Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,108,302,532.78, representing a 3.04% increase compared to CNY 1,075,552,902.20 in the same period last year[5]. - Net profit attributable to shareholders was CNY 233,794,429.79, reflecting a 5.77% increase from CNY 221,042,846.30 year-on-year[5]. - The net profit after deducting non-recurring gains and losses was CNY 231,498,280.13, up 4.30% from CNY 221,944,522.03 in the previous year[5]. - Basic earnings per share increased by 6.82% to CNY 0.47, compared to CNY 0.44 in the previous year[5]. - The net profit for Q1 2025 was 230,412,522.92 CNY, compared to 219,329,897.68 CNY in Q1 2024, reflecting an increase of approximately 5.2%[21]. Cash Flow - The net cash flow from operating activities decreased by 21.56% to CNY 269,119,556.23, down from CNY 343,087,420.19 in the same period last year[5]. - The company reported a net cash flow from operating activities of 269,119,556.23 CNY in Q1 2025, down from 343,087,420.19 CNY in Q1 2024, a decrease of about 21.6%[23]. - Cash flow from investing activities totaled $32,584,332.57 in Q1 2025, compared to $6,478,458.17 in Q1 2024, indicating a significant increase in investment outflows[24]. - Net cash flow from investing activities was -$32,333,332.57 in Q1 2025, worsening from -$6,464,930.17 in Q1 2024[24]. - The net increase in cash and cash equivalents was $236,786,223.66 in Q1 2025, down from $336,622,490.02 in Q1 2024[24]. - The beginning cash and cash equivalents balance was $853,570,501.13 in Q1 2025, compared to $1,030,752,321.46 in Q1 2024[24]. - The ending cash and cash equivalents balance stood at $1,090,356,724.79 in Q1 2025, down from $1,367,374,811.48 in Q1 2024[24]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,717,092,284.94, a 2.44% increase from CNY 4,604,591,965.93 at the end of the previous year[5]. - As of March 31, 2025, total current assets increased to 2,847,660,831.59 CNY from 2,716,169,678.45 CNY as of December 31, 2024, representing a growth of approximately 4.9%[15]. - The company's total assets reached 4,717,092,284.94 CNY as of March 31, 2025, up from 4,604,591,965.93 CNY at the end of 2024, indicating an increase of about 2.4%[16]. - The total liabilities as of March 31, 2025, were 1,173,518,263.86 CNY, down from 1,291,382,781.77 CNY at the end of 2024, indicating a reduction of about 9.1%[17]. - The company reported a decrease in accounts payable from 206,181,671.10 CNY at the end of 2024 to 111,357,409.35 CNY as of March 31, 2025, a decline of about 46.0%[16]. Shareholder Equity and Repurchase - Shareholders' equity attributable to shareholders increased by 7.03% to CNY 3,557,876,476.09 from CNY 3,324,129,732.30 at the end of the previous year[5]. - The company completed its share repurchase plan, buying back a total of 10,428,943 shares, accounting for 2.0559% of the total share capital, at an average price of 18.49 CNY per share, totaling 192,853,863.02 CNY[12]. - The company plans to repurchase shares using between CNY 100 million and CNY 200 million of its own funds to implement employee stock ownership plans or equity incentives[11]. Research and Development - Research and development expenses for Q1 2025 were 13,799,353.05 CNY, significantly higher than 8,773,989.92 CNY in Q1 2024, marking an increase of approximately 57.1%[20]. Revenue Growth Factors - The company attributes revenue growth to optimized marketing strategies, enhanced brand influence, and expanded market regions[5]. - For Q1 2025, total operating revenue was 1,108,302,532.78 CNY, a rise of 3.5% compared to 1,075,552,902.20 CNY in Q1 2024[20].

证券代码:603919 证券简称:金徽酒 公告编号:临 2025-020 金徽酒股份有限公司 关于签订工程施工合同暨关联交易的公告 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： 金徽酒股份有限公司（简称"公司"）拟投资实施生态智慧产业园四期技改项目， 经委托第三方代理机构公开招标，关联方甘肃懋达建设工程有限公司（简称"懋达建设"） 中标，合同金额 66,903.82 万元（简称"本次关联交易"）。 一、关联交易概述 金徽生态智慧产业园四期技改项目施工总承包经委托第三方代理机构公开招标、公 示，懋达建设中标，公司拟与懋达建设签订《工程施工合同》，合同金额为 66,903.82 万 元。 根据《上海证券交易所股票上市规则》6.3.7 条和 6.3.15 条规定，与同一关联人的关 联交易应按照"连续十二个月内累计计算原则"累计计算。截止本公告披露日，过去 12 个月内，公司与懋达建设的交易金额占公司最近一期经审计净资产绝对值的比例高于 5% （包括本次关联交易），本次关联交易尚需提交股东大会审议。本次关联交易不构成 ...

Core Insights - In 2024, Jinhui Liquor achieved a milestone with total revenue surpassing 3 billion yuan, reaching 3.021 billion yuan, a year-on-year increase of 18.59%, and a net profit attributable to shareholders of 388 million yuan, up 18.03%, amidst a slowing growth trend in the liquor industry [1] Product Structure Challenges - Jinhui Liquor has been focusing on optimizing its product structure and transitioning towards mid-to-high-end products, with sales revenue for products priced above 300 yuan reaching 566 million yuan, a growth of 41.17%, while sales for products priced between 100-300 yuan were 1.487 billion yuan, up 15.38% [2] - Despite the growth in high-end product sales, their revenue contribution remains low at only 18.74%, indicating limited impact on overall revenue, with mid-range products contributing nearly half of the revenue and low-end products accounting for 28.10% [2] - The sales volume disparity is significant, with mid-range products at 9,318.94 thousand liters, low-end products at 10,263.74 thousand liters, and high-end products only at 1,248.16 thousand liters, reflecting low consumer acceptance of high-end offerings [2] Market Expansion Issues - Jinhui Liquor experienced growth in both domestic and provincial markets, with domestic revenue at 2.231 billion yuan, up 16.14%, and provincial revenue at 670 million yuan, a growth of 14.67%, but the provincial market growth is notably slower than domestic [4] - The company primarily focuses on the northwestern region around Gansu while attempting to expand into eastern and northern markets, facing intense competition and significant gaps in brand influence and market share compared to leading liquor companies [4] - The reliance on affordable products in the domestic market limits Jinhui Liquor's high-end development in provincial markets, as local consumers view the brand more as a cost-effective choice rather than a premium one [5] Brand Development Concerns - In 2024, online sales reached 83.9968 million yuan, a growth of 43.36%, but this rapid increase poses risks to the interests of distributors, potentially leading to inventory buildup and financial pressure [6] - The strategy of offering products across all price segments online may enhance brand visibility but risks market price instability and could harm brand image in a competitive liquor market [6] Future Development Challenges - Industry experts suggest that despite Jinhui Liquor's achievements in 2024, it faces numerous challenges, including optimizing product structure, expanding provincial markets, and strengthening brand development [7] - The company needs to invest more in high-end product research and promotion to enhance market competitiveness, collaborate with research institutions to improve product quality, and create differentiated high-end brands [7] - Accelerating provincial market expansion, particularly in economically developed regions, and optimizing distributor networks while enhancing cooperation with distributors are essential for addressing market competition [7] - Greater emphasis on brand building through precise market positioning and effective brand communication is necessary to improve brand image and consumer recognition, alongside stabilizing pricing strategies to protect distributor interests [7]

Group 1 - The Gansu Provincial Private Enterprise Symposium was held in Lanzhou, signaling strong support for the development of the private economy, which boosts entrepreneurs' morale and confidence, injecting new momentum into Gansu's high-quality economic development [1] - Jinhuijiu Co., Ltd., the largest and most well-known liquor company in Gansu, is accelerating its market expansion with a strategy focused on "layout nationwide, deepening in Northwest, and key breakthroughs" to build a well-known Chinese liquor brand [1][2] - Jinhuijiu has become the largest, most recognized, and highest tax-paying liquor enterprise in Gansu, aiming to rank among the top ten Chinese liquor brands and establish a large-scale liquor production base [2] Group 2 - As of 2024, Jinhuijiu has achieved cumulative sales of 26.9 billion yuan, paid 6.3 billion yuan in taxes, and provided over 3,000 direct jobs, indirectly boosting employment for 20,000 people [2] - In 2024, Jinhuijiu reported operating income of 3.021 billion yuan and a net profit of 388 million yuan, ranking 14th among the 20 listed liquor companies in terms of revenue and 25th in the national liquor industry [2] - Jinhuijiu has invested hundreds of millions in social responsibility initiatives, benefiting thousands through various public welfare projects, including education and poverty alleviation [3] Group 3 - Since 2009, Jinhuijiu has consistently conducted charitable educational activities, donating over 10 million yuan annually, totaling more than 150 million yuan to help students achieve their university dreams [3] - The company aims to create a "five-good" company by providing quality products to customers, good mechanisms for employees, good business for partners, good contributions to society, and good returns for shareholders [3] - Since 2013, Jinhuijiu has maintained annual dividends exceeding 1.2 billion yuan, with a payout ratio consistently above 30% of net profit, reaching 64% in 2024 [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company's revenue and net profit for 2024 are projected to be CNY 3.021 billion and CNY 388 million respectively, representing year-on-year growth of 18.59% and 18.03% [1] - The company is experiencing strong performance in the segment of products priced above CNY 300, with a revenue increase of 29.27% in this category [1] - The domestic market remains the core focus, with revenue from the domestic market growing by 24.50% year-on-year, while growth in the external market has slowed to 10.43% [2] - The company is optimizing its cost structure, resulting in a smaller decline in net profit margin compared to gross margin [3] - The company is expected to gradually increase its market share in Gansu province, with future profit releases anticipated as previous investments mature [3] Financial Performance - For 2024, the company expects revenue of CNY 3.021 billion, with a growth rate of 18.59% [4] - The gross margin for Q4 2024 is projected to be 50.13%, down 8.29 percentage points year-on-year, while the net margin is expected to be 7.46%, down 2.70 percentage points [3] - The company’s net profit for 2025 and 2026 is forecasted to be CNY 409.87 million and CNY 452.85 million respectively, with growth rates of 5.60% and 10.49% [4] Market and Sales Channels - In Q4 2024, the company’s revenue from distribution, direct sales (including group purchases), and online sales were CNY 5.93 billion, CNY 0.14 billion, and CNY 0.26 billion respectively [2] - The number of distributors increased by 137 to a total of 1,001, with significant growth in both domestic and external markets [2] Profitability and Valuation - The company’s earnings per share (EPS) for 2024 is projected to be CNY 0.77, with a price-to-earnings (P/E) ratio of 24.71 [4] - The company’s return on equity (ROE) is expected to improve to 11.68% by 2024 [4]

Core Viewpoint - Company achieved record high revenue and profit in 2024, with a revenue of 3.021 billion yuan and a net profit of 388 million yuan, reflecting year-on-year growth of 18.59% and 18.03% respectively [1] Group 1: Financial Performance - In 2024, the company reported a revenue of 3.021 billion yuan, an increase of 18.59% year-on-year [1] - The net profit attributable to shareholders was 388 million yuan, up 18.03% year-on-year [1] - The basic earnings per share were 0.77 yuan, with a weighted average return on equity of 11.70% [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 248 million yuan, which represents 64% of the net profit [1] Group 2: Marketing and Brand Development - The company is focused on transforming its marketing strategy to build a national brand, leveraging its unique ecological environment and rich brewing history [2] - It aims to enhance product quality through advanced techniques and collaborations with universities and research institutions [2] - The company has established a new brand expression system to deepen the brand's connotation and enhance its influence through diversified communication channels [5] Group 3: Product and Market Strategy - In 2024, all three main product lines achieved double-digit growth, with products priced above 300 yuan increasing by 41.17% [4] - The company is optimizing its product structure, with mid-to-high-end products now accounting for 70.75% of sales [4] - The company is expanding its market presence in the East China and Northern markets while solidifying its base in Northwest China [5] Group 4: Future Goals - The company aims to achieve a revenue of 3.280 billion yuan and a net profit of 408 million yuan in 2025, marking another record high [6] - It will continue to focus on national layout, deepening its presence in Northwest China, and implementing precise marketing strategies [6] - The company plans to enhance user engagement through personalized marketing and deepen market penetration [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - The company achieved a revenue of RMB 3.02 billion in 2024, representing a year-on-year increase of 18.6%, and a net profit attributable to shareholders of RMB 390 million, up 18.0% year-on-year [3][8] - The product structure continues to optimize, with a steady increase in market share within the province [3][7] - The company reported a strong performance in the second half of the year, with a revenue growth of 23.7% year-on-year, and a significant increase of 31.1% in Q4 2024 [7][8] Financial Performance - For 2024, the company’s revenue was RMB 3,021 million, with a gross profit margin of 60.9%, down 1.5 percentage points year-on-year [8] - The company’s net profit margin for 2024 was 12.8%, remaining stable compared to the previous year [7][8] - The company’s earnings per share (EPS) for 2024 was RMB 0.77, reflecting an 18.0% increase from the previous year [6][8] Market Position - The company’s domestic market revenue reached RMB 2.23 billion in 2024, growing by 16.1% year-on-year, accounting for 76.9% of total revenue [7] - The company has 1,001 distributors, with 288 in the domestic market and 713 in the provincial market, showing a year-on-year increase in both categories [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are RMB 3.28 billion, RMB 3.65 billion, and RMB 4.13 billion, respectively, with year-on-year growth rates of 8.6%, 11.1%, and 13.2% [4][6] - The net profit attributable to shareholders is expected to reach RMB 408 million, RMB 468 million, and RMB 550 million for the years 2025, 2026, and 2027, respectively [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company achieved a revenue of RMB 3.02 billion in 2024, representing a year-on-year increase of 18.6%, with a net profit attributable to shareholders of RMB 390 million, up 18.0% year-on-year [3][8] - The product structure continues to optimize, and the market share in the province steadily increases, indicating strong operational performance [3][7] Financial Performance - In Q4 2024, the company reported revenue of RMB 690 million, a year-on-year increase of 31.1%, while the net profit for the same period was RMB 60 million, down 2.1% year-on-year [8] - The gross profit margin for 2024 was 60.9%, a decrease of 1.5 percentage points compared to the previous year, with Q4 2024 gross margin at 50.1%, down 8.3 percentage points year-on-year [7][8] Market Position - The company’s revenue from the domestic market reached RMB 2.23 billion in 2024, growing 16.1% year-on-year, accounting for 76.9% of total revenue [7] - The company has 1,001 distributors, with 288 in the domestic market and 713 in the provincial market, showing a significant increase in distribution channels [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are RMB 3.28 billion, RMB 3.65 billion, and RMB 4.13 billion, respectively, with year-on-year growth rates of 8.6%, 11.1%, and 13.2% [4][6] - The net profit attributable to shareholders is expected to reach RMB 410 million, RMB 470 million, and RMB 550 million for the years 2025, 2026, and 2027, with growth rates of 5.1%, 14.7%, and 17.7% respectively [4][6]

Core Viewpoint - The 2024 ESG report released by Jinhui Liquor highlights the company's commitment to environmental, social, and governance practices, despite the lack of standardized carbon emission calculations in the industry [1][3]. Group 1: ESG Report Overview - Jinhui Liquor has published its 2024 ESG report, marking it as the ninth annual report on social responsibility [1]. - The report's content has expanded, with an increase in pages from 38 to 53, and the addition of three new environmental topics [3][4]. - The company has adopted a "multi-standard" approach for the report, referencing eight different disclosure standards, including guidelines from major stock exchanges and the United Nations Sustainable Development Goals [1][2]. Group 2: Carbon Emission Disclosure - Jinhui Liquor has reported a reduction in carbon emissions by 2,519.47 tons but has not disclosed total annual carbon emissions or detailed scope 1, 2, and 3 emissions [3]. - The lack of total carbon emission disclosure is attributed to the absence of a unified calculation standard within the liquor industry [3]. Group 3: Water Resource Management - For the first time, Jinhui Liquor has disclosed water resource usage metrics, reporting a total water usage of 754,023.5 m³, a water consumption intensity of 1.86 m³ per 10,000 yuan, and a water recycling rate of 20.28% [4][5]. - The company has implemented various water-saving measures, including optimizing the water supply system and recycling wastewater for irrigation [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1] Core Views - The company continues to upgrade its product structure and is making steady progress in national expansion [1] - The company achieved a revenue of 30.21 billion yuan in 2024, representing a year-on-year growth of 18.6%, and a net profit of 3.88 billion yuan, also up by 18.0% [7] - The growth momentum for high-end products priced above 300 yuan remains strong, with significant sales increases in key product lines [7] - The company is focusing on marketing transformation and actively cultivating consumer bases in both domestic and provincial markets [7] Financial Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 32.86 billion yuan, 36.31 billion yuan, and 40.65 billion yuan respectively, with growth rates of 8.75%, 10.51%, and 11.95% [2] - **Net Profit Forecast**: Projected net profits for the same years are 4.11 billion yuan, 4.62 billion yuan, and 5.32 billion yuan, with growth rates of 5.91%, 12.40%, and 15.04% [2] - **Earnings Per Share (EPS)**: EPS is expected to be 0.81 yuan in 2025, 0.91 yuan in 2026, and 1.05 yuan in 2027 [2] - **Return on Equity (ROE)**: ROE is projected to increase from 11.48% in 2024 to 12.56% in 2027 [2] Product and Market Analysis - **Product Segmentation**: Revenue from products priced above 300 yuan, between 100-300 yuan, and below 100 yuan for 2024 was 5.7 billion yuan, 14.9 billion yuan, and 8.5 billion yuan respectively, with growth rates of 41.2%, 15.4%, and 4.0% [7] - **Regional Performance**: Revenue from within the province was 22.3 billion yuan, up 16.1%, while revenue from outside the province was 6.7 billion yuan, up 14.7% [7] - **Cost and Profitability**: The gross margin for 2024 was 60.9%, a decrease of 1.5 percentage points year-on-year, attributed to increased promotional activities [7] Strategic Outlook - The company is actively pursuing a strategy of national expansion while deepening its market presence in the northwest region [7] - The focus on high-end products is expected to drive growth, with a clear path for future development [7]