证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-017 安徽迎驾贡酒股份有限公司 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： 会议召开时间：2025 年 09 月 19 日（星期五）15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 12 日（星期五）至 09 月 18 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 stock@yingjia.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。 安徽迎驾贡酒股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入 地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 19 日（星期五）15:00-16:00 举行 2025 年 ...

Core Insights - The liquor sector experienced a slight increase of 0.53% on September 10, with *ST Yanshi leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Liquor Sector Performance - The following companies showed notable performance: - *ST Yanshi: Closed at 6.54, up 1.87% with a trading volume of 59,000 shares and a transaction value of 38.78 million [1] - Yingjia Gongjiu: Closed at 45.93, up 1.50% with a trading volume of 145,300 shares and a transaction value of 670 million [1] - Gujing Gongjiu: Closed at 174.37, up 1.40% with a trading volume of 51,700 shares and a transaction value of 900 million [1] - Jiu Gui Jiu: Closed at 69.47, up 1.14% with a trading volume of 125,110 shares and a transaction value of 1.741 billion [1] - Kweichow Moutai: Closed at 1522.01, up 1.13% with a trading volume of 49,700 shares and a transaction value of 7.541 billion [1] Capital Flow Analysis - The liquor sector saw a net inflow of 896 million from main funds, while retail funds experienced a net outflow of 148 million [2] - The following companies had significant capital flow: - Kweichow Moutai: Main fund net inflow of 827 million, retail fund net outflow of 372,700 [3] - Jiu Gui Jiu: Main fund net inflow of 54.21 million, retail fund net outflow of 91.93 million [3] - Yingjia Gongjiu: Main fund net inflow of 31.79 million, retail fund net outflow of 31.19 million [3]

Group 1 - The liquor stocks experienced significant upward movement on September 10, with specific companies showing notable gains [1] - Welcoming the rise, W迎驾贡酒 increased by over 3%, while 古井贡酒 rose nearly 2%, and 贵州茅台 saw an increase of over 1% [1] - Other companies in the sector, such as 酒鬼酒 and 泸州老窖, also followed the upward trend [1]

Core Viewpoint - Yingjia Gongjiu, once considered a "dark horse" in the liquor industry, has reported a significant decline in both revenue and profit for the first half of the year, marking the first time in five years that both metrics have decreased simultaneously [1] Financial Performance - In the first half of the year, Yingjia Gongjiu's revenue was 3.16 billion yuan, a year-on-year decrease of 16.89%, while net profit attributable to shareholders was 1.13 billion yuan, down 18.19% [1] - The company's revenue growth rates for each quarter of 2024 were 21%, 19%, 1.6%, and -5%, indicating a gradual contraction [3] - The total revenue for the previous year was 7.344 billion yuan, with a net profit of 2.589 billion yuan, but the company failed to meet its operational targets for the year [4] Market Dynamics - The decline in performance is attributed to a combination of external factors, including weak consumer demand and ongoing adjustments in the liquor industry [1][5] - The company's mid-to-high-end liquor segment saw revenue of 2.537 billion yuan in the first half, down approximately 14%, while ordinary liquor revenue fell by 32.47% to 452 million yuan [5] - The gross profit margin for the second quarter was 68.33%, a decrease of 2.8 percentage points, marking the lowest in nearly nine quarters [5] Regional Performance - Yingjia Gongjiu's revenue in its home province of Anhui has also seen a rare decline, with a 7.7% drop in the first quarter and a 12% decrease in the first half, accounting for over 60% of total revenue [8][9] - The company faces stiff competition in both provincial and external markets, with its provincial market share shrinking due to the dominance of Gujing Gongjiu [10][12] Future Outlook - The company has set a target for 2025 to achieve revenue of 7.6 billion yuan, a year-on-year increase of approximately 3.49%, and a net profit of 2.62 billion yuan, a growth of about 1% [12] - Contract liabilities, viewed as a future revenue indicator, stood at 440 million yuan, down about 5% year-on-year, suggesting potential further slowdown in growth [12]

Core Viewpoint - The company, Yingjia Gongjiu, has experienced significant declines in revenue and profit during the first half of 2025, marking its worst performance since 2021, amidst a challenging industry environment [1][5][10]. Financial Performance - Revenue for the first half of 2025 was 3.16 billion yuan, a decrease of 16.89% compared to the same period last year [2][5]. - Net profit attributable to shareholders was 1.13 billion yuan, down 18.19% year-on-year [2][5]. - Operating cash flow fell by 48.3% to 316.65 million yuan [2][11]. - Total assets decreased by 6.03% to approximately 12.58 billion yuan [2]. Market Position and Competition - Yingjia Gongjiu's market position as the "second in Anhui" is under threat, with significant competition from both local and national brands [3][14]. - The company is facing pressure from competitors like Gujing Gongjiu, which reported revenue growth, while Yingjia Gongjiu's revenue has fallen behind by over 100 million yuan [14]. - The company has seen a notable decline in both domestic and provincial sales, with provincial revenue down 12% and provincial revenue down over 30% [11]. Strategic Focus - The company is attempting to refocus on its core business by divesting from non-core assets, such as the sale of its hotel business [15]. - Yingjia Gongjiu's product line is heavily reliant on its high-end "Dingcang" series, which now accounts for nearly 60% of its revenue, indicating a risk if this segment underperforms [11][16]. Future Outlook - The company has set ambitious targets for 2025, aiming for revenue of 7.6 billion yuan and net profit of 2.62 billion yuan, which may be overly optimistic given current performance trends [12][16]. - To maintain its market position, Yingjia Gongjiu must adapt to changing consumer preferences and potentially diversify its product offerings to attract younger demographics [16].

Group 1 - Anhui Yingjia Junlin Liquor Co., Ltd. was established on August 28, 2025, with a registered capital of 30 million yuan [1] - The business scope of the company includes liquor operation and food sales [1] - Yingjia Junlin is wholly owned by Yingjia Gongjiu (603198) [1]

Group 1 - A new company named Anhui Yingjia Junlin Liquor Sales Co., Ltd. has been established with a registered capital of 30 million yuan [1] - The business scope of the new company includes liquor sales and food sales [1] - Yingjia Junlin Liquor Sales Co., Ltd. is wholly owned by Yingjia Gongjiu (603198) [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [2][9] Core Viewpoints - Recent policies aimed at boosting consumption, such as the "2025 Shaoxing City Consumption Promotion Policy," are expected to benefit cyclical sectors, particularly in the liquor and restaurant chains [5] - The policy includes subsidies for banquet consumption, which will directly stimulate demand for liquor and benefit suppliers in the banquet consumption chain [5] - The report anticipates that similar policies may be adopted in other regions, which could enhance overall consumer demand and support the recovery of liquor demand and banquet supply chain enterprises [5] - The restaurant industry is currently at the bottom of its cycle but is expected to gradually recover due to ongoing policy support, with specific recommendations for various segments including liquor, restaurant chains, beer, and yellow wine [5] Summary by Sections Recent Market Performance - The food and beverage sector has shown a performance of -7% over the last 12 months, compared to 2% for the CSI 300 and 11% for the Shanghai Composite Index [4] Policy Impact - The Shaoxing policy provides tiered subsidies for banquet consumption, with a maximum of 5,000 yuan for events with five tables or more and total spending exceeding 10,000 yuan [5] - The policy is expected to stimulate banquet consumption during the upcoming Mid-Autumn Festival and National Day holidays, benefiting liquor demand [5] Investment Recommendations - The report recommends focusing on the following companies: - Liquor: Guizhou Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Shede Liquor, Gujing Gongjiu, Yingjia Gongjiu, and Jinshiyuan [5] - Restaurant Chains: Hai Tian Wei Ye, Anji Food, Angel Yeast, and Qianwei Central Kitchen [5] - Beer: Qingdao Beer, China Resources Beer, and Yanjing Beer [5] - Yellow Wine: Kuaijishan and Guyue Longshan [5]

Market Overview - The liquor sector experienced a decline of 0.98% on September 3, with Yili Te leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Key stocks in the liquor sector showed varied performance, with the following notable changes: - Shede Liquor: Closed at 67.25, up 0.13% [1] - Kweichow Moutai: Closed at 1480.55, down 0.72% with a trading volume of 45,000 shares and a transaction value of 6.656 billion [1] - Wuliangye: Closed at 126.62, down 1.51% with a trading volume of 302,900 shares and a transaction value of 3.883 billion [1] - Yili Te: Closed at 15.56, down 3.35% with a trading volume of 78,800 shares and a transaction value of 1.25 billion [2] Capital Flow Analysis - The liquor sector saw a net outflow of 726 million from institutional investors, while retail investors contributed a net inflow of 479 million [2] - The following stocks had significant capital flow: - Shede Liquor: Net inflow from institutional investors was 59.79 million, while retail investors had a net outflow of 17.44 million [3] - Kweichow Moutai: Experienced a net outflow of 14 million from institutional investors [3] - Yili Te: Had a net outflow of 2.68 million from institutional investors [3]

Core Viewpoint - The Chinese liquor industry is currently in a downward trend, with many companies experiencing significant declines in performance, indicating a challenging market environment [1][5][8]. Financial Performance Summary - Among 21 listed liquor companies, 15 reported a decline in performance in the first half of the year, while only 6 maintained positive growth, including leading brands like Kweichow Moutai, Wuliangye, and Shanxi Fenjiu [1][2]. - Kweichow Moutai reported a revenue of 89.39 billion yuan, with a year-on-year growth of 9.16%, and a net profit of 45.40 billion yuan, growing by 8.89% [2]. - Shanxi Fenjiu and Wuliangye also showed growth, but many other companies, especially in the lower tiers, faced significant declines, with some experiencing drops over 20% [2][4]. Market Dynamics - The second quarter saw 17 out of 21 liquor companies report revenue declines, with half of them experiencing drops exceeding 20% [4][5]. - The overall market is undergoing a reshuffling, with leading brands maintaining their positions while others struggle to keep up [8][10]. - The industry is witnessing a trend where competitive advantages are increasingly concentrated among top brands, leading to a significant market reshuffle [12][19]. Future Outlook - Analysts suggest that unless there is a rapid market recovery in the third quarter, most liquor companies are unlikely to see unexpected growth in the latter half of the year [7][15]. - There is speculation that the upcoming Mid-Autumn and National Day festivals could provide a window for price stabilization and potential recovery for leading brands [14][18]. - The current market conditions may lead to a prolonged adjustment period, with some experts predicting a U-shaped recovery by late 2026 [16][20].