证券代码：603919 证券简称：金徽酒 公告编号：临 2024-052 金徽酒股份有限公司 | 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 | 10,000.00 万元~20,000.00 万元 | | 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 | 971.4143 万股 | | 累计已回购股数占总股本比例 | 1.9150% | | 累计已回购金额 | 18,096.7567 万元 | | 实际回购价格区间 | 17.76 元/股~20.94 元/股 | 一、回购股份的基本情况 金徽酒股份有限公司（简称"公司"）于 2024 年 3 月 15 日召开第四届董事 会第十四次会议，审议通过《关于审议金徽酒股份有限公司以集中竞价交易方式回 购公司股份方案的议案》，同意使用不低于人民币 1 亿元（含），不超过人民币 2 亿 元（含）的自有资金以集中竞价交易方式回购公司股份，回购股份 ...

证券代码:603919 证券简称 :金徽酒 公告编号:临 2024-051 夏姗薇女士，国泰君安投资银行部执行董事，保荐代表人、中国注册会计师、 硕士研究生。曾任职于毕马威华振会计师事务所，担任审计经理。自从事投资银行 业务以来负责或参与的项目主要包括：北自所（北京）科技发展股份有限公司首次 公开发行股票并在主板上市、山西华翔集团股份有限公司首次公开发行股票并在 主板上市、山西华翔集团股份有限公司公开发行可转换公司债券、聚灿光电科技股 份有限公司向特定对象发行股票等项目。在上述项目的保荐及持续督导执业过程 中，夏姗薇女士严格遵守《保荐业务管理办法》等相关规定，执业记录良好。 为保证持续督导工作的有序进行，国泰君安委派夏姗薇女士（简历附后）为公 司 2019 年非公开发行股票项目的持续督导保荐代表人，接替张昕冉先生继续履行 持续督导责任。本次保荐代表人变更后，公司 2019 年非公开发行股票的持续督导 保荐代表人为李翔先生、夏姗薇女士。 特此公告。 金徽酒股份有限公司董事会 附：保荐代表人夏姗薇女士简历 金徽酒股份有限公司 关于变更非公开发行股票持续督导 保荐代表人的公告 本公司董事会及全体董事保证本公告内容不 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 18.74 RMB, indicating a potential upside of over 20% relative to the market benchmark index within the next 6 months [2][38] Core Views - The company is a leading liquor producer in Northwest China, with a strong historical foundation and upward momentum since its "second entrepreneurship" initiative in 2018 [8] - The company has a clear product matrix, with five main series targeting different price segments and regions, and no private-label products [7][34] - The company is expected to achieve a net profit of 4.19/5.41/6.92 billion RMB in 2024-2026, with a CAGR of 27%/29%/28%, and a PE ratio of 23/18/14 times [38] Market Analysis Domestic Market (Gansu Province) - The company has a dominant position in Gansu, with a market share of around 24% in 2023, and potential to increase to 45%-50% [52] - The liquor market in Gansu is estimated to exceed 8 billion RMB, with mainstream consumption priced above 100 RMB [6][52] - The company is focusing on product structure upgrades and increasing market share in key regions like Longdong and Hexi [6][52] Northwest Market Expansion - The company is expanding into neighboring provinces like Shaanxi, Ningxia, Qinghai, and Xinjiang, with a focus on the 100-400 RMB price segment [6][10] - In Shaanxi, the company is targeting the 100-400 RMB price segment with its "Energy" series and gradually introducing higher-end products [120] - In Ningxia, the company benefits from geographical and cultural proximity to Gansu, with a focus on the 100-400 RMB price segment [111][112] - In Qinghai, the company is leveraging its Gansu base to promote "Gan-Qing-Xin" market integration, targeting the 100-400 RMB price segment [115] - In Xinjiang, the company is targeting the large population of Gansu natives and focusing on the 100-400 RMB price segment [131][142] Product Strategy - The company has a clear product matrix, with five main series: Year, Star, Soft, Positive Energy, and Old Cellar, targeting different price segments and regions [34][48] - The company is focusing on upgrading its product structure, with high-end products (above 100 RMB) accounting for 62.93% of revenue in 2022, up from 36.35% in 2018 [42] - The company is targeting the 100-300 RMB price segment as its main product line, with revenue of 1.288 billion RMB in 2023, up 32% YoY [42][89] Financial Performance - The company achieved revenue of 2.548 billion RMB in 2023, up 26.6% YoY, with a net profit of 329 million RMB, up 17.3% YoY [135] - The company's gross margin was 62.4% in 2023, with a net margin of 12.7% [135] - The company's ROE and ROIC were 9.9% and 11.3% respectively in 2023 [135] Valuation - The company's 2024-2026 PE ratios are estimated at 23/18/14 times, lower than the average PE of comparable companies (25/18/15 times) [140] - The company's 2024-2026 PB ratios are estimated at 2.7/2.4/2.1 times [38]

证券代码:603919 证券简称:金徽酒 公告编号:临 2024-050 一、股份解除质押情况 豫园股份本次解除股份质押情况如下表所示： | 股东名称 | | | | 上海豫园旅游商城（集团）股份有限公司 | | --- | --- | --- | --- | --- | | 本次解质（解冻）股份 | 32,701,900 | | 股 | | | 占其所持股份比例 | 32.23% | | | | | 占公司总股本比例 | 6.45% | | | | | 解质（解冻）时间 | 2024 年 | 7 | 月 | 9 日 | 金徽酒股份有限公司 关于持股 5%以上股东解除股份质押 及继续质押的公告 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： 截至本公告披露日，金徽酒股份有限公司（简称"金徽酒""公司"）持股 5%以上股东上海豫园旅游商城（集团）股份有限公司（简称"豫园股份"）持有公 司股份 101,451,900 股，占公司总股本的 20.00%。本次解除质押及继续质押后，豫 园股份累计质押公司股份 101,4 ...

证券代码：603919 证券简称：金徽酒 公告编号：临 2024-049 金徽酒股份有限公司 关于以集中竞价交易方式回购公司股份比例 达到总股本 1%暨股份回购进展公告 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 | 10,000.00 万元~20,000.00 万元 | | 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 | 535.30 万股 | | 累计已回购股数占总股本比例 | 1.0553% | | 累计已回购金额 | 万元 10,040.3853 | | 实际回购价格区间 | 18.03 元/股~20.94 元/股 | 本次回购股份符合相关法律法规的规定及公司回购股份方案的要求。 三、 其他事项 公司将严格按照《上市公司股 ...

| 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 | 10,000.00 万元~20,000.00 万元 | | 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 | 410.77 万股 | | 累计已回购股数占总股本比例 | 0.8098% | | 累计已回购金额 | 7,730.7760 万元 | | 实际回购价格区间 | 18.12 元/股~20.94 元/股 | 证券代码：603919 证券简称：金徽酒 公告编号：临 2024-048 金徽酒股份有限公司 关于以集中竞价交易方式回购公司股份 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： 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 ...

金徽酒股份有限公司 关于副总裁辞职的公告 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。 金徽酒股份有限公司（简称"公司"）董事会近日收到副总裁张斌先生的书面 辞职报告。因工作调整，张斌先生申请辞去副总裁职务，辞职后张斌先生将不再担 任公司及子公司任何职务。 根据《公司法》《上海证券交易所股票上市规则》《公司章程》等有关规定，张 斌先生辞去公司副总裁职务自辞职报告送达董事会之日起生效，其辞职不会对公司 生产经营产生影响。 证券代码:603919 证券简称:金徽酒 公告编号:临 2024-047 2024 年 6 月 29 日 公司及董事会对张斌先生在任职期间的勤勉工作和为公司发展做出的贡献表 示衷心感谢！ 特此公告。 金徽酒股份有限公司董事会 ...

Summary of Jinwei Liquor Conference Call Company Overview - Jinwei Liquor is a leading enterprise in the liquor industry in Gansu Province, focusing on expanding its market presence in both provincial and Northwestern regions [2][3] - The company has a history of nearly 70 years, evolving from a local liquor workshop to a state-owned liquor factory and eventually becoming a publicly listed company in 2016 [4][9] Industry Insights - The liquor market in Gansu Province is projected to grow at approximately 5% annually, driven by rapid economic growth and increasing per capita consumption [4][8] - The total liquor market size in Gansu is estimated at 40 billion, with significant contributions from neighboring regions [5] Key Strategies and Developments - Jinwei Liquor has intensified brand marketing efforts since 2021, particularly in upgrading high-end liquor products and increasing price per ton [2][3] - The company employs a differentiated marketing strategy, focusing on various regions including Northwest, East China, and Northern areas, while also building a national online marketing platform [2][3][10] - The product line has been optimized to cover all price ranges, with a notable shift towards high-end products, which have seen continuous sales growth [7][12][13] Financial Performance and Projections - Jinwei Liquor's revenue is expected to reach 3.1 billion, 3.6 billion, and 4.2 billion from 2024 to 2026, with year-on-year growth rates of 22%, 18%, and 17% respectively [17] - Net profit forecasts for the same period are 410 million, 495 million, and 590 million, reflecting growth rates of 24%, 21%, and 2% [17] Competitive Position - Jinwei Liquor holds a leading position in the Gansu liquor market, with expectations to maintain and enhance its market share despite competition from national brands and local products [8][10] - The company’s management, led by its actual controller Li Ming, has been pivotal in integrating resources and implementing a long-term strategy, supported by an employee stock ownership plan to boost team motivation [11][6] Marketing and Distribution Strategies - The company has adopted a multi-faceted channel strategy, transitioning from a traditional network to a more integrated distribution model, enhancing control over terminal sales [15] - Jinwei Liquor tailors its product offerings based on regional characteristics, promoting different product lines in various provinces to maximize market penetration [16] Conclusion - Given its strong market position and growth potential, Jinwei Liquor is rated as a buy with a target price of 21.74 yuan based on a 27x PE ratio for 2024 [17]

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry, as it appears to be a general transcript provided by Amara.org. Core Points and Arguments - No specific core points or arguments are mentioned in the document, as it lacks detailed content regarding a company or industry analysis. Other Important but Possibly Overlooked Content - The document does not contain any additional important information or insights related to a company or industry. Since the content provided does not include relevant details about a specific company or industry, no further analysis can be conducted.

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