Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The food and beverage sector is focusing on three new consumer investment opportunities: "category dividends in the food sector," "new channel drivers such as snack companies in membership supermarkets," and "new hotspots in health products." Traditional consumption is expected to see performance bottoming out and potentially rising [1][2] - The report emphasizes the importance of focusing on leading companies in the industry during this phase, particularly in the liquor sector, which may experience a transition year in 2025 [1][2] - The report continues to recommend leading stocks in the food and beverage sector, highlighting companies such as Jin Zai Food and Yan Jin Pu Zi, while also paying attention to You You Food [1][2] Summary by Sections Food and Beverage Sector - The report highlights the focus on "category dividends," "new channel drivers," and "health product hotspots" as key investment opportunities [1][2] - Recommended stocks include Jin Zai Food, Yi Li, Yan Jin Pu Zi, Dong Peng Beverage, and others, with a focus on leading companies [2][24] Liquor Sector - The liquor sector is currently at a low point, with the first quarter potentially being the lowest for the year. The report recommends focusing on brands with strong momentum and reasonable growth targets [2][16] - High-end liquor recommendations include Guizhou Moutai and Wuliangye, while mid-range and regional brands include Gu Qing Gong Jiu and Shanxi Fen Jiu [2][17] - The report notes that the liquor sector may enter a structural bull market due to policy stabilization and real estate recovery [16][17] Market Performance - From May 19 to May 23, the Shanghai Composite Index fell by 0.18%, while other liquor categories rose by 8.69% and frozen foods by 3.89% [3][29] - The report indicates that the liquor sector experienced a decline of 2.78% during the same period, with specific brands showing varied performance [4][29] Company Updates - Jin Zai Food is highlighted as a leading snack brand with a clear growth path, driven by its main product line and new channel expansions expected to boost revenue and profits [19][20] - Guizhou Moutai is focusing on five key areas for development, including maintaining brand value and enhancing international market presence [7][8] - Liquor companies like Luzhou Laojiao and Shanxi Fen Jiu are also focusing on expanding their market presence and improving brand strength [10][12]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational targets for 2025. The report emphasizes three main investment lines: leading brands with competitive advantages, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1][2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in the first four months of 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The report highlights the broad recovery potential in the catering supply space, with leading companies expected to benefit from improved performance and market expansion strategies [4][7]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, high-quality growth with a focus on market share rather than aggressive growth targets. Key strategies include product innovation, market penetration, and international expansion [2]. - Major companies like Guizhou Moutai and Shanxi Fenjiu are focusing on maintaining market stability and enhancing their brand presence among younger consumers [2]. Beer and Beverage - The beer production for January to April 2025 was 11.44 million kiloliters, reflecting a slight decline. However, April showed a 4.8% increase in production, indicating potential for recovery [3]. - The beverage sector is characterized by intense competition, but new product launches and recovery in consumer demand are expected to sustain high growth [3]. Catering Supply - The report notes significant opportunities for leading companies in the catering supply sector, particularly with the introduction of new products and expansion into new categories [4][7]. - Companies like Three Squirrels are diversifying their product lines and enhancing their distribution channels to capture more market share [7].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational growth targets for 2025. Key players are emphasizing market share enhancement and strategic execution efficiency. Innovations, market penetration, international expansion, and youth-oriented strategies are highlighted as core directions for liquor companies [2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in output from January to April 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The beverage sector is characterized by intense competition, but there are opportunities for growth driven by extended holiday periods and improved travel scenarios. Companies with strong channel networks and high-potential products are recommended for investment [3]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, quality growth with a focus on market share rather than aggressive quantitative targets. Major companies like Guizhou Moutai and Shanxi Fenjiu are implementing strategies to enhance brand resilience and market stability [2]. - Guizhou Moutai aims for a revenue target of 7.6 billion yuan (approximately $1.1 billion) for 2025, reflecting a 3.49% year-on-year increase, while net profit is targeted at 2.62 billion yuan (approximately $380 million), a 1% increase [2]. Beer and Beverage - The beer production for the first four months of 2025 totaled 11.44 million kiloliters, with April showing a 4.8% increase compared to the previous year. The sector is expected to benefit from low comparative bases in the upcoming quarters [3]. - The beverage market is witnessing the launch of innovative products, such as the new electrolyte water brand targeting health-conscious consumers. Despite fierce competition, the beverage sector is projected to maintain high growth due to favorable market conditions [3]. Food Supply - The food supply sector is seeing recovery among leading companies, with a focus on expanding product lines and enhancing distribution channels. Companies like Three Squirrels are diversifying into new categories and exploring innovative retail strategies [7].

Industry Dynamics - In the first four months of 2025, the production of liquor in China decreased by 7.8% year-on-year, totaling 1.308 million kiloliters, with April's production at 281,000 kiloliters, down 13.8% year-on-year [3] - The national liquor price index fell by 0.03% in mid-May, with premium liquor prices dropping by 0.06%, indicating market adjustment pressures due to weak high-end consumption and intensified competition [3] - Retail sales of tobacco and liquor in China increased by 5.8% year-on-year in the first four months of 2025, reaching 230.5 billion yuan [4] - Guizhou province announced three liquor investment projects totaling 660 million yuan and a 5 billion yuan project for the production of sauce-flavored liquor [4] Company Dynamics - Guizhou Moutai launched the 2025 Moutai Friends Carnival, attracting nearly 500 participants to experience Moutai's culture and production processes [6] - The first 2025 China Yibin Wuliangye Wedding Festival was held, promoting cultural integration with innovative experiences [6] - Three liquor companies, Yanghe, Shanxi Fenjiu, and Guojingong, held annual performance briefings, focusing on market strategies and product launches [7] - Moutai's shareholders approved a profit distribution plan for 2024, with a cash dividend of 276.24 yuan per 10 shares, totaling 34.671 billion yuan [7] - Shede Liquor is accelerating its production expansion project, which includes 23 sub-projects aimed at enhancing production capacity by 2027 [7] - Anhui Yingjia Gongjiu set a revenue target of 7.6 billion yuan for 2025, expecting a 3.49% year-on-year growth [8]

Core Viewpoint - The newly revised "Regulations on Strict Economy and Opposition to Waste in Party and Government Agencies" emphasizes a ban on high-end dishes, cigarettes, and alcohol in work meals, which has led to a decline in the stock prices of liquor companies, particularly in the white liquor sector [1][4]. Group 1: Impact of the New Regulations - The new regulations reaffirm existing restrictions on public alcohol consumption, which have been in place since the "Eight Regulations" introduced in 2012, and further clarify the details of these rules [1][3]. - The market share of public alcohol consumption has significantly decreased, from approximately 40% in 2011 to less than 5% currently, indicating a substantial shift in the consumption landscape [3][4]. Group 2: Historical Context of Public Alcohol Consumption - Public alcohol consumption has historically held a significant role in Chinese culture, evolving from a political tool to a mainstream market driver, and is now being phased out [2][12]. - Previous bans on public alcohol consumption in 1989, 1996, and 2012 have each led to drastic changes in the white liquor market, with the latest ban being less impactful compared to earlier ones [6][10]. Group 3: Market Reactions and Trends - Following the announcement of the new regulations, 11 white liquor stocks experienced declines ranging from 0.19% to 2.73%, with high-end brands facing larger drops [4][11]. - Despite short-term fluctuations, analysts suggest that the long-term investment logic for the white liquor sector remains largely unaffected, as public alcohol consumption constitutes a minor portion of overall sales [4][6]. Group 4: Changing Consumer Preferences - The current consumer base for white liquor is shifting towards younger generations, who prioritize taste, brand recognition, price, and packaging, indicating a trend towards more diverse and personalized consumption [12][14]. - The top consumption scenarios for white liquor in 2024 are family gatherings, friend meet-ups, and business banquets, reflecting a move away from traditional public consumption [12][14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's total revenue for 2024 is 7.344 billion yuan, representing a year-on-year increase of 8.46%. The net profit attributable to the parent company is 2.589 billion yuan, up 13.45% year-on-year, while the net profit excluding non-recurring items is 2.566 billion yuan, an increase of 14.93% year-on-year. For Q1 2025, the total revenue is 2.047 billion yuan, down 12.35% year-on-year, with a net profit of 829 million yuan, a decrease of 9.54% year-on-year [2][6] Summary by Sections Revenue Performance - In 2024, the company's mid-to-high-end liquor revenue reached 5.713 billion yuan, up 13.76% year-on-year, while ordinary liquor revenue was 1.29 billion yuan, down 6.53% year-on-year. In Q1 2025, mid-to-high-end liquor revenue was 1.72 billion yuan, down 8.57% year-on-year, and ordinary liquor revenue was 242 million yuan, down 32.09% year-on-year. The performance of mid-to-high-end liquor continues to outperform ordinary liquor, indicating an ongoing structural upgrade [12] Profitability - The net profit margin for 2024 increased by 1.55 percentage points to 35.26%, with a gross margin up 2.92 percentage points to 73.94%. The expense ratio increased by 0.15 percentage points to 13.03%. In Q1 2025, the net profit margin rose by 1.25 percentage points to 40.47%, and the gross margin increased by 1.5 percentage points to 76.49% [12] Market Dynamics - The ordinary liquor segment and the provincial market are under temporary pressure. The company is adjusting its targets flexibly while maintaining healthy inventory levels to support future growth. EPS for 2025 and 2026 is projected to be 3.38 yuan and 3.57 yuan, respectively, corresponding to current PE ratios of 13 and 12 times [12]

Core Viewpoint - Anhui Yingjia Gongjiu Co., Ltd. is committed to maintaining the rights of all shareholders and ensuring the orderly conduct of the shareholders' meeting, with a focus on governance and operational efficiency [1][2]. Meeting Procedures - The company has established strict entry protocols for the shareholders' meeting, allowing only authorized personnel to attend [1]. - Shareholders must register in advance to speak, with a limit of five speakers based on shareholding size [2]. - The meeting will utilize both on-site and online voting methods for decision-making [3]. Financial Performance - In 2024, the company achieved a revenue of 734,376.91 million yuan, representing an 8.46% increase from 2023 [5][19]. - Net profit for the same period was 259,442.51 million yuan, up 13.42% year-on-year [5][25]. - Total assets increased by 12.70% to 1,338,929.91 million yuan, while net assets rose by 15.53% to 987,170.12 million yuan [5][19]. Strategic Initiatives - The company is advancing its digital circular economy industrial park, focusing on smart manufacturing and infrastructure development [6]. - It aims to enhance brand culture and marketing strategies, positioning itself as a leading ecological liquor brand in China [6][7]. - The sales team is being optimized to deepen market penetration and improve channel efficiency [6]. Governance and Compliance - The board of directors has adhered to legal and regulatory requirements, ensuring effective governance and decision-making processes [8][12]. - Independent directors have actively participated in meetings, providing oversight and professional opinions on significant matters [9][10]. Future Outlook - The company plans to continue its focus on quality improvement, brand enhancement, and sustainable development, aiming for high-quality growth in 2025 [11][12]. - The financial budget for 2025 targets a revenue of 76.00 billion yuan, with a net profit goal of 26.20 billion yuan [28].

0 目 录 | 一、2024 | 年年度股东大会会议须知 | | 2 | | --- | --- | --- | --- | | 二、2024 | 年年度股东大会会议议程 | | 4 | | 议案一：公司 | 2024 年度董事会工作报告 | | 6 | | 议案二：公司 | 2024 年度监事会工作报告 | | 11 | | 议案三：公司 | 2024 | 年年度报告全文及其摘要 | 14 | | 议案四：公司 | 2024 年度财务决算和 | 2025 年度财务预算报告 | 15 | | 议案五：公司 | 2024 年年度利润分配方案 | | 20 | | 议案六：关于公司 2024 | | 年度董事、监事薪酬的议案 | 21 | | 议案七：关于续聘公司 | 2025 | 年度审计业务承办机构的议案 | 22 | | 议案八：关于使用部分闲置自有资金进行委托理财的议案 | | | 23 | 1 安徽迎驾贡酒股份有限公司 2024 年年度股东大会会议须知 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大会的顺 利进行，安徽迎驾贡酒股份有限公司（以下简称"公司"）根据有关法律法规和中国证 ...

Market Overview - The Shanghai Composite Index decreased by 0.04% as of 13:59, with a trading volume of 777.82 million shares and a transaction value of 893.85 billion yuan, representing a 1.70% increase compared to the previous trading day [1]. Industry Performance - The real estate sector showed the highest increase at 1.69%, with a transaction value of 122.16 billion yuan, up by 69.88% from the previous day, led by Konggang Co., which rose by 10.01% [1]. - The comprehensive sector followed with a 1.48% increase, totaling 21.31 billion yuan in transactions, down by 3.44%, with Zongyi Co. leading at 10.10% [1]. - The environmental protection sector rose by 1.43%, with a transaction value of 117.72 billion yuan, up by 51.92%, led by Jiuwu Gaoke, which increased by 20.02% [1]. - The food and beverage sector experienced the largest decline at 1.18%, with a transaction value of 279.80 billion yuan, up by 29.99%, led by Yingjia Gongjiu, which fell by 3.74% [2]. - The automotive sector decreased by 0.60%, with a transaction value of 740.67 billion yuan, down by 5.24%, led by Riying Electronics, which dropped by 8.43% [2]. - The non-ferrous metals sector also saw a decline of 0.48%, with a transaction value of 326.05 billion yuan, down by 10.76%, led by Yian Technology, which fell by 7.11% [2].

Group 1 - The company is celebrating its 10th anniversary of being listed on the Shanghai Stock Exchange by launching a shareholder reward activity from May 16, 2025, to June 16, 2025 [1][5] - Eligible shareholders include those registered as of December 31, 2015, and those registered after the annual general meeting on May 19, 2025 [2][3] - The activity is not a profit distribution and participation is voluntary; shareholders who do not complete the necessary procedures will forfeit their rights [5][6] Group 2 - Shareholders can participate in the activity by scanning a QR code through WeChat [4] - The company will deliver rewards to participating shareholders starting from May 25, 2025, via mail or express delivery [6] - The company retains the final interpretation rights of the activity and provides a contact number for inquiries [7]