证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-014 安徽迎驾贡酒股份有限公司 第五届监事会第八次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 安徽迎驾贡酒股份有限公司（以下简称"本公司"或"公司"）于 2025 年 8 月 15 日以电话、电子邮件等方式发出会议通知，并于 2025 年 8 月 25 日在公司 会议室以现场方式召开第五届监事会第八次会议。会议应到监事 5 人，实到监事 次会议的召集、召开和表决程序符合《公司法》等法律法规和《公司章程》的有 关规定，会议合法有效。 二、监事会会议审议情况 特此公告。 安徽迎驾贡酒股份有限公司监事会 表决结果：同意 5 票；反对 0 票；弃权 0 票。议案获得通过。 监事会对《公司 2025 年半年度报告全文及其摘要》进行了审核，认为： 《公 司 2025 年半年度报告全文及其摘要》的编制和审议程序符合法律法规的规定， 半年度报告的内容和格式符合中国证监会和上海证券交易所的各项规定，其所包 含的信息真实、准确、完整地 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the market and operational adjustments needed to enhance brand value and sales performance [2][3][4]. Company Overview and Financial Indicators - The company, Anhui Yingjia Distillery Co., Ltd., primarily engages in the research, production, and sales of liquor, with a focus on ecological liquor products [3]. - Key financial metrics for the first half of 2025 include: - Revenue: CNY 3.16 billion, a decrease of 16.89% compared to the same period last year [2]. - Total profit: CNY 1.50 billion, down 18.20% year-on-year [2]. - Net profit attributable to shareholders: CNY 1.09 billion, a decline of 19.94% [2]. - Basic earnings per share: CNY 1.41, down 18.50% from CNY 1.73 [2]. Industry and Main Business Situation - The liquor industry is facing pressures from inventory digestion and weak demand, but is expected to gradually shift towards value competition focusing on quality, brand, and cultural aspects [3]. - The company’s main products include various series of liquor, with the cave-aged series being a significant representative of ecological liquor in China [3]. Operational Analysis - The company implemented measures to enhance production efficiency and product quality, including automation upgrades and digital transformation initiatives [4]. - Brand development strategies included cultural branding efforts and innovative marketing techniques to improve market penetration and brand recognition [4]. Financial Performance Analysis - The company experienced a significant drop in operating income and net cash flow from operating activities, attributed to reduced sales volume [4]. - The cost of sales decreased by 17.47%, reflecting the decline in product sales [4]. Asset and Liability Situation - Total assets at the end of the reporting period were CNY 13.39 billion, a decrease of 6.03% from the previous year [2]. - The company’s cash and cash equivalents decreased by 19.65%, primarily due to dividend distributions [5]. Corporate Social Responsibility - The company actively participates in poverty alleviation and rural revitalization efforts, contributing to local economic development through various initiatives [7].

安徽迎驾贡酒股份有限公司2025 年半年度报告摘要 公司代码：603198 公司简称：迎驾贡酒 安徽迎驾贡酒股份有限公司 安徽迎驾贡酒股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 http://www.sse.com.cn/网站仔细阅读半年度报告全文。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 第二节 公司基本情况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代 码 变更前股票简称 A 股 上海证券交易所 迎驾贡酒 603198 / 联系人和联系方式 董事会秘书 证券事务代表 姓名 孙汪胜 孙汪胜 电话 0564-5231473 0564-5231473 办公地址 安徽省六安市霍山县佛子岭镇 安徽省六安市霍 山县佛子岭镇 电子信箱 stock@yingjia.cn stock@yingjia.cn 单位：元 币种：人民 币 上年度末 本报告期末比 上 本报告期末 调整后 调整前 年度末增减 (%) 总资产 12,581,915,311.34 13,389,299,090.01 13,389,299,090.01 -6.03 归 ...

Core Viewpoint - The rapid growth of two emerging liquor companies, Jinshiyuan and Yingjia Gongjiu, has significantly declined in the first half of 2025, with both companies reporting substantial decreases in revenue and net profit compared to the previous year [1][3]. Group 1: Financial Performance - Jinshiyuan reported a revenue of 6.95 billion, a decrease of 4.8% year-on-year, and a net profit of 2.229 billion, down approximately 9.5% [1][2]. - Yingjia Gongjiu's revenue was 3.16 billion, reflecting a decline of 16.89%, with a net profit of 1.13 billion, down 18.19% [1][5]. - In Q2, Jinshiyuan's revenue fell nearly 30% year-on-year, and net profit dropped by 37%, while Yingjia Gongjiu saw a 24% revenue decline and a 35% drop in net profit [1][3]. Group 2: Cash Flow and Expenses - Jinshiyuan's net cash flow from operating activities decreased by 13.8%, while Yingjia Gongjiu's fell by 48.3% [1][3]. - Jinshiyuan's sales expenses increased by 4.7% to 1.03 billion, and Yingjia Gongjiu's sales expenses rose by 1.4% to 307 million [3][8]. - Both companies experienced a significant increase in accounts receivable, with Jinshiyuan's rising by 47.33% and Yingjia Gongjiu's by 21.3% [9][10]. Group 3: Market Dynamics - The decline in revenue is attributed to weak consumer demand and overall industry contraction, with both companies emphasizing the need to control volume and reduce channel pressure [3][10]. - High-end products, particularly those priced above 300 yuan, have seen a notable drop in sales, with Jinshiyuan's revenue from these products decreasing by over 7% [10][11]. - As of June 30, Jinshiyuan's dealer inventory rate was approximately 20%, equivalent to about 2.5 months of sales, indicating ongoing challenges in inventory management [11].

Core Viewpoint - Yingjia Gongjiu announced the transfer of 100% equity of Yingjia Business Hotel to Yingjia Guolv for 31.7265 million yuan to optimize asset and management structure [1] Company Summary - Yingjia Gongjiu's revenue composition for the year 2024 is 95.35% from liquor sales and 4.65% from other businesses [1] - As of the report date, Yingjia Gongjiu has a market capitalization of 37.7 billion yuan [1]

Core Insights - The company reported a 16.89% decline in revenue for the first half of 2025, totaling 3.16 billion yuan, and an 18.19% decrease in net profit, amounting to 1.13 billion yuan [1] - In Q2, the sales revenue for mid-to-high-end liquor was 817 million yuan, while ordinary liquor sales reached 210 million yuan [1] Revenue Breakdown - Sales revenue for mid-to-high-end liquor was 816.54 million yuan, represented by brands such as the Cave Storage Series, Gold Star Series, and Silver Star Series [2] - Sales revenue for ordinary liquor was 209.94 million yuan, primarily from the Century Yingjia Gong Series and Simple Packaging Series [2] Channel Performance - Direct sales (including group purchases) generated 823 million yuan, while wholesale and agency sales accounted for 944.1 million yuan [3] - In terms of regional sales, the company achieved 730.3 million yuan in sales within the province [3]

Core Viewpoint - The rapid growth of two emerging liquor companies, Jinshiyuan and Yingjia Gongjiu, has come to a halt in 2025, with both companies reporting significant declines in revenue and net profit compared to the previous year [2][6]. Financial Performance - Jinshiyuan reported a revenue of 6.95 billion yuan in the first half of 2025, a decrease of 4.8% year-on-year, with a net profit of 2.229 billion yuan, down approximately 9.5% [2]. - Yingjia Gongjiu's revenue for the same period was 3.16 billion yuan, reflecting a year-on-year decline of 16.89%, and a net profit of 1.13 billion yuan, down 18.19% [2][9]. Second Quarter Trends - In the second quarter, Jinshiyuan's revenue fell nearly 30% year-on-year, with a net profit decline of 37%. Yingjia Gongjiu experienced a 24% drop in revenue and a 35% decrease in net profit [3]. - Both companies saw a significant decline in cash flow from operating activities, with Jinshiyuan down 13.8% and Yingjia Gongjiu down 48.3% [3]. Cost and Expense Analysis - Jinshiyuan's sales expenses increased by 4.7% to 1.03 billion yuan, while Yingjia Gongjiu's sales expenses rose by 1.4% to 307 million yuan despite declining revenues [7][11]. - Operating cash flow for Jinshiyuan was 1.075 billion yuan, down from 1.246 billion yuan year-on-year, while Yingjia Gongjiu's operating cash flow decreased to 316 million yuan from 612 million yuan [4][11]. Market Dynamics - The decline in sales is attributed to weak consumer demand and an overall contraction in the industry, with both companies emphasizing the need to control inventory and reduce channel pressure [6]. - High-end products, particularly those priced above 300 yuan, have seen significant declines, with Jinshiyuan's revenue from these products dropping over 7% [12]. Inventory and Future Outlook - As of June 30, 2025, Jinshiyuan's dealer inventory rate was approximately 20%, equivalent to about 2.5 months of sales, indicating ongoing challenges in inventory management [13]. - The future performance of both companies remains uncertain, with contract liabilities decreasing for both, suggesting a cautious approach to future growth [13].

Core Insights - The overall performance of the liquor industry is declining, with both Yingjia Gongjiu and Jinshiyuan reporting decreased revenues and profits in their semi-annual reports [1][2] Group 1: Industry Overview - The liquor industry is entering a period of deep adjustment with a 5.8% year-on-year decline in cumulative production for large-scale industrial liquor by mid-2025, driven by weak consumption and demand differentiation [1] - Major companies in the industry are facing significant challenges, with varying degrees of revenue and profit declines [1][2] Group 2: Company Performance - Yingjia Gongjiu reported a revenue of 3.16 billion yuan, a year-on-year decrease of 16.89%, and a net profit of 1.13 billion yuan, down 18.19% [1] - Jinshiyuan showed a more stable performance with a revenue of 6.95 billion yuan, a decline of 4.84%, and a net profit of 2.23 billion yuan, down 9.46% [1] - Compared to Jinshiyuan, Yanghe Co. experienced a more severe decline, with a revenue drop of 35.32% and a net profit drop of 45.34% [1][2] Group 3: Cash Flow and Operational Efficiency - Yingjia Gongjiu's net cash flow from operating activities decreased by 48.30% to 317 million yuan, primarily due to reduced sales collections [1] - Jinshiyuan's operating cash flow was 1.075 billion yuan, down 13.75% [1] - Yanghe Co. faced a dramatic 69.85% drop in operating cash flow, amounting to 616 million yuan [2] Group 4: Strategic Initiatives - Yingjia Gongjiu is focusing on internal control management and optimizing personnel structure, with a research and development investment of 262 million yuan aimed at enhancing the quality of its products [2] - Jinshiyuan is implementing a "three-pronged" strategy to deepen market penetration and improve dealer management, while also focusing on cost reduction through budget control and lean production [2][3] - Both companies are investing in technology and sustainability, with Jinshiyuan launching a photovoltaic project for zero-carbon factory construction and Yingjia Gongjiu enhancing its ecological positioning [3]

Core Viewpoint - Anhui Yingjia Distillery Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the market and cash flow issues [1] Financial Performance - The company achieved operating revenue of 3.16 billion yuan, a year-on-year decrease of 16.89% [1] - The net profit attributable to shareholders was 1.13 billion yuan, down 18.19% year-on-year [1] - The net cash flow from operating activities was 317 million yuan, reflecting a significant decline of 48.3% [1] Cash Flow Analysis - The decrease in cash flow was primarily attributed to a reduction in cash received from sales of goods and services [1] Product Performance - Mid-to-high-end liquor was the main contributor to the company's performance, with sales revenue of 817 million yuan, while ordinary liquor generated 210 million yuan [1] Sales Region Breakdown - In terms of sales regions, the company generated 730 million yuan in revenue from within Anhui province and 296 million yuan from outside the province [1]

Core Viewpoint - The company is optimizing its asset and management structure by transferring 100% equity of Yingjia Business Hotel to Yingjia National Travel for 31.7265 million yuan, effective August 25, 2025, resulting in a change in the consolidation scope of the company's financial statements [1] Group 1 - The company signed an equity transfer agreement with Yingjia National Travel [1] - The total consideration for the equity transfer is 31.7265 million yuan [1] - After the transaction, the company will no longer hold any equity in Yingjia Business Hotel [1] Group 2 - The company aims to further optimize its asset and management structure through this transaction [1] - The management is authorized to handle all matters related to the equity transfer [1] - The consolidation scope of the company's financial statements will change as a result of this transaction [1]