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].

Core Insights - The company reported a revenue of 3.02 billion in 2024, representing an 18.6% year-on-year increase, with a net profit attributable to shareholders of 390 million, up 18.0% year-on-year [1] - The revenue structure is optimizing with high-end products leading, mid-range products stable, and a rebound in mass-market products [1] - Internet sales grew significantly, achieving 80 million in revenue, a 43.4% increase year-on-year [3] Revenue Breakdown - In 2024, revenue from products priced above 300 yuan reached 570 million, up 41.2%, accounting for 18.8% of total revenue [1] - Revenue from the core price range of 100-300 yuan was 1.49 billion, a 15.4% increase, making up 49.2% of total revenue [1] - Revenue from products priced below 100 yuan was 850 million, a 4.0% increase, with a 28.1% share of total revenue [1] Regional Performance - Domestic revenue was 2.23 billion, up 16.1%, while revenue from outside the province was 670 million, up 14.7%, both achieving double-digit growth [2] - In Q4 2024, domestic revenue was 510 million, a 24.5% increase, and external revenue was 120 million, a 10.4% increase [2] Future Projections - The company is expected to achieve revenues of 3.34 billion, 3.79 billion, and 4.34 billion in 2025-2027, with year-on-year growth rates of 10.5%, 13.6%, and 14.5% respectively [3] - Net profit attributable to shareholders is projected to be 450 million, 510 million, and 630 million for the same period, with growth rates of 16.3%, 13.3%, and 22.4% respectively [3]

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [1][10] Core Views - In 2024, the company's revenue reached 3.021 billion yuan, representing an 18.59% year-on-year increase, although the growth rate decreased by 8.05 percentage points compared to the previous year [5] - The first quarter of 2025 saw a revenue of 1.108 billion yuan, a 3.04% year-on-year increase, indicating a slowdown in sales growth [5] - The sales of high-end and mid-range liquor products showed significant growth, with high-end products priced above 300 yuan increasing by 41.17% and mid-range products priced between 100 to 300 yuan increasing by 15.38% in 2024 [5] - The product structure has improved, with the sales proportion of high-end liquor (above 300 yuan) increasing to 18.75% in 2024, while the proportion of low-end liquor (below 100 yuan) decreased to 28.1% [5] - The gross margin for all product tiers has declined, primarily due to a decrease in factory prices, with the gross margin for high-end products falling to 75.99% [5] Summary by Sections Revenue and Growth - The company achieved a revenue of 3.021 billion yuan in 2024, with a growth rate of 18.59% [5] - The revenue for Q1 2025 was 1.108 billion yuan, reflecting a slowdown in growth [5] Product Performance - High-end liquor sales increased significantly, with a 41.17% rise for products above 300 yuan [5] - The sales structure has shifted positively, with an increase in the proportion of high-end products [5] Profitability - The gross margin for high-end products decreased to 75.99%, indicating pressure on profitability [5] Market Channels - The dealer channel saw a revenue increase of 15.43% in 2024, contributing significantly to overall sales [7] - The internet channel experienced a high growth rate of 43.36% in 2024 [7] Earnings Forecast - The forecasted earnings per share for 2025, 2026, and 2027 are 0.81 yuan, 0.89 yuan, and 1.09 yuan respectively, with corresponding P/E ratios of 24.29, 22.06, and 18.08 [7]

在此背景下，金徽酒（603919）凭借其敏锐的市场嗅觉与战略布局，成功突出重围。公司披露的一季报 数据显示，通过实施精准的市场策略，依托深厚的品牌底蕴，金徽酒实现了业绩的稳健上扬。这一成 绩，不仅彰显出企业卓越的抗风险能力，更为处于调整期的白酒行业注入了新的发展活力。 当下，白酒行业"存量博弈"特征愈发凸显。消费需求低迷，商务宴请、社交聚饮等传统核心消费场景不 断萎缩，致使整体市场规模渐趋收窄，价格战硝烟弥漫。与此同时，行业内"强者恒强"的马太效应显著 加剧，品牌集中度稳步攀升，市场份额正加速向头部企业聚拢。 在行业普遍面临库存压力的大背景下，金徽酒依靠精准的市场营销与科学的库存管理策略，成功将库存 水平控制在合理区间。良好的库存管理，既有效降低了公司运营成本，又显著提升了产品周转率，为产 品质量提供了有力保障。 积极回报股东，彰显企业责任担当 金徽酒始终坚守"给股东好回报就是正能量"的理念，积极制定并实施丰厚的分红方案。2024年，公司每 10股派发现金红利5元(含税)，全年分红总额高达2.48亿元，分红比例达64%。这一举措切实为股东带来 了丰厚收益，充分体现了公司对股东利益的高度重视与积极回馈。 经营业 ...

金徽酒股份有限公司 2024 年年度股东大会会议资料 二零二五年四月 1 / 31 会议须知 为维护投资者合法权益，确保股东大会正常秩序和议事效率，根据《公司法》 《证券法》《金徽酒股份有限公司章程》和《金徽酒股份有限公司股东大会议事 规则》相关规定，特制定如下会议须知，望出席股东大会的全体人员严格遵守。 一、公司证券法务部具体负责本次股东大会有关程序方面事宜。 二、为能及时统计出席会议的股东（股东代理人）所代表持股总数，做好会 务接待工作，请拟参加本次股东大会现场会议的各位股东提前做好登记工作，并 准时出席会议。 三、公司董事、监事在股东大会召开过程中，应以维护股东合法权益，确保 股东大会正常秩序和议事效率为原则，认真履行职责。 四、股东享有发言权、质询权、表决权等权利，并认真履行法定义务，不得 侵犯其他股东权益，不得扰乱股东大会正常秩序。 五、股东在股东大会上要求发言，需在会议召开前向公司证券法务部登记， 发言顺序根据持股数量多少和登记顺序确定，发言内容应围绕本次股东大会议案， 每位股东发言时间不超过五分钟。 六、除涉及公司商业秘密、未披露信息不能在股东大会公开外，公司董事会、 监事会成员均有义务认真回答 ...