Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][20] Core Views - The company continues to face revenue and net profit pressure, with a significant decline in both metrics for Q3 2025. Total revenue for the first three quarters of 2025 was 4.516 billion yuan, down 18.09% year-on-year, while net profit attributable to shareholders was 1.511 billion yuan, down 24.67% [1][4] - The company is expected to focus on reducing channel inventory in the fourth quarter, with significant pressure to meet annual sales targets due to increased competition in the domestic market [4][12] - Despite the current challenges, there is a medium to long-term potential for recovery in demand within Anhui province, particularly for the company's cave-aged series, which is anticipated to perform better than the overall market [4][12] Summary by Sections Financial Performance - For Q3 2025, total revenue was 1.356 billion yuan, a decrease of 20.76% year-on-year, and net profit was 381 million yuan, down 39.01% [1][2] - The overall gross margin for Q3 2025 was 70.2%, a decline of 6.0 percentage points year-on-year, attributed to increased promotional efforts [3][4] - The company’s cash flow from operations was 472 million yuan, down 31.7% year-on-year, indicating a tightening cash flow situation [3][4] Product and Market Analysis - In Q3 2025, the revenue from mid-to-high-end liquor was 1.014 billion yuan, down 21.78% year-on-year, while ordinary liquor revenue was 260 million yuan, down 22.78% [2][4] - The company’s revenue from direct sales (including group purchases) was 94 million yuan, down 7.61% year-on-year, while wholesale and agency revenue was 1.180 billion yuan, down 22.94% [2][4] Future Outlook - The company has slightly adjusted its revenue and net profit forecasts for 2025-2027, now expecting revenues of 6.12 billion yuan in 2025, down 16.7% year-on-year, and net profits of 1.985 billion yuan, down 23.3% year-on-year [4][12] - The current stock price corresponds to a P/E ratio of 15.7 for 2025 and 14.5 for 2026, maintaining the "Outperform the Market" rating [4][20]

Group 1 - The food and beverage sector experienced a significant reversal on October 30, with the Food ETF (515710) opening lower but then rising to a gain of 0.33% as of the report [1] - Notable stocks in the sector included strong performances from liquor brands, with companies like Yingjia Gongjiu and Tangchen Beijian both rising over 4%, and New Dairy rising over 3% [1] - Guizhou Moutai reported a total revenue of 130.904 billion yuan for the first nine months of the year, a year-on-year increase of 6.32%, with a net profit of 64.626 billion yuan, also reflecting a growth of 6.25% [2][3] Group 2 - Huatai Securities highlighted that the food and beverage sector is currently at a low valuation, making it a potentially good time for investment, with the Food ETF's price-to-earnings ratio at 19.99, which is in the 4.7% percentile of the last decade [3] - Guizhou Moutai's third-quarter revenue reached 39.81 billion yuan, showing a slight year-on-year increase of 0.35%, indicating stable performance amidst market fluctuations [2][3] - The food and beverage sector is expected to enter a recovery phase as consumer policies from the second quarter begin to wane, with signs of improved supply chain dynamics and industry consolidation [4]

证券研究报告 | 公司点评报告 2025 年 10 月 30 日 迎驾贡酒（603198.SH） % 1m 6m 12m 绝对表现 -5 -17 -40 相对表现 -7 -43 -61 资料来源：公司数据、招商证券 -40 -20 0 20 40 Oct/24 Feb/25 Jun/25 Sep/25 (%) 迎驾贡酒 沪深300 Q3 下滑幅度与 Q2 接近，出清效果逐步显现 消费品/食品饮料 公司发布《2025 年第三季度报告》，25Q3 公司实现营收/归母净利润 13.6 亿 元/3.8 亿元，同比-20.8%/-39.0%。公司 Q3 营收、净利润下滑幅度较 Q2 相仿， 在行业整体大幅出清的背景下显现一定韧性，先于行业进行调整的效果逐步显 现。各产品线单季度调整幅度同比收窄，洞 6、洞 9 在省内市场需求基本平稳， 静候动销企稳后业绩逐步修复。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 6720 | 7344 | 6052 | ...

Group 1 - The core viewpoint of the news is that Yingjia Gongjiu (603198.SH) has a significant institutional ownership, with 25 institutional investors holding a total of 666 million shares, representing 83.30% of the total share capital [1] - The top ten institutional investors collectively hold 82.72% of the shares, with an increase of 0.50 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, seven funds increased their holdings, with a total increase ratio of 0.88% [2] - One public fund, Guolian Jinghui Mixed A, reported a decrease in holdings, indicating a slight decline [2] - Nine new public funds were disclosed during this period, while 129 funds were not disclosed compared to the previous quarter [2]

格隆汇10月29日丨迎驾贡酒(603198.SH)发布三季报，2025年前三季度实现营业总收入45.16亿元，同比 下降18.09%；归属母公司股东净利润15.11亿元，同比下降24.67%；基本每股收益为1.89元。 ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the third quarter of 2025 compared to the previous year [2] Financial Performance - The company achieved an operating income of 1.356 billion yuan, representing a year-on-year decrease of 20.76% [2] - The net profit attributable to shareholders was 381 million yuan, down 39.01% year-on-year [2] - The basic earnings per share stood at 0.48 yuan [2]

Core Viewpoint - Anhui Yingjia Distillery Co., Ltd. reported a decline in both revenue and net profit for the first three quarters of 2025, indicating challenges in the market [1] Financial Performance - For the first nine months, the company achieved operating revenue of 4.516 billion yuan, a year-on-year decrease of 18.09% [1] - The net profit attributable to shareholders of the listed company was 1.511 billion yuan, down 24.67% year-on-year [1] Product Sales Breakdown - In terms of product categories, the mid-to-high-end liquor segment generated sales revenue of 1.014 billion yuan, while ordinary liquor sales amounted to 260 million yuan [1] - The company reported sales revenue of 875 million yuan from domestic markets and 398 million yuan from external markets during the first nine months [1]

安徽迎驾贡酒股份有限公司 内幕信息知情人管理制度 （2025 年修订） 第一章 总则 第一条 为进一步规范安徽迎驾贡酒股份有限公司（以下简称"公 司"）内幕信息及内幕信息知情人的管理，维护公司信息披露的公开、 公平、公正原则，保护投资者的合法权益，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 司信息披露管理办法》《上海证券交易所股票上市规则》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， 制定本制度。 第二条 公司董事会是内幕信息的管理机构，董事会应当保证内 幕信息知情人档案真实、准确和完整，董事长为主要责任人。董事会 秘书负责组织实施内幕信息的日常管理工作，证券部是公司信息披露 管理、投资者关系管理、内幕信息登记备案的日常办事机构。董事长 与董事会秘书应当对内幕信息知情人档案的真实、准确和完整签署书 面确认意见。 第三条 未经董事会批准或其指定人员同意，公司任何部门和个 人不得向外界泄露、报道、传送有关涉及公司内幕信息及信息披露的 内容。 第四条 公司董事、高级管理人员和公司各部门、各分子公司都 （一）公司的经营方针和经营范围发生重 ...

安徽迎驾贡酒股份有限公司 重大信息内部报告制度 （2025 年修订） 第一章 总 则 第一条 为加强安徽迎驾贡酒股份有限公司（以下简称"公司"） 重大信息内部报告管理，明确公司重大信息内部报告的方法和流程， 确保公司真实、准确、完整、及时、公平地披露所有重大信息的相关 信息，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司信息披露管理办法》《上海证券交易所股票上市规则》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，结合公司实际情况，制定本制度。 第二条 本制度适用于公司及其分公司、子公司（包括全资子公 司、控股子公司）。对公司有重要影响的参股公司可参照本制度执行。 第三条 本制度所述重大信息是指当出现、发生或即将出现、发 生可能对公司证券及其衍生品种的交易价格产生重大影响的情形或 事项，以及相关法律、行政法规、部门规章、规范性文件规定和证券 监管部门要求披露的其他信息。 第二章 重大信息报告的管理和责任 第四条 重大信息的内部报告及对外披露工作由公司董事会统一 领导和管理： （一）董事长是信息披露第一责任人； （二）董事会秘书负责协调和组织公司的重大信息内部报告 ...

Group 1 - The core viewpoint of the news is that Yingjia Gongjiu reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] - The company's revenue for the first three quarters of 2025 was approximately 4.516 billion yuan, representing a year-on-year decrease of 18.09% [1] - The net profit attributable to shareholders of the listed company was about 1.511 billion yuan, reflecting a year-on-year decrease of 24.67% [1] Group 2 - As of the report, Yingjia Gongjiu's market capitalization stands at 31.3 billion yuan [2] - The A-share market has recently surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market transformation [2]