安徽迎驾贡酒股份有限公司 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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 28 日 (二)股东大会召开的地点：安徽省六安市霍山县迎驾金陵大酒店会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 77.1450 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场投票和网络投票相结合的方式表决，会议由公司董事 会召集，董事长倪永培先生主持会议。本次会议的召集、召开和表决符合《公司 法》及《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 生、财务负责人王亚先生等高级管理人员列席了会议。 二、 议案审议情况 (一)非累积投票议案 审议结果：通过 表决情况： 股东类型 同意 反对 弃权 票数 比例 （%） 票数 比例 票数 比例 （%） （%） A股 616,586,513 99.9070 399,202 0.06 ...

证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-011 安徽迎驾贡酒股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 28 日 (二)股东大会召开的地点：安徽省六安市霍山县迎驾金陵大酒店会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 728 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 617,160,315 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 77.1450 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场投票和网络投票相结合的方式表决，会议由公司董事 会召集，董事长倪永培先生主持会议。本次会议的召集、召开和表决符合《公司 法》及《 ...

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 ...

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 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].

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]

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]