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 ...

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 房地产 | 1.69 | 122.16 | 69.88 | 空港股份 | 10.01 | | 综合 | 1.48 | 21.31 | -3.44 | 综艺股份 | 10.10 | | 环保 | 1.43 | 117.72 | 51.92 | 久吾高科 | 20.02 | | 美容护理 | 1.40 | 84.01 | -10.34 | 拉芳家化 | 9.55 | | 国防军工 | 1.02 | 412.46 | 12.33 | 航天彩虹 | 9.99 | | 交通运输 | 1.01 | 279.98 | -4.05 | 连云港 | 10.07 | | 社会服务 | 0.96 | 81.20 | 39.41 | 创业黑马 | 6.88 | | 公用事业 | 0.84 | 186.92 | 1.56 | 珠海港 | 10.00 | | 农 ...

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]

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 distribution channels, leading to continuous profit growth [9] Financial Performance Summary - For 2024, the company's total revenue was 73.44 billion yuan, with a net profit of 25.89 billion yuan, reflecting a year-on-year increase of 9% and 13% respectively [5] - The gross margin for 2024 was 74%, up by 2.6 percentage points year-on-year, while the net margin was 35%, an increase of 1.2 percentage points [5] - The company's earnings per share (EPS) for 2025-2027 are projected to be 3.26, 3.53, and 3.85 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 14, 13, and 12 times [9][11] Product and Market Analysis - In 2024, the revenue from mid-to-high-end liquor was 57.13 billion yuan, while ordinary liquor revenue was 12.89 billion yuan, with respective gross margins of 81.07% and 57.93% [6] - Revenue from direct sales (including group purchases) grew by 34.62%, while wholesale and agency revenue increased by 8.01% in 2024 [6] - The company's revenue from domestic sales reached 50.93 billion yuan, a year-on-year increase of 12.75%, while revenue from outside the province was 19.09 billion yuan, up by 1.31% [6]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Core Viewpoint - In Q1 2025, Yingjia Gongjiu, known as the "second largest liquor brand in Anhui," reported unexpected declines in both revenue and net profit during the traditional peak sales season, indicating significant challenges in the competitive landscape and internal structural issues [2][3] Group 1: Financial Performance - Yingjia Gongjiu's revenue decreased by 12.35% year-on-year to 2.047 billion yuan, while net profit fell by 9.54% to 829 million yuan, marking the first decline in a key quarter since surpassing Kouzi Jiao to become Anhui's second-largest liquor company in 2022 [2] - The company's revenue from outside Anhui dropped sharply by 29.7% year-on-year, with core markets like Jiangsu and Shanghai facing strong competition from brands such as Jiansiyuan and Yanghe [2] Group 2: Market Challenges - The competitive environment for Yingjia Gongjiu has intensified, with pressures from both national brands like Moutai and Wuliangye and local competitors such as Kouzi Jiao and Jinzhongzi, leading to a "double-edged sword" situation [2] - The slowdown in consumption upgrades within Anhui and a reduction in demand for business banquets have further weakened growth momentum for Yingjia Gongjiu [3] Group 3: Strategic Adjustments - In response to these challenges, Yingjia Gongjiu plans to combine "deepening in Anhui" with "transforming outside the province," focusing on organizational restructuring and vertical management [3] - The company aims to enhance its brand premium through differentiated marketing strategies, such as promoting its "Dabie Mountain ecological brewing" concept and integrating cultural tourism [3] - Yingjia Gongjiu's sales expenses are projected to decrease significantly from 27.2% in 2023 to 0.8% in 2024, indicating a more conservative approach to marketing amid fierce competition [3] Group 4: Industry Trends - The liquor industry is shifting from channel-driven strategies to consumer value-driven approaches, necessitating regional brands like Yingjia Gongjiu to build new barriers through quality recognition and lifestyle marketing [3] - The ability of Yingjia Gongjiu to convert its ecological concept into sustainable competitive advantages and overcome its national operational shortcomings will be crucial for its stability amid industry restructuring [3]