Core Viewpoint - The newly revised "Regulations on Strict Economy and Opposition to Waste in Party and Government Agencies" emphasizes a ban on high-end dishes, cigarettes, and alcohol in work meals, which has led to a decline in the stock prices of liquor companies, particularly in the white liquor sector [1][4]. Group 1: Impact of the New Regulations - The new regulations reaffirm existing restrictions on public alcohol consumption, which have been in place since the "Eight Regulations" introduced in 2012, and further clarify the details of these rules [1][3]. - The market share of public alcohol consumption has significantly decreased, from approximately 40% in 2011 to less than 5% currently, indicating a substantial shift in the consumption landscape [3][4]. Group 2: Historical Context of Public Alcohol Consumption - Public alcohol consumption has historically held a significant role in Chinese culture, evolving from a political tool to a mainstream market driver, and is now being phased out [2][12]. - Previous bans on public alcohol consumption in 1989, 1996, and 2012 have each led to drastic changes in the white liquor market, with the latest ban being less impactful compared to earlier ones [6][10]. Group 3: Market Reactions and Trends - Following the announcement of the new regulations, 11 white liquor stocks experienced declines ranging from 0.19% to 2.73%, with high-end brands facing larger drops [4][11]. - Despite short-term fluctuations, analysts suggest that the long-term investment logic for the white liquor sector remains largely unaffected, as public alcohol consumption constitutes a minor portion of overall sales [4][6]. Group 4: Changing Consumer Preferences - The current consumer base for white liquor is shifting towards younger generations, who prioritize taste, brand recognition, price, and packaging, indicating a trend towards more diverse and personalized consumption [12][14]. - The top consumption scenarios for white liquor in 2024 are family gatherings, friend meet-ups, and business banquets, reflecting a move away from traditional public consumption [12][14].

Core Viewpoint - Jinhuijiu's recent dividend announcement has garnered significant attention, showcasing the company's strong profitability and commitment to shareholder returns through a high cash dividend distribution [1][2][3]. Dividend History - Since its listing in 2016, Jinhuijiu has distributed over 1.1 billion yuan in dividends, consistently demonstrating a commitment to shareholder returns [2]. - In 2022, the company distributed 1.52 billion yuan in cash dividends, amounting to 3 yuan per 10 shares, which represented 54.30% of that year's net profit [2]. - In 2023, the cash dividend increased to 3.89 yuan per 10 shares, totaling 1.97 billion yuan, accounting for 60% of the net profit [2]. - For 2024, Jinhuijiu announced a cash dividend of 5 yuan per 10 shares, totaling 2.48 billion yuan, which is 64% of the net profit [3]. Financial Performance - In 2024, Jinhuijiu achieved a record revenue of 3.021 billion yuan, reflecting an 18.59% year-on-year growth, and a net profit of 388 million yuan, up 18.03% [4]. - The company's revenue growth is attributed to optimized marketing strategies and increased brand recognition, particularly in both established and new markets [4]. - The product mix has improved, with revenue from high-end products (priced above 300 yuan) reaching 566 million yuan, a 41.17% increase, and accounting for 19.52% of total revenue [4]. Profitability and Cost Management - Jinhuijiu's net profit growth is supported by effective cost control and operational efficiency improvements [5]. - The company has focused on precise marketing strategies, resulting in a decrease in the sales expense ratio by 1.29 percentage points [5]. - Continuous optimization of production processes has led to reduced production costs, further enhancing profitability [5]. Market Response and Investor Sentiment - The high dividend payout has been positively received by shareholders, with many expressing satisfaction and confidence in the company's future [6][7]. - Securities firms have recognized Jinhuijiu's performance, with reports highlighting the company's product structure upgrades and strong cash flow, leading to buy and hold ratings [6][7]. - The company's commitment to shareholder returns is viewed as a reflection of its stable operations and growth potential, attracting both individual and institutional investors [7][8].

Core Viewpoint - The announcement details the completion of the share buyback plan by the controlling shareholder of Jinhui Liquor Co., Ltd., Gansu Yate Investment Group Co., Ltd., which involved a total investment of approximately RMB 155.99 million [1][2]. Group 1: Buyback Plan Details - The buyback plan was initiated on November 22, 2024, with a planned investment range of RMB 78 million to RMB 156 million, funded by the controlling shareholder's own funds and a special loan from Industrial Bank Co., Ltd. [1] - From January 9, 2025, to May 19, 2025, Gansu Yate Investment Group acquired a total of 8,325,136 shares, representing 1.64% of the company's total equity, with a total expenditure of RMB 155.99 million (excluding transaction fees) [1][2]. Group 2: Shareholding Information - Prior to the buyback, Gansu Yate Investment Group held 109,401,487 shares, accounting for 21.57% of the total equity [1]. - After the completion of the buyback plan, the shareholding structure remains unchanged, and there will be no change in the controlling shareholder or actual controller of the company [2].

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]

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 ...