二、参加活动股东范围 （一）2015 年 12 月 31 日 15:00 交易结束后，当日在中国证券登记结算有限 责任公司上海分公司登记在册的持有公司股份的股东，即公司上市当年年末在册 的股东。 证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-009 安徽迎驾贡酒股份有限公司 关于股东回馈活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 安徽迎驾贡酒股份有限公司（以下简称"公司"或"迎驾贡酒"）于 2015 年 5 月 28 日在上海证券交易所挂牌上市交易，为感谢股东对公司的支持与厚爱， 时值公司上市十周年之际，公司将开展"迎驾贡酒上市十周年股东回馈"活动， 现将活动内容公告如下： 一、活动时间 本次活动时间：2025 年 5 月 16 日 8:30 到 6 月 16 日 17:00，未在该时段完成 认证及选购的，即视为股东自动放弃参与本次活动的权利。 本次回馈股东活动咨询电话：0564-5231473 咨询时间（工作日）：8:30-11:30、14:30-17:00 四、相关事项说明 （一）本 ...

Core Insights - The overall performance of listed liquor companies in 2024 showed steady growth despite industry pressures, with 22 companies reporting a total revenue of 446.22 billion yuan and a net profit of 167.82 billion yuan, reflecting a slowdown in growth rates compared to previous years [1][4] Industry Overview - The liquor sector experienced increased differentiation in 2024, with six leading companies accounting for 80% of total revenue and 90% of net profit, even showing slight increases from 2023 [1][4] - The top six liquor companies, including Guizhou Moutai, Wuliangye, and Shanxi Fenjiu, achieved a combined revenue of 379.74 billion yuan, marking a significant increase of 164.96 billion yuan since 2020 [5][6] Competitive Landscape - Shanxi Fenjiu entered the top three with a revenue of 36 billion yuan, indicating a shift in rankings among leading companies [4][5] - The competition among mid-tier liquor companies intensified, with companies like Shunxin Agriculture and Shede Liquor facing significant revenue declines, highlighting the challenges in maintaining market positions [4][9] Market Trends - The industry is undergoing a transition towards high-end and youth-oriented products, with companies needing to focus on national expansion to succeed in a competitive market [4][11] - Regional market reliance remains high among many companies, with some struggling to increase their contributions from outside their home markets [10][11] Future Outlook - Companies are expected to balance expansion with cost control, with a focus on refining distribution channels as a new competitive dimension [11][13] - Emerging markets, particularly in the northwest, are becoming battlegrounds for companies seeking to increase their market share [11][13]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Insights - The company's Q1 performance faced slight pressure, but overall profitability continues to improve. Total revenue and net profit for 2024 were 73.44 billion and 25.89 billion yuan, respectively, with year-on-year growth of 9% and 13% [5] - The company is experiencing a stable growth in its product structure, with mid-to-high-end liquor revenue increasing by 13.76% while ordinary liquor revenue decreased by 6.53% in 2024 [6] - The company is expected to maintain its competitive advantages in product strength, brand power, and channel distribution, leading to continuous profit growth in the coming years [9] Summary by Sections Financial Performance - Q1 2025 revenue was 20.47 billion yuan, down 12% year-on-year, while net profit was 8.29 billion yuan, down 9% year-on-year. The gross margin for Q1 2025 was 76%, up 1.4 percentage points year-on-year [5] - The company's operating cash flow for 2024 was 19.07 billion yuan, down 13% year-on-year, while sales collection was 78.34 billion yuan, up 3% year-on-year [5] Product and Market Analysis - In 2024, the revenue from mid-to-high-end liquor was 57.13 billion yuan, with a gross margin of 81.07%, while ordinary liquor revenue was 12.89 billion yuan, with a gross margin of 57.93% [6] - Revenue from direct sales (including group purchases) increased by 34.62% to 4.45 billion yuan, while wholesale and agency revenue grew by 8.01% to 65.57 billion yuan [6] Earnings Forecast - The company is projected to have EPS of 3.26, 3.53, and 3.85 yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 14, 13, and 12 times [9][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Insights - The company's Q1 performance faced slight pressure, but overall profitability continues to improve. Total revenue and net profit for 2024 were 73.44 billion and 25.89 billion yuan, respectively, with year-on-year growth of 9% and 13% [5] - The company is experiencing a stable growth in its product structure, with mid-to-high-end liquor revenue increasing by 13.76% while ordinary liquor revenue decreased by 6.53% in 2024 [6] - The company is expected to maintain its competitive advantages in product strength, brand power, and distribution channels, leading to continuous profit growth [9] Financial Performance Summary - For 2024, the company's total revenue was 73.44 billion yuan, with a net profit of 25.89 billion yuan, reflecting a year-on-year increase of 9% and 13% respectively [5] - The gross margin for 2024 was 74%, up by 2.6 percentage points year-on-year, while the net margin was 35%, an increase of 1.2 percentage points [5] - The company's earnings per share (EPS) for 2025-2027 are projected to be 3.26, 3.53, and 3.85 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 14, 13, and 12 times [9][11] Product and Market Analysis - In 2024, the revenue from mid-to-high-end liquor was 57.13 billion yuan, while ordinary liquor revenue was 12.89 billion yuan, with respective gross margins of 81.07% and 57.93% [6] - Revenue from direct sales (including group purchases) grew by 34.62%, while wholesale and agency revenue increased by 8.01% in 2024 [6] - The company's revenue from domestic sales reached 50.93 billion yuan, a year-on-year increase of 12.75%, while revenue from outside the province was 19.09 billion yuan, up by 1.31% [6]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Core Viewpoint - In Q1 2025, Yingjia Gongjiu, known as the "second largest liquor brand in Anhui," reported unexpected declines in both revenue and net profit during the traditional peak sales season, indicating significant challenges in the competitive landscape and internal structural issues [2][3] Group 1: Financial Performance - Yingjia Gongjiu's revenue decreased by 12.35% year-on-year to 2.047 billion yuan, while net profit fell by 9.54% to 829 million yuan, marking the first decline in a key quarter since surpassing Kouzi Jiao to become Anhui's second-largest liquor company in 2022 [2] - The company's revenue from outside Anhui dropped sharply by 29.7% year-on-year, with core markets like Jiangsu and Shanghai facing strong competition from brands such as Jiansiyuan and Yanghe [2] Group 2: Market Challenges - The competitive environment for Yingjia Gongjiu has intensified, with pressures from both national brands like Moutai and Wuliangye and local competitors such as Kouzi Jiao and Jinzhongzi, leading to a "double-edged sword" situation [2] - The slowdown in consumption upgrades within Anhui and a reduction in demand for business banquets have further weakened growth momentum for Yingjia Gongjiu [3] Group 3: Strategic Adjustments - In response to these challenges, Yingjia Gongjiu plans to combine "deepening in Anhui" with "transforming outside the province," focusing on organizational restructuring and vertical management [3] - The company aims to enhance its brand premium through differentiated marketing strategies, such as promoting its "Dabie Mountain ecological brewing" concept and integrating cultural tourism [3] - Yingjia Gongjiu's sales expenses are projected to decrease significantly from 27.2% in 2023 to 0.8% in 2024, indicating a more conservative approach to marketing amid fierce competition [3] Group 4: Industry Trends - The liquor industry is shifting from channel-driven strategies to consumer value-driven approaches, necessitating regional brands like Yingjia Gongjiu to build new barriers through quality recognition and lifestyle marketing [3] - The ability of Yingjia Gongjiu to convert its ecological concept into sustainable competitive advantages and overcome its national operational shortcomings will be crucial for its stability amid industry restructuring [3]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [9] Core Views - The recent interest rate cuts are expected to boost market liquidity and improve market sentiment, particularly benefiting the liquor sector [7] - The white liquor sector is showing signs of recovery, with demand stabilizing and companies focusing on optimizing channels and brand cultivation for growth [7] - The overall valuation of the liquor sector is considered low, with many companies engaging in share buybacks and increasing dividend payouts [7] Summary by Sections Industry Performance - In the past month, the food and beverage sector has shown a slight increase of 0.1%, while the Shanghai Composite Index has increased by 2.6% [3] Market News - China's beer export value increased by 8.3% in the first quarter of 2025 [18] - The white liquor industry in Lüliang aims for an output value exceeding 13.2 billion yuan in the first half of 2025 [18] - The EU's total export value of alcoholic beverages is projected to reach 29.8 billion euros in 2024 [18] Investment Insights - The report highlights two main lines for investment recommendations in the liquor sector: companies with valuation advantages and those expected to perform well throughout the year [7] - Recommended companies include: Water Well, Shanxi Fenjiu, Shede Liquor, and Jiu Gui Liquor for valuation advantages; and Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Jinshiyuan, Gujing Gongjiu, and Yingjia Gongjiu for overall recommendations [7] Key Company Feedback - The report provides earnings forecasts for several companies, indicating a positive outlook for major players in the liquor sector, with expected earnings per share (EPS) growth for companies like Luzhou Laojiao and Gujing Gongjiu [11] Industry Data Trends - The cumulative production of white liquor in 2024 is reported at 4.145 million tons, a decrease of 7.72% year-on-year [37] - The revenue of the white liquor industry in 2023 reached 756.3 billion yuan, reflecting a year-on-year increase of 9.7% [37] - The seasoning industry has seen a market scale growth from 259.5 billion yuan in 2014 to 592.3 billion yuan in 2023, with a CAGR of 9.6% [41]

Core Viewpoint - The Chinese liquor industry is experiencing a deep adjustment in 2024, characterized by declining production and sales, sluggish terminal movement, shrinking consumption scenarios, and insufficient consumer confidence, leading to price inversions for various products [1] Group 1: Industry Trends - The liquor industry is facing dual declines in production and sales, with a notable slowdown in revenue growth for liquor companies in 2024 [1] - The number of liquor companies experiencing revenue declines increased from 2 to 6 compared to the previous year, with brands like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Group 2: Sales Expenses - The total sales expenses for 19 listed liquor companies reached 45.87 billion yuan in the previous year, marking an 11% year-on-year increase, which outpaced revenue growth [2] - The median sales expense ratio rose from 16.26% to 19.1%, indicating a growing burden on companies [2] - Notably, Wu Liang Ye had the highest sales expenses at 10.692 billion yuan, followed by Gu Qing Gong Jiu and Kweichow Moutai [2] Group 3: Management Expenses - The total management expenses for listed liquor companies amounted to 22.85 billion yuan, slightly up from 22.66 billion yuan the previous year, with a median management expense ratio of 7.27% [3] - Eleven companies reported an increase in management expenses, while eight companies saw a decline [3] - Companies like Shanxi Fen Jiu, Shui Jing Fang, and Tian You De Jiu experienced management expense growth exceeding 10% [3] Group 4: Expense Ratios - Jiu Gui Jiu had the highest sales expense ratio at 42.94%, followed by Jin Zhong Zi Jiu at 31.84% and Gu Qing Gong Jiu at 26.22% [4] - Kweichow Moutai had the lowest sales expense ratio at 3.24%, indicating efficient cost management [4] - The management expense ratios for Tian You De Jiu, Jiu Gui Jiu, and Jin Zhong Zi Jiu exceeded 10%, while companies like Wu Liang Ye and Kweichow Moutai maintained lower ratios [4]

有9家酒企归母净利润低于10亿元，4家净利润低于1亿元。去年只有金种子酒一家酒企亏损，亏损金额 从上年的0.22亿元扩大到2.58亿元。 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2024年，白酒行业进入深度调整！ "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒 挂，"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧，头部酒企仍能维持稳健增长，中小酒企则开始面对压力。 从上市公司层面来看，2024年酒企收入增速大幅放缓，收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 19家上市白酒公司归母净利润增长7.6% 贵州茅台一家占比达到52% 2024年19家上市白酒公司（剔除*ST岩石（维权）），总共实现归母净利润1668.48亿元，同比增长 7.6%。 贵州茅台去年净利润达到862.28亿元，占上市白酒净利润的近52%，提升了3.48个百分点。其次是五粮 液、泸州老窖和山西汾酒，归母净利润分别为318.5 ...

Core Viewpoint - The article discusses the contrasting employment trends in the beer and liquor industries during the current adjustment period, highlighting that while beer companies have reduced their workforce significantly, liquor companies, particularly leading brands, have increased their employee numbers despite facing revenue declines [2][11]. Employment Trends in Beer Industry - Over the past year, the beer industry has seen a reduction of over 6,000 employees across 10 listed companies, with major players like Budweiser APAC and China Resources Beer each reducing their workforce by over 1,000 [5][8]. - The overall employment in the beer sector has decreased to below 300,000, primarily due to declining sales and revenue in the industry [2][5]. - The reduction in workforce is attributed to decreased demand for production and sales roles, particularly for temporary workers during peak seasons [8][9]. Employment Trends in Liquor Industry - In contrast, the liquor industry has experienced an increase of over 3,900 employees, with only 7 out of 22 listed liquor companies reporting reductions [9][12]. - Leading liquor companies such as Kweichow Moutai and Yanghe Brewery have added over 1,000 employees each, indicating a robust demand for production roles [9][12]. - The increase in employment is partly driven by the need to meet production demands and the social responsibility of state-owned enterprises to maintain employment levels [12][13]. Salary Adjustments - While the overall employment levels in liquor companies have increased, there has been a notable reduction in executive compensation, with many high-ranking officials seeing salary cuts of hundreds of thousands [16][17]. - In contrast, the average salary for non-executive employees has remained stable or even increased in some companies, such as Water Well and Kweichow Moutai, which reported a rise in average non-executive salaries [20][21]. Future Outlook - The article suggests that the current adjustment period for the liquor industry is not yet over, and further developments in cost-cutting measures and employee compensation will need to be monitored [21].