 1,897,167,390.54 | 150.89 | | Net Cash Flow from Financing Activities | -3,178,040,597.44 | -192,659,575.00 | Not applicable | | Other Income | 5,370,392.75 | 2,756,439.91 | 94.83 | | Investment Income | 59,718,230.06 | 40,328,009.40 | 48.08 | | Non-operating Expenses | 15,924,566.45 | 2,137,423.42 | 645.04 | | Cash Paid for Other Operating Activities | 964,277,858.60 | 565,696,739.69 | 70.46 | | Cash Received from Investment Recovery | 29,520,000,000.00 | 21,864,700,000.00 | 35.01 | | Cash Paid for Acquisition and Construction of Fixed Assets, Intangible Assets, and Other Long-term Assets | 433,685,645.77 | 82,991,996.53 | 422.56 | | Cash Paid for Distribution of Dividends, Profits, or Interest | 3,001,111,986.12 | 0 | Not applicable | - The change in financial expenses was mainly due to a decrease in interest expenses on lease liabilities in the current period; the change in R&D expenses was mainly due to increased R&D expenditures in the current period[38](index=38&type=chunk) - The decrease in net cash flow from operating activities was mainly due to increased payments for advertising and promotion expenses in the current period[38](index=38&type=chunk) [(III) Analysis of Assets and Liabilities](index=9&type=section&id=(三)%20资产、负债情况分析) At the end of the reporting period, the company's monetary funds significantly increased by 121.59% to **13.93 billion yuan**, and total assets increased by 5.81% to **56.60 billion yuan**; contract liabilities decreased by 31.01% due to revenue recognition from advance receipts for goods, while other payables significantly increased by 474.99% due to an increase in unpaid dividends Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Proportion of Total Assets at Current Period-End (%) | Prior Year-End Amount (yuan) | Proportion of Total Assets at Prior Year-End (%) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 13,926,550,498.24 | 24.6 | 6,284,730,706.32 | 11.75 | 121.59 | Mainly due to increased sales and maturity and recovery of time deposits in the current period | | Right-of-Use Assets | 322,882,740.45 | 0.57 | 531,906,115.32 | 0.99 | -39.30 | Mainly due to amortization of right-of-use assets in the current period | | Other Non-current Assets | 152,896,989.56 | 0.27 | 102,686,118.75 | 0.19 | 48.90 | Mainly due to increased prepaid engineering costs in the current period | | Notes Payable | 1,095,467,705.94 | 1.94 | 740,448,000.00 | 1.38 | 47.95 | Mainly due to increased settlement amount of notes in the current period | | Contract Liabilities | 5,982,937,738.11 | 10.57 | 8,672,424,895.58 | 16.21 | -31.01 | Mainly due to revenue recognition from advance receipts for goods in the current period | | Taxes Payable | 1,984,556,397.40 | 3.51 | 1,232,818,867.55 | 2.30 | 60.98 | Mainly due to increased taxes arising from increased revenue and profit in the current period | | Other Payables | 5,973,949,108.24 | 10.55 | 1,038,968,713.14 | 1.94 | 474.99 | Mainly due to increased unpaid dividends at the end of the current period and increased accrued expenses | | Lease Liabilities | 2,569,784.73 | 0.00 | 185,964,451.33 | 0.35 | -98.62 | Mainly due to a decrease in lease liabilities balance resulting from lease payments in the current period | [(IV) Analysis of Investment Status](index=9&type=section&id=(四)%20投资状况分析) The company had no significant equity investments during the reporting period but continued to advance the Fenjiu 2030 Technical Transformation and Original Liquor Production and Storage Capacity Expansion Project (Phase I), with a budgeted investment of **9.102 billion yuan**, aimed at increasing original liquor production and storage capacity; concurrently, the company held financial assets measured at fair value, including accounts receivable financing and other equity instrument investments - The company is investing in the Fenjiu 2030 Technical Transformation and Original Liquor Production and Storage Capacity Expansion Project (Phase I), with a total budgeted investment of **9.102 billion yuan**, expected to achieve an annual original liquor production of **51 thousand tons** and a total original liquor storage capacity of **134.4 thousand tons**[43](index=43&type=chunk) Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Cumulative Fair Value Change Included in Equity (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold/Redeemed in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 1,761,800,769.64 | -2,090,485.66 | 7,988,497,922.16 | 8,295,772,043.23 | 2,066,984,405.05 | | Other Equity Instrument Investments | 7,055,792.44 | -360,726.63 | 6,695,065.81 | | Total | 1,768,856,562.08 | -2,451,212.29 | 7,988,497,922.16 | 8,295,772,043.23 | 2,073,679,470.86 | [(VI) Analysis of Major Holding and Participating Companies](index=11&type=section&id=(六)%20主要控股参股公司分析) The company's main subsidiary, Fenjiu Sales Company, performed outstandingly during the reporting period, with total assets of **22.48 billion yuan** and net profit of **4.49 billion yuan**, significantly impacting the company's net profit Financial Data of Major Subsidiary Fenjiu Sales Company | Company Name | Company Type | Main Business | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fenjiu Sales Company | Subsidiary | Development and sales of beverage alcohol and related products | 8,000.00 | 2,247,937.03 | 1,432,541.40 | 2,280,381.21 | 448,541.75 | [Other Disclosures](index=11&type=section&id=五、其他披露事项) The company faces risks from the macroeconomic environment and market competition but will address them by focusing on economic trends, enhancing product quality and brand, optimizing product structure, and innovating marketing models to achieve sustainable development [(I) Potential Risks](index=11&type=section&id=(一)%20可能面对的风险) The company faces macroeconomic environment risks, as the Baijiu industry is closely linked to the macroeconomy, and market competition risks due to increasing industry concentration and intensifying competition - The Baijiu industry is closely linked to the macroeconomic environment and is susceptible to fluctuations in the consumer goods market[46](index=46&type=chunk) - The Baijiu industry's concentration continues to increase, competition is intensifying, and the market is gradually consolidating towards premium brands[47](index=47&type=chunk) Corporate Governance, Environment, and Society [Corporate Governance, Environment, and Society](index=12&type=section&id=第四节%20公司治理、环境和社会) This section discloses changes in the company's board of directors and states that there are no profit distribution or capital reserve capitalization plans for the current half-year; additionally, as an enterprise legally required to disclose environmental information, the company provides an index for its environmental information report [Changes in Directors, Supervisors, and Senior Management of the Company](index=12&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, the company's board of directors elected Wu Yuefei, Wang Yan, and Zhi Zhe as directors, and Wu Yuefei as vice chairman, while Chen Ying and Yu Zhongliang resigned as directors Changes in Directors | Name | Position Held | Change | | :--- | :--- | :--- | | Wu Yuefei | Vice Chairman, Director | Election | | Wang Yan | Director | Election | | Zhi Zhe | Director | Election | | Chen Ying | Director | Resignation | | Yu Zhongliang | Director | Resignation | - The company held a shareholders' meeting on May 29, 2025, electing Wu Yuefei, Wang Yan, and Zhi Zhe as directors, and Wu Yuefei as vice chairman[50](index=50&type=chunk) [Profit Distribution or Capital Reserve Capitalization Plan](index=12&type=section&id=二、利润分配或资本公积金转增预案) The company has no profit distribution plan or capital reserve capitalization plan for the current half-year - The proposed profit distribution or capital reserve capitalization plan for the current half-year is "No," indicating no distribution or capitalization[51](index=51&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=12&type=section&id=四、纳入环境信息依法披露企业名单的上市公司及其主要子公司的环境信息情况) As an enterprise legally required to disclose environmental information, the company provides an index for its environmental information disclosure report, demonstrating its transparency in environmental responsibility - Shanxi Xinghuacun Fenjiu Distillery Co., Ltd.'s environmental information disclosure report can be accessed via the designated index[53](index=53&type=chunk) Important Matters [Important Matters](index=13&type=section&id=第五节%20重要事项) This section covers important matters of the company during the reporting period, including the fulfillment of commitments, integrity status, and significant related-party transactions, specifically disclosing the 2025 annual routine related-party transaction plan and its execution [Fulfillment of Commitments](index=13&type=section&id=一、承诺事项履行情况) During the reporting period, there were no unfulfilled commitments or commitments continuing into the reporting period by the company's actual controller, shareholders, related parties, or the company itself [Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=13&type=section&id=九、报告期内公司及其控股股东、实际控制人诚信状况的说明) During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status - The company, its controlling shareholder, and actual controller maintained a good integrity status during the reporting period[54](index=54&type=chunk) [Significant Related-Party Transactions](index=14&type=section&id=十、重大关联交易) The company's 2025 annual routine related-party transaction plan has a total estimated amount not exceeding **219.86 million yuan**; during the reporting period, related-party transactions totaling **48.43 million yuan** occurred, with fair pricing that did not harm the interests of minority shareholders [(II) Related-Party Transactions Involving Asset or Equity Acquisition and Disposal](index=14&type=section&id=(二)%20资产收购或股权收购、出售发生的关联交易) The company's 2025 annual routine related-party transaction plan has a total estimated amount not exceeding **219.86 million yuan**; during the reporting period, related-party transactions totaling **48.43 million yuan** occurred with the controlling shareholder Fenjiu Group and its subsidiaries, with transaction pricing following market principles and being fair and reasonable - The company's 2025 annual routine related-party transaction plan has a total estimated amount not exceeding **219.86 million yuan**[56](index=56&type=chunk) - During the reporting period, the company engaged in routine related-party transactions with its controlling shareholder Fenjiu Group Co., Ltd. and its subsidiaries, totaling **48.43 million yuan**[56](index=56&type=chunk) - The company's related-party transaction pricing is fair, with sales prices consistent with other non-related distributors, and purchases adhere to market price principles[56](index=56&type=chunk) Changes in Shares and Shareholder Information [Changes in Shares and Shareholder Information](index=15&type=section&id=第六节%20股份变动及股东情况) This section details that the company's total share capital and share structure remained unchanged during the reporting period, and lists the total number of shareholders, top ten shareholders, and top ten holders of unrestricted shares as of the end of the reporting period [1. Table of Share Changes](index=15&type=section&id=1、股份变动情况表) During the reporting period, the company's total share capital and share structure remained unchanged - During the reporting period, the company's total share capital and share structure remained unchanged[59](index=59&type=chunk) [II. Shareholder Information](index=16&type=section&id=二、股东情况) As of the end of the reporting period, the company had a total of **104,378** common shareholders; among the top ten shareholders, Shanxi Xinghuacun Fenjiu Group Co., Ltd. held 56.65%, Huachuang Xinrui (Hong Kong) Co., Ltd. held 10.50%, and Hong Kong Securities Clearing Company Limited held 4.02% - As of the end of the reporting period, the total number of common shareholders was **104,378** households[61](index=61&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name (Full Name) | Percentage (%) | Change During Reporting Period | Number of Shares Held at Period-End | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Shanxi Xinghuacun Fenjiu Group Co., Ltd. | 56.65 | 0 | 691,089,466 | State-owned Legal Person | | Huachuang Xinrui (Hong Kong) Co., Ltd. | 10.50 | -2,170,000 | 128,114,296 | Overseas Legal Person | | Hong Kong Securities Clearing Company Limited | 4.02 | 15,420,144 | 48,999,101 | Unknown | | Bank of China Co., Ltd. - China Merchants CSI Liquor Index Fund | 2.80 | -815,010 | 34,140,514 | Unknown | | Bank of China Co., Ltd. - E Fund Blue Chip Selected Mixed Securities Investment Fund | 1.55 | 4,150,963 | 18,951,053 | Unknown | | Industrial and Commercial Bank of China - SSE 50 ETF | 0.79 | 412,845 | 9,598,695 | Unknown | | Industrial and Commercial Bank of China Co., Ltd. - Invesco Great Wall Emerging Growth Mixed Securities Investment Fund | 0.76 | -532,354 | 9,213,000 | Unknown | | Industrial and Commercial Bank of China Co., Ltd. - Huatai-PineBridge CSI 300 ETF | 0.71 | 263,283 | 8,660,833 | Unknown | | Shanxi Xinghuacun International Trade Co., Ltd. | 0.68 | 0 | 8,251,558 | State-owned Legal Person | | Agricultural Bank of China Co., Ltd. - E Fund Consumer Industry Stock Investment Fund | 0.66 | 0 | 8,077,290 | Unknown | - Shanxi Xinghuacun Fenjiu Group Co., Ltd. is the controlling shareholder of the Company, and Shanxi Xinghuacun International Trade Co., Ltd. is a subsidiary of Fenjiu Group Co., Ltd[64](index=64&type=chunk) Bond-Related Information [Bond-Related Information](index=18&type=section&id=第七节%20债券相关情况) This section states that the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[67](index=67&type=chunk) - The company has no convertible corporate bonds[67](index=67&type=chunk) Financial Report [Financial Report](index=19&type=section&id=第八节%20财务报告) This section provides the company's detailed financial report for the first half of 2025, including unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, as well as important accounting policies, taxes, and detailed notes on various financial statement items, comprehensively reflecting the company's financial position and operating results [II. Financial Statements](index=19&type=section&id=二、财务报表) This section includes the company's unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial performance and structural changes in the first half of 2025 [Consolidated Balance Sheet](index=19&type=section&id=合并资产负债表) As of June 30, 2025, the company's consolidated total assets were **56.60 billion yuan**, an increase of 5.81% from the end of the previous year; total liabilities were **20.26 billion yuan**, and total owners' equity was **36.34 billion yuan** - As of June 30, 2025, consolidated total assets were **56.60 billion yuan**, an increase of 5.81% from the end of 2024[22](index=22&type=chunk)[71](index=71&type=chunk) - As of June 30, 2025, consolidated total liabilities were **20.26 billion yuan**, and total owners' equity was **36.34 billion yuan**[71](index=71&type=chunk) [Parent Company Balance Sheet](index=21&type=section&id=母公司资产负债表) As of June 30, 2025, the parent company's total assets were **51.75 billion yuan**, an increase of 8.14% from the end of the previous year; total liabilities were **26.85 billion yuan**, and total owners' equity was **24.90 billion yuan** - As of June 30, 2025, the parent company's total assets were **51.75 billion yuan**, an increase of 8.14% from the end of 2024[74](index=74&type=chunk)[75](index=75&type=chunk) - As of June 30, 2025, the parent company's total liabilities were **26.85 billion yuan**, and total owners' equity was **24.90 billion yuan**[75](index=75&type=chunk) [Consolidated Income Statement](index=23&type=section&id=合并利润表) In the first half of 2025, the company's consolidated total operating revenue was **23.96 billion yuan**, a year-on-year increase of 5.35%; net profit attributable to shareholders of the parent company was **8.51 billion yuan**, a year-on-year increase of 1.13% - In the first half of 2025, consolidated total operating revenue was **23.96 billion yuan**, a year-on-year increase of 5.35%[22](index=22&type=chunk)[77](index=77&type=chunk) - In the first half of 2025, net profit attributable to shareholders of the parent company was **8.51 billion yuan**, a year-on-year increase of 1.13%[22](index=22&type=chunk)[79](index=79&type=chunk) - Basic earnings per share were **6.9716 yuan/share**, and diluted earnings per share were **6.9716 yuan/share**[23](index=23&type=chunk)[79](index=79&type=chunk) [Parent Company Income Statement](index=25&type=section&id=母公司利润表) In the first half of 2025, the parent company's operating revenue was **15.18 billion yuan**, a year-on-year increase of 11.47%; net profit was **4.19 billion yuan**, a year-on-year decrease of 50.93% - In the first half of 2025, the parent company's operating revenue was **15.18 billion yuan**, an increase of 11.47% compared to **13.62 billion yuan** in the prior year period[81](index=81&type=chunk) - In the first half of 2025, the parent company's net profit was **4.19 billion yuan**, a decrease of 50.93% compared to **8.54 billion yuan** in the prior year period[82](index=82&type=chunk) - Parent company basic earnings per share were **3.4363 yuan/share**, and diluted earnings per share were **3.4363 yuan/share**[82](index=82&type=chunk) [Consolidated Cash Flow Statement](index=27&type=section&id=合并现金流量表) In the first half of 2025, the company's consolidated net cash flow from operating activities was **5.98 billion yuan**, a year-on-year decrease of 24.59%; net cash flow from investing activities was **4.76 billion yuan**, a year-on-year increase of 150.89%; net cash flow from financing activities was **-3.18 billion yuan**, mainly due to dividend payments - In the first half of 2025, consolidated net cash flow from operating activities was **5.98 billion yuan**, a year-on-year decrease of 24.59%[22](index=22&type=chunk)[84](index=84&type=chunk) - In the first half of 2025, consolidated net cash flow from investing activities was **4.76 billion yuan**, a year-on-year increase of 150.89%[22](index=22&type=chunk)[85](index=85&type=chunk) - In the first half of 2025, consolidated net cash flow from financing activities was **-3.18 billion yuan**, mainly due to the payment of 2024 interim dividends in the current period[38](index=38&type=chunk)[85](index=85&type=chunk) [Parent Company Cash Flow Statement](index=29&type=section&id=母公司现金流量表) In the first half of 2025, the parent company's net cash flow from operating activities was **6.62 billion yuan**, a year-on-year decrease of 17.83%; net cash flow from investing activities was **4.84 billion yuan**, a year-on-year increase of 164.64%; net cash flow from financing activities was **-3.18 billion yuan**, mainly due to dividend payments - In the first half of 2025, the parent company's net cash flow from operating activities was **6.62 billion yuan**, a decrease of 17.83% compared to **8.06 billion yuan** in the prior year period[87](index=87&type=chunk) - In the first half of 2025, the parent company's net cash flow from investing activities was **4.84 billion yuan**, an increase of 164.64% compared to **1.83 billion yuan** in the prior year period[87](index=87&type=chunk) - In the first half of 2025, the parent company's net cash flow from financing activities was **-3.18 billion yuan**, mainly due to dividend payments[88](index=88&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=31&type=section&id=合并所有者权益变动表) In the first half of 2025, the company's consolidated total owners' equity increased by **1.13 billion yuan**, primarily influenced by an increase in net profit and a decrease in profit distribution - In the first half of 2025, total owners' equity attributable to the parent company increased by **1.12 billion yuan**, and minority interests increased by **19.37 million yuan**[90](index=90&type=chunk) - Total comprehensive income for the current period was **8.52 billion yuan**, and profit distribution decreased by **7.39 billion yuan**[90](index=90&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=33&type=section&id=母公司所有者权益变动表) In the first half of 2025, the parent company's total owners' equity decreased by **3.20 billion yuan**, primarily influenced by profit distribution and total comprehensive income - In the first half of 2025, the parent company's total owners' equity decreased by **3.20 billion yuan**[94](index=94&type=chunk) - Total comprehensive income for the current period was **4.19 billion yuan**, and profit distribution decreased by **7.39 billion yuan**[94](index=94&type=chunk)[97](index=97&type=chunk) [III. Company Basic Information](index=36&type=section&id=三、公司基本情况) The company, formerly Shanxi Xinghuacun Fenjiu Distillery, was established in 1985, restructured into a joint-stock company in 1993, listed on the Shanghai Stock Exchange in 1994, and primarily engages in the production and sale of Fenjiu, Zhuyeqing wine, and Xinghuacun wine - The company, formerly Shanxi Xinghuacun Fenjiu Distillery, was registered and established on December 25, 1985, restructured into a joint-stock company in December 1993, and listed on the Shanghai Stock Exchange in January 1994[100](index=100&type=chunk) - The company and its subsidiaries are primarily engaged in the production and sale of Fenjiu, Zhuyeqing wine, and Xinghuacun wine[100](index=100&type=chunk) [IV. Basis for Preparation of Financial Statements](index=36&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared on a going concern basis, adhering to enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission, and its ability to continue as a going concern for at least 12 months from the end of the reporting period has been evaluated - The company's financial statements are prepared on a going concern basis, adhering to the Enterprise Accounting Standards issued by the Ministry of Finance and the "Information Disclosure and Reporting Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" issued by the China Securities Regulatory Commission[101](index=101&type=chunk) - The company's management believes that the company can continue as a going concern for a foreseeable period of not less than 12 months from the approval date of these financial statements[102](index=102&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=36&type=section&id=五、重要会计政策及会计估计) This section details the company's specific accounting policies and estimates for revenue recognition, impairment provisions for receivables, inventories, fixed assets, investment property depreciation, financial instruments, and long-term equity investments, ensuring the accuracy and compliance of financial reporting - The company has formulated several specific accounting policies and estimates for transactions and events such as revenue recognition, impairment provisions for receivables, inventories, fixed assets, and investment property depreciation, based on its actual production and operation characteristics[103](index=103&type=chunk) - The company uses a **12-month** operating cycle as the standard for classifying assets and liabilities as current or non-current[106](index=106&type=chunk) - Financial assets are initially measured at fair value and subsequently classified as financial assets measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, based on the business model and contractual cash flow characteristics[122](index=122&type=chunk) - The company conducts impairment tests on long-term assets such as long-term equity investments, investment properties, fixed assets, construction in progress, and intangible assets with finite useful lives[171](index=171&type=chunk) - The company recognizes revenue when customers obtain control of the related goods or services, at the transaction price allocated to that performance obligation[184](index=184&type=chunk) [VI. Taxes](index=55&type=section&id=六、税项) This section lists the company's main tax categories and rates, including value-added tax, consumption tax, and corporate income tax, and discloses the corporate income tax exemption for Shanxi Xinghuacun Fenjiu Original Grain Base Management Co., Ltd. and preferential policies for small low-profit enterprises Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-added Tax | Sales of goods and taxable services income | 13%, 9%, 6% | | Consumption Tax | Taxable sales income, quantity | 10%, 20%; 0.5 yuan/500 grams | | Urban Maintenance and Construction Tax | Actual paid turnover tax amount | 7%, 5% | | Corporate Income Tax | Taxable income | 25% | | Land Use Tax | Land use area | 6.08 yuan/square meter, 3.38 yuan/square meter, 2.7 yuan/square meter | | Water Resources Tax | Water consumption | 1 yuan/cubic meter, 2 yuan/cubic meter, 4 yuan/cubic meter, 8 yuan/cubic meter | | Environmental Protection Tax | Number of pollution equivalents from pollutant emissions | Air pollutants: 1.8 yuan/pollution equivalent, Water pollutants: 2.1 yuan/pollution equivalent | | Property Tax | Paid according to national tax laws | | | Stamp Duty | Paid according to national tax laws | | - Shanxi Xinghuacun Fenjiu Original Grain Base Management Co., Ltd. is exempt from corporate income tax[200](index=200&type=chunk) - For small low-profit enterprises, the portion of annual taxable income not exceeding **1 million yuan** is reduced by 25% and taxed at a rate of 20%[200](index=200&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=56&type=section&id=七、合并财务报表项目注释) This section provides detailed notes on various asset, liability, owners' equity, income, expense, and cash flow items in the consolidated financial statements, explaining period-end balances, reasons for changes, and related accounting treatments, offering an in-depth analysis of the company's financial position and operating results [1. Monetary Funds](index=56&type=section&id=1、货币资金) The period-end balance of monetary funds was **13.93 billion yuan**, a significant increase of 121.59% from the beginning of the period, mainly due to increased sales and maturity and recovery of time deposits; restricted monetary funds amounted to **79.97 million yuan** Composition of Monetary Funds | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 6,291.02 | 9,152.33 | | Bank Deposits | 13,845,800,137.13 | 6,283,952,005.00 | | Other Monetary Funds | 80,744,070.09 | 769,548.99 | | Total | 13,926,550,498.24 | 6,284,730,706.32 | Details of Restricted Monetary Funds | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bill Deposits | 79,974,521.10 | 0 | | Other Deposits | 500.00 | 500.00 | | Total | 79,975,021.10 | 500.00 | [5. Accounts Receivable](index=58&type=section&id=5、应收账款) The period-end book balance of accounts receivable was **3.32 million yuan**, with an impairment provision of **3.01 million yuan**, resulting in a book value of **0.31 million yuan**; by aging, accounts receivable over **5 years** old accounted for the highest proportion and were fully provided for impairment Accounts Receivable Aging Distribution | Aging | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 316,270.94 | 55,040.00 | | Over 3 years | 2,921,923.45 | 2,995,162.79 | | Total | 3,323,994.39 | 3,136,002.79 | Accounts Receivable Impairment Provision | Category | Period-End Book Balance (yuan) | Impairment Provision (yuan) | Provision Rate (%) | Book Value (yuan) | | :--- | :--- | :--- | :--- | :--- | | Credit Risk Portfolio | 3,323,994.39 | 3,013,610.54 | 90.66 | 310,383.85 | - The top five accounts receivable at period-end totaled **1.48 million yuan**, accounting for 44.44% of the total accounts receivable and contract assets at period-end, with accounts receivable from Shanxi Xinghuacun Fenjiu Group Zhuyeqing Hotel Co., Ltd. amounting to **0.90 million yuan**, fully provided for impairment[213](index=213&type=chunk) [7. Accounts Receivable Financing](index=62&type=section&id=7、应收款项融资) The period-end balance of accounts receivable financing was **2.07 billion yuan**, primarily consisting of bank acceptance bills; during the reporting period, the amount of accounts receivable financing that had been endorsed or discounted and had not yet matured was **8.77 billion yuan**, which was derecognized Classification of Accounts Receivable Financing | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 2,066,984,405.05 | 1,761,800,769.64 | | Total | 2,066,984,405.05 | 1,761,800,769.64 | - At period-end, the amount of accounts receivable financing that had been endorsed or discounted and had not yet matured was **8.77 billion yuan**, which was derecognized[218](index=218&type=chunk) - The company believes that the accounts receivable financing it holds does not pose significant credit risk and will not result in significant losses due to default[220](index=220&type=chunk) [9. Other Receivables](index=64&type=section&id=9、其他应收款) The period-end book value of other receivables was **23.89 million yuan**, a decrease of 27.86% from the beginning of the period; this includes export tax rebates of **16.53 million yuan**, with no impairment provision for the no-risk portfolio; the period-end impairment provision was **9.42 million yuan**, with **0.87 million yuan** provided in the current period Other Receivables Aging Distribution | Aging | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 23,541,854.61 | 31,672,689.06 | | Over 5 years | 7,636,568.88 | 7,635,720.46 | | Less: Impairment Provision | -9,415,919.84 | -8,542,314.41 | | Total | 23,891,891.85 | 33,121,182.61 | Other Receivables by Nature of Payment | Nature of Payment | Period-End Book Balance (yuan) | Period-Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Intercompany Payables/Receivables | 15,844,382.97 | 10,338,725.81 | | Deposits | 433,536.02 | 458,308.00 | | Petty Cash | 497,385.13 | 385,683.87 | | Export Tax Rebates Receivable | 16,532,507.57 | 30,480,779.34 | | Less: Impairment Provision | -9,415,919.84 | -8,542,314.41 | | Total | 23,891,891.85 | 33,121,182.61 | - The top five other receivables at period-end totaled **22.01 million yuan**, accounting for 66.07% of the total other receivables at period-end[244](index=244&type=chunk) [10. Inventories](index=69&type=section&id=10、存货) The period-end book value of inventories was **13.20 billion yuan**, a slight decrease from the beginning of the period; it primarily consisted of self-produced semi-finished goods and merchandise inventory, with total inventory impairment provisions of **5.97 million yuan** Inventory Classification | Item | Book Balance (yuan) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 549,317,746.29 | 3,239,797.95 | 546,077,948.34 | | Work in Progress | 97,206,444.89 | 0 | 97,206,444.89 | | Merchandise Inventory | 5,240,887,157.56 | 1,839,748.80 | 5,239,047,408.76 | | Self-produced Semi-finished Goods | 7,316,526,622.98 | 889,075.85 | 7,315,637,547.13 | | Total | 13,203,937,971.72 | 5,968,622.60 | 13,197,969,349.12 | - Total inventory impairment provisions at period-end were **5.97 million yuan**, consistent with the beginning of the period[248](index=248&type=chunk) [17. Long-term Equity Investments](index=74&type=section&id=17、长期股权投资) The period-end book value of long-term equity investments was **101.97 million yuan**, primarily an investment in the associate Shanxi Wanyida Packaging Technology Co., Ltd., with investment gains/losses of **18.37 million yuan** recognized in the current period Long-term Equity Investment Status | Investee | Period-Beginning Balance (Book Value) (yuan) | Changes During Current Period (yuan) | Period-End Balance (Book Value) (yuan) | | :--- | :--- | :--- | :--- | | Shanxi Wanyida Packaging Technology Co., Ltd. | 95,602,700.54 | 18,371,440.69 (Investment Gain/Loss) -12,000,000.00 (Dividends) | 101,974,141.23 | | Total | 95,602,700.54 | 6,371,440.69 | 101,974,141.23 | [21. Fixed Assets](index=77&type=section&id=21、固定资产) The period-end book value of fixed assets was **2.81 billion yuan**, a slight decrease from the beginning of the period; the original value of fixed assets increased by **45.83 million yuan** in the current period, and accumulated depreciation increased by **91.05 million yuan** Composition of Fixed Assets | Item | Period-End Book Value (yuan) | Period-Beginning Book Value (yuan) | | :--- | :--- | :--- | | Buildings and Structures | 2,200,300,716.07 | 2,226,823,588.05 | | Transportation Equipment | 43,840,307.31 | 40,214,151.55 | | Special Equipment | 284,609,113.41 | 294,847,162.70 | | General Equipment | 249,157,293.35 | 264,578,897.76 | | Other Equipment | 27,649,289.19 | 26,900,616.45 | | Total | 2,805,556,719.33 | 2,853,364,416.51 | - The original value of fixed assets increased by **45.83 million yuan** in the current period, mainly due to purchases and transfers from construction in progress[264](index=264&type=chunk) - Accumulated depreciation increased by **91.05 million yuan** in the current period[264](index=264&type=chunk) - The book value of buildings and structures for which property certificates have not yet been obtained is **1.03 billion yuan**, and the process is ongoing[267](index=267&type=chunk) [22. Construction in Progress](index=79&type=section&id=22、在建工程) The period-end book value of construction in progress was **2.30 billion yuan**, an increase of 13.65% from the beginning of the period; major projects include the Sales Comprehensive Activity Center, Fenjiu 2030 Technical Transformation and Original Liquor Production and Storage Capacity Expansion Project, and Fenqing 20,000-ton Original Liquor Base Project Construction in Progress Project Status | Project | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Sales Comprehensive Activity Center | 441,534,747.01 | 395,379,091.11 | | Fenjiu 2030 Technical Transformation and Original Liquor Production and Storage Capacity Expansion Project | 1,700,167,528.38 | 1,497,350,461.81 | | Fenqing 20,000-ton Original Liquor Base Project | 11,502,204.12 | 10,999,571.66 | | Total | 2,300,804,149.60 | 2,024,874,577.15 | - The Fenjiu 2030 Technical Transformation and Original Liquor Production and Storage Capacity Expansion Project has a budget of **9.102 billion yuan**, with cumulative investment at period-end accounting for 18.68% of the budget; the project is in its overall early stages, with some parts in the middle stage[271](index=271&type=chunk) [25. Right-of-Use Assets](index=82&type=section&id=25、使用权资产) The period-end book value of right-of-use assets was **322.88 million yuan**, a decrease of 39.30% from the beginning of the period, mainly due to the current period's depreciation of **209.02 million yuan** Composition of Right-of-Use Assets | Item | Period-End Book Value (yuan) | Period-Beginning Book Value (yuan) | | :--- | :--- | :--- | | Buildings and Structures | 110,589,497.12 | 183,100,764.78 | | Land Use Rights | 7,698,074.52 | 7,813,403.36 | | Machinery and Equipment | 204,595,168.81 | 340,991,947.18 | | Total | 322,882,740.45 | 531,906,115.32 | - Accumulated depreciation of right-of-use assets increased by **209.02 million yuan** in the current period[273](index=273&type=chunk) [26. Intangible Assets](index=83&type=section&id=26、无形资产) The period-end book value of intangible assets was **1.22 billion yuan**, a slight decrease from the beginning of the period; primarily consisting of land use rights, the original value of intangible assets increased by **9.23 million yuan** in the current period, and accumulated amortization increased by **16.66 million yuan** Composition of Intangible Assets | Item | Period-End Book Value (yuan) | Period-Beginning Book Value (yuan) | | :--- | :--- | :--- | | Land Use Rights | 1,169,018,319.57 | 1,180,876,574.47 | | Advertising Rights | 7,950,000.00 | 8,250,000.00 | | Software | 41,219,382.62 | 36,491,638.12 | | Total | 1,218,187,702.19 | 1,225,618,212.59 | - The original value of intangible assets increased by **9.23 million yuan** in the current period, mainly due to software purchases and other additions[275](index=275&type=chunk) - Accumulated amortization increased by **16.66 million yuan** in the current period[275](index=275&type=chunk) [29. Deferred Income Tax Assets/Deferred Income Tax Liabilities](index=85&type=section&id=29、递延所得税资产/递延所得税负债) The period-end deferred income tax assets were **2.94 billion yuan**, mainly from unrealized profits on internal transactions and taxed advance receipts; deferred income tax liabilities were **129.01 million yuan**, mainly from lease operations and one-time expensing of fixed assets Undiscounted Deferred Income Tax Assets | Item | Period-End Deductible Temporary Differences (yuan) | Period-End Deferred Income Tax Assets (yuan) | | :--- | :--- | :--- | | Asset Impairment Provisions | 15,854,582.11 | 3,963,645.53 | | Accrued Wages | 1,037,819,454.24 | 259,454,863.56 | | Taxed Advance Receipts | 4,433,308,584.72 | 1,108,327,146.18 | | Unrealized Profits from Internal Transactions | 5,618,110,640.17 | 1,404,527,660.05 | | Lease Operations | 369,259,065.21 | 92,314,766.30 | | Total | 11,750,181,397.11 | 2,937,545,349.28 | Undiscounted Deferred Income Tax Liabilities | Item | Period-End Taxable Temporary Differences (yuan) | Period-End Deferred Income Tax Liabilities (yuan) | | :--- | :--- | :--- | | Fair Value Changes of Other Equity Instrument Investments | 4,487,417.24 | 1,121,854.31 | | One-time Expensing of Fixed Assets | 189,392,462.56 | 47,348,115.64 | | Lease Operations | 322,179,590.90 | 80,544,897.73 | | Total | 516,059,470.70 | 129,014,867.68 | [31. Assets Whose Ownership or Right to Use is Restricted](index=87&type=section&id=31、所有权或使用权受限资产) At period-end, assets with restricted ownership or right to use totaled **2.08 billion yuan**, primarily including bank acceptance bill deposits and pledged time deposits Assets with Restricted Ownership or Right to Use | Item | Period-End Book Balance (yuan) | Book Value (yuan) | Type of Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 500.00 | 500.00 | Other deposits | | Monetary Funds | 79,974,521.10 | 79,974,521.10 | Bank acceptance bill deposits | | Other Current Assets | 2,000,000,000.00 | 2,000,000,000.00 | Pledged time deposits | | Total | 2,079,975,021.10 | 2,079,975,021.10 | / | [35. Notes Payable](index=87&type=section&id=35、应付票据) The period-end balance of notes payable was **1.10 billion yuan**, an increase of 47.95% from the beginning of the period, all of which were bank acceptance bills; there were no overdue and unpaid notes payable at the end of the current period Classification of Notes Payable | Type | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 1,095,467,705.94 | 740,448,000.00 | | Total | 1,095,467,705.94 | 740,448,000.00 | - The total amount of overdue and unpaid notes payable at the end of the current period was **0 yuan**[288](index=288&type=chunk) [38. Contract Liabilities](index=88&type=section&id=38、合同负债) The period-end balance of contract liabilities was **5.98 billion yuan**, a decrease of 31.01% from the beginning of the period, mainly due to revenue recognition from advance receipts for goods Contract Liabilities Status | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Advance Receipts for Goods | 5,982,937,738.11 | 8,672,424,895.58 | | Total | 5,982,937,738.11 | 8,672,424,895.58 | - Contract liabilities decreased by 31.01%, mainly due to revenue recognition from advance receipts for goods in the current period[41](index=41&type=chunk) [39. Employee Compensation Payable](index=89&type=section&id=39、应付职工薪酬) The period-end employee compensation payable was **1.44 billion yuan**, a decrease of 9.57% from the beginning of the period; this included short-term compensation of **1.21 billion yuan** and defined contribution plans of **224.29 million yuan** Employee Compensation Payable Listing | Item | Period-Beginning Balance (yuan) | Increase in Current Period (yuan) | Decrease in Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Short-term Compensation | 1,385,261,813.66 | 1,861,551,796.81 | 2,041,526,459.22 | 1,205,287,151.25 | | II. Post-employment Benefits - Defined Contribution Plans | 196,361,752.24 | 301,582,525.70 | 273,650,633.20 | 224,293,644.74 | | III. Termination Benefits | 7,565,578.54 | 0 | 7,565,578.54 | 0 | | Total | 1,589,189,144.44 | 2,163,134,322.51 | 2,315,177,092.42 | 1,437,146,374.53 | - Among short-term compensation, wages, bonuses, allowances, and subsidies had a period-end balance of **1.16 billion yuan**[295](index=295&type=chunk) - Among defined contribution plans, basic pension insurance had a period-end balance of **221.00 million yuan**[297](index=297&type=chunk) [40. Taxes Payable](index=90&type=section&id=40、应交税费) The period-end taxes payable were **1.98 billion yuan**, an increase of 60.98% from the beginning of the period, mainly due to increased taxes arising from increased revenue and profit in the current period, with corporate income tax and consumption tax accounting for a higher proportion Composition of Taxes Payable | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Value-added Tax | 282,722,212.22 | 139,087,117.25 | | Consumption Tax | 497,515,674.38 | 275,156,403.13 | | Corporate Income Tax | 1,093,949,416.71 | 722,436,299.52 | | Individual Income Tax | 8,734,542.30 | 27,447,274.21 | | Urban Maintenance and Construction Tax | 40,906,226.55 | 21,367,858.65 | | Education Surcharge | 24,491,683.06 | 12,462,643.65 | | Local Education Surcharge | 16,438,015.52 | 8,366,803.22 | | Property Tax | 9,466,972.02 | 7,817,485.24 | | Stamp Duty | 7,671,459.13 | 5,758,118.01 | | Total | 1,984,556,397.40 | 1,232,818,867.55 | - Taxes payable increased by 60.98%, mainly due to increased taxes arising from increased revenue and profit in the current period[41](index=41&type=chunk) [41. Other Payables](index=90&type=section&id=41、其他应付款) The period-end other payables totaled **5.97 billion yuan**, a significant increase of 474.99% from the beginning of the period, mainly due to increased unpaid dividends and accrued expenses at period-end; this included dividends payable of **4.39 billion yuan** Other Payables Listing | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Dividends Payable | 4,394,308,188.16 | 2,436,988.96 | | Other Payables | 1,579,640,920.08 | 1,036,531,724.18 | | Total | 5,973,949,108.24 | 1,038,968,713.14 | - Other payables significantly increased by 474.99%, mainly due to increased unpaid dividends at the end of the current period and increased accrued expenses[41](index=41&type=chunk) Dividends Payable Status | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Common Stock Dividends | 4,394,308,188.16 | 2,436,988.96 | | Total | 4,394,308,188.16 | 2,436,988.96 | [44. Other Current Liabilities](index=91&type=section&id=44、其他流动负债) The period-end balance of other current liabilities was **198.82 million yuan**, a decrease of 58.85% from the beginning of the period, mainly due to a decrease in unearned output VAT Composition of Other Current Liabilities | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Unearned Output VAT | 198,815,734.17 | 483,122,097.95 | | Total | 198,815,734.17 | 483,122,097.95 | - Other current liabilities decreased by 58.85%, mainly due to revenue recognition from advance receipts for goods in the current period[41](index=41&type=chunk) [47. Lease Liabilities](index=92&type=section&id=47、租赁负债) The period-end balance of lease liabilities was **2.57 million yuan**, a significant decrease of 98.62% from the beginning of the period, mainly due to lease payments in the current period leading to a reduction in the lease liabilities balance Composition of Lease Liabilities | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 370,731,406.79 | 370,747,972.28 | | 1 to 2 years | 1,819,452.78 | 185,090,835.42 | | 2 to 3 years | 1,776,401.31 | 1,819,452.78 | | Over 3 years | 92,592.75 | 1,868,994.06 | | Subtotal of Lease Payments | 374,327,260.88 | 559,527,254.54 | | Less: Unrecognized Finance Costs | -5,068,195.69 | -13,542,681.38 | | Present Value of Lease Payments | 369,259,065.19 | 545,984,573.16 | | Less: Lease Liabilities Due Within One Year | -366,689,280.46 | -360,020,121.83 | | Lease Liabilities (Non-current Portion) | 2,569,784.73 | 185,964,451.33 | [53. Share Capital](index=94&type=section&id=53、股本) During the reporting period, the company's total share capital remained unchanged, with a period-end balance of **1.22 billion yuan** Share Capital Status | Item | Period-Beginning Balance (yuan) | Changes in Current Period (+, -) (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Shares | 1,219,964,222.00 | 0 | 1,219,964,222.00 | [57. Other Comprehensive Income](index=95&type=section&id=57、其

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-019 山西杏花村汾酒厂股份有限公司 2025年半年度经营数据公告 1.按产品分类情况 2.按销售渠道分类情况 单位：万元 币种：人民币 | 渠道类型 | 2025 年 1-6 月 | 2024 年 1-6 月 | 增减变动幅度 | | --- | --- | --- | --- | | | 销售收入 | 销售收入 | （%） | | 代理 | 2,251,916.63 | 2,101,339.55 | 7.17 | | 团购电商直销 | 135,585.38 | 164,596.91 | -17.63 | | 合计 | 2,387,502.01 | 2,265,936.46 | 5.36 | 3.按地区分类情况 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。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露： 第十二号——酒制造》的相关规定，现将公司 2025 年半年度主要经营数据 （未经审计）公告如下： 一、主要经营情况 特此公告 山西杏花 ...

证券代码：600809 股票简称：山西汾酒 公告编号：临 2025-021 - 2 - | 人员。 | | | --- | --- | | | 新增一条 | | | 第十三条 公司根据中国共产党 | | | 章程的规定，设立共产党组织、开展 | | | 党的活动。公司为党组织的活动提供 | | | 必要条件。 | | 第十五条 公司发行的所有股份 | 第十七条 公司发行的所有股份均为 | | 均为普通股。公司股份的发行，实 | 普通股。公司股份的发行，实行公开、 | | | 公平、公正的原则，同类别的每一股 | | 行公开、公平、公正的原则，同股 | 份具有同等权利。同次发行的同类别 | | 同权，同股同利。 | 股份，每股的发行条件和价格相同； | | | 认购人所认购的股份，每股支付相同 | | | 价额。 | | 第十六条 公司发行的股票，以人 | 第十八条 公司发行的面额股，以人 | | | 民币标明面值。 | | 民币标明面值。 | | | 第十八条 公司发起人为山西杏 | 第二十条 公司发起人为山西杏花村 | | 花村汾酒（集团）公司，认购股份 | 汾酒（集团）公司，认购股份数量为 | | 数量为 ...

Investment Rating - The report rates the white liquor industry as "Positive" (First Time) [1] Core Viewpoints - The current moment is seen as a potential starting point for absolute returns in the white liquor sector, considering the cyclical learning effects [4] - The white liquor industry has returned to cyclical characteristics, with fund holdings dropping to levels seen in 2017, and the food and beverage sector's overweight ratio has decreased significantly from a peak of 11% in 2019 to 3.2% [4][13] - The valuation of the white liquor sector has declined by 72% over the past four years, indicating a slow and steady adjustment process, unlike previous cycles [4][18] - Historical analysis suggests that the bottoming out of the white liquor index occurred after the 2014 Spring Festival, which is anticipated to happen again during the current cycle [5][22] Summary by Sections 1. Decline in White Liquor Holdings and Return to Cyclical Stock Characteristics - Fund holdings in the white liquor sector have decreased to 2017 levels, indicating a shift back to cyclical stock characteristics [10][13] - The overweight ratio of the food and beverage sector has significantly decreased, reflecting a gradual exit of funds focused on long-term value [4][13] 2. Review of Previous Cycle's Bottoming Characteristics - The previous cycle's bottoming process involved several stages, including a decline in dealer profitability, reduced receivables, and a subsequent recovery in real demand [4][18] - The current cycle is expected to show a similar pattern, with the learning effect potentially leading to an earlier inflection point for absolute returns [4][18] 3. Upcoming Investment Timing - The report suggests monitoring for signs of risk clearance in financial statements and early inventory reduction among dealers as indicators for potential investment opportunities [4][6] - Specific companies to watch include Luzhou Laojiao for its high dividend yield and Yingjia Gongjiu for its low valuation and inventory clearance [4][6]

Core Viewpoint - The liquor sector, particularly the baijiu segment, has recently experienced a significant rebound after a prolonged downturn, with notable gains in stock prices and a favorable valuation compared to historical levels [5][7]. Group 1: Market Performance - The baijiu sector has seen an increase of over 8% in the last five trading days, with specific stocks like JiuGuiJiu rising over 30% and major brands like Kweichow Moutai and Wuliangye rebounding nearly 5% [5]. - The current price-to-earnings (P/E) ratio for the baijiu sector stands at 19.04, and the price-to-book (P/B) ratio is at 5.05, indicating that the sector is undervalued compared to historical averages [5]. Group 2: Fund Performance - Over the past year, the average return of 370 baijiu-themed funds reached 24.11%, with 93.51% of these funds showing positive returns [7][8]. - The top-performing fund, Anxin Value Growth A, managed by Nie Shilin, achieved a return of 53.62%, significantly outperforming its benchmark [8][9]. Group 3: Fund Holdings - As of the end of Q2, the top three holdings in Anxin Value Growth A included Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, with respective holding ratios of 9.60%, 5.81%, and 4.21% [9]. - The fund manager expressed optimism about the market's transition towards high-quality development, focusing on consumer and advanced manufacturing sectors [9]. Group 4: Long-term Performance - Over the past three years, the average return of 309 baijiu-themed funds was approximately -7.07%, with only 32.36% of these funds achieving positive returns [11]. - The top three funds over this period were Baoying Quality Selection A, Baoying Brand Consumption A, and Penghua Quality Selection A, with returns of 41.20%, 31.09%, and 26.96% respectively [12][14].

Group 1 - A-shares opened lower on August 28, with the consumer sector experiencing slight adjustments [1] - The Tianhong Food and Beverage ETF (159736) fell by 0.67% as of the report, while stocks like San Yuan and Xin Dairy saw gains exceeding 4% [1] - The Tianhong Food and Beverage ETF has seen a net inflow of over 68 million yuan in the week from August 25 to August 27, marking seven consecutive trading days of inflows [1] Group 2 - The current period is critical for the liquor sector as it seeks a bottom, with policies correcting previous bans and supply adjustments being made by liquor companies [2] - The market is experiencing a high-low rotation, with the restaurant supply chain and processed food sectors showing signs of recovery, particularly in beer due to favorable weather conditions [2] - The liquor sector has been under pressure since the second quarter due to demand constraints, but there are expectations for a gradual narrowing of policy impacts and a foundation for recovery [2]

Group 1 - Major Chinese liquor companies, including Wuliangye and Shede, announced the launch of low-alcohol products, indicating a shift in the market towards lower alcohol content [1][4] - The trend of reducing alcohol content is a response to changing consumer preferences, particularly among younger demographics who favor taste and health [4][9] - The China Alcoholic Drinks Association's report highlights a mismatch between traditional liquor offerings and the demands of younger consumers born between 1985 and 1994 [4][5] Group 2 - Companies like Luzhou Laojiao and Yanghe are actively developing low-alcohol products, with Luzhou Laojiao planning to introduce a 28-degree version of its flagship product [5][4] - The introduction of low-alcohol products is seen as a proactive measure to adapt to a market undergoing significant adjustments, with many companies experiencing declining sales [4][9] - The market for low-alcohol beverages is expanding, with various companies launching products in the range of 15 to 28 degrees [4][5] Group 3 - In addition to lowering alcohol content, liquor companies are entering the craft beer market, with Wuliangye launching its first craft beer product [7] - Young consumers are driving the craft beer market, with over 75% prioritizing unique flavor experiences [7][9] - The strategy of combining liquor and beer aims to create a synergistic ecosystem, leveraging shared distribution channels and consumer engagement [7][9] Group 4 - Despite the opportunities presented by low-alcohol and craft beer strategies, companies face challenges such as technical difficulties in producing low-alcohol beverages and regional market differences [9] - The need for effective supply chain management is critical as beer has a shorter shelf life and higher consumption frequency compared to traditional liquor [9] - The dual strategy of lowering alcohol content and entering the beer market is essential for addressing the loss of younger consumers and the competitive landscape [9]

Group 1 - The food and beverage sector experienced a significant decline on August 27, with the Food ETF (515710) dropping by 2.45% to close at 0.636 [1][2] - Notable declines were observed in liquor stocks, with Luzhou Laojiao, Gujing Gongjiu, and Shanxi Fenjiu falling over 4%, while Kweichow Moutai and Wuliangye also saw declines exceeding 2% [1][2] - The overall market sentiment indicates that despite previous gains, the liquor sector remains at a low point, with institutions suggesting that the current market conditions may present attractive opportunities for high-quality liquor stocks [1][3] Group 2 - According to institutional analysis, the current environment, characterized by policy-driven demand and favorable supply-side conditions, is expected to gradually improve the supply-demand dynamics in the liquor sector [3] - The Food ETF's price-to-earnings ratio stands at 21.35, placing it in the 10.57 percentile over the past decade, indicating a favorable long-term investment opportunity [3] - Analysts from Ping An Securities believe that the liquor sector's fundamentals are stabilizing, with upcoming festive seasons likely to boost consumption [4] Group 3 - The liquor sector has faced pressure since the implementation of the alcohol ban, but recent policy changes are expected to alleviate some of this pressure, setting the stage for a potential recovery [4] - Investment strategies suggest focusing on high-end liquor, mid-range liquor with national expansion, and local market strongholds as key areas for potential growth [4] - The Food ETF (515710) is highlighted as a core asset for investors looking to gain exposure to the food and beverage sector, with a significant portion of its holdings in leading liquor stocks [5]