Group 1 - The company has approved a differentiated dividend distribution plan based on the total share capital after deducting shares held in the repurchase account, proposing a cash dividend of RMB 13.00 per 10 shares [2][3] - The total cash dividend to be distributed amounts to RMB 778,158,290.00 (including tax) [2] - The reference price for ex-dividend trading is calculated as (previous closing price - cash dividend), resulting in a reference price of RMB 33.44 per share [3][4] Group 2 - The differentiated dividend distribution complies with regulations stating that shares repurchased into a special account do not participate in profit distribution [3][4] - The impact of the differentiated dividend on the ex-dividend reference price is less than 1%, indicating minimal effect on market pricing [4] - The sponsor institution has verified that the differentiated dividend distribution adheres to relevant laws and regulations, ensuring no harm to the company or shareholders [4]

华林证券股份有限公司 关于安徽口子酒业股份有限公司 差异化分红事项的核查意见 华林证券股份有限公司（以下简称"华林证券"、"保荐机构"）作为安徽口子 酒业股份有限公司（以下简称"口子窖"、"公司"）首次公开发行股票并上市 的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》《上海 证券交易所上市公司自律监管指引第 7 号——回购股份》等相关法律、法规和规 范性文件的规定，对口子窖 2024 年度利润分配所涉及的差异化分红事项进行了 核查，具体情况如下： 一、本次差异化分红的原因 公司于 2023 年 11 月 6 日召开第五届董事会第四次会议，审议通过了《关于 以集中竞价交易方式回购股份方案的议案》。截至申请日，公司已通过集中竞价 交易方式累计完成回购 A 股股份数量 1,416,700 股，占公司总股本的比例为 0.236%。回购的 1,416,700 股尚在"安徽口子酒业股份有限公司回购专用证券账 户"内。 根据《上海证券交易所交易规则》的相关规定，公司按照以下公式计算除权 除息开盘参考价： 除权（息）参考价格=[（前收盘价格-现金红利）+配（新）股价格×流通股 份变动比例]÷（1+流通股份变 ...

证券代码：603589 证券简称：口子窖 公告编号：2025-017 安徽口子酒业股份有限公司2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利1.30元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/4 | － | 2025/7/7 | 2025/7/7 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《公司法》《上市公司股份回购规则》等法律法规的有关规定，公司存放于回购专用 证券账户中的 1,416,700 股股份不参与本次利润分配。 3. ...

Core Insights - The competitiveness of the Yangtze River Delta wine industry is fundamentally driven by the release of policy dividends, activation of geographical endowments, and the reconstruction of the industrial chain [12] Economic Overview - In 2024, the GDP of the Yangtze River Delta is projected to exceed 33 trillion yuan, contributing 25% of the national economic total with only 4% of the land [3] - The region accounts for approximately 17% of the national population and contributes about 30% to national economic growth [3] - In the first quarter of 2025, the GDP surpassed 8 trillion yuan, maintaining a strong position in the national economic landscape [3] Industry Performance - Anhui's liquor industry reported significant growth in 2024, with revenue from large enterprises reaching 37.58 billion yuan, a year-on-year increase of 9.2%, and total profits of 12.77 billion yuan, up 13.2% [4] - Jiangsu faced challenges with a 9.83% decline in liquor production and a 16.69% drop in profits, contrasting with the expansion of production capacity by major brands [4] - Zhejiang's yellow wine industry, which holds 57.02% of national production, has seen leading companies achieve growth through structural upgrades and market expansion [4] Challenges Faced - Shanghai's local brands are struggling, with Jin Feng Wine achieving a revenue of 578 million yuan, a mere 0.87% increase, while its net profit plummeted by 94.49% [5] - Shanghai Gui Jiu experienced an 82.54% revenue drop to 285 million yuan, resulting in a net loss of 217 million yuan due to issues like related party transactions and funding chain disruptions [5] - The overall industry faces challenges such as aging consumers in Zhejiang and insufficient penetration into younger markets [6] Strategic Insights - The integration strategy of the Yangtze River Delta aims to break down administrative barriers and inject new momentum into the wine industry [8] - The region's economic foundation and scale have fostered the rise of Su and Hui wines, with leading companies capturing over 60% of their respective provincial markets [7] - Experts suggest that the wine industry must shift from provincial strategies to a more integrated approach, leveraging the strengths of the entire region [10] Future Opportunities - The Yangtze River Delta's one-integration strategy presents a historic opportunity for the wine industry, emphasizing the need for collaboration and resource sharing among provinces [9] - Initiatives include establishing a smart brewing innovation chain, promoting integrated cultural tourism, and developing new green consumption scenarios [9] - The region's unique economic and demographic characteristics create a fertile ground for high-end consumption, with significant potential for growth in premium wine markets [8]

Core Viewpoint - The company, Anhui Kouzi Liquor Co., Ltd., is set to hold an investor performance briefing on June 30, 2025, to discuss its 2024 annual and 2025 first-quarter results, allowing for interactive communication with investors [1][2]. Group 1: Meeting Details - The performance briefing will take place on June 30, 2025, from 13:00 to 14:00 [2][3]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible via the website http://roadshow.sseinfo.com/ [2][3]. - The meeting will be conducted in an online interactive format, enabling real-time engagement with investors [2][3]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [3]. - Questions can be submitted by investors from June 23 to June 27, 2025, through the Roadshow Center's "Question Pre-Collection" section or via the company's email [3]. - The company will address commonly asked questions during the performance briefing [3]. Group 3: Company Representatives - Key representatives attending the meeting include the Chairman and General Manager Xu Jin, Vice General Manager and Secretary Xu Qinxiang, Vice General Manager and CFO Fan Bo, Vice General Manager Huang Shaogang, and Independent Director Chu Yuming [2].

证券代码：603589 证券简称：口子窖 公告编号：2025-016 安徽口子酒业股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 6 月 23 日(星期一)至 6 月 27 日(星期五)16:00 前登录上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 （http://roadshow.sseinfo.com/questionCollection.do）或通过安徽口子酒 业股份有限公司（以下简称"公司"）邮箱 kz_zqb@126.com 进行提问。公司将在 业绩说明会上对投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 6 月 30 日（星期一）下午 13:00-14:00 （二） 会议召开地点：上海证券交易所上证路演中 ...

Group 1: Industry Overview - The second quarter marks the traditional off-season for the liquor industry, compounded by increasing environmental uncertainties, leading to a decline in stock prices within the sector [2][5] - The market is experiencing a consensus on deceleration, with individual stock alpha diminishing, as major liquor companies exhibit a rational growth attitude during shareholder meetings [2][3] Group 2: Pricing and Demand Dynamics - The price of high-end liquor, such as Feitian Moutai, has shown a downward trend due to weak demand, with prices dropping to around 2000 yuan [7][13] - The impact of government policies, such as the "Party and Government Agencies Strictly Save and Oppose Waste Regulations," has affected business consumption scenarios, leading to a subdued demand environment [2][3] Group 3: Company-Specific Insights - Guizhou Moutai is expected to achieve a revenue growth target of approximately 9% for 2025, with a focus on expanding sales channels and enhancing consumer engagement [21] - Wuliangye has faced pressure on its pricing, with the price of its flagship product, Pu Wuliangye, declining to 910 yuan, while the company emphasizes maintaining price stability and supporting distributor profits [22] Group 4: E-commerce and Market Trends - The entry of instant retail platforms has significantly boosted online liquor sales, with major brands experiencing substantial growth during the "618" shopping festival [14][18] - The competition in pricing during the "618" event has intensified, impacting traditional distribution channels as e-commerce platforms offer aggressive discounts [18][19]

酒行业丨市场观察 本周看点： -精酿啤酒渠道热，白酒经销商为何冷淡？ -白酒巨头抢夺香港市场； -淡季里的热战，酒业掀起"请进来"运动。 行业环境 1.精酿啤酒掀起渠道热，为何传统白酒经销商态度冷淡？ 关键词 ： 精酿啤酒,即时零售,渠道布局,消费热度,市场增长 概要 ： 精酿啤酒市场热度上升，渠道态度分化。即时零售推动下，部分酒类零售商布局精酿 实现显著增长，如河南连锁品牌销量增20%-35%；但传统白酒经销商多持观望态度，因保质期 短、供应链经验不足等原因。尽管如此，精酿作为"流量+利润"产品吸引部分酒商尝试，但市 场同质化严重、品牌化不足。未来，头部品牌的出现及新零售入局或成行业关键看点。 2.精准卡位30-60元价格带、在江苏多地热销，"川味"巴适开启全国化布局 关键词 ： 光瓶酒,巴适文化,白酒市场,渠道策略,品质追求 概要 ： 光瓶酒市场预计2024年达1500亿，未来十年或突破2000亿。四川春泉集团推出的"巴 适"光瓶酒，以高性价比和品质化在江苏市场崭露头角，主力产品精准切入30-60元价格带。依 托邛崃优质酿酒资源与传统工艺，"巴适"融合国潮设计，满足怀旧与年轻化需求。厂家提供灵 活渠道政策 ...

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 | ...

Market Overview - The A-share market experienced an overall increase on May 29, with the Shanghai Composite Index closing at 3363.45 points, up 0.7%, the Shenzhen Component Index at 10127.2 points, up 1.24%, and the ChiNext Index at 2012.55 points, up 1.37%. The North Star 50 Index rose by 2.73%. Total trading volume reached 12136.01 billion yuan, an increase of 1795.28 billion yuan compared to the previous trading day [1]. Capital Flow - The net inflow of main funds in the A-share market was 74.33 billion yuan, with an opening net outflow of 19.58 billion yuan and a closing net inflow of 23.89 billion yuan [2]. - The net inflow for the CSI 300 was 12.91 billion yuan, while the ChiNext saw a net inflow of 42.65 billion yuan, and the STAR Market experienced a net outflow of 17.3 billion yuan [4]. Sector Performance - Among the 23 sectors, the computer industry led with a net inflow of 191.73 billion yuan, followed by the electronics sector with 124.39 billion yuan, and the pharmaceutical and biological sector with 112.04 billion yuan. The non-bank financial sector saw a net inflow of 47.51 billion yuan, while the communication sector had 34.87 billion yuan [6][7]. - The sectors with the largest net outflows included food and beverage with -21.56 billion yuan, basic chemicals with -12.02 billion yuan, and banking with -8.89 billion yuan [7]. Individual Stock Activity - The stock with the highest net inflow was Shanzhi Gaoke, with 7.11 billion yuan [8]. - Institutional investors showed significant interest in several stocks, with Wangzi New Materials receiving a net buy of 41.11 million yuan, and Sifang Precision receiving 36.17 million yuan [11][12]. Institutional Focus - Recent institutional ratings highlighted several stocks, including Huichuan Technology with a target price of 73.00 yuan, indicating an upside potential of 8.83%, and Longying Precision with a target price of 24.70 yuan, suggesting a 19.73% upside [14].