Core Viewpoint - The Chinese liquor industry is experiencing a significant divergence, with leading companies showing growth while others, like Zhenjiu Lidu, face substantial declines in revenue and profit [2][4][5]. Group 1: Financial Performance of Liquor Companies - In the first half of 2025, 22 listed liquor companies reported a total revenue of approximately 242.4 billion yuan and a net profit of about 95.1 billion yuan [4]. - Six companies, including Kweichow Moutai and Wuliangye, achieved both revenue and net profit growth, with Kweichow Moutai reporting revenue of 89.389 billion yuan, up 9.1%, and net profit of 45.403 billion yuan, up 8.9% [2]. - Conversely, Zhenjiu Lidu saw a significant decline, with revenue dropping to 2.497 billion yuan, down 39.6%, and adjusted net profit falling to 613 million yuan, down 39.3% [2][6]. Group 2: Industry Challenges - The liquor industry is undergoing a deep adjustment period characterized by high channel inventory, leading companies to adopt inventory control and price stabilization strategies [3]. - Macro-economic pressures and limited consumption scenarios have reduced consumer purchasing willingness, with liquor sales dropping 15% year-on-year during the 2025 Spring Festival, and mid-to-high-end sales declining by 20% [3]. - Intense competition and price wars among companies, particularly among smaller enterprises, are compressing profit margins and reducing overall profitability in the industry [3][5]. Group 3: Zhenjiu Lidu's Struggles - Zhenjiu Lidu is facing severe challenges, including excessive inventory turnover days at 855, far exceeding the healthy range of 450-700 days [6]. - The company relies heavily on its Zhenjiu brand, with other brands contributing minimally to revenue, and has seen a consistent decline in core product sales over the past four years [6][7]. - The decline in sales reflects weakened product competitiveness and shrinking consumption scenarios, with the company struggling to adapt its product structure and marketing strategies [7]. Group 4: Strategic Responses - Zhenjiu Lidu is attempting to navigate its challenges by launching new products, such as the "Da Zhen·Zhenjiu," priced at 600 yuan, targeting middle-class families and small business owners [8]. - The company is also implementing a "Ten Thousand Merchants Alliance" strategy to expand its dealer network and create a broad channel ecosystem [8]. - Additionally, Zhenjiu Lidu is entering the craft beer market with its "Niu Shi" brand, seeking to establish a second growth curve amid the liquor industry's stagnation [9][10]. Group 5: Market Entry Challenges - The craft beer market is highly competitive, dominated by established players like China Resources and Budweiser, posing significant challenges for new entrants like Zhenjiu Lidu [11]. - Transitioning from liquor to beer requires Zhenjiu Lidu to reconfigure its sales channels, as beer distribution is more diverse and includes restaurants and bars, unlike the traditional liquor sales model [12]. - While seeking new growth avenues is a reasonable strategy, the differences in product, channel, and consumer demographics between liquor and beer present substantial hurdles for successful cross-industry expansion [12].

Core Points - The company held its first extraordinary general meeting of shareholders in 2025 on September 10, 2025, with no resolutions being rejected [2][3] - The meeting was conducted in accordance with the Company Law and the company's articles of association, with the chairman presiding over the meeting [2][3] - A significant resolution was passed to abolish the supervisory board and amend the company's articles of association [3][4] Meeting Details - The meeting took place at the company's conference room in Huixian, Longnan City, Gansu Province [2] - All 11 current directors and 3 current supervisors attended the meeting, along with the board secretary [4] - The voting method was a combination of on-site and remote participation, ensuring compliance with legal and procedural requirements [2][5] Legal Verification - The meeting was witnessed by Beijing Zhuowei Law Firm, which confirmed that the procedures and resolutions were in accordance with legal regulations and the company's articles of association [5]

座机:86-010-85870068 传真:86-010-85870079 Add.2107-2112, Office Tower E2 Oriental Plaza, No. 1 East Chang An Avenue, Beijing P.C.100738 北京卓纬律师事务所 关于金徽酒股份有限公司 2025年第一次临时股东大会 之 法律意见书 SPT NCE BRIDGE LAW FIRM 地址: 北京市东城区东长安街 1 号东方广场 E2 座 2107-2112 邮政编码: 100738 Tel. 86-10-85870068 Fax. 86-10-85870079 法律意见书 北京卓纬律师事务所 关于金徽酒股份有限公司 2025年第一次临时股东大会 之法律意见书 致:金徽酒股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民 共和国证券法》以及中国证券监督管理委员会(以下简称"中国证监会")发布 的《上市公司股东会规则》的规定,北京卓纬律师事务所〈以下简称"本所") 接受金徽酒股份有限公司(以下简称"公司")的委托,指派本所律师列席公司 2025年第一次临时股东大会(以 ...

证券代码：603919 证券简称：金徽酒 公告编号：临 2025-034 金徽酒股份有限公司 2025年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 10 日 | 1、出席会议的股东和代理人人数 | 417 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 346,704,196 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 69.7831 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 本次会议由董事会负责召集，董事长周志刚先生主持会议，本次会议以现场 与通讯相结合的方式召开。会议的召集、召开和表决方式、表决程序符合《公司 法》和《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事11人，出席11人； 2、公司在任监事3人，出席3人； 3、董事会秘书 ...

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。 资金流向方面，主力资金净流出1582.37万元，特大单买入224.17万元，占比1.45%，卖出231.62万元， 占比1.49%；大单买入1690.48万元，占比10.91%，卖出3265.40万元，占比21.07%。 金徽酒今年以来股价涨17.11%，近5个交易日涨0.09%，近20日涨18.54%，近60日涨25.45%。 资料显示，金徽酒股份有限公司位于甘肃省陇南市徽县伏家镇，成立日期2009年12月23日，上市日期 2016年3月10日，公司主营业务涉及白酒的生产和销售。主营业务收入构成为：100-300元55.10 ...

Group 1 - The liquor sector experienced a rise of 0.81% on September 5, with Shuijingfang leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key stocks in the liquor sector showed the following closing prices and percentage changes: Shuijingfang at 46.39 (+1.42%), Shanxi Fenjiu at 200.03 (+1.40%), and Luzhou Laojiao at 135.90 (+1.35%) [1] Group 2 - The liquor sector saw a net outflow of 77.46 million yuan from institutional investors, while retail investors experienced a net outflow of 67.44 million yuan [2] - Notable net inflows from speculative funds included Wuliangye with 12.8 million yuan, while it faced a net outflow of 101 million yuan from retail investors [2] - Other stocks like Shuijingfang and Luzhou Laojiao also experienced mixed fund flows, with Shuijingfang seeing a net inflow of 1.36 million yuan from institutional investors [2]

Group 1 - The pet economy concept stocks in the A-share market experienced significant gains, with Jieya Co., Ltd. rising over 10% [1] - Yiyi Co., Ltd. hit the daily limit with a 10% increase [1] - Tianyuan Pet increased by over 9%, while Lusi Co., Ltd. rose over 8% [1] Group 2 - Peti Co., Ltd. saw an increase of over 7%, and Chuangyuan Co., Ltd. rose over 6% [1] - Guai Bao Pet and Suo Bao Protein both increased by over 5% [1] - Zhongchong Co., Ltd. and Yuanfei Pet both rose over 4% [1]

Core Viewpoint - Jinhuijiu's stock price has shown significant growth in recent months, with a notable increase in trading volume and market capitalization, indicating positive investor sentiment and potential for further investment opportunities [1][2]. Financial Performance - As of June 30, 2025, Jinhuijiu achieved a revenue of 1.759 billion yuan, reflecting a year-on-year growth of 0.31% [2]. - The net profit attributable to shareholders for the same period was 298 million yuan, with a year-on-year increase of 1.12% [2]. Stock Market Activity - On September 4, Jinhuijiu's stock rose by 2.05%, reaching 22.38 yuan per share, with a trading volume of 74.09 million yuan and a turnover rate of 0.67% [1]. - The stock has increased by 17.11% year-to-date, with a 9.22% rise over the last five trading days and a 20.39% increase over the last 20 days [1]. 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]. Dividend Distribution - Since its A-share listing, Jinhuijiu has distributed a total of 1.168 billion yuan in dividends, with 598 million yuan 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, holding 20.9613 million shares, an increase of 6.4165 million shares from the previous period [3].

Market Overview - The liquor sector experienced a decline of 0.98% on September 3, with Yili Te leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Key stocks in the liquor sector showed varied performance, with the following notable changes: - Shede Liquor: Closed at 67.25, up 0.13% [1] - Kweichow Moutai: Closed at 1480.55, down 0.72% with a trading volume of 45,000 shares and a transaction value of 6.656 billion [1] - Wuliangye: Closed at 126.62, down 1.51% with a trading volume of 302,900 shares and a transaction value of 3.883 billion [1] - Yili Te: Closed at 15.56, down 3.35% with a trading volume of 78,800 shares and a transaction value of 1.25 billion [2] Capital Flow Analysis - The liquor sector saw a net outflow of 726 million from institutional investors, while retail investors contributed a net inflow of 479 million [2] - The following stocks had significant capital flow: - Shede Liquor: Net inflow from institutional investors was 59.79 million, while retail investors had a net outflow of 17.44 million [3] - Kweichow Moutai: Experienced a net outflow of 14 million from institutional investors [3] - Yili Te: Had a net outflow of 2.68 million from institutional investors [3]

Core Viewpoint - The current outlook for the liquor industry indicates that a bottom has formed due to multiple policy catalysts, with the liquor sector showing signs of recovery but still at historical lows. The industry is expected to benefit from improved economic expectations, with a focus on the upcoming Mid-Autumn Festival and National Day for demand recovery [1][2]. Group 1: Industry Performance - In Q2 2025, the liquor industry entered a deep adjustment phase under macroeconomic and policy pressures, with total revenue for the first half of 2025 reaching 239.8 billion yuan, a year-on-year decrease of 0.9%, and net profit attributable to shareholders at 94.6 billion yuan, down 1.2% [2]. - Excluding Moutai, other listed companies in the sector reported a total revenue of 150.4 billion yuan in H1 2025, a decline of 6.1%, with net profit at 49.2 billion yuan, down 8.9% [2]. - The overall price of mainstream liquor products has declined, but with improving industry sentiment and easing constraints in H2, a recovery is anticipated, particularly during the peak sales periods of the Mid-Autumn Festival and National Day [2]. Group 2: Brand and Price Segmentation - High-end liquor brands are outperforming mid-range and regional brands, with high-end brands maintaining resilience through strong brand power and channel control. Moutai and other leading brands are stabilizing their market positions through inventory control and channel optimization [3]. - Mid-range liquor brands are experiencing more direct impacts from policy changes, with some brands like Fenjiu showing continued growth despite pressures [3]. - Regional leaders are focusing on maintaining market share and stabilizing core product prices, while brands like Jiangsu Yanghe and Jiuzi have seen significant adjustments [3]. Group 3: Investment Recommendations - The company suggests focusing on leading brands with strong market positions such as Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu during the economic transition [3]. - Regional leaders that maintain their core markets, such as Gujing Gongjiu and Jiuzi, are expected to sustain momentum as demand recovers [3]. - Brands that have actively managed their financials during this adjustment period, like Shede and Yanghe, are also recommended for attention [3].