Group 1: Sales Performance - The first phase of Tmall's 618 sales event saw a 72% year-on-year growth in core liquor brands within the Taobao ecosystem, with significant increases in domestic liquor categories [2] - Notable sales growth in domestic liquor brands includes Jian Nan Chun at 284%, Luzhou Laojiao at 433%, and Langjiu at 90% [2] - Imported wine brands also performed well, with Penfolds achieving a 408% increase, ranking second among core liquor brands [2] Group 2: Industry Developments - Nine local specialty liquor industries, including Beijing Erguotou and Shanxi Fen Yang liquor, have been included in the Ministry of Industry and Information Technology's cultivation list [3] - Jiangsu's liquor market is valued at over 100 billion yuan, accounting for 10% of the national market, with white liquor sales reaching nearly 62 billion yuan [4] Group 3: Company Initiatives - Yanghe and Jinshiyuan are actively sponsoring the "Su Super" football league to engage with fans and boost brand visibility [4] - Moutai launched a series of new products at the Osaka Expo, with rapid sell-out observed on the iMoutai app [5] - Jinshiyuan's production capacity is set to exceed 80,000 tons following the completion of a technical upgrade project [10] Group 4: Financial Updates - Guizhou Moutai has repurchased shares totaling 5.1 billion yuan, with a remaining buyback amount of 900 million yuan [6][7] - Zhangyu A was removed from the Shenzhen Component Index, reporting a revenue decline of 25.26% and a net profit drop of 42.68% [13] Group 5: New Product Launches - Langjiu introduced a customized liquor product featuring 520 surnames, available exclusively at its production site [8] - Three Squirrels entered the beverage market with a new brand "Sun Wukong," achieving significant sales shortly after launch [9]

Investment Rating - The report maintains a "Positive" investment rating for the liquor industry [13] Core Insights - The liquor industry is experiencing a proactive inventory reduction phase, with companies adjusting their growth strategies to maintain healthy operations [6][10] - In 2024, the total revenue of the liquor industry is projected to be 431.6 billion yuan, reflecting a year-on-year growth of 8.25% [2][18] - The net profit attributable to shareholders for 2024 is expected to reach 166.6 billion yuan, with a year-on-year increase of 7.28% [2][18] Revenue and Profit Trends - The quarterly revenue growth rates for the liquor industry from Q1 2024 to Q1 2025 are +15.37%, +12.05%, +2.42%, +1.43%, and +2.42% respectively [2][6] - The quarterly net profit growth rates for the same period are +15.68%, +10.79%, +1.88%, -2.7%, and +2.63% respectively [2][6] Price Segment Analysis - High-end liquor shows relatively stable performance with a revenue growth rate of 12% in 2024, while the mass market segments face significant adjustments [7][29] - In Q1 2025, the revenue growth rates are as follows: high-end (8%), next high-end (3%), mass high-end (-11%), and mass ordinary (-12%) [30] Profitability Metrics - The gross profit margin for the liquor industry in 2024 is 82.99%, with a slight year-on-year increase of 0.42 percentage points [9][39] - The net profit margin for 2024 is 38.6%, showing a decrease of 0.35 percentage points year-on-year [9][39] Cash Flow Situation - The operating cash flow for Q4 2024 is reported at 62.2 billion yuan, reflecting a year-on-year increase of 51% [48] - In Q1 2025, the operating cash flow is 40.9 billion yuan, with a year-on-year growth of 34% [48] Structural Opportunities - Despite the overall inventory reduction phase, there are still structural opportunities within the industry, particularly for companies with strong barriers and pricing power [10][20] - The report suggests focusing on companies that are benefiting from market share concentration and consumption upgrades, particularly high-end brands [11]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company, with a target price of Rmb66.00 based on a current price of Rmb40.93 [2][5]. Core Insights - The baijiu industry is experiencing intensified differentiation, with national and regional leaders demonstrating resilience. This adjustment marks a shift from incremental expansion to stock optimization, expected to lead to a new pattern characterized by "high-end leadership and regional integration" [3][11]. - The company is recognized as a leader in ecological baijiu, holding a core position in the popular price band within Anhui Province. Its unique brewing water source contributes to its ecological taste, allowing it to avoid traditional strong flavor competition. The company has achieved the highest market share in the popular price band in the province, with over 80% coverage in townships [12][3]. - The growth of the company's cave collection series continues, with a significant increase in its revenue share. From 2015 to 2023, the company's total revenue and net profit grew at CAGRs of +11.1% and +20.1%, respectively. In FY24, total revenue and net profit are projected to increase by 8.5% and 13.4% year-on-year, respectively [13][4]. Financial Performance Summary - The company's gross profit margin and net profit margin for FY24 are expected to be 73.9% and 35.3%, respectively, reflecting a year-on-year increase of 2.6 percentage points and 1.21 percentage points. This is attributed to strong sales of high-end products and effective cost control [14][4]. - The company announced a dividend yield of 3.7% for FY24, with a payout ratio of 46.3%, indicating potential for further increases in long-term investment value. Revenue projections for 2025-2027 are Rmb74 billion, Rmb79 billion, and Rmb84 billion, with corresponding net profits of Rmb27 billion, Rmb28 billion, and Rmb29 billion [15][5].

Investment Rating - The industry rating is "Positive" (maintained) [5] Core Views - The new consumption trend continues, focusing on low-priced/undervalued stocks with potential catalysts, particularly in the food and beverage sector. Key areas of focus include "category dividends in the food sector," "new channel drivers like membership supermarkets," and "new hotspots in health products" [2][16] - The traditional consumption represented by liquor may face pressure, with current recommendations for leading brands in the fragrance category [12][16] Summary by Sections Liquor Sector - The liquor sector is expected to face pressure in Q2, with current valuations remaining low. Recommended stocks include leading brands such as Guizhou Moutai, Wuliangye, and Shanxi Fenjiu for medium-term positioning [12][16] - Recent performance shows a decline of 0.84% in the liquor sector, with notable increases in stocks like Jinhui Liquor (+6.25%) and Huangtai Liquor (+5.03%) [3][22] - Guizhou Moutai has launched new products at the 2025 Osaka World Expo, indicating ongoing brand expansion efforts [4] Consumer Goods Sector - The consumer goods sector continues to show potential, with a focus on stocks like New Dairy, Jin Zai Food, and Aijia Food. The sector saw a rise in non-dairy beverages (+1.33%) and meat products (+1.30%) [2][22] - The overall market sentiment remains positive, with a recommendation for leading stocks in the retail transformation and cost cycle opportunities [16] Market Performance - From June 3 to June 6, the CSI 300 index rose by 0.88%, with the non-dairy beverage and meat product sectors leading the gains. In contrast, other liquor categories saw declines [22] - The valuation levels in the food and beverage industry have adjusted, with the industry trading at 21.64 times earnings, while specific segments like liquor are trading at varying multiples [28]

Core Viewpoint - The company is facing significant pressure on its stock price, which has dropped 24.66% since the beginning of 2025, marking its second-worst performance since its listing [1][6]. Group 1: Stock Performance and Investor Concerns - Investors are concerned about how the company plans to stabilize its stock price amid a significant decline [3][5]. - The company's management has responded to investor inquiries with a calm demeanor, reiterating their commitment to improving operational performance and increasing dividends to enhance shareholder returns [2][5]. - Despite the stock price decline, several brokerage firms maintain a "buy" rating on the company's stock, indicating optimism about its future performance [6][11]. Group 2: Financial Performance and Market Challenges - The company reported a decline in revenue and net profit for the first quarter, attributed to a slowdown in economic growth and weak consumer demand [9][10]. - The company's revenue from outside its primary market has been growing, but its proportion of total revenue has decreased, reaching a five-year low in 2024 [10][11]. - The company has set ambitious targets for 2025, aiming for revenue of 7.6 billion and net profit of 2.62 billion, reflecting modest growth expectations [13]. Group 3: Strategic Initiatives and Future Outlook - The company plans to stabilize its core market in the short term while focusing on differentiated competition and regional strategies for market expansion [13]. - There are concerns that the company's mid-to-high-end strategy may have reached its peak, and it will need to enhance its brand competitiveness to regain growth momentum [13].

Core Viewpoint - The performance decline of Yingjia Gongjiu in the first quarter of this year exceeded investor expectations, with revenue and net profit both experiencing significant drops compared to the previous year [1][2]. Financial Performance - In Q1, Yingjia Gongjiu reported revenue of 2.047 billion yuan, a year-on-year decrease of 12.4%, and a net profit of 829 million yuan, down 9.5% [1]. - The company's financial targets for 2024 are set at 7.6 billion yuan in revenue and 2.62 billion yuan in net profit, representing a modest growth of 3.49% and 1% respectively compared to the previous year [1]. Market Conditions - The decline in performance is attributed to several factors, including a slowdown in economic growth, weak consumer demand, and the company's strategy to control volume and stabilize prices [1][2]. - The mid-to-high-end product segment, particularly the Dongcang series, saw an 8.57% revenue decline in Q1, raising concerns about potential growth limitations [2]. Accounts Receivable - Yingjia Gongjiu's accounts receivable increased significantly, with figures reaching 195 million yuan by the end of 2024 and 123 million yuan by the end of Q1 2025, more than double and over one time the previous year's figures respectively [2]. Stock Performance - The company's stock has underperformed in the market, with a decline of 24.66% year-to-date as of June 3 [2][3]. - The management is focused on improving operational performance to enhance valuation and is committed to better investor communication [2][3]. Dividend Policy - Currently, there are no plans for mid-term dividends or share buybacks, with the company emphasizing the need to balance capital expenditures with dividend payouts [3]. - The management indicated that future dividend rates will be adjusted based on actual operating conditions and development plans [3].

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1][53]. Core Insights - The food and beverage sector experienced a decline of 1.06% last week, slightly outperforming the CSI 300 index by 0.02 percentage points, ranking 27th among 31 sectors [4][9]. - The liquor segment is in a bottoming phase, with a focus on leading companies for recovery. The impact of recent "alcohol bans" is expected to be limited, as business banquets and personal consumption remain the primary drivers of demand [4][9]. - The beer sector is showing signs of improvement as the peak consumption season approaches, with April production figures indicating a 4.8% year-on-year increase [4][23]. - The snack segment is characterized by high growth potential, driven by strong product categories and new distribution channels [4]. - The dairy sector is expected to stabilize as upstream production capacity adjusts, with milk prices anticipated to recover gradually [4]. Summary by Sections 1. Market Performance - The food and beverage sector's performance last week was a decline of 1.06%, with soft drinks showing a notable increase of 9.27% [4][9]. - Top-performing stocks included Junyao Health and Kweichow Moutai, with gains of 38.58% and 32.17% respectively [4][9]. 2. Key Consumer Products and Raw Material Prices 2.1 Liquor Prices - As of June 1, 2025, the price for 2024 Moutai (bottle) is 2,070 CNY, down 50 CNY from the previous month [18]. 2.2 Beer Data - April production for major beer companies reached 2.896 million kiloliters, a 4.8% increase year-on-year [23]. 2.3 Upstream Raw Material Data - As of May 30, 2025, the price of fresh milk is 12.17 CNY per liter, with a year-on-year decrease of 0.49% [25]. 3. Industry Dynamics - Significant growth in wine sales was reported during the JD 618 shopping festival, with red wine sales increasing by 200% year-on-year [50]. - Guangdong province's beer production increased by 1.3% in the first four months of 2025 [50]. 4. Core Company Dynamics - Fuling Zhacai announced a cash dividend of 4.20 CNY per share, totaling 4.85 billion CNY [52]. - Haitian Flavoring announced a cash dividend of 8.60 CNY per share, totaling 47.73 billion CNY [52].

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [4]. Core Viewpoints - The new consumption trend continues, focusing on low-priced/undervalued stocks with potential catalysts, particularly in the food sector, new retail channels, and health products [2][29]. - The report highlights the need to pay attention to the white liquor sector, which may face pressure in the second quarter, suggesting a focus on leading brands with strong market positions [16][29]. Summary by Sections White Liquor Sector - The white liquor sector is currently under pressure, with a recommendation to prioritize leading brands such as Guizhou Moutai, Wuliangye, and Shanxi Fenjiu for mid-term investments [16][29]. - Recent policies regarding public receptions may impact white liquor consumption, but the overall effect is expected to be limited due to a shift from government to business consumption since 2016 [7][16]. - The report notes that the white liquor sector is still in a bottoming phase, with opportunities for mid-term positioning in leading brands [4][16]. Consumer Goods Sector - The consumer goods sector shows a continuation of the new consumption trend, with a focus on potential catalysts in food categories, new retail channels, and health products [2][29]. - Recommended stocks in this sector include Jin Zai Foods, New Dairy, Anji Foods, and others, with a focus on companies that can leverage new retail opportunities [2][29]. Market Performance - From May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while non-dairy beverages and other liquor categories saw gains of 8.96% and 7.93%, respectively, with white liquor declining by 2.80% [2][35]. - Specific stocks such as Tianyoude Liquor and Huazhi Liquor showed positive performance, while others like Luzhou Laojiao and Shanxi Fenjiu experienced declines [3][39]. Price Trends - The report provides insights into the pricing trends of key white liquor brands, indicating stable prices for Guizhou Moutai and Wuliangye, with slight fluctuations noted [15][55].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company's revenue for 2024 is projected to be 73.44 billion yuan, with a year-on-year growth of 8.46%, while the net profit attributable to the parent company is expected to reach 25.89 billion yuan, reflecting a growth of 13.45% [1] - The company experienced a decline in performance in Q1 2025, with revenue dropping by 12.35% year-on-year to 20.47 billion yuan [1] - The company aims to maintain a dividend payout ratio of 46.35%, slightly up from 45.46% in 2023 [1] Revenue Breakdown - In 2024, the company's liquor business revenue reached 70.02 billion yuan, with high-end liquor (including the cave series) contributing 57.13 billion yuan, up 13.76% year-on-year, while ordinary liquor revenue fell by 6.53% to 12.90 billion yuan [2] - For Q1 2025, the liquor business revenue was 19.62 billion yuan, down 12.32% year-on-year, with high-end liquor revenue at 17.20 billion yuan, a decrease of 8.57%, and ordinary liquor revenue plummeting by 32.09% to 2.42 billion yuan [2] Regional Performance - In 2024, the company's revenue from the domestic market was 50.93 billion yuan, up 12.75% year-on-year, while revenue from outside the province was 19.09 billion yuan, a modest increase of 1.31% [3] - In Q1 2025, domestic revenue was 16.33 billion yuan, down 7.71% year-on-year, while revenue from outside the province fell significantly by 29.74% to 3.29 billion yuan [3] Profitability and Cost Structure - The company's gross margin for 2024 improved to 73.94%, with a net profit margin of 35.26%, reflecting an increase of 2.57 and 1.21 percentage points year-on-year, respectively [4] - In Q1 2025, the gross margin further increased to 76.49%, with a net profit margin of 40.47%, indicating a continued improvement in profitability [4] Financial Forecasts - The company has revised its revenue forecasts for 2025-2027, now expecting revenues of 74.4 billion yuan, 79.9 billion yuan, and 85.1 billion yuan, respectively, down from previous estimates of 85.6 billion yuan and 97.3 billion yuan for 2025 and 2026 [4] - The net profit attributable to the parent company is projected to be 26.3 billion yuan, 28.7 billion yuan, and 31.0 billion yuan for 2025-2027, respectively [4] Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025-2027 are 12.8X, 11.7X, and 10.9X, respectively [4] - The company’s total market capitalization is reported at 33.664 billion yuan, with a current price of 42.08 yuan per share [7]

北京市天元律师事务所 关于安徽迎驾贡酒股份有限公司 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 年年度股东大会的通知》（以 下 ...