Core Insights - The forum themed "Heaven and Earth Cultivation" was held in Maotai Town, Guizhou, focusing on the development paths of the liquor industry, attracting industry leaders and scholars [1] - Qin Hai, General Manager of Anhui Yingjia Gongjiu Co., emphasized the importance of engaging with Generation Z, who are seen as key drivers of consumption upgrades [1][3] Group 1: Engagement with Generation Z - Generation Z, born between 1995 and 2009, is characterized by their broad perspectives, individualism, and emphasis on experiences, making them a significant consumer group in China [1] - This demographic, approximately 250 million strong, values spiritual resonance, cultural identity, and social value, and is willing to pay for interests, quality, and emotional experiences [1] Group 2: Development Strategies - Qin Hai outlined three main directions for Yingjia Gongjiu's resonance with Generation Z: ecological, cultural, and experiential [5] - Ecologically, the company focuses on building a sustainable brewing system leveraging the ecological resources of Huoshan, Luan, Anhui, aligning with Generation Z's values of sustainability and green practices [5] - Culturally, the company aims to deepen its cultural roots and refresh brand expression by exploring the ancient welcoming culture and developing new products that resonate with Generation Z's aesthetic and consumption preferences [5] - Experientially, Yingjia Gongjiu is innovating in experiential scenarios and emotional connections, exemplified by the creation of the "Yingjia Grand Manor," an immersive aesthetic space for young consumers to experience liquor culture [5] Group 3: Industry Call to Action - Qin Hai called for industry peers to uphold quality as a "lifeline," tell compelling cultural stories, and co-create new experiential models to collaboratively build a greener, more open, and confident future for Chinese liquor with Generation Z [3][5]

Core Viewpoint - Anhui Yingjia Gongjiu Co., Ltd. reported a significant decline in both revenue and net profit for the first three quarters of 2025, primarily attributed to weak consumer demand [1] Financial Performance - For the first three quarters, the company achieved operating revenue of 4.516 billion yuan, a year-on-year decrease of 18.09% [1] - The net profit attributable to shareholders was 1.511 billion yuan, down 24.67% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 1.474 billion yuan, a decline of 26.16% [1] - In Q3 alone, the company reported operating revenue of 1.356 billion yuan, a substantial drop of 20.76% year-on-year [1] - The net profit for Q3 was 381 million yuan, down 39.01% year-on-year [1] Cash Flow - The company's operating cash flow showed a deteriorating trend, with a net cash flow from operating activities of 789 million yuan for the first three quarters, a significant decline of 38.13% [1] - The decrease in cash flow was mainly due to a reduction in cash received from sales of goods and services [1] Product Sales - In terms of product sales, the company generated revenue of 1.014 billion yuan from mid-to-high-end liquor and 260 million yuan from ordinary liquor during the first three quarters [1] - From January to September, the company achieved sales revenue of 875 million yuan in its home province and 398 million yuan from outside the province [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][20] Core Views - The company continues to face revenue and net profit pressure, with a significant decline in both metrics for Q3 2025. Total revenue for the first three quarters of 2025 was 4.516 billion yuan, down 18.09% year-on-year, while net profit attributable to shareholders was 1.511 billion yuan, down 24.67% [1][4] - The company is expected to focus on reducing channel inventory in the fourth quarter, with significant pressure to meet annual sales targets due to increased competition in the domestic market [4][12] - Despite the current challenges, there is a medium to long-term potential for recovery in demand within Anhui province, particularly for the company's cave-aged series, which is anticipated to perform better than the overall market [4][12] Summary by Sections Financial Performance - For Q3 2025, total revenue was 1.356 billion yuan, a decrease of 20.76% year-on-year, and net profit was 381 million yuan, down 39.01% [1][2] - The overall gross margin for Q3 2025 was 70.2%, a decline of 6.0 percentage points year-on-year, attributed to increased promotional efforts [3][4] - The company’s cash flow from operations was 472 million yuan, down 31.7% year-on-year, indicating a tightening cash flow situation [3][4] Product and Market Analysis - In Q3 2025, the revenue from mid-to-high-end liquor was 1.014 billion yuan, down 21.78% year-on-year, while ordinary liquor revenue was 260 million yuan, down 22.78% [2][4] - The company’s revenue from direct sales (including group purchases) was 94 million yuan, down 7.61% year-on-year, while wholesale and agency revenue was 1.180 billion yuan, down 22.94% [2][4] Future Outlook - The company has slightly adjusted its revenue and net profit forecasts for 2025-2027, now expecting revenues of 6.12 billion yuan in 2025, down 16.7% year-on-year, and net profits of 1.985 billion yuan, down 23.3% year-on-year [4][12] - The current stock price corresponds to a P/E ratio of 15.7 for 2025 and 14.5 for 2026, maintaining the "Outperform the Market" rating [4][20]

Group 1 - The food and beverage sector experienced a significant reversal on October 30, with the Food ETF (515710) opening lower but then rising to a gain of 0.33% as of the report [1] - Notable stocks in the sector included strong performances from liquor brands, with companies like Yingjia Gongjiu and Tangchen Beijian both rising over 4%, and New Dairy rising over 3% [1] - Guizhou Moutai reported a total revenue of 130.904 billion yuan for the first nine months of the year, a year-on-year increase of 6.32%, with a net profit of 64.626 billion yuan, also reflecting a growth of 6.25% [2][3] Group 2 - Huatai Securities highlighted that the food and beverage sector is currently at a low valuation, making it a potentially good time for investment, with the Food ETF's price-to-earnings ratio at 19.99, which is in the 4.7% percentile of the last decade [3] - Guizhou Moutai's third-quarter revenue reached 39.81 billion yuan, showing a slight year-on-year increase of 0.35%, indicating stable performance amidst market fluctuations [2][3] - The food and beverage sector is expected to enter a recovery phase as consumer policies from the second quarter begin to wane, with signs of improved supply chain dynamics and industry consolidation [4]

Investment Rating - The report maintains a rating of "Add" for the company [3] Core Views - The company's Q3 revenue and net profit declined by 20.8% and 39.0% year-on-year, respectively, showing resilience in the face of significant industry challenges [7] - The company has begun to see the effects of proactive adjustments made ahead of the industry, with a gradual improvement in performance expected as market demand stabilizes [7] - The decline in revenue and net profit in Q3 is similar to that in Q2, indicating a consistent trend in the company's performance amidst a broader industry downturn [7] Financial Data and Valuation - For the fiscal year 2023, total revenue is projected at 6,720 million yuan, with a year-on-year growth of 22% [2] - The company expects a significant decline in revenue for 2025, with an estimated total of 6,052 million yuan, reflecting an 18% decrease [2] - The estimated earnings per share (EPS) for 2025 is 2.42 yuan, with a price-to-earnings (PE) ratio of 16.1 [2][14] Quarterly Performance - In Q3 2025, the company achieved a revenue of 1,356 million yuan, with a gross margin of 70.2%, down 5.7 percentage points year-on-year [8][7] - The company's net profit margin decreased to 28.1%, reflecting an 8.2 percentage point decline due to increased channel subsidies and fixed costs [7] Product Line Performance - Revenue from mid-to-high-end liquor and ordinary liquor in Q3 2025 was 1,010 million yuan and 260 million yuan, respectively, with declines of 21.8% and 22.8% year-on-year, both showing a slight narrowing compared to Q2 [7] - Revenue from the domestic market was 880 million yuan, down 21.6%, while revenue from the external market was 400 million yuan, down 22.7%, indicating a more stable performance in the domestic sector [7] Shareholder Information - The major shareholder, Anhui Yingjia Group Co., Ltd., holds a 72.22% stake in the company [3]

Group 1 - The core viewpoint of the news is that Yingjia Gongjiu (603198.SH) has a significant institutional ownership, with 25 institutional investors holding a total of 666 million shares, representing 83.30% of the total share capital [1] - The top ten institutional investors collectively hold 82.72% of the shares, with an increase of 0.50 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, seven funds increased their holdings, with a total increase ratio of 0.88% [2] - One public fund, Guolian Jinghui Mixed A, reported a decrease in holdings, indicating a slight decline [2] - Nine new public funds were disclosed during this period, while 129 funds were not disclosed compared to the previous quarter [2]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved total operating revenue of 4.516 billion yuan, representing a year-on-year decrease of 18.09% [1] - The net profit attributable to shareholders was 1.511 billion yuan, down 24.67% year-on-year [1] - The basic earnings per share were reported at 1.89 yuan [1]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the third quarter of 2025 compared to the previous year [2] Financial Performance - The company achieved an operating income of 1.356 billion yuan, representing a year-on-year decrease of 20.76% [2] - The net profit attributable to shareholders was 381 million yuan, down 39.01% year-on-year [2] - The basic earnings per share stood at 0.48 yuan [2]

Core Viewpoint - Anhui Yingjia Distillery Co., Ltd. reported a decline in both revenue and net profit for the first three quarters of 2025, indicating challenges in the market [1] Financial Performance - For the first nine months, the company achieved operating revenue of 4.516 billion yuan, a year-on-year decrease of 18.09% [1] - The net profit attributable to shareholders of the listed company was 1.511 billion yuan, down 24.67% year-on-year [1] Product Sales Breakdown - In terms of product categories, the mid-to-high-end liquor segment generated sales revenue of 1.014 billion yuan, while ordinary liquor sales amounted to 260 million yuan [1] - The company reported sales revenue of 875 million yuan from domestic markets and 398 million yuan from external markets during the first nine months [1]

安徽迎驾贡酒股份有限公司 内幕信息知情人管理制度 （2025 年修订） 第一章 总则 第一条 为进一步规范安徽迎驾贡酒股份有限公司（以下简称"公 司"）内幕信息及内幕信息知情人的管理，维护公司信息披露的公开、 公平、公正原则，保护投资者的合法权益，根据《中华人民共和国公 司法》《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司信息披露管理办法》《上海证券交易所股票上市规则》及《安徽迎 驾贡酒股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 制定本制度。 第二条 公司董事会是内幕信息的管理机构，董事会应当保证内 幕信息知情人档案真实、准确和完整，董事长为主要责任人。董事会 秘书负责组织实施内幕信息的日常管理工作，证券部是公司信息披露 管理、投资者关系管理、内幕信息登记备案的日常办事机构。董事长 与董事会秘书应当对内幕信息知情人档案的真实、准确和完整签署书 面确认意见。 第三条 未经董事会批准或其指定人员同意，公司任何部门和个 人不得向外界泄露、报道、传送有关涉及公司内幕信息及信息披露的 内容。 第四条 公司董事、高级管理人员和公司各部门、各分子公司都 （一）公司的经营方针和经营范围发生重 ...