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]

有9家酒企归母净利润低于10亿元，4家净利润低于1亿元。去年只有金种子酒一家酒企亏损，亏损金额 从上年的0.22亿元扩大到2.58亿元。 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2024年，白酒行业进入深度调整！ "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒 挂，"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧，头部酒企仍能维持稳健增长，中小酒企则开始面对压力。 从上市公司层面来看，2024年酒企收入增速大幅放缓，收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 19家上市白酒公司归母净利润增长7.6% 贵州茅台一家占比达到52% 2024年19家上市白酒公司（剔除*ST岩石（维权）），总共实现归母净利润1668.48亿元，同比增长 7.6%。 贵州茅台去年净利润达到862.28亿元，占上市白酒净利润的近52%，提升了3.48个百分点。其次是五粮 液、泸州老窖和山西汾酒，归母净利润分别为318.5 ...

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].

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]

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].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has shown a strong revenue growth in the premium segment, with a year-on-year increase of 28.14% for products priced above 300 yuan, indicating a rapid upgrade in product structure [1]. - The company is focusing on expanding its market presence outside its home province, with a notable revenue increase of 9.48% in external markets [2]. - The gross margin has improved due to structural upgrades, with a gross margin of 66.81% in Q1 2025, reflecting a 1.41 percentage point increase year-on-year [3]. Summary by Sections Performance - In Q1 2025, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 1.108 billion, 234 million, and 231 million yuan respectively, showing year-on-year growth of 3.04%, 5.77%, and 4.30% [1]. - Revenue from products priced above 300 yuan reached 245 million yuan, contributing to 22.35% of total revenue, an increase of 4.43 percentage points year-on-year [1]. Market and Channel - In Q4 2024, the company's revenue from the domestic market was 857 million yuan, while revenue from external markets was 238 million yuan, with year-on-year growth rates of 1.05% and 9.48% respectively [2]. - The company has increased its number of distributors by 72 to a total of 964, indicating a push for marketing transformation [2]. Financial Metrics - The company reported a gross margin of 66.81% and a net margin of 20.79% in Q1 2025, with both margins showing improvement compared to the previous year [3]. - The company expects net profit attributable to the parent to grow to 410 million, 452 million, and 521 million yuan in 2025, 2026, and 2027 respectively, with corresponding growth rates of 5.72%, 10.23%, and 15.19% [3].