2025 年 5 月 20 日，金徽酒收到控股股东亚特集团通知，亚特集团增持公司 股份的计划已实施完毕。现将相关情况公告如下： 证券代码：603919 证券简称：金徽酒 公告编号：临 2025-027 金徽酒股份有限公司 关于控股股东增持计划实施完毕暨 增持结果的公告 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： 已披露增持计划情况：金徽酒股份有限公司（简称"公司"）控股股东 甘肃亚特投资集团有限公司（简称"亚特集团"）计划自 2024 年 11 月 22 日起 6 个月内，通过集中竞价交易或大宗交易方式增持公司 A 股股份，拟增持资金总 额不低于人民币 7,800.00 万元，不超过人民币 15,600.00 万元，资金来源为亚特 集团自有资金及兴业银行股份有限公司兰州分行向亚特集团提供的增持专项贷 款，其中增持专项贷款金额不超过 14,000.00 万元。 增持计划的实施结果：自 2024 年 11 月 22 日至 2025 年 5 月 19 日，亚特 集团通过上海证券交易所交易系统以集中竞价方式累计增持 ...

证券代码：603919 证券简称：金徽酒 公告编号：临 2025-026 金徽酒股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 本次投资者说明会以网络互动形式召开，通过文字直播方式与投资者进行交流。 公司将针对 2024 年度及 2025 年第一季度的经营成果及财务指标的具体情况与投资 者进行互动交流和沟通，在信息披露允许的范围内，积极与投资者进行交流沟通， 并广泛听取投资者的意见和建议。 二、说明会召开的时间、地点 投资者可于 2025 年 5 月 22 日（星期四）至 5 月 28 日（星期三）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱（jhj@jinhuijiu.com） 进行提问。公司将在 2024 年度暨 2025 年第一季度业绩说明会（简称"业绩说明会"） 上对投资者普遍关注的问题进行回答。 金徽酒股份有限公司（简称"公司"）已分别于 2025 年 3 月 22 日在上海证券 交易所网站（www.sse.com.cn）披露了《金徽酒股份有限公司 2024 年年度报告》、 2025 年 4 月 15 日在上海证券交易所网站（www. ...

Core Points - The company announced a cash dividend of 0.5 CNY per share for its A shares [1] - The dividend distribution plan was approved at the annual general meeting on April 25, 2025 [1] - The record date for the dividend is May 21, 2025, with the ex-dividend date on May 22, 2025 [2] Dividend Distribution Plan - The total cash dividend to be distributed is 248,415,527 CNY (including tax), based on 496,831,054 shares [1] - The cash dividend per share is calculated as approximately 0.49 CNY after considering the total share capital [2] - The company will not distribute dividends for shares held in the repurchase account [1][2] Taxation on Dividends - Individual shareholders holding shares for less than one month will incur a 20% tax on dividends, while those holding for more than one month but less than one year will incur a 10% tax [4] - For foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.45 CNY per share [5] - Hong Kong investors will also receive a net dividend of 0.45 CNY per share after a 10% withholding tax [6] Implementation of Dividend Distribution - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch [2] - Shareholders who have not completed designated transactions will have their dividends held until the transaction is completed [2] - The company provides contact information for inquiries regarding the dividend distribution [6]

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 N 法律意见书 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, Office Tower E2 Oriental Plaza, No. 1 East Chang An Avenue, Beijing P.C.100738 Tel. 86-10-85870068 Fax. 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 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 ...

证券代码：603919 证券简称：金徽酒 公告编号：临 2025-025 金徽酒股份有限公司 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。 | 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 | 2025/5/21 | － | 2025/5/22 | 2025/5/22 | 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金徽酒股份有限公司（简称"公司"）2025 年 4 月 25 日 的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 重要内容提示： 每股分配比例 A 股每股现金红利0.5元 相关日期 （1）本次差异化分红方案 根据公司 2024 年年度股东大会审议通过的《关于审议金徽酒股份有限公司 2024 年度利润分配预案的议案》，公司实施权益分派股权登记日登记的总股本 507,259,997 股，扣除回购专 ...

Core Viewpoint - The Chinese liquor industry is experiencing a deep adjustment in 2024, characterized by declining production and sales, sluggish terminal movement, shrinking consumption scenarios, and insufficient consumer confidence, leading to price inversions for various products [1] Group 1: Industry Trends - The liquor industry is facing dual declines in production and sales, with a notable slowdown in revenue growth for liquor companies in 2024 [1] - The number of liquor companies experiencing revenue declines increased from 2 to 6 compared to the previous year, with brands like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Group 2: Sales Expenses - The total sales expenses for 19 listed liquor companies reached 45.87 billion yuan in the previous year, marking an 11% year-on-year increase, which outpaced revenue growth [2] - The median sales expense ratio rose from 16.26% to 19.1%, indicating a growing burden on companies [2] - Notably, Wu Liang Ye had the highest sales expenses at 10.692 billion yuan, followed by Gu Qing Gong Jiu and Kweichow Moutai [2] Group 3: Management Expenses - The total management expenses for listed liquor companies amounted to 22.85 billion yuan, slightly up from 22.66 billion yuan the previous year, with a median management expense ratio of 7.27% [3] - Eleven companies reported an increase in management expenses, while eight companies saw a decline [3] - Companies like Shanxi Fen Jiu, Shui Jing Fang, and Tian You De Jiu experienced management expense growth exceeding 10% [3] Group 4: Expense Ratios - Jiu Gui Jiu had the highest sales expense ratio at 42.94%, followed by Jin Zhong Zi Jiu at 31.84% and Gu Qing Gong Jiu at 26.22% [4] - Kweichow Moutai had the lowest sales expense ratio at 3.24%, indicating efficient cost management [4] - The management expense ratios for Tian You De Jiu, Jiu Gui Jiu, and Jin Zhong Zi Jiu exceeded 10%, while companies like Wu Liang Ye and Kweichow Moutai maintained lower ratios [4]

Investment Rating - The report maintains an "Accumulate" rating for the liquor industry, indicating a positive outlook for the mid-term [1]. Core Insights - The liquor industry is experiencing continued pressure, with a focus on quality over speed in growth. The recovery in demand is showing signs of being uneven, leading companies to prioritize prudent growth strategies [12][18]. - The high-end liquor segment is seeing stable pricing control, while the mid-range segment is under pressure, indicating a divergence in performance across different price tiers [1][12]. Summary by Sections 1. Demand Recovery and Quality Focus - The liquor sector's revenue for FY 2024 grew by 8.2% year-on-year, with net profit increasing by 7.2%. For Q1 2025, revenue growth slowed to 2.3% and net profit to 2.6% [12][18]. - Consumer confidence remains weak, particularly in the mid to low-end segments, while high-end banquet consumption is showing signs of recovery from a low base [12][18]. 2. Revenue Trends - Revenue growth is gradually bottoming out, with increasing differentiation among companies. The high-end segment remains relatively stable, while the mid-range segment faces significant challenges [18][27]. - The report highlights that many liquor companies are tightening control over distributors and focusing on core products to drive sales [18][27]. 3. Profitability Analysis - The gross profit margin for the liquor sector in FY 2024 was 82.93%, a slight increase from the previous year. However, many companies are facing pressure on their gross margins due to pricing and product mix challenges [2][3]. - Sales and management expense ratios have seen slight increases, indicating a cautious approach to spending amid a challenging market environment [2][3]. 4. Investment Recommendations - The report suggests that leading liquor companies are expected to show resilient growth, supported by effective channel management and digital tracking strategies. Companies like Guizhou Moutai and Shanxi Fenjiu are recommended for their solid performance and valuation safety margins [3][12].

金徽酒股份有限公司 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。 重要内容提示： 本次会议是否有否决议案：无 证券代码：603919 证券简称：金徽酒 公告编号：临 2025-024 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 25 日 (二)股东大会召开的地点：甘肃省陇南市徽县伏家镇金徽酒股份有限公司会 议室 (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 | 357 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 341,067,916 | | 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（%） | 67.2372 | (四)本次会议由董事会负责召集，董事长周志刚先生主持会议，本次会议以 现场与通讯相结合的方式召开。会议的召集、召开和表决方式、表决程序符合《公 司法》和《公司章程》的有关规定。 (一)非累积投票议案 1、议案名称：关于审议《金徽酒 ...

北京卓纬律师事务所 关于金徽酒股份有限公司 2024 年年度股东大会 2024年年度股东大会 PM IANCE BRIDGE LAW FIRM 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, Office Tower E2 Oriental Plaza, No. 1 East Chang An Avenue, Beijing P.C.100738 Tel. 86-10-85870068 Fax. 86-10-85870079 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 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》以及中国证券监督管理委员会(以下简称"中国证监会")发布 的《上市公司股东会规则》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"公司")的委托,指派本所律师列席公司 2024年年度股东大会(以下简称"本次股东大会"),对本次股 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE of 23.73 times for 2025 [5]. Core Views - The company achieved a revenue of 1.108 billion yuan in Q1 2025, representing a year-on-year increase of 3.04%, and a net profit attributable to shareholders of 234 million yuan, up 5.77% year-on-year [1]. - The product structure is improving, with products priced above 100 yuan accounting for 80% of total sales in Q1 2025, and the proportion of products priced above 300 yuan increasing by 4.43 percentage points to 22.35% [2]. - The company is focusing on consumer cultivation and product structure upgrades in its home province while targeting model market development in other provinces [3]. - Financial indicators show an increase in gross margin to 66.81% and net margin to 20.79%, driven by product structure upgrades [4]. Summary by Sections Performance Overview - In Q1 2025, the company reported revenues of 1.108 billion yuan and a net profit of 234 million yuan, reflecting growth of 3.04% and 5.77% respectively [1]. Product Structure - The product structure is on an upward trend, with high-end products leading sales growth. The revenue from products priced above 300 yuan increased by 28.14% year-on-year [2]. Regional Performance - Revenue from the home province reached 857 million yuan, up 1.05%, while revenue from outside the province grew by 9.48% to 238 million yuan [3]. Financial Metrics - The gross margin improved to 66.81%, and the net margin increased to 20.79%, attributed to product structure upgrades and effective marketing strategies [4]. Earnings Forecast and Valuation - The company is expected to achieve 3.28 billion yuan in revenue and 408 million yuan in net profit for the full year, with projected revenue growth rates of 10.20%, 10.46%, and 10.71% for 2025 to 2027 [5][6].