公司代码：603198 公司简称：迎驾贡酒 安徽迎驾贡酒股份有限公司 2024年度内部控制评价报告 安徽迎驾贡酒股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导 ...

安徽迎驾贡酒股份有限公司 董事会审计委员会 2024 年度履职报告 安徽迎驾贡酒股份有限公司董事会审计委员会严格按照《公司法》《证券法》 《上市公司治理准则》《上海证券交易所股票上市规则》《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》和《公司章程》等规定，本着勤勉尽责、 恪尽职守的原则，认真履行了审计监督职权。现就审计委员会 2024 年度的履职 情况汇报如下： 一、审计委员会基本情况 安徽迎驾贡酒股份有限公司（以下简称"公司"）董事会下设的审计委员会 由 3 名成员组成，其中 2 名为独立董事，并由独立董事中的会计专家担任主任委 员。审计委员会全部成员均具有能够胜任审计委员会工作职责的专业知识和相关 工作经验，成员的组成符合相关法律法规的规定。 二、审计委员会年度会议召开情况 （四）2024 年 10 月 22 日，审计委员会召开 2024 年第四次会议，审议通过 了《公司 2024 年第三季度财务报告》《关于同一控制下企业合并追溯调整财务数 据的议案》。 三、审计委员会 2024 年度主要工作情况 （一）审阅公司财务报告 报告期内，我们认真审阅了公司的财务报告，认为公司财务报告是真实、完 ...

（一）基本信息 容诚会计师事务所（特殊普通合伙）（以下简称"容诚事务所"）成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通合伙企业，是国内最早获准 从事证券服务业务的会计师事务所之一，拥有 30 多年的证券业务从业经验。 容诚事务所在全国设有 19 家分支机构，总部位于北京，注册地址为北京市西 城区阜成门外大街 22 号 1 幢外经贸大厦 901-22 至 901-26。 （二）人员信息 容诚事务所首席合伙人刘维，截至 2024 年 12 月 31 日，容诚事务所共有合 伙人 212 人，注册会计师 1,552 人，其中 781 人签署过证券服务业务审计报告 （三）业务规模 容诚事务所经审计的 2023 年度收入总额为 287,224.60 万元,其中审计业务 收入 274,873.42 万元，证券期货业务收入 149,856.80 万元。2023 年 A 股上市 公司年报审计客户 394 家，审计收费总额 48,840.19 万元。客户覆盖计算机、 通信和其他电子设备制造业，专用设备制造业，电气机械和器材制造业，化学 原料和化学制品制造业，汽车制造业，医药制造业，橡胶和塑料制品业 ...

Group 1 - The overall performance of liquor companies was weak, with stock prices declining, particularly for major liquor brands, as their 2024 annual reports and 2025 Q1 reports were released, which were generally in line with or slightly below market expectations [1] - Public funds have significantly reduced their holdings in Yanghe and Yingjia Gongjiu, indicating concerns about the competitive strength of these companies in their respective regions [1][5] - The liquor sector saw a notable divergence in stock performance, with yellow wine companies like Kuaijishan and Guyue Longshan showing significant weekly gains of 12.39% and 5.39%, respectively, while the white liquor sector continued to decline [2][3] Group 2 - The white liquor index experienced a weekly decline of 1.61%, marking three consecutive weeks of losses, with major brands like Luzhou Laojiao and Shanxi Fenjiu seeing declines exceeding 3% [3] - Companies facing operational difficulties, such as ST Yanshi, saw substantial weekly declines, with ST Yanshi down 14.95% and Mogao Co. and Hainan Yedao down 7.65% and 8.11%, respectively [4] - As of March 31, 2025, public funds held a total market value of 257.1 billion yuan in the white liquor sector, a decrease of 0.23 percentage points from the previous quarter, continuing a downward trend since 2022 [5]

Group 1 - Public funds have adjusted their holdings in the first quarter, with the top three heavyweights being CATL, Kweichow Moutai, and Tencent Holdings, with total market values of 146.78 billion, 141.49 billion, and 84.89 billion respectively [1] - The overall market for alcoholic beverages in China is facing challenges such as intensified competition, excess capacity, and changing consumer preferences, leading to a noticeable decline in market growth and profitability [1][6] - Some funds have reduced their holdings in liquor stocks, particularly in well-known brands like Wuliangye and Yanghe, while others, such as E Fund and Huatai-PineBridge, have increased their positions in Shanxi Fenjiu and Luzhou Laojiao [1][2] Group 2 - The latest data shows that the total market value of the liquor-related funds has changed little despite some reductions in holdings, with the total market value of the top ten holdings in the China Securities Liquor Index Fund decreasing by approximately 2.6 billion [2] - Shanxi Fenjiu has emerged as a significant highlight, with 28 funds making it their top holding, reflecting a shift in investment focus [7] - Fund managers emphasize the importance of cash flow and are looking for companies with strong business models and competitive advantages, indicating a strategic shift in investment logic [11]

一 、库存周期的本质 ： 供需错配的动态平衡 白酒库存周期的本质是 供给刚性与需求弹性的错配 。 供给端的长周期属性 ： 高端白酒 （ 如茅台 、五粮液 ）生产需经历制曲 、发酵 、蒸馏 、陈酿等环节 ，陈酿时间可达 3-5 年 ， 导致产能释放存在明显滞后性13 。这种 " 生产 - 库存 - 销售 " 的长链条使得企业难以快速响应市场需 求变化 ，容易积累库存压力 。例如 ，泸州老窖因 2020 年技改新增 10 万吨产能 ，半成品酒库存从 2018 年的 46.96 亿元增至 2024 年的 123 亿元 。而中低端白酒生产周期较短 （ 如五粮液系列酒基 酒仅需 81 天 ），库存周转相对灵活 ，但受价格敏感型需求波动影响更大 。 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 资悟堂 来源：雪球 " 白酒行业的库存周期是生产刚性 、需求弹性 、渠道博弈 、政策调控等多因素共同作用的结果 。当 前行业处于主动去库后期 ，预计 2025 年末逐步进入补库 ，但价格带分化 、集中度提升 、消费分层 等结构性变革将重塑竞争格局 。企业需通过品牌护城河 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34] Core Views - In March, retail sales showed a month-on-month recovery, increasing consumer demand focus. The retail sales growth rate in March was 5.9% year-on-year, up 1.9 percentage points from January-February, indicating a sustained recovery in consumption driven by previous policy stimuli. Looking ahead, the importance of domestic demand is expected to rise amid external demand disturbances, with consumption policies likely to be further enhanced to boost demand recovery [5][6] - The food and beverage index increased by 1.47% this week, with notable stock performances from Anji Food (+50.00%), Gui Faxiang (+14.58%), and Zuming Shares (+12.00%). The report emphasizes the resilience of essential consumer goods, predicting a sustained increase in attention towards these products due to improving consumer confidence and income [5][11] Summary by Sections Alcohol Industry - The high-end liquor segment remains strong, with recommendations for Kweichow Moutai, Wuliangye, and Luzhou Laojiao. The next tier of liquor, represented by Shanxi Fenjiu, is also recommended as it continues to expand nationally. For real estate liquor, companies like Yingjia Gongjiu and Jiansiyuan are highlighted [5][6] - Kweichow Moutai is projected to achieve a revenue of 170.6 billion yuan in 2024, a year-on-year increase of 15.9%. The company aims for a revenue growth of around 9% in 2025 [6][33] - Wuliangye's revenue for Q3 2024 is expected to be 173 billion yuan, with a net profit of 59 billion yuan, reflecting a stable shareholder return strategy [6][33] Food Industry - The food index saw a rise of 1.47% this week, with significant gains in essential consumer goods. The report suggests that the demand for essential goods will continue to grow, supported by policies aimed at boosting consumption and improving household income [5][11] - Anji Food reported a revenue of 110.77 billion yuan for Q1-Q3 2024, with a year-on-year growth of 7.84%. The company is positioned well in the frozen food market, despite facing some pressure from the macroeconomic environment [8][33] - Dongpeng Beverage's revenue for Q1-Q3 2024 reached 125.58 billion yuan, a 45.34% increase year-on-year, indicating strong growth in the functional beverage sector [8][33] Key Company Announcements - Kweichow Moutai is recruiting operators for its products on major platforms, aiming to expand its market presence [16] - Jinhuijiu reported a revenue of 11.1 billion yuan for Q1 2025, a year-on-year increase of 3.0% [17]

BNPP Exane给予贵州茅台跑赢大盘的初始评级，目标价2,350元人民币。 BNPP Exane给予五粮液跑赢大盘的初始评级，目标价210元人民币。 BNPP Exane给予山西汾酒跑赢大盘的初始评级，目标价338元人民币。 BNPP Exane给予安徽迎驾贡酒股份有限公司跑赢大盘的初始评级。 ...

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]