Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

Core Viewpoint - A batch of A-share companies is distributing dividends before the Spring Festival, indicating a shift from financing to shareholder returns, responding positively to new policies [4][12] Summary by Sections Dividend Distribution - On February 10, 2026, eight A-share companies, including Jinhuijiu and Ruixinwei, announced dividend distributions, with Gujinggongjiu leading at over 500 million yuan [3][6] - A total of 35 companies are expected to distribute dividends during the last trading week before the Spring Festival, with a total payout exceeding 19 billion yuan [3][6] - The main sectors involved in this dividend distribution are electric power, food and beverage, and non-bank financial industries [3][6] Company Performance - Companies distributing dividends generally reported positive earnings, with significant revenue and profit growth. For instance, Citic Securities reported a revenue of 74.83 billion yuan and a net profit of 30.05 billion yuan, both showing over 20% growth [12] - Longjiang Electric also reported a revenue of 85.88 billion yuan and a net profit of 34.17 billion yuan, indicating slight growth [12] - Lixun Precision is expected to report a net profit of 16.52 billion to 17.19 billion yuan, reflecting a year-on-year growth of 23.59% to 28.59% [12] Dividend Sustainability - The trend of companies distributing dividends has become more frequent and substantial since the implementation of the new "National Nine Articles" policy, with a shift towards a more sustainable dividend culture [16][18] - Companies are encouraged to ensure that their cash flow and profitability can support dividend payments, avoiding excessive distributions that could hinder future growth [4][18] - The regulatory environment has improved transparency and stability among A-share companies, promoting a rational dividend culture aligned with corporate life cycles [16][17]

Group 1 - The liquor index experienced a decline of 2.02% during the trading session on February 10 [2] - Huangtai Liquor Company saw a drop of over 6% in its stock price [2] - Other companies such as Jinhui Liquor, Jiugui Liquor, Shede Liquor, and Luzhou Laojiao all reported declines exceeding 2% [2]

Investment Rating - The report assigns an "Accumulate" rating for the liquor industry [5] Core Insights - The liquor industry is currently at the bottom of its cycle, with the "opening red" sales expected to remain under pressure year-on-year, while brand differentiation is evident. Positive feedback from high-end liquor is significantly boosting market confidence, and a shift in style and improved expectations may catalyze liquor stock prices [2][6] Summary by Sections Market Overview - The liquor market is experiencing a deep adjustment, with sales and revenue expected to decline throughout the year. However, there are signs of marginal improvement starting from Q4 2025, with high-end brands like Moutai and Wuliangye leading the market [6] High-End Liquor Performance - High-end liquor brands are showing resilience, with Moutai and Wuliangye implementing strategies to stabilize prices and enhance channel profits. Moutai's sales performance has improved, with significant user engagement and order volume [6][7] Stock Recommendations - The report recommends stocks with price elasticity, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as other brands like Shanxi Fenjiu and Yingjia Gongjiu, which are expected to clear inventory [6][7] Future Outlook - The liquor industry is believed to be at the bottom of its current cycle, with potential catalysts for stock prices including improvements in sales, price increases, and inventory reduction. Positive signals from policy changes could further enhance market sentiment [6][7]

Group 1 - The stock of Huangtai Liquor Industry has hit the daily limit down, indicating significant market distress [1] - Shede Liquor, Jiugui Liquor, and Jinhui Liquor have all seen declines exceeding 3%, reflecting a broader downturn in the sector [1] - Other companies such as Gujing Gongjiu, Jinzizijiu, Jinshiyuan, and Shui Jing Fang have also experienced declines, suggesting a widespread negative sentiment in the liquor industry [1]

Core Viewpoint - The company has announced a cash dividend distribution plan for its shareholders, with a total cash dividend of RMB 99,366,210.80 to be distributed based on the approved proposal at the 2026 first extraordinary general meeting of shareholders [2][4]. Dividend Distribution Plan - The cash dividend per share is set at RMB 0.20, with the distribution based on a total share capital of 507,259,997 shares, excluding 10,428,943 shares held in the company's repurchase account [4][6]. - The actual number of shares eligible for the dividend distribution is 496,831,054 shares, leading to a total cash dividend payout of RMB 99,366,210.80 [4][6]. - The reference price for ex-dividend trading will be calculated as the previous closing price minus the cash dividend, with no change in the number of circulating shares [4][6]. Implementation Details - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the record date [3][7]. - Shareholders who have not completed designated transactions will have their dividends held by the China Securities Depository and Clearing Corporation until the transactions are completed [7]. - Specific shareholders, such as Gansu Yate Investment Group Co., Ltd., will receive their dividends directly from the company [8]. Taxation Information - For individual shareholders holding unrestricted circulating shares, the tax treatment varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [9]. - Qualified Foreign Institutional Investors (QFIIs) will have a withholding tax of 10%, resulting in a net dividend of RMB 0.18 per share [10]. - Other shareholders, including institutional investors, will not have taxes withheld by the company, and the actual cash dividend remains RMB 0.20 per share [11].

Core Viewpoint - The company announced a cash dividend distribution of RMB 0.20 per share for the first three quarters of 2025, approved at the first extraordinary shareholders' meeting of 2026 on January 19, 2026 [2][4]. Distribution Plan - The dividend distribution is based on a total share capital of 507,259,997 shares, with 10,428,943 shares excluded from the distribution due to being held in the company's repurchase account, resulting in a distribution base of 496,831,054 shares [4][6]. - A total cash dividend of RMB 99,366,210.80 (including tax) will be distributed to shareholders [4]. Dividend Calculation - The cash dividend per share is calculated as approximately RMB 0.196 per share after accounting for the total shares and the cash dividend amount [6]. - The ex-dividend reference price will be calculated using the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio), with the circulating shares ratio being 0 [5][6]. Implementation Details - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the end of the trading day on the record date [6]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [6]. Taxation Information - For individual shareholders holding unrestricted circulating shares, the tax treatment varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [8]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of RMB 0.18 per share [9]. - Other shareholders, including institutional investors, will not have taxes withheld by the company and must determine their own tax obligations [10].

Core Viewpoint - The company Jinwei Liquor announced its profit distribution plan for the first three quarters of 2025, detailing a cash dividend of 0.20 yuan per share (tax included) for A-shares, with the record date set for February 9, 2026, and the ex-dividend date and dividend payment date on February 10, 2026 [1] Group 1 - The profit distribution plan includes a cash dividend of 0.20 yuan per share for A-shares [1] - The record date for the dividend is February 9, 2026 [1] - The ex-dividend date and the dividend payment date are both set for February 10, 2026 [1]

Group 1 - Fulin Precision's subsidiary Jiangxi Shenghua invested 270 million yuan to establish a joint venture for a 500,000-ton ferrous oxalate project, with a total investment of 1.5 billion yuan expected to be completed by September 30, 2026 [1] - Xuguang Electronics plans to raise up to 1 billion yuan through a private placement to fund high-voltage vacuum arc extinguishing chamber expansion and other projects [2] - Minexplosion Optoelectronics intends to acquire 100% equity of Xiazhi Precision, with the transaction subject to shareholder and regulatory approvals [3] Group 2 - Shangluo Electronics' controlling shareholder plans to reduce his stake by up to 3% due to personal financial needs [4] - Babi Food reported a 1.3% decline in net profit for 2025, despite an 11.22% increase in revenue [5] - Pengding Holdings' subsidiary acquired industrial land in Huai'an for 66.14 million yuan [6] Group 3 - Zhuoyue New Energy's net profit for 2025 increased by 14.16%, despite a 17.43% decline in revenue [7] - Zhongyuan Media's net profit grew by 30.99% in 2025, with revenue decreasing by 5.13% [8] - Huangshan Tourism plans to invest approximately 530 million yuan in a hotel project with a 24-month construction period [9] Group 4 - *ST Jinling's restructuring plan was approved by the court, which may improve the company's financial situation [11] - Jichuan Pharmaceutical's subsidiary paid 80 million yuan for exclusive commercialization rights of a drug [12] - Pilin Bio's subsidiary received a notice for the acceptance of a drug supplement application [13] Group 5 - Nepe Mining terminated its investment in Swiss Veritas Resources AG due to changes in conditions [14] - Jinhui Wine announced a cash dividend of 0.20 yuan per share for the first three quarters of 2025 [15] - Hualan Biological's clinical trial for a new drug received approval for an additional indication [16] Group 6 - Industrial Fulian reported a total of 247 million yuan spent on share buybacks as of January 31, 2026 [17] - Yitong Century was pre-selected for a 107 million yuan project with China Tower [18] - Wanfeng Co. noted uncertainty in future price changes for disperse dyes [19] Group 7 - Bibet's clinical trial application for a new drug was approved by the National Medical Products Administration [21] - Chengbang Co. signed new project contracts worth 40.03 million yuan in Q4 2025 [22] - *ST Hengji received a court ruling for a performance compensation of 175 million yuan [23] Group 8 - Jihua Group is planning a change in control, leading to continued stock suspension [24] - Ningbo Port expects a container throughput of 5.03 million TEUs in January 2026, a 9.5% increase [25] - Hengli Petrochemical's actual controller increased his stake by 3.3 million shares [26] Group 9 - Hongfuhan signed a sales contract worth 480 million yuan with Guangdong Quanxiang [27] - All New Good's shareholder lifted a judicial freeze on 4.36% of the company's shares [28] - Changchun High-tech's subsidiary's clinical trial application for a new drug was accepted [29] Group 10 - Xingqi Eye Medicine's clinical trial for a new drug entered the first/second phase [31] - Hanma Technology reported a 140.04% increase in new energy heavy truck production in January 2026 [32] - Hengfeng Paper plans to invest 349 million yuan in a new green printing project [33] Group 11 - Zhifei Biological's mRNA vaccine for shingles received clinical trial approval [34] - Yutong Bus reported a 15.35% decrease in production in January 2026 [35] - StarNet Ruijie plans to sign a lease contract with an affiliate for a total rent of up to 110 million yuan [36] Group 12 - Hacheng Bonda's director completed a 0.97% share reduction [37] - Hendi Pharmaceutical's application for a new drug was approved [38] - Xinhua Medical's subsidiary received a medical device registration certificate [40] Group 13 - Yaokang Bio reported a 31.49% increase in net profit for 2025 [41] - Gaotie Electric reported a 14.02% increase in net profit for 2025 [42]

北京卓纬律师事务所 地址:北京市东城区东长安街1号东方广场 E2 座 2107-2112 邮政编码:100738 座机:86-010-85870068 传真:86-010-85870079 Add.2107-2112,OfficeTowerE2OrientalPlaza,No.1EastChangAnAvenue,BeijingP.C.100738 Tel.86-10-85870068Fax.86-10-85870079 关于金徽酒股份有限公司 差异化分红事项 之 法律意见书 法律意见书 北京卓纬律师事务所 关于金徽酒股份有限公司差异化分红事项 之法律意见书 致:金徽酒股份有限公司 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》")、《上市公司股份回购规则》(以 下简称"《回购规则》")、《上海证券交易所上市公司自律监管指引第 7号一 一回购股份》(以下简称"《监管指引第7号》")等有关法律、法规和规范性 文件以及《金徽酒股份有限公司章程》（以下简称"《公司章程》"）的规定, 北京卓纬律师事务所(以下简称"本所")接受金徽酒股份有限公司(以下简称 "公 ...