江苏今世缘酒业股份有限公司 独立董事制度 第一章 总 则 第一条 为进一步完善江苏今世缘酒业股份有限公司（以下简称"公司"或 "本公司"）法人治理结构，充分发挥独立董事在公司治理中的作用，促进公司 独立董事尽责履职，加强公司的规范运作，维护公司整体利益，保障全体股东特 别是中小股东的合法权益不受侵害，根据《中华人民共和国公司法》（以下简称 《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公司独立 董事管理办法》（以下简称《独立董事管理办法》）、《上海证券交易所股票上市规 则》（以下简称《上市规则》）、《上海证券交易所上市公司自律监管指引》等相关 规定及《江苏今世缘酒业股份有限公司章程》（以下简称"公司《章程》"），制订 本制度。 第二条 独立董事是指不在公司担任除董事以外的其他职务，并与其所受聘 的公司及其主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能 影响其进行独立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，独立董事应当按 照法律、行政法规、中国证监会规定、证券交易所业务规则和公司《章程》的规 定，认真履行职责，在董事会中发挥参与决策、监督制衡 ...

江苏今世缘酒业股份有限公司 第五届董事会第十二次会议 2024 年度独立董事述职报告（张卫平） 作为江苏今世缘酒业股份有限公司（以下简称"公司"）的独立董事，在 2024 年度工作中，本人严格按照《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司治理准则》《上 市公司独立董事管理办法》等法律法规、规范性文件以及《江苏今世缘酒业股份有 限公司章程》（以下简称公司《章程》）、《独立董事制度》等规定，勤勉忠实地 履行了职责，充分发挥了独立董事的作用。现将 2024 年度个人履行职责情况报告 如下： 一、个人基本情况 （一）个人工作履历、专业背景以及兼职情况 （二）独立性情况 作为公司独立董事，本人及直系亲属、主要社会关系没有在公司及其附属企 业任职，也没有在直接或间接持有公司已发行股份百分之五以上的股东或者在公 司前五名股东任职；没有为公司及其附属企业提供财务、法律、咨询等服务，也 江苏今世缘酒业股份有限公司 第五届董事会第十二次会议 没有从公司及其主要股东、实际控制人或有利害关系的机构和人员取得额外的、 未予披露的其他利益，不存在影响独立性的情况。 张卫平 ...

江苏今世缘酒业股份有限公司 会计师事务所选聘制度 第一章 总 则 第一条 为规范江苏今世缘酒业股份有限公司（以下简称"公司"）选聘 （含新聘、续聘、改聘，下同）会计师事务所的行为，提高审计工作和财务信 息质量，切实维护股东利益，根据《中华人民共和国公司法》《国有企业、上 市公司选聘会计师事务所管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引》等法律、法规、规范性文件及《江苏今世 缘酒业股份有限公司章程》（以下简称"公司《章程》"）的相关规定，结合 公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据有关法律法规要求， 聘任会计师事务所对公司财务会计报告和内部控制发表审计意见、出具审计报 告及内部控制审计报告的行为。公司选聘会计师事务所从事其他专项审计业务 的，视重要性程度可参照本制度执行。 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称"审 计委员会"）审议同意后，提交董事会审议，并由股东会决定。公司不得在股 东会决定前委托会计师事务所开展工作。 第四条 公司控股股东、实际控制人不得在公司董事会、股东会审议前， 向公司指定会计师事务所，不得干 ...

经核查公司 2024 年任职的第五届独立董事的任职经历以及相关 自查文件，上述人员未在公司担任除独立董事、董事会专门委员会委 员以外的任何职务，也未在公司主要股东及实际控制人处担任任何职 务，与公司及主要股东及实际控制人之间不存在利害关系或其他可能 妨碍其进行独立客观判断的关系，因此，董事会认为公司独立董事符 合《上市公司独立董事管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》中对 独立董事独立性的相关要求。 江苏今世缘酒业股份有限公司 董事会 二○二五年四月二十五日 江苏今世缘酒业股份有限公司 董事会关于独立董事独立性评估的专项意见 根据《上市公司独立董事管理办法》《上海证券交易所股票上市 规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 《江苏今世缘酒业股份有限公司(以下简称"公司")独立董事制度》 等规定，公司董事会就公司第五届独立董事张卫平、刘加荣、颜云霞、 王济干的独立性情况进行评估并出具如下专项意见： ...

江 苏 今 世 缘 酒 业 股 份 有 限 公 司 控股股东及其他关联方 资金占用情况的专项说明 天职业字[2025]21547 号 | | | 控股股东及其他关联方资金占用情况的专项说明 --- -1 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 -- -2 证明该审计报告是否由具有执业许 您可使用手机"扫一扫"或进入"注册会计师行业 控股股东及其他关联方资金占用情况的专项说明 天职业字[2025]21547 号 江苏今世缘酒业股份有限公司董事会: 我们审计了江苏今世缘酒业股份有限公司(以下简称"贵公司")财务报表,包括2024 年12月31日的合并及母公司资产负债表、2024年度的合并及母公司利润表、合并及母公司现 金流量表、合并及母公司股东权益变动表以及财务报表附注,并于2025年4月29日签署了标 准无保留意见的审计报告。 根据中国证监会、公安部、国资委、中国银保监会《上市公司监管指引第8号 -- 上市 公司资金往来、对外担保的监管要求》和证券交易所相关文件要求,贵公司编制了后附的 2024年度非经营性资金占用及其他关联资金往来情况汇总表(以下简称"汇总表")。 编制和对外披露汇总表,并 ...

白酒股午后震荡走弱，迎驾贡酒（603198）触及跌停，洋河股份（002304）跌超4%，今世缘 （603369）、古井贡酒（000596）、山西汾酒（600809）纷纷下挫。 ...

Group 1 - The overall performance of liquor companies was weak, with stock prices declining, particularly for major liquor brands, as their 2024 annual reports and 2025 Q1 reports were released, which were generally in line with or slightly below market expectations [1] - Public funds have significantly reduced their holdings in Yanghe and Yingjia Gongjiu, indicating concerns about the competitive strength of these companies in their respective regions [1][5] - The liquor sector saw a notable divergence in stock performance, with yellow wine companies like Kuaijishan and Guyue Longshan showing significant weekly gains of 12.39% and 5.39%, respectively, while the white liquor sector continued to decline [2][3] Group 2 - The white liquor index experienced a weekly decline of 1.61%, marking three consecutive weeks of losses, with major brands like Luzhou Laojiao and Shanxi Fenjiu seeing declines exceeding 3% [3] - Companies facing operational difficulties, such as ST Yanshi, saw substantial weekly declines, with ST Yanshi down 14.95% and Mogao Co. and Hainan Yedao down 7.65% and 8.11%, respectively [4] - As of March 31, 2025, public funds held a total market value of 257.1 billion yuan in the white liquor sector, a decrease of 0.23 percentage points from the previous quarter, continuing a downward trend since 2022 [5]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Food and Beverage Index reported at 24307.01 points [1] - The CSI 300 Food and Beverage Index has decreased by 1.04% over the past month, increased by 6.78% over the past three months, and has decreased by 0.32% year-to-date [2] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, and a base point of 1000.0 [2] Group 2 - The top ten weights in the CSI 300 Food and Beverage Index are: Kweichow Moutai (50.89%), Wuliangye (13.09%), Yili (9.64%), Shanxi Fenjiu (5.39%), Luzhou Laojiao (4.82%), Haitian Flavoring (3.66%), Dongpeng Beverage (3.02%), Yanghe Distillery (2.28%), Jinshiyuan (1.92%), and Shuanghui Development (1.45%) [2] - The market share of the CSI 300 Food and Beverage Index is 75.95% from the Shanghai Stock Exchange and 24.05% from the Shenzhen Stock Exchange [2] Group 3 - The industry composition of the CSI 300 Food and Beverage Index shows that liquor accounts for 79.81%, dairy products for 9.64%, condiments and cooking oil for 4.64%, soft drinks for 3.02%, meat products for 1.45%, and beer for 1.43% [3] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth rate rebounded month-on-month in March, reflecting strengthened expectations for consumption policies [3][4] - The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points [12][14] - The allocation ratio of food and beverage in funds decreased from 10.6% in Q4 2024 to 9.8% in Q1 2025, marking a new low since 2020 [12][14] - The report highlights that the snack sector performed relatively well, with companies like Salted Fish and West Oat Food achieving significant revenue growth [4][12] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage but concentrated their holdings, with the snack sector showing relatively strong performance [12] - The food and beverage index underperformed the market, with snacks (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) leading the sub-industry performance [12][14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 industries, and lagged behind the CSI 300 by about 1.7 percentage points [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Alcohol Industry News - Wuliangye is set to launch 17 new product series, indicating ongoing innovation in the sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]