证券代码:603919 证券简称:金徽酒 公告编号:临 2025-019 金徽酒股份有限公司 第五届监事会第五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召集及召开情况 金徽酒股份有限公司（简称"公司"）第五届监事会第五次会议通知于 2025 年 4 月 9 日以电子邮件方式发出，会议于 2025 年 4 月 14 日在公司会议室以现场 与通讯相结合的方式召开。会议由监事会主席周世斌先生主持，会议应出席监事 3 人，实际出席监事 3 人。 本次监事会会议的召集、召开和表决程序符合《中华人民共和国公司法》等相 关法律、法规和《金徽酒股份有限公司章程》《金徽酒股份有限公司监事会议事规 则》的规定。 1. 审议通过《关于审议<金徽酒股份有限公司 2025 年第一季度报告>的议案》 表决结果：同意 3 票；反对 0 票；弃权 0 票。 监事会认为：公司 2025 年第一季度报告的编制、审议程序符合相关法律、法 规、规范性文件和《公司章程》、公司内部管理制度的规定。公司 2025 年第一季 度报告真实、 ...

证券代码:603919 证券简称:金徽酒 公告编号:临 2025-018 金徽酒股份有限公司（简称"公司"）第五届董事会第五次会议通知于 2025 年 4 月 9 日以电子邮件方式发出，会议于 2025 年 4 月 14 日在公司会议室以现场 与通讯相结合的方式召开。会议由董事长周志刚先生主持，会议应出席董事 11 人， 实际出席董事 11 人，公司监事和部分高级管理人员列席会议。 本次董事会会议的召集、召开和表决程序符合《中华人民共和国公司法》等 相关法律、法规和《金徽酒股份有限公司章程》《金徽酒股份有限公司董事会议 事规则》的规定。 二、董事会会议审议情况 1. 审议通过《关于审议<金徽酒股份有限公司 2025 年第一季度报告>的议案》 表决结果：同意 11 票；反对 0 票；弃权 0 票；回避 0 票。 具体内容详见公司于 2025 年 4 月 15 日刊登在上海证券交易所网站 （www.sse.com.cn）、《上海证券报》《中国证券报》《证券日报》《证券时报》 的《金徽酒股份有限公司 2025 年第一季度报告》。 金徽酒股份有限公司 第五届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内 ...

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 ...

金徽酒：2025年第一季度营业收入11.08亿元人民币，同比增长3.04%；归属于上市公司股东的净利润 2.33亿元人民币，同比增长5.77%。 ...

金徽酒（603919）公告，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中标，合同金额6.69亿元。该交易不构成重大资产重组，尚需提 交股东大会审议。本次关联交易属于公司正常生产经营活动，交易价格公允、合理，不存在损害公司及 全体股东利益的情形。 ...

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]

Investment Rating - The report maintains a "Buy" recommendation for key companies in the liquor industry, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others [4][5]. Core Insights - The liquor industry is experiencing a transformation driven by instant retail, which is expected to reduce the survival space of traditional distributors and retail stores, leading to increased concentration [1][11]. - Consumer demand has reached a bottom, with structural upgrades being the main supporting logic for recovery, dependent on the activity level of the economy [2][3]. - The report highlights the importance of brand proximity to consumers, with increased investment in consumer-facing marketing, although short-term profit growth may be impacted [2][18]. Summary by Sections Section 1: Industry Trends - The 112th National Sugar and Wine Products Trade Fair showed a decline in traditional trading functions, with a shift towards trend forums and new product showcases [10]. - Instant retail is becoming a crucial channel for brand promotion, with significant growth in the sector, projected to exceed 2 trillion yuan by 2030 [12][15]. - The report notes that the liquor industry is seeing a reduction in supply, with a stable profit growth forecast for 2024, despite a slight decline in production [27][31]. Section 2: Company Strategies - Wuliangye is reforming its marketing system and adjusting its organizational structure to enhance direct sales and control over pricing [38][39]. - Water Well Square is focusing on a dual-brand strategy to cater to different market segments, with plans to launch high-end products priced above 800 yuan [42][43]. - Shede Liquor is implementing an employee stock incentive plan to align interests and drive performance, with ambitious growth targets set for the coming years [47][48]. Section 3: Financial Projections - The report provides financial forecasts for key companies, indicating stable revenue and profit growth for leading brands like Guizhou Moutai and Jinhuijiu, while some mid-tier brands face profitability challenges [36][37].

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]

Core Insights - The "2025 China Liquor Industry Listed Companies Brand Value Ranking TOP30" was jointly released by the "Daily Economic News" and Tsinghua University's Economic Management School, marking the first brand research result for listed liquor companies in China [1] - The total brand value of the listed companies in the liquor industry reached 1.6578 trillion yuan, an increase of 137.8 billion yuan compared to 2024, representing a growth rate of 9.1% [3][4] - The top three companies are Kweichow Moutai, Wuliangye, and Luzhou Laojiao, with brand values of 662.6 billion yuan, 306.0 billion yuan, and 107.7 billion yuan respectively [3][4] Brand Value Changes - Among the 30 companies, 15 experienced an increase in brand value while 15 saw a decrease [4][6] - Kweichow Moutai led the growth with an increase of 84.365 billion yuan, followed by Wuliangye and Shanxi Fenjiu with increases of 45.575 billion yuan and 18.715 billion yuan respectively [4][5] - The companies with the largest declines in brand value include Yanghe Brewery, which decreased by 11.101 billion yuan, and Jiu Gui Jiu, which saw a decline of 25.6% [4][5] Market Dynamics - The liquor industry is characterized by a concentration of resources towards leading brands, a trend that is unlikely to change in the short term without significant technological breakthroughs or major shifts in market perception and industry policy [2][6] - The beer segment, in contrast, is experiencing an overall decline in brand value, with a total decrease of 5% year-on-year, particularly affecting leading brands like China Resources Beer and Tsingtao Brewery [6][7] - The challenges faced by the beer industry include weakened overall consumer demand due to macroeconomic pressures and a shift in preferences among younger consumers towards diverse and low-alcohol products [6][9] Company Performance - Yanghe Brewery's strategy of "maintaining volume while controlling price" has negatively impacted its sales performance, contributing to its brand value decline [8][9] - The competitive landscape in the high-end liquor market is intensifying, with a clear "Matthew Effect" where top brands dominate market share [8][9] - The brand value of Yanghe has been affected by its lagging marketing innovations, despite its earlier success in brand modernization [9]