上 市 公 司 食品饮料 2025 年 06 月 07 日 口子窖 (603589) ——业绩符合预期，25Q1 现金流表现承压 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 06 月 06 日 | | --- | --- | | 收盘价（元） | 36.18 | | 一年内最高/最低（元） | 52.74/33.11 | | 市净率 | 2.0 | | 股息率%（分红/股价） | 4.15 | | 流通 A 股市值（百万元） | 21,640 | | 上证指数/深证成指 | 3,385.36/10,183.70 | | 注："股息率"以最近一年已公布分红计算 | | 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,015 | 1,810 | 6,015 | 6,196 | 6,506 | | 同比增长率（%） | 0.9 | 2.4 | 0.0 | ...

Group 1 - The company announced the termination of the 2023 restricted stock incentive plan and the repurchase of 1,880,528 shares of restricted stock that have been granted but not yet released from restrictions [1][2] - The repurchase price will be 35.16 yuan per share plus the interest from the People's Bank of China during the same period [2] - After the completion of the repurchase, the company's restricted shares will decrease from 1,880,528 shares to 0 shares, resulting in a reduction of the total share capital [2] Group 2 - The company informs creditors that they have the right to claim debts or request corresponding guarantees within 45 days from the announcement date [2] - Creditors must provide valid debt proof documents to the company for debt claims [3] - The announcement includes details on the required materials for debt claims, including contracts, agreements, and identification documents [3]

Group 1 - The core opinion of the article is that the 2024 annual shareholders' meeting of Anhui Kouzi Liquor Co., Ltd. was convened legally and all procedures were followed according to relevant laws and regulations [1][2][6] Group 2 - The meeting was convened by the fifth board of directors, and the notice was published 20 days prior in designated publications and on the Shanghai Stock Exchange website [1][2] - A total of 560 shareholders and representatives participated in the meeting, including some directors, supervisors, and senior management [2] Group 3 - The proposals discussed at the meeting included the release of restricted stocks, annual work reports from the board and supervisory committee, annual budget plans, profit distribution plans, and the appointment of auditing firms [2][3][4][5][6] Group 4 - The voting results showed overwhelming support for the proposals, with the approval rates generally exceeding 99% for most resolutions, indicating strong shareholder confidence [4][5][6]

Group 1 - The company held a shareholders' meeting on May 20, 2025, with a total attendance representing 55.0019% of the shares [1] - The meeting was convened by the board of directors and chaired by Mr. Xu Jin, using both on-site and online voting methods, complying with legal regulations [1] - All proposed resolutions were approved with significant majority votes, indicating strong shareholder support [1][2] Group 2 - The voting results showed that the majority of A-shareholders voted in favor of the resolutions, with percentages ranging from 99.3504% to 99.9079% for various proposals [1][2] - Specific resolutions included the annual profit distribution plan and the remuneration of directors and supervisors, all of which received overwhelming approval [2] - The legal opinions confirmed that the meeting's procedures and resolutions were in accordance with laws and regulations [3]

关于回购注销部分限制性股票通知债权人的公告 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。 一、通知债权人的原因 安徽口子酒业股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召开 第五届董事会第九次会议、第五届监事会第七次会议，审议通过了《关于终止实 施 2023 年限制性股票激励计划暨回购注销激励对象已获授但尚未解除限售的限 制性股票的议案》，同时一并终止与公司 2023 年限制性股票激励计划（以下简称 "本次激励计划"或"本激励计划"）配套的《安徽口子酒业股份有限公司 2023 年限制性股票激励计划实施考核管理办法》（以下简称"《考核管理办法》"）等文 件，并回购注销激励对象已获授但尚未解除限售的全部限制性股票。具体内容详 见公司于 2025 年 4 月 29 日在上海证券交易所网站（www.sse.com.cn）上披露的 《安徽口子酒业股份有限公司关于终止实施 2023 年限制性股票激励计划暨回购 注销激励对象已获授但尚未解除限售的限制性股票的公告》（公告编号： 2025-012）。 证券代码：6035 ...

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 20 日 (二)股东大会召开的地点：安徽省淮北市人民路淮北口子国际大酒店 证券代码：603589 证券简称：口子窖 公告编号：2025-014 安徽口子酒业股份有限公司 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。 (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 | 560 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 329,232,468 | | 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（%） | 55.0019 | (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。 本次会议由公司董事会召集,由董事长徐进先生主持，采用现场投票及网络 投票方式召开并表决。会议的召集、召开及表决方式符合《公司法》及《公司章 程》的相关规 ...

安徽承义律师事务所 关于安徽口子酒业股份有限公司 召开 2024 年年度股东大会的 法律意见书 (2025)承义法字第 00103 号 安徽承义律师事务所 ANHUI CHENGYI LAW FIRM 地址：合肥市怀宁路 200 号置地广场栢悦中心 5 层 邮编：230022 传真：0551-65608051 电话：0551-65609815 1 安徽承义律师事务所 关于安徽口子酒业股份有限公司 召开2024年年度股东大会的法律意见书 致：安徽口子酒业股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股东 大会规则》等法律法规和其他规范性文件的要求，安徽承义律师事务所接受安徽口子 酒业股份有限公司（以下简称"公司"）的委托，指派鲍金桥、陈家伟律师（以下简 称"本律师"）就公司召开 2024 年年度股东大会（以下简称"本次股东大会"）出 具法律意见书。 一、本次股东大会召集人资格和召集、召开的程序 根据本次股东大会的会议通知，本次股东大会是由公司第五届董事会召集，会议 通知已于本次股东大会召开二十日前刊登在中国证监会指定的信息披露报刊和上海 证券交易所网站上。本次股东大会已按公告的 ...

Core Viewpoint - The performance of Kuozi Jiao in 2024 shows weak growth, with revenue only slightly increasing by 0.89% to 6.015 billion yuan, while net profit declined by 3.83% to 1.655 billion yuan, indicating a significant gap compared to its main competitor, Yingjia Gongjiu [1][2] Group 1: Financial Performance - Kuozi Jiao's revenue for 2024 is 6.015 billion yuan, with a net profit of 1.655 billion yuan, both showing declines compared to the previous year [1] - Yingjia Gongjiu reported a revenue increase of 8.46% to 7.344 billion yuan and a net profit increase of 13.45% to 2.589 billion yuan, highlighting Kuozi Jiao's underperformance [2] - Kuozi Jiao's revenue growth in its core market of Anhui is only 1.1%, while Yingjia Gongjiu's growth is significantly higher at 12.75% [1][2] Group 2: Market Position and Competition - The competition in the Anhui liquor market is intensifying, with Kuozi Jiao previously holding the second position but now being surpassed by Yingjia Gongjiu [2][3] - The revenue gap between Kuozi Jiao and Yingjia Gongjiu narrowed from 780 million yuan in 2018 to 452 million yuan in 2021, but Kuozi Jiao was overtaken again in 2022 [3] - Kuozi Jiao's slow product updates and ineffective sales strategies have contributed to its declining market position [3][4] Group 3: Product and Channel Strategy - Kuozi Jiao's main product line has not been updated for over a decade, leading to product aging and a lack of competitiveness in the high-end market [3][4] - The company has implemented a large dealer system for distribution, which has limited its ability to adapt to market changes and promote new products effectively [5][6] - Kuozi Jiao is attempting to reform its distribution channels to enhance product promotion and market development, but the short-term effects of these changes have yet to be seen [5][6] Group 4: National Expansion Challenges - Kuozi Jiao's revenue from outside Anhui remains low, accounting for less than 20% of total revenue, with a decline of 2.88% in 2024 [6][7] - The company aims to accelerate its national expansion by establishing operational centers in other regions, but it faces significant challenges in reducing its reliance on the Anhui market [6][7] - The chairman of Kuozi Jiao acknowledged the gap in achieving national expansion, emphasizing the need for further development outside its core market [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve a revenue of 6.015 billion yuan in 2024, representing a year-on-year growth of 0.89%, while the net profit attributable to the parent company is projected to be 1.655 billion yuan, down 3.83% year-on-year. In Q4 2024, revenue reached 1.653 billion yuan, up 9.02%, and net profit was 345 million yuan, down 7.55%. For Q1 2025, revenue is expected to be 1.810 billion yuan, up 2.42%, with a net profit of 610 million yuan, up 3.59% [1][3] - The company is focusing on enhancing its brand and product offerings, particularly in the mid-to-high-end market segments, with the aim of establishing its "Jian Series" as a strategic flagship product [1] - The company has increased its marketing expenditures to support distributors and leverage its brand advantages, which is anticipated to yield positive results over time [1] Financial Summary - In 2024, the revenue breakdown by product category shows high-end liquor generating 5.681 billion yuan (up 0.06%), mid-range liquor at 6.8 million yuan (down 10.35%), and low-end liquor at 12.6 million yuan (up 33.01%). For Q1 2025, high-end liquor revenue is 1.728 billion yuan (up 3.53%), mid-range liquor at 2.1 million yuan (down 12.50%), and low-end liquor at 3.9 million yuan (down 9.00%) [1] - The company has seen an increase in the number of distributors, with 502 in the province and 517 outside the province as of 2024, reflecting a strategic focus on both local and regional markets [1] - The gross margin for 2024 is projected to be 74.59%, with a slight decrease in net profit margin to 27.52% [8] Earnings Forecast and Valuation - The revenue growth forecast for 2025 and 2026 has been slightly adjusted to 1% and 4%, respectively, with net profit growth estimates revised to 2% and 6%. The forecast for 2027 anticipates revenue and net profit growth of 5% and 7%, respectively [3] - The price-to-earnings (P/E) ratio is projected to decrease from 13.27 in 2024 to 11.45 by 2027, indicating a potential increase in valuation attractiveness over time [9]

安徽口子酒业股份有限公司 2024 年年度股东大会 会议资料 二○二五年五月二十日 口子酒业 2024 年年度股东大会会议资料 安徽口子酒业股份有限公司 | 2024 | 年年度股东大会会议须知 | 3 | | --- | --- | --- | | 2024 | 年年度股东大会议程 4 | | | 议案 | 1：关于《安徽口子酒业股份有限公司董事会 2024 年度工作报告》的议案 | 6 | | 议案 | 2：关于《安徽口子酒业股份有限公司监事会 2024 年度工作报告》的议案 | 12 | | 议案 | 3：关于《安徽口子酒业股份有限公司 2024 年度决算方案》的议案 | 16 | | 议案 | 4：关于《安徽口子酒业股份有限公司 2025 年度预算方案》的议案 | 19 | | 议案 | 5：关于公司 2024 年度利润分配方案的议案 | 22 | | 议案 | 6：关于安徽口子酒业股份有限公司 2024 年度董事、监事薪酬的议案 24 | | | 议案 | 7：关于公司 2025 年度预计与关联方发生的关联交易限额的议案 26 | | | 议案 | 8：关于续聘公司 2025 年度审计业务承办机构的 ...