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]

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]