Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company maintains a revenue growth rate advantage, with a notable performance in products priced above 300 yuan, and a rapid profit growth due to a low base [2][3] - The target price is set at 28.20 yuan, unchanged from the previous forecast [2][3] Financial Summary - For the first three quarters of 2024, the company reported revenue of 2.328 billion yuan, a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 333 million yuan, up 22.17% year-on-year [3] - In Q3 2024 alone, revenue reached 574 million yuan, reflecting a year-on-year growth of 15.77%, while net profit surged by 108.84% to 38 million yuan [3] - The gross margin improved by 1.5 percentage points to 61.1%, and the sales expense ratio decreased by 3.2 percentage points [3] Product Performance - Products priced above 300 yuan saw revenue of 160 million yuan, a year-on-year increase of 42.06%, while products priced between 100-300 yuan grew by 14.92% [3] - The performance of the 100 yuan and below category declined by 24.33% due to promotional controls and seasonal effects [3] Regional Performance - Domestic revenue grew by 4.4% year-on-year, while revenue from outside the province increased significantly by 37.9% [3] - The company is focusing on markets like Shaanxi and Ningxia, with efforts to strengthen product focus and consumer cultivation [3]

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 2.33 billion yuan for the first three quarters of 2023, representing a year-on-year increase of 15.3%, and a net profit attributable to shareholders of 330 million yuan, up 22.2% year-on-year [1]. - The product structure continues to optimize, with significant growth in high-end products and steady expansion in both domestic and western markets [1]. - The company is focusing on enhancing its market presence in Gansu and gradually developing the East China and Northern markets as a second growth curve [1]. Financial Performance Summary - For the first three quarters of 2023, the company achieved a gross margin of 64.1%, an increase of 0.7 percentage points year-on-year, and a net profit margin of 14.3%, up 0.8 percentage points [1]. - The company expects revenues of 2.97 billion yuan, 3.46 billion yuan, and 4.07 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 401 million yuan, 477 million yuan, and 564 million yuan for the same years [2][4]. - The company’s cash flow from operating activities for 2023 is projected to be 450 million yuan, increasing to 762 million yuan by 2026 [5]. Product and Market Strategy - The company’s product revenue breakdown for the first three quarters of 2023 shows that products priced above 300 yuan generated 470 million yuan, a year-on-year increase of 43.8% [1]. - The company is implementing a market strategy of "national layout, deep cultivation in the northwest, and key breakthroughs," achieving a revenue of 1.72 billion yuan in Gansu, a 13.9% increase year-on-year [1]. - The company has increased its number of distributors to 1,028, with a focus on optimizing distributor selection and expanding its presence in provincial and out-of-province markets [1].

Revenue and Profit - Revenue for the third quarter of 2024 was RMB 574.23 million, a year-on-year increase of 15.77%[3] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 was RMB 38.07 million, a year-on-year increase of 108.84%[3] - The company's total revenue for the first three quarters of 2024 was RMB 2,328,198,243.51, an increase from RMB 2,019,004,170.17 in the same period of 2023[16] - The company's net profit attributable to the parent company for the first three quarters of 2024 was RMB 1,830,451,994.44, up from RMB 1,694,207,705.93 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was 328,790,659.31, up from 268,896,417.16 in the same period of 2023[18] Assets and Liabilities - Total assets as of the end of the third quarter of 2024 were RMB 4.32 billion, a decrease of 1.92% compared to the end of the previous year[3] - The company's total assets as of September 30, 2024, were RMB 4,317,751,679.54, a slight decrease from RMB 4,402,322,052.51 at the end of 2023[14] - The company's total liabilities as of September 30, 2024, were RMB 1,055,588,364.79, down from RMB 1,079,553,886.56 at the end of 2023[15] - The company's inventory as of September 30, 2024, was RMB 1,548,603,109.35, a decrease from RMB 1,619,837,953.76 at the end of 2023[14] - The company's accounts receivable as of September 30, 2024, was RMB 22,531,855.38, significantly higher than RMB 7,184,554.07 at the end of 2023[14] Cash Flow - Net cash flow from operating activities for the first three quarters of 2024 was RMB 349.13 million, a year-on-year increase of 42.37%[3] - Cash received from sales of goods and services for the first three quarters of 2024 was 2,486,623,161.70, up from 2,204,279,090.53 in the same period of 2023[19] - Net cash flow from operating activities for the first three quarters of 2024 was 349,126,597.93, compared to 245,224,428.79 in the same period of 2023[20] - Cash paid for the purchase of fixed assets, intangible assets, and other long-term assets for the first three quarters of 2024 was 224,120,122.65, a significant increase from 29,856,274.06 in the same period of 2023[20] - Net cash flow from financing activities for the first three quarters of 2024 was -396,163,574.11, compared to -150,177,999.10 in the same period of 2023[21] - Cash and cash equivalents at the end of the first three quarters of 2024 were 757,717,298.80, down from 874,148,216.51 at the end of the same period in 2023[21] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter of 2024 were RMB 0.08, a year-on-year increase of 116.22%[3] - The weighted average return on equity for the third quarter of 2024 was 1.38%, an increase of 0.80 percentage points year-on-year[3] - Basic earnings per share for the first three quarters of 2024 were 0.66, compared to 0.54 in the same period of 2023[19] Operating Costs and Expenses - The company's total operating costs for the first three quarters of 2024 were RMB 1,918,576,051.36, up from RMB 1,700,191,394.89 in the same period of 2023[16] - The company's sales expenses for the first three quarters of 2024 were RMB 474,378,262.17, an increase from RMB 430,200,677.21 in the same period of 2023[16] - The company's management expenses for the first three quarters of 2024 were RMB 245,397,272.19, up from RMB 210,784,739.31 in the same period of 2023[16] - R&D expenses for the first three quarters of 2024 were 39,724,443.24, a slight increase from 39,585,626.85 in the same period of 2023[18] Shareholder Information - The top shareholder, Gansu Yate Investment Group Co., Ltd., held 21.57% of the shares as of the end of the third quarter of 2024[9] - The number of ordinary shareholders at the end of the third quarter of 2024 was 51,123[8] - The company repurchased 10,415,243 shares, accounting for 2.0532% of the total share capital, with a total payment of RMB 192,593,744.02[13] Government Subsidies - Government subsidies received during the third quarter of 2024 amounted to RMB 3.85 million[5] Product Revenue Breakdown - Revenue from products priced above RMB 100 accounted for 85.94% of the main business revenue in the third quarter of 2024[7]

一、董事会会议召集及召开情况 金徽酒股份有限公司（简称"公司"）第五届董事会第三次会议通知于 2024 年 10 月 19 日以电子邮件方式发出，会议于 2024 年 10 月 25 日在公司会议室以现场与 通讯相结合的方式召开。本次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。 证券代码:603919 证券简称:金徽酒 公告编号:临 2024-064 金徽酒股份有限公司 第五届董事会第三次会议决议公告 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。 具体内容详见公司于 2024 年 10 月 26 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 2024 年第三季度报告》。 本议案已经公司第五届董事会审计委员会 ...

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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之《第 十二号——酒制造》第十六条相关规定，现将金徽酒股份有限公司（简称"公司"） 2024 年前三季度（1-9 月）主要经营数据（未经审计）公告如下： 一、主要经营数据 1、按产品档次分类情况 证券代码:603919 证券简称:金徽酒 公告编号:临 2024-066 金徽酒股份有限公司 2024 年前三季度经营数据公告 单位：万元 币种：人民币 | 产品档次 | 年 2024 1-9 | 月营业收入 | 年 2023 1-9 | 月营业收入 | 同比变动（%） | | --- | --- | --- | --- | --- | --- | | 300 元以上 | | 47,242.12 | | 32,852.38 | 43.80 | | 100-300 元 | | 119,923.43 | | 104,321.00 | 14.96 | | 元以下 100 | | 59,835.55 | | 61,397.58 ...

证券代码:603919 证券简称:金徽酒 公告编号:临 2024-065 金徽酒股份有限公司 监事会认为：公司 2024 年第三季度报告的编制、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 2024 年第三季 度报告真实、准确、完整地反映了公司的财务状况和经营成果。在 2024 年第三季 度报告编制、审议期间，未发生内幕信息泄露及其他违反法律、法规、《公司章程》 或损害公司利益的行为。 2．审议通过《关于审议<金徽酒股份有限公司 2024 年度"提质增效重回报" 行动方案半年度评估报告>的议案》 表决结果：同意 3 票；反对 0 票；弃权 0 票。 具体内容详见公司于 2024 年 10 月 26 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 2024 年度"提质增效重回报"行动方案半年度评估报告》（公 告编号：临 2024-067）。 第五届监事会第三次会议决议公告 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 ...

证券代码:603919 证券简称:金徽酒 公告编号:临 2024-067 金徽酒股份有限公司 2024 年度"提质增效重回报"行动方案 半年度评估报告 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。 金徽酒股份有限公司（简称"金徽酒""公司"）深入贯彻党的二十大和中央金 融工作会议精神，积极落实国务院《关于进一步提高上市公司质量的意见》和上海 证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，将提质增 效工作纳入日常经营管理活动，为持续推动公司高质量发展，落实以投资者为本的 理念，切实履行上市公司的责任和义务，保障投资者权益，共同促进资本市场平稳 健康发展，公司于 2024 年 4 月 20 日发布了《金徽酒股份有限公司 2024 年度"提 质增效重回报"行动方案公告》（简称"行动方案"，公告编号：临 2024-032）。 2024 年上半年，公司根据行动方案内容，积极开展和落实相关工作，现将上 半年行动方案执行情况报告如下： 一、聚焦主营业务，提升经营质量 2024 年上半年，金徽酒持续聚焦做强主业，以转型促发 ...

证券代码：603919 证券简称：金徽酒 公告编号：临 2024-063 金徽酒股份有限公司 关于召开 2024 年第三季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： 会议召开时间：2024 年 10 月 30 日(星期三)下午 14:00-15:00 公司将针对 2024 年第三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 1．会议召开时间：2024 年 10 月 30 日(星期三)下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 23 日(星期三)至 10 月 29 日(星期二)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 ...

关于以集中竞价交易方式回购公司股份 证券代码：603919 证券简称：金徽酒 公告编号：临 2024-062 金徽酒股份有限公司 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，回购期间，上市公司应当在每个月的前 3 个交易日 内披露截至上月末的回购进展情况，现将公司回购股份的进展情况公告如下： 的进展公告 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： | 回购方案首次披露日 | 2024/3/16 | | --- | --- | | 回购方案实施期限 | 2024/3/15~2025/3/14 | | 预计回购金额 | 万元~20,000.00 万元 10,000.00 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 1,041.5243 | | 累计已回购股数占总股本比例 | 2.0532% | | 累计已回购金额 | 19,2 ...

证券代码:603919 证券简称:金徽酒 公告编号:临 2024-061 金徽酒股份有限公司 关于募投项目结项并注销募集资金专户 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"）2019 年非公开发行股票募投项目之 金徽酒生产及综合配套中心建设项目已建设完成，公司对金徽酒生产及综合配套 中心建设项目进行结项，并注销该募投项目募集资金专户。 根据《上海证券交易所上市公司自律监管指引第 1 号——规范运作》相关 规定，本次募投项目结项无需提交公司董事会、股东大会审议，无需监事会、保 荐机构发表意见。 一、募集资金基本情况 | 序号 | 专户用途 | 开户银行 | 银行账号 | 账户状态 | | --- | --- | --- | --- | --- | | 1 | 陇南春车间技术改 | 兰州银行股份有限公 | 102772000091265 | 已注销 | | | 造项目 | 司陇南支行 | | | | 2 | 补充流动资金 | 浙商银行天水分行 | 82500000101 ...