| 关于本报告 | 01 | | | 境信 | | --- | --- | --- | --- | --- | | 周密误 | 03 | | | | | 三进口子 | 05 | | | | | SG管理 | 17 | 责任引领 | | 低碳践行 | | | | 携手同行 | | 共建生态 | | | | 追求卓越品质与服务 | 23 | 环境管理 | | | | 坚持创新驱动 | 33 | 气候变化 | | | | 信息安全与数智发展 | 41 | 水源保护 | | 关键绩效表 | 95 | 打造可持续供应链 | 45 | 循环经济 | | 标察引 | 97 | 保障员工权益 | 51 | 三废治理 | | 英者反馈 | 101 | 陪伴员工成长 | 55 | | | | | 关注健康安全 | 57 | | | 高效三会运作 | 87 | | --- | --- | | 加强投关管理 | 90 | | 强化风险内控 | 91 | | 坚持党建引领 | 93 | 关于本报告 本报告是安徽口子酒业股份有限公司面向利益相关方发布的第 2 份环境、社会和公司治理（ESG）报告。报告 详细披露了安徽口子酒业股份有限公司 ...

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]

智通财经APP获悉，4月28日共有27家上市公司的限售股解禁，解禁总市值约317亿元。 今日具体限售解禁股情况如下： | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 时代新材 | 600458 | 股权激励限售流通 | 649.44万 | | 中航沈飞 | 600760 | 股权激励限售流通 | 361.77万 | | 中钢天源 | 002057 | 股权激励限售流通 | 424.38万 | | 万讯自控 | 300112 | 股权激励限售流通 | 171.15万 | | 新研股份 | 300159 | 股权激励限售流通 | 540万 | | 吉鑫科技 | 601218 | 股权激励限售流通 | 54.63万 | | 凯龙股份 | 002783 | 股权激励限售流通 | 9.74万 | | 东方精工 | 002611 | 股权激励限售流通 | 88万 | | 星帅尔 | 002860 | 股权激励限售流通 | 30.2万 | | 星光农机 | 603789 | 股权激励限售流通 | 513.57万 | | 口子窖 | 603589 | 股权 ...

Group 1 - Public funds have adjusted their holdings in the first quarter, with the top three heavyweights being CATL, Kweichow Moutai, and Tencent Holdings, with total market values of 146.78 billion, 141.49 billion, and 84.89 billion respectively [1] - The overall market for alcoholic beverages in China is facing challenges such as intensified competition, excess capacity, and changing consumer preferences, leading to a noticeable decline in market growth and profitability [1][6] - Some funds have reduced their holdings in liquor stocks, particularly in well-known brands like Wuliangye and Yanghe, while others, such as E Fund and Huatai-PineBridge, have increased their positions in Shanxi Fenjiu and Luzhou Laojiao [1][2] Group 2 - The latest data shows that the total market value of the liquor-related funds has changed little despite some reductions in holdings, with the total market value of the top ten holdings in the China Securities Liquor Index Fund decreasing by approximately 2.6 billion [2] - Shanxi Fenjiu has emerged as a significant highlight, with 28 funds making it their top holding, reflecting a shift in investment focus [7] - Fund managers emphasize the importance of cash flow and are looking for companies with strong business models and competitive advantages, indicating a strategic shift in investment logic [11]

Investment Rating - The report maintains a "Recommendation" rating for the liquor industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The report highlights that the pricing floor is solid, and the value proposition remains attractive for investors. Despite short-term pressures, the market is expected to stabilize, with a clear support level at 2000 yuan for major brands like Moutai [6][13]. - The report emphasizes the importance of balancing volume and price in the second quarter, with a focus on improving cash flow for distributors and maintaining stable pricing [6]. Industry Overview - The liquor industry consists of 20 listed companies with a total market capitalization of approximately 338.49 billion yuan [3]. - Recent performance metrics show a 4.7% decline over the past month and a 6.3% decline over the past year, indicating some volatility in the market [4]. Company-Specific Analysis - Moutai's recent price has dropped to around 2100 yuan, reflecting a 20 yuan decrease from the previous week and a 120 yuan decrease from the previous month. This decline is attributed to increased supply and seasonal demand fluctuations [6]. - The report notes that Moutai is actively implementing measures to stabilize prices, including adjusting supply and enhancing market supervision to prevent price disruptions [6]. - Other key players like Wuliangye and Luzhou Laojiao are also experiencing slight price adjustments, with Wuliangye's price at approximately 925 yuan [7]. Investment Recommendations - The report suggests a focus on leading companies such as Moutai and Wuliangye for short-term gains, while also recommending secondary brands like Fenjiu and Gujing for their growth potential [6][13]. - The anticipated dividend yield for major liquor companies is around 4%, making them attractive for long-term investors [6].

历史悠久传承，务实进取跻身徽酒四杰，激励落地提升积极性。公司前身为国营濉溪人民酒厂，1949 年建立，后续历经拆分与整合逐步发展为现代酒厂，在白酒行业十年繁荣期凭借独特的兼香香型与盘中 盘营销模式快速发展壮大，成为安徽头部酒企之一。2015 年口子窖在上交所上市，2017 超越迎驾贡酒 成为徽酒榜眼，至今稳定于徽酒前三头部企业，2017-2023 年公司营收复合增速8.8%，23 年实现总营收 59.62 亿元/归母净利润17.21 亿元，同时23 年4 月推出股权激励计划，提高经营效率同时激发业务团队 积极性；截止24Q3 公司实现总营收43.62 亿元/归母净利润13.11 亿元。 主动改革寻求突围，产品&渠道多维发力。公司2019 年起推行改革，2023年兼系列再度上市引领新一 轮复兴，渠道扁平化改革推进致力经营效率提升。回顾23 年以来的改革核心动作：1）产品端：兼系列 引领产品矩阵升级，价格带补全增强竞争力。公司在原有口子年份系列产品体系之上，23 年发布兼系 列新品，兼10/20/30 立足300/500/1000 价格带，24Q2 发布新品兼8 补齐安徽主流200 元价格带，25Q1 发布兼7 ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

安徽口子酒业股份有限公司自1949年5月18日建厂以来，一代代口子人始终坚守真藏实窖的品质准则和 永续发展的企业追求，不懈努力，顽强拼搏，走出了一条螺旋式上升的发展之路。 目前，已经形成以口子酒文化博览园、口子工业园、口子产业园为主体的"一企三园"发展格局，发展成 为中国兼香型高端白酒的代表，国家酿酒重点骨干企业。 踏入濉溪县城东关的口子酒文化博览园，宛如开启一场穿越时空的酒文化之旅。 按照4A级工业旅游景区标准打造，融合东关厂区、老城酿酒车间、行政办公区、口子酒文化博物馆、 游客服务中心、口子文化街及配套设施等多元区域，发展口子酒文化观光游、体验游、休闲游。 漫步其中，口子酒文化博物馆静静诉说着品牌历经岁月沉淀的传奇故事；口子东关厂区、老城酿酒车间 弥漫着浓郁的酒韵，让人沉醉。 在这里，游客能亲身感受传统工艺的魅力，这里不仅是酿酒之地，更是将工业与旅游完美融合，是口子 酒文化观光旅游示范区。 位于省级濉溪经济开发区的口子工业园，于2008年动工建设，2010年正式投产。 这座建筑面积达46.67万平方米的园区，是口子酒业的大型优质白酒生产基地之一。 园区内，现代化的生产线高效运转，先进的设备与科学的管理体系 ...

走进口子窖位于淮北市杜集区的口子产业园，这里既有传承千年的古老工艺，又有充满现代化智能制造 的探索与创新。 自2016年开工建设，历经多轮技术改造与智能化升级，目前已成为国内领先的现代化优质白酒生产基 地。 这一系统的应用，解决了润粮蒸粮、装甑出甑等传统手工难题，还实现 "糟不落地"，保障产品品质与 安全。 基于工业机器人的智能酿造设备，为产能提升和企业长期发展奠定基础。 智慧工厂，引领数字化变革口子产业园以"智慧工厂"建设为重点，大力投入数字化建设。 智能酿造机器人、全自动控制系统、自动化包装生产线等先进设备极大提升了管理效能，在白酒行业数 字化领域处于领先地位。 从原料处理到成品入库，自动化生产线、自动化立体仓储、智能酿造系统等一系列智能体系，让生产流 程基本实现全自动化与智能化。 制曲车间：从传统到现代的蜕变园区内6栋制曲大楼，12万平米的面积已全面投产。 走进制曲车间，能看到传统工艺与现代技术的更替。 过去人工踩曲，如今机械化生产取而代之，工人劳动强度降低，生产效率大幅提升。 引入全自动控制系统后，成品曲入库培养管理更科学，原料利用率也显著提高。 智能化酿造车间：传承与创新并行园区内6栋智能化酿造厂房 ...

Core Viewpoint - The key indicator of a company's strength in the fiercely competitive liquor industry is the stock of base liquor, with Kuaizi Jiao ranking among the top three in the industry due to its impressive stock of 290,000 tons [1][2]. Group 1: Company Strength and Resources - Kuaizi Jiao has a base liquor stock of 290,000 tons, showcasing its robust strength and deep heritage in the liquor industry [1]. - The company has over 15,000 fermentation tanks, including 1,690 that are over a century old, which contribute to the unique micro-ecological environment necessary for producing high-quality liquor [2]. - The company’s production capacity for 65° original liquor is nearly 40,000 tons, with a storage capacity of 300,000 tons, providing excellent conditions for aging fine liquor [2]. Group 2: Strategic Development and Innovation - Kuaizi Jiao has developed a macro development pattern centered around the Kuaizi Liquor Culture Expo Park, Kuaizi Industrial Park, and Kuaizi Industry Park, emphasizing quality and cultural heritage [1]. - The Kuaizi Liquor Culture Expo Park is designed as a 4A-level industrial tourism site, allowing visitors to experience the charm of liquor culture and traditional craftsmanship [1]. - The Kuaizi Industrial Park, operational since 2010, features modern production lines that ensure stable product quality, while the Kuaizi Industry Park focuses on smart factory technology, enhancing production capacity and promoting harmony with nature [1][2]. Group 3: Market Position and Consumer Focus - In the current liquor market, consumers increasingly prioritize product quality and cost-effectiveness, which Kuaizi Jiao addresses through its leading base liquor stock and commitment to enhancing product quality [2]. - The unique flavor profile of Kuaizi Jiao's liquor has become richer over time, reflecting the company's dedication to both tradition and innovation [2].