Group 1 - The company will hold an investor briefing on October 9, 2025, from 10:00 to 11:00 AM at the Shanghai Stock Exchange Roadshow Center [2][4] - The briefing will be conducted in an interactive online format, allowing for real-time communication with investors regarding the company's semi-annual performance and financial indicators [3][5] - Key personnel attending the meeting include Chairman and President Zhou Zhigang, Independent Director Chen Shuang, Vice President Shi Shaojun, and Financial Director Xie Xiaoqiang [4] Group 2 - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center website on the scheduled date and time [5] - A pre-collection of questions from investors will be available from September 24 to September 30, 2025, allowing for a more focused discussion during the meeting [5][6] - After the briefing, investors can access the main content and outcomes of the meeting through the Shanghai Stock Exchange Roadshow Center [7]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Insights - The report highlights that the sales of liquor are expected to face pressure during the upcoming Mid-Autumn Festival and National Day, but there are opportunities for bottom recovery in the sector [5] - The overall performance of the food and beverage sector has lagged behind the Shanghai Composite Index, with a decline of 1.48% over the past two weeks [14] - The report emphasizes the importance of monitoring the recovery of the liquor market and suggests that the worst phase for the industry has passed [5] Summary by Sections Recent Trends - In August, the retail sales of tobacco and liquor fell by 2.3% year-on-year, while restaurant income increased by 2.1%, indicating a gradual recovery in dining consumption [5] - The price of Feitian liquor has shown weakness, with a decline in wholesale prices [5] Market Performance - The food and beverage sector's performance over the last month was 1.3%, 4.6% over three months, and 20.8% over the past year, compared to the Shanghai Composite Index's performance of 6.6%, 17.1%, and 40.9% respectively [3] Key Recommendations - The report recommends several liquor companies for investment, including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, among others [5][25] - For consumer goods, it suggests focusing on companies like Bai Run Co., Wei Long, and Salted Fish [8][25] Valuation Insights - As of September 19, 2025, the dynamic price-to-earnings (PE) ratio for the food and beverage sector is 21.1x, indicating a relatively low valuation compared to other sectors [22] - The report notes that the liquor sub-sector has the highest valuation at 50.42x [22] Focused Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, including Kweichow Moutai with an expected EPS of 74.19 yuan for 2025 and a PE ratio of 19.79 [28]

证券代码：603919 证券简称：金徽酒 公告编号：临 2025-036 金徽酒股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 投资者可于 2025 年 9 月 24 日（星期三）至 9 月 30 日（星期二）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 2025 年半年度业绩说明会（简称"业绩说明会"）上对投资 者普遍关注的问题进行回答。 会议召开时间：2025 年 10 月 9 日(星期四)上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 金徽酒股份有限公司（简称"公司"）已于 2025 年 8 月 23 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 ...

9月23日，金徽酒盘中下跌2.05%，截至11:08，报20.10元/股，成交4604.91万元，换手率0.45%，总市值 101.96亿元。 资金流向方面，主力资金净流出242.76万元，大单买入71.88万元，占比1.56%，卖出314.64万元，占比 6.83%。 金徽酒所属申万行业为：食品饮料-白酒Ⅱ-白酒Ⅲ。所属概念板块包括：白酒、高派息、增持回购、融 资融券、中盘等。 截至6月30日，金徽酒股东户数4.45万，较上期减少7.68%；人均流通股11408股，较上期增加8.32%。 2025年1月-6月，金徽酒实现营业收入17.59亿元，同比增长0.31%；归母净利润2.98亿元，同比增长 1.12%。 分红方面，金徽酒A股上市后累计派现11.68亿元。近三年，累计派现5.98亿元。 机构持仓方面，截止2025年6月30日，金徽酒十大流通股东中，招商中证白酒指数A（161725）位居第 六大流通股东，持股2096.13万股，相比上期增加641.65万股。 责任编辑：小浪快报 金徽酒今年以来股价涨5.18%，近5个交易日跌8.55%，近20日跌5.46%，近60日涨10.99%。 资料显示，金徽酒股份有 ...

Company Overview - Jinhuijiu Co., Ltd. is located in Huixian Town, Longnan City, Gansu Province, established on December 23, 2009, and listed on March 10, 2016. The company primarily engages in the production and sales of liquor [2]. Stock Performance - As of September 22, Jinhuijiu's stock price decreased by 2.01%, trading at 20.43 CNY per share, with a total market capitalization of 10.363 billion CNY. The stock has increased by 6.91% year-to-date but has seen a decline of 6.54% over the last five trading days and 2.25% over the last 20 days [1][2]. Financial Performance - For the first half of 2025, Jinhuijiu reported a revenue of 1.759 billion CNY, reflecting a year-on-year growth of 0.31%. The net profit attributable to shareholders was 298 million CNY, with a growth of 1.12% year-on-year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 7.68% to 44,500, with an average of 11,408 circulating shares per person, which is an increase of 8.32% [2]. Dividend Distribution - Since its A-share listing, Jinhuijiu has distributed a total of 1.168 billion CNY in dividends, with 598 million CNY distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the sixth largest circulating shareholder is the China Securities White Wine Index A (161725), holding 20.9613 million shares, an increase of 6.4165 million shares compared to the previous period [3].

好山好水出好酒。秦岭作为中华民族的祖脉，和合南北、泽被天下，不仅是中国地理的南北分界线，更是位于中国版图中心的"中央水塔"和生态宝藏。这座巍峨的山脉犹如一道天然屏障，阻隔南 而占地3000余亩的金徽酒厂，就坐落于秦岭山脉南麓、嘉陵江上游的陇南徽县，酒厂周围覆盖着方圆150平方公里的郁郁森林，自古以来就有"陇上江南"的美誉。2024年，徽县被中国白酒协会 这里不仅是万物生灵繁衍的生态圣地，更是酿酒微生物富集繁衍的秘境天堂。年均温度 15.8℃，冬无严寒、夏无酷暑，四季温润，为酿酒微生物的生长和繁衍提供了理想的环境，让全年酿酒得 如果说生态是金徽酒的"天时地利"，那么"三低工法"则是金徽人顺应自然、匠心独运的智慧结晶。这一工艺源于秦岭的低温环境，历经千年传承，成为金徽酒品质的核心保障。金徽酒秉承独特 张智良，中国白酒首席品酒师，自17岁入行以来，已在白酒行业深耕四十余年。他从一线技术工人逐步成长为行业领军人物，不仅开创了北方甜润型浓香白酒的典型风格，更荣获"中国白酒首席 金徽酒的品质根基，建立在雄厚的技术底蕴与结构化的人才梯队之上。企业目前拥有由1名中国白酒首席品酒师、7名国家级白酒评委、28名省级白酒评委以及1 ...

Core Viewpoint - The stock price of Jinhuijiu has experienced fluctuations, with a year-to-date increase of 9.00% but a recent decline of 8.44% over the past five trading days [2]. Group 1: Stock Performance - As of September 18, Jinhuijiu's stock price was 20.83 CNY per share, with a market capitalization of 10.566 billion CNY [1]. - The stock has seen a 3.48% increase over the past 20 days and a 15.21% increase over the past 60 days [2]. - The trading volume on September 18 was 1.19 billion CNY, with a turnover rate of 1.11% [1]. Group 2: Financial Performance - For the first half of 2025, Jinhuijiu reported a revenue of 1.759 billion CNY, representing a year-on-year growth of 0.31%, and a net profit attributable to shareholders of 298 million CNY, up 1.12% year-on-year [2]. - The company has distributed a total of 1.168 billion CNY in dividends since its A-share listing, with 598 million CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Jinhuijiu was 44,500, a decrease of 7.68% from the previous period [2]. - The average number of circulating shares per shareholder increased by 8.32% to 11,408 shares [2]. - The sixth largest circulating shareholder is the China Securities White Wine Index A, holding 20.9613 million shares, an increase of 6.4165 million shares from the previous period [3].

Group 1 - The food and beverage sector experienced a decline on September 18, with the Food ETF (515710) dropping by 0.63% [1] - Within the sector, liquor stocks were notably weak, with companies like Yingjia Gongjiu falling over 2% and others like Jiu Gui Jiu and Lu Zhou Lao Jiao declining more than 1% [1] - Despite the current downturn, some analysts suggest that the liquor sector may have entered a bottoming phase, with potential for recovery during the upcoming festive season [1][4] Group 2 - According to Open Source Securities, the retail sales growth rate has slowed down, primarily due to diminishing effects of the "old-for-new" policy and a gradual recovery in consumer demand [3] - The food and beverage sector is expected to benefit from improving macroeconomic conditions and rising consumer income and willingness to spend [3] - The current valuation of the food and beverage sector is at a low point, making it a potentially good time for investment [3] Group 3 - Future outlook indicates that the liquor sector is undergoing adjustments due to policy impacts, with a noticeable decline in demand [4] - There are signs of recovery in consumer behavior, particularly in personal drinking and social gatherings, which could lead to improved sales figures [4] - Analysts predict that the worst phase for the liquor sector has passed, and there is cautious optimism for the upcoming Mid-Autumn Festival and National Day [4] Group 4 - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with a significant portion of its holdings in leading high-end liquor stocks [5] - Investors can also access core assets in the food and beverage sector through the Food ETF linked funds [5]

Core Viewpoint - The liquor sector is currently experiencing a dual bottom phase characterized by "fundamental bottoming and low valuation," with a gradual easing of previous policy pressures and a potential weak recovery in demand driven by consumption expansion policies [1] Group 1: Market Performance - On September 17, the Shanghai Composite Index closed at 3876.34 points, up 0.37% [1] - The liquor sector index closed at 2353.15 points, down 1.32%, with 18 liquor stocks declining, led by Jinhui Liquor which fell by 3.23% [1] Group 2: Individual Stock Performance - Kweichow Moutai closed at 1493.00 CNY per share, down 0.47% [1] - Wuliangye closed at 125.96 CNY per share, up 0.13% [1] - Shanxi Fenjiu closed at 204.45 CNY per share, down 1.89% [1] - Luzhou Laojiao closed at 137.00 CNY per share, down 1.05% [1] - Yanghe Brewery closed at 71.59 CNY per share, down 0.29% [1] Group 3: Analyst Insights - Pacific Securities noted that the liquor sector is in a phase of "fundamental bottoming and low valuation," suggesting a potential for recovery as policy pressures ease and consumption expansion policies take effect [1]

Investment Rating - The report suggests a recommendation for strong brands such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as Shanxi Fenjiu, which has a clear growth path in a counter-cyclical environment [5]. Core Insights - The industry is currently in a phase of accelerated bottoming, transitioning from "passive clearing" to "active adjustment" due to ongoing pressures from excess supply and demand scenarios [3][5]. - The first half of 2025 saw a negative growth in revenue and net profit for major liquor companies, marking the first negative growth in this cycle [15]. - The report highlights a structural opportunity during the volume adjustment period, with market pricing increasingly favoring dividend yield and market share [3][5]. Summary by Sections Industry Overview - The white liquor industry faced challenges in the first half of 2025, including slow macroeconomic recovery and strict alcohol prohibition policies, leading to a decline in consumption scenarios and continued pressure on demand [5]. - The overall revenue and net profit for 17 major liquor companies were 2368.3 billion and 944.6 billion respectively, with a year-on-year decline of 0.4% and 0.9% [15]. Performance Analysis - In Q2 2025, the revenue and net profit for the industry were 867.2 billion and 313.4 billion respectively, reflecting a year-on-year decline of 4.7% and 7.3%, marking the first negative growth in revenue during this cycle [15]. - High-end liquor maintained positive growth, while the mid-range and regional brands experienced declines [20][22]. Market Dynamics - The report indicates that the market is shifting focus from short-term recovery scenarios to verifying the bottom of demand trends through year-on-year comparisons [3]. - The report anticipates a recovery in the third quarter, driven by seasonal consumption events such as Mid-Autumn Festival and National Day, which may accelerate the bottoming process of the fundamentals [5]. Investment Recommendations - The report recommends focusing on brands with strong market positions and growth potential, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and regional leaders like Guyi Gongjiu and Jinhui Jiu [5].