安徽迎驾贡酒股份有限公司 内部审计制度 （2025 年修订） 第一章 总则 第一条 为了建立健全安徽迎驾贡酒股份有限公司（以下简称"公 司"）内部审计制度，加强内部审计和监督工作，维护公司和全体股 东的合法权益，根据《中华人民共和国公司法》《中华人民共和国审 计法》《中华人民共和国会计法》《审计署关于内部审计工作的规定》 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，制定本制度。 第二条 本制度所称内部审计，是指公司内部审计机构或人员， 对公司内部控制和风险管理的有效性、财务信息的真实性和完整性以 及经营活动的效率和效果等开展的一种评价活动。 第三条 公司按国家有关法律、法规、政策及公司规章制度和本 制度实施内部审计，以加强内部管理和监督，遵守国家财经法规，执 行股东会和董事会决议，改善经营管理，提高经济效益。 第二章 内部审计机构和审计人员 第四条 公司董事会下设立审计委员会，主要负责审核公司财务 信息及其披露、监督及评估内外部审计工作和内部控制。 第五条 公司设内部审计部门，依法、独立地实施内部审计工作， 对公司业务活动、风险管理、内部控制、财务信息等事项进行监 ...

安徽迎驾贡酒股份有限公司 防范控股股东及关联方占用公司资金管理制度 （2025 年修订） 第一章 总则 第二条 公司董事和高级管理人员对维护本公司资金安全负有法 定义务。 第三条 本制度所称资金占用包括但不限于：经营性资金占用和 非经营性资金占用。 经营性资金占用是指：控股股东、实际控制人及其他关联方通过 采购、销售等生产经营环节的关联交易产生的资金占用。控股股东、 实际控制人及其他关联方与公司发生的经营性资金往来中，不得占用 公司资金。 非经营性资金占用是指：公司为控股股东、实际控制人及其他关 联方垫付的工资、福利、保险、广告等费用和其他支出；代控股股东、 实际控制人及其他关联方偿还债务而支付的资金；有偿或无偿、直接 或间接拆借给控股股东、实际控制人及其他关联方的资金；为控股股 东、实际控制人及其他关联方承担担保责任而形成的债权；其他在没 有商品和劳务对价情况下提供给控股股东、实际控制人及其他关联方 使用的资金。 第四条 公司应当严格按照法律、行政法规及《公司章程》的有 关的规定，实施与控股股东、实际控制人及其关联方通过采购、销售 等生产经营环节产生的关联交易行为。关联交易发生后，应当及时结 算，尽量减少经 ...

安徽迎驾贡酒股份有限公司 董事会提名委员会工作细则 （2025 年修订） 第一章 总 则 第一条 为规范安徽迎驾贡酒股份有限公司（以下简称"公司"） 董事及高级管理人员的产生程序，优化董事会组成，完善公司治理结 构，根据《中华人民共和国公司法》《上市公司治理准则》《安徽迎驾 贡酒股份有限公司章程》（以下简称"《公司章程》"）及其他有关规定， 公司特设立董事会提名委员会（以下简称"提名委员会"），并制定本 细则。 第二条 提名委员会是董事会设立的专门工作机构，主要负责对 公司董事、高级管理人员的人选、选择标准和程序进行选择并提出建 议。 第三章 职责权限 第三条 本细则所称的高级管理人员是指董事会聘任的总经理、 副总经理、董事会秘书、总工程师、财务负责人，以及《公司章程》 中规定的其他高级管理人员。 第二章 机构和人员组成 第四条 提名委员会成员由 3 名董事组成，独立董事过半数。 第五条 提名委员会委员由董事长、二分之一以上独立董事或全 体董事的三分之一以上提名，由董事会选举产生。 第六条 提名委员会设召集人一名，由独立董事担任。 提名委员会召集人负责召集和主持提名委员会会议，当委员会召 集人不能或无法履行职 ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year [1] Financial Performance - Q3 revenue was 1.356 billion, a decrease of 20.76% year-on-year [1] - Q3 net profit was 381 million, down 39.01% year-on-year [1] - Revenue for the first three quarters was 4.516 billion, a decline of 18.09% year-on-year [1] - Net profit for the first three quarters was 1.511 billion, a decrease of 24.67% year-on-year [1]

迎驾贡酒公告，第三季度营收为13.56亿元，下降20.76%；净利润为3.81亿元，下降39.01%。前三季度 营收为45.16亿元，下降18.09%；净利润为15.11亿元，下降24.67%。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The report suggests that the fundamentals may have bottomed out, and the company is waiting for demand recovery. The Anhui province, being a traditional stronghold for liquor production and sales, is expected to see continued growth in the liquor market despite consumption downgrading. The projected market size for Anhui's liquor market in 2024 is approximately 400 billion RMB, supported by the province's active private economy and strong per capita drinking capacity [5][25]. Summary by Sections Market Performance - The closing price of the company is 40.45 RMB, with a market capitalization of 32,360 million RMB. The one-year high and low prices are 69.00 RMB and 37.79 RMB, respectively. The company has a total share capital of 800 million shares and a debt-to-asset ratio of 22.09% [3]. Profit Forecast and Valuation - The company’s net profit attributable to shareholders is forecasted to be 21.32 billion RMB, 22.58 billion RMB, and 24.61 billion RMB for the years 2025 to 2027, corresponding to P/E ratios of 15, 14, and 13 times, respectively. The company is expected to show resilience in revenue and net profit due to solid channel management and brand recognition in Anhui, with room for market expansion [7][10][48]. Strategic Product Line and Channel Development - The company has successfully positioned itself in the mid-to-high-end market, focusing on price bands above 150 RMB, which aligns with the consumption upgrade trend in Anhui. The introduction of the "Cave" series has significantly improved the product structure and market share. The company employs a deep distribution model that covers both core cities and lower-tier markets, enhancing its competitive edge [9][39][37]. Economic Environment and Market Dynamics - The Anhui province's economy has shown robust growth, with GDP increasing from 3,125.3 billion RMB in 2000 to 50,625.2 billion RMB in 2024. The active private economy in Anhui contributes significantly to the liquor market's resilience, with private enterprises accounting for 60.7% of the province's GDP and 59.7% of tax revenue [25][29]. Financial Performance and Ratios - The company’s revenue for 2025 is projected to be 6,225 million RMB, reflecting a year-on-year decline of 15.23%. However, the revenue is expected to recover with growth rates of 2.71% and 6.11% in 2026 and 2027, respectively. The gross margin is anticipated to remain strong, with a net profit margin of 35.33% in 2024 [8][48].

Core Insights - The stock of Yingjia Gongjiu experienced a decline of 0.86% on October 22, with a trading volume of 110 million yuan [1] - The company reported a net financing outflow of 4.26 million yuan on the same day, indicating a negative sentiment among investors [1] Financing Overview - On October 22, the financing buy amount for Yingjia Gongjiu was 6.168 million yuan, while the financing repayment was 10.429 million yuan, resulting in a net financing buy of -4.2609 million yuan [1] - The total financing and securities lending balance for the company reached 264 million yuan as of October 22 [1] - The current financing balance of 262 million yuan accounts for 0.81% of the circulating market value, which is below the 30th percentile level over the past year, indicating a low financing level [1] Securities Lending Overview - On October 22, Yingjia Gongjiu repaid 500 shares in securities lending and sold 900 shares, with a selling amount of 36,200 yuan based on the closing price [1] - The remaining securities lending volume is 56,800 shares, with a balance of 2.2828 million yuan, which is also below the 50th percentile level over the past year, indicating a low level of securities lending [1] Company Profile - Yingjia Gongjiu Co., Ltd. is located in Huoshan County, Lu'an City, Anhui Province, and was established on November 28, 2003, with its listing date on May 28, 2015 [1] - The company's main business involves the research, production, and sales of liquor, with a revenue composition of 80.26% from mid-to-high-end liquor, 14.31% from ordinary liquor, 3.38% from packaging materials, and 2.05% from other sources [1] Shareholder Information - As of June 30, the number of shareholders for Yingjia Gongjiu reached 66,800, an increase of 69.86% compared to the previous period [2] - The average circulating shares per person decreased by 41.13% to 11,973 shares [2] - For the first half of 2025, the company reported a revenue of 3.16 billion yuan, a year-on-year decrease of 16.51%, and a net profit attributable to shareholders of 1.13 billion yuan, down 18.02% year-on-year [2] Dividend Information - Since its A-share listing, Yingjia Gongjiu has distributed a total of 7.28 billion yuan in dividends, with 3.12 billion yuan distributed over the past three years [2] Institutional Holdings - As of June 30, the third-largest circulating shareholder is the China Securities Index White Wine Index A (161725), holding 20.32 million shares, an increase of 3.12 million shares from the previous period [2] - The Hong Kong Central Clearing Limited is the fourth-largest shareholder, holding 8.95 million shares, a decrease of 1.74 million shares from the previous period [2] - The Wine ETF (512690) is the seventh-largest shareholder, holding 5.00 million shares, an increase of 0.53 million shares from the previous period [2]

Group 1 - The core viewpoint of the article highlights the active performance of plant-based meat concept stocks in the A-share market, with notable gains in companies like SuoBao Protein and Shuangta Food reaching the daily limit, while Dongbao Bio and Hao Xiang Ni also saw significant increases [1] - Beyond Meat, the first plant-based meat stock in the US market, experienced a dramatic surge, with a 127% increase on Monday followed by a further 146.26% rise on Tuesday, resulting in a total price increase of over 450% in just two trading days [1]

Investment Rating - The industry investment rating is "Recommended" [9] Core Views - The economic landscape continues to show resilience, with GDP growth in the first three quarters reaching 101.50 trillion yuan, a year-on-year increase of 5.2%. Despite a marginal decline in growth rate to 4.8% in Q3, the overall economic stability is supported by new productive forces and effective macro policies [4] - Retail sales growth has slowed down, with total retail sales from January to September at 36.59 trillion yuan, a year-on-year increase of 4.5%. In September alone, retail sales were 4.20 trillion yuan, growing by only 3.0% [5] - The beverage sector is performing strongly, with a focus on new consumption opportunities driven by retail channel transformations. Key companies to watch include Huashang Auntie, Tea Baidao, and others [6] Summary by Sections Economic Overview - GDP growth has shown resilience despite external challenges, with a year-on-year increase of 5.2% in the first three quarters [4] - The Q3 GDP growth rate decreased by 0.4 percentage points, attributed to external tariff policy changes and transitional pains in various industries [4] Retail Sales Performance - Total retail sales for the first nine months reached 36.59 trillion yuan, with a growth rate of 4.5% year-on-year. September's retail sales were 4.20 trillion yuan, reflecting a slowdown to 3.0% growth [5] - The decline in growth is linked to the reduced impact of the "old-for-new" policy and the timing of the Mid-Autumn Festival [5] Investment Opportunities - The report highlights several companies with strong recovery expectations in the consumer goods sector, including Weilai Delicious, Ximai Foods, and Youyou Foods [6] - The beverage sector is noted for its robust performance, with a focus on companies like Dongpeng Beverage and others, as well as the impact of new birth policies on dairy demand, highlighting companies such as Yili and Mengniu [6]

Core Insights - The liquor sector experienced a slight increase of 0.14% on October 21, with *ST Rock leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance Summary - *ST Rock (600696) closed at 5.84, with a rise of 5.04% and a trading volume of 47,600 shares, totaling 27.11 million yuan [1] - Other notable performers include Tianyoude Liquor (002646) at 9.80, up 1.34%, and Qingdao Wenzhou (000995) at 13.97, up 1.31% [1] - Major stocks like Luzhou Laojiao (000568) and Kweichow Moutai (600519) saw minor increases of 0.80% and 0.30%, respectively, with Moutai's closing price at 1462.26 and a trading volume of 25,400 shares, totaling 3.73 billion yuan [1] Capital Flow Analysis - The liquor sector saw a net inflow of 12.19 million yuan from major funds, while retail investors contributed a net inflow of 15.9 million yuan [2] - Conversely, speculative funds experienced a net outflow of 172 million yuan [2] Individual Stock Capital Flow - Kweichow Moutai (600519) had a significant net inflow of 1.26 billion yuan from major funds, while it faced a net outflow of 1.26 billion yuan from speculative funds [3] - Wuliangye (000858) reported a net inflow of 29.16 million yuan from major funds, but a net outflow of 39.27 million yuan from retail investors [3] - *ST Rock (600696) showed a net inflow of 6.38 million yuan from major funds, while retail investors withdrew 5.52 million yuan [3]