北京市天元律师事务所 关于安徽迎驾贡酒股份有限公司 2024 年年度股东大会的法律意见 京天股字（2025）第 307 号 致：安徽迎驾贡酒股份有限公司 安徽迎驾贡酒股份有限公司（以下简称"公司"）2024 年年度股东大会（以下 简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 5 月 28 日 14 点 30 分在安徽省六安市霍山县迎驾金陵大酒店会议室召开。北京 市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次股 东大会现场会议，并根据《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》"）《上市公司股东会规则》（以下简称"《股东会规则》"）以及《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，就本次股 东大会的召集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程序 及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《安徽迎驾贡酒股份有限公司第五届董事 会第八次会议决议公告》《安徽迎驾贡酒股份有限公司第五届监事会第七次会议决 议公告》《安徽迎驾贡酒股份有限公司关于召开 2024 年年 ...

Group 1 - The company will hold an investor briefing on June 3, 2025, from 15:00 to 16:00 to discuss the 2024 annual report and the first quarter report of 2025 [2][3][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5] - Investors can submit questions from May 27, 2025, to June 2, 2025, and the company will address commonly asked questions during the briefing [2][5][7] Group 2 - Key personnel attending the briefing include the General Manager, Deputy General Manager, Independent Director, Board Secretary, and Financial Officer [4] - Contact information for inquiries includes a phone number and an email address for investors to reach out [6][7] - After the briefing, investors can access the main content and details of the event through the Shanghai Stock Exchange Roadshow Center [7]

证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-010 安徽迎驾贡酒股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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法律责任。 重要内容提示： ???会议召开时间：2025 年 06 月 03 日（星期二）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 05 月 27 日 （星期二） 至 06 月 02 日 （星 期一）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 4 月 29 日发布公司 2024 年度报告与 2025 年第一季度报告，为便于广 大投资者更全面深入地了解公司 2024 年度和 ...

证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-010 安徽迎驾贡酒股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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法律责任。 重要内容提示： 会议召开时间：2025 年 06 月 03 日（星期二）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 05 月 27 日 （星期二） 至 06 月 02 日 （星 期一）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 4 月 29 日发布公司 2024 年度报告与 2025 年第一季度报告，为便于广 大投资者更全面深入地了解公司2024年度和2025年第一季度经营成 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8]. Core Insights - The white liquor sector is experiencing a market sentiment impact due to new regulations on government dining that restrict alcohol service, although the fundamental demand is expected to stabilize during the Dragon Boat Festival [5]. - The report highlights that Kweichow Moutai has the ability to navigate through economic cycles and is focusing on internationalization and youth engagement for long-term growth [5]. - The overall valuation of the liquor sector is considered low, with many companies engaging in stock buybacks and increasing dividends, indicating potential for capital inflow [5]. - In the mass consumer goods sector, companies like Anjuke Foods and Three Squirrels are shifting towards product-driven strategies and expanding their product lines, indicating strong growth potential [6][7]. Summary by Sections Industry News - Guizhou announced a 660 million yuan investment project in the liquor sector [16]. - The industrial added value of Guizhou's liquor and tea industry grew by 4.7% from January to April [16]. - Wine imports increased by over 26% in the same period [16]. Company News - Kweichow Moutai launched a new product, a 1.935L Moutai 1935 [16]. - Other companies like Shanxi Fenjiu and Yanghe are focusing on market expansion and addressing development challenges [16]. Key Company Feedback - The report provides earnings forecasts for key companies, with several companies like Luzhou Laojiao and Gujing Gongjiu receiving "Buy" ratings based on their earnings per share (EPS) and price-to-earnings (PE) ratios [9]. Industry Performance - The food and beverage sector has shown varied performance, with the liquor segment facing a slight decline in sentiment due to regulatory changes, while mass consumer goods are recovering [3][5]. Core Data Trends - The white liquor industry reported a cumulative production of 4.145 million tons in 2024, a decrease of 7.72% year-on-year, while revenue for the industry reached 756.3 billion yuan, an increase of 9.7% [34]. - The seasoning industry has seen significant growth, with the market size increasing from 259.5 billion yuan in 2014 to 592.3 billion yuan in 2023, reflecting a CAGR of 9.6% [38].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8] Core Views - The report highlights that the liquor sector is experiencing a temporary emotional impact due to new regulations on government dining, which restricts alcohol service. However, the fundamental demand for liquor is expected to stabilize during the Dragon Boat Festival, with a focus on maintaining market stability and long-term strategic positioning for companies like Moutai [5][6] - The report emphasizes the growth potential in the consumer goods sector, particularly for companies like Anjuke Foods and Three Squirrels, which are innovating and expanding their product lines to drive long-term growth [6][7] - The report notes that the overall valuation of the liquor sector is low, with many companies engaging in stock buybacks and increasing dividends, indicating potential for capital inflow as domestic policies are expected to support the sector [5][6] Summary by Sections Industry News - Guizhou announced a 660 million yuan investment project in the liquor sector [16] - The industrial added value of Guizhou's liquor and tea industry grew by 4.7% from January to April [16] - Wine imports increased by over 26% in the same period [16] Company News - Moutai launched a new product, a 1.935L Moutai 1935 [16] - Other companies like Fenjiu and Yanghe are focusing on market expansion and addressing development challenges [16] Key Company Feedback - The report provides earnings forecasts for key companies, indicating a positive outlook for major players in the liquor and consumer goods sectors, with several companies rated as "Buy" [9] Industry Performance - The food and beverage sector has shown varied performance, with liquor experiencing a decline of 7.72% in production year-on-year, while revenue for the liquor industry increased by 9.7% in 2023 [34][34] Market Trends - The report indicates a significant growth trend in the seasoning industry, with the market size increasing from 259.5 billion yuan in 2014 to 592.3 billion yuan in 2023, reflecting a CAGR of 9.6% [38]

Core Viewpoint - The yellow wine sector is experiencing a significant surge in stock prices, contrasting sharply with the declining performance of the white wine sector, which has seen a notable drop in stock values ahead of the Dragon Boat Festival [1][6]. Yellow Wine Sector - Major yellow wine companies such as Kuaijishan and Guyue Longshan have seen stock price increases of 31.37% and 13.73% respectively, while Jinfeng Wine also reported a 6.77% rise [6][8]. - Kuaijishan's market capitalization has recently surpassed that of Guyue Longshan, marking a shift in the competitive landscape of the yellow wine market [9]. White Wine Sector - The white wine sector continues to face challenges, with the WIND white wine index experiencing a weekly decline of 2.43%, underperforming compared to the Shanghai and Shenzhen indices [2][4]. - Individual stocks such as Yingjia Gongjiu and Shanxi Fenjiu have seen significant weekly declines of 5.59% and 6.34% respectively, contributing to a broader trend of falling stock prices in the sector [2][3]. - Yingjia Gongjiu's stock has dropped 22% year-to-date, with the company recently announcing a revenue target of 7.6 billion yuan and a net profit target of 2.62 billion yuan for 2025, indicating a significant slowdown compared to previous ambitious targets [4][5]. Competitive Dynamics - The competitive dynamics within the yellow wine sector are shifting, with Kuaijishan's revenue growth of 10.1% in Q1 contrasting with Guyue Longshan's revenue decline of 4.9% [9]. - The strategic focus of Guyue Longshan on national brand expansion has led to a loss of market share in key regions, while both companies are vying for appeal among younger consumers, which will be crucial for future growth [9].

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].