Core Viewpoint - The liquor industry is entering a new adjustment cycle, with changing consumer trends and a focus on quality over quantity, as highlighted by the performance of major companies like Luzhou Laojiao [4][5]. Group 1: Company Strategy and Goals - Luzhou Laojiao plans to expand its market presence significantly, aiming to reach 1 million terminals in the next five years, up from the current 50,000 [2][10]. - The company has successfully developed a 28-degree version of its flagship product, Guojiao 1573, which will be launched in the market at an appropriate time [2][7]. - Luzhou Laojiao emphasizes the importance of brand building and consumer experience, particularly in the context of e-commerce and instant retail [9][10]. Group 2: Industry Trends and Performance - The white liquor industry has seen a 1.8% year-on-year decline in production among large-scale enterprises, while sales revenue increased by 5.3% to 796.4 billion yuan, and total profit rose by 7.76% to 250.9 billion yuan in 2024 [4]. - Consumer preferences are shifting towards quality and personalized experiences, with younger demographics favoring lower-alcohol and diverse products [5][6]. - The market is witnessing a decline in government consumption, while personal consumption scenarios like weddings and self-drinking are growing steadily [5][6]. Group 3: Market Confidence and Adaptation - Luzhou Laojiao's chairman, Liu Miao, expressed confidence in the company's ability to navigate the current industry adjustments, citing improved market inventory and stable pricing as key factors [7][8]. - The company is focusing on product innovation, with successful sales of its 38-degree Guojiao 1573 and plans for further development of lower-alcohol products [7][8]. - Luzhou Laojiao is enhancing its digital marketing strategies, leading to a more efficient allocation of sales expenses and a stronger online-offline integration [7][8].

Group 1 - The company is optimizing its product matrix and adjusting product positioning to attract consumers, maintaining channel health and price stability, and focusing on high-quality development [1] - The company is implementing a dual-brand, three-series, and large single product strategy, with the Guojiao brand maintaining a position in the 20 billion RMB range and the Luzhou Laojiao brand surpassing 10 billion RMB [1] - The company is pushing for product innovation, including the development of low-alcohol products and the layout of vintage and light bottle liquor segments to cover all price ranges and diverse consumption scenarios [1] Group 2 - The company is transitioning its sales strategy from channel-driven to consumer-driven, promoting the construction of a digital Luzhou Laojiao and launching five product categories [1] - The company aims to solve long-standing industry issues such as inventory pressure and low pricing through a new sales approach focused on consumer engagement [1] - The company has set three key focuses: expanding market reach, enhancing consumer engagement, and increasing product coverage to ensure stable sales growth [1] Group 3 - The company plans to increase its cash dividend ratio to enhance investor satisfaction, with a commitment to maintain a cash dividend of no less than 65%, 70%, and 75% of net profit for the years 2024-2026, with a minimum of 8.5 billion RMB each year [2] - The company aims for steady revenue growth while deepening market penetration and maintaining healthy market conditions amid increasing industry competition [2] - Revenue projections for 2025-2027 are 32.44 billion RMB, 35.11 billion RMB, and 40.51 billion RMB, with net profits of 13.92 billion RMB, 14.96 billion RMB, and 17.11 billion RMB, respectively, with corresponding PE ratios [2]

Core Viewpoint - The trend of low-alcohol products is emerging in the Chinese liquor market, with companies like Luzhou Laojiao and Wuliangye responding by introducing lower alcohol content products to attract younger consumers [1][2][3] Group 1: Company Performance and Strategy - Luzhou Laojiao's 38-degree Guojiao 1573 has achieved a sales volume close to 100 billion yuan, with its sales proportion reaching nearly 50% [2][3] - The company reported a revenue of 31.196 billion yuan for 2024, a year-on-year increase of 3.19%, and a net profit of 13.473 billion yuan, up 1.71% [2] - The company plans to launch a 28-degree Guojiao 1573 and is considering even lower alcohol products, such as 16-degree and 6-degree variants [3] Group 2: Market Trends and Consumer Behavior - The white liquor industry is experiencing a slowdown in overall performance, leading to a focus on capturing new consumer segments, particularly younger demographics [2][5] - The China Alcoholic Drinks Association's report indicates a shift in young consumers' preferences from quantity to quality, driving the demand for low-alcohol and flavored products [2] Group 3: Channel Strategy and Pricing - The company is advocating for differentiated pricing strategies based on channel costs, emphasizing the need for manufacturers to manage pricing across various sales channels [6] - Luzhou Laojiao is developing a "Win-Win Strategy for Distributors and End-Users" to enhance collaboration with distributors and optimize pricing [4][6] - The company aims to expand its market presence by increasing its distribution network from 500,000 to 4 million terminals over the next five years, focusing on lower-tier markets [7]

"从公司方面来看，泸州老窖在上一轮行业调整周期的品牌力、创新力以及发展规模体量等都与现在不 可同日而语，在当前机遇和挑战并存的情况下，公司有底气、有能力在未来的发展过程中走得更稳、更 实。"他说道。 "白酒行业正处于新一轮调整周期，量减质升的趋势进一步凸显。在当前市场形势下，大家不用太悲 观，白酒行业已经历过多次调整，行业'螺旋式'上升的趋势并没有改变，白酒作为传统文化代表的文化 自信没有变，消费者对白酒的情感需求也没有变。我们坚信中国白酒的未来将更加良性、健康，泸州老 窖（000568）的未来也会更加美好。"在6月27日举行的泸州老窖股份有限公司(以下简称"泸州老 窖")2024年度股东大会上，公司董事长刘淼表达了对于行业和公司未来前景的坚定信心，他的发言得到 了现场的热烈掌声。 作为白酒行业龙头企业之一，泸州老窖在2024年实现营业收入311.96亿元、归属于上市公司股东的净利 润134.73亿元，同比分别增长3.19%和1.71%，公司在2025年第一季度延续了上述指标同比双增长的较好 态势。另一方面，伴随着白酒行业在调整周期中整体承压，包括泸州老窖在内的白酒企业业绩增速已有 所放缓，公司如何看待白酒周 ...

Group 1: Product Development - The company plans to launch a 28-degree Guojiao 1573 and is developing a 6-degree product to meet the demand for lower-alcohol beverages [1][3][4] - The low-alcohol Guojiao 1573 has increased its proportion from 15% to 50%, becoming a new growth driver for the company [3][4] - The company aims to capture the younger demographic, which prefers personalized, lower-alcohol, and visually appealing products [4] Group 2: Financial Performance - In 2024, the company achieved a revenue of 31.196 billion yuan, a year-on-year increase of 3.19%, and a net profit of 13.473 billion yuan, up 1.71% [4] - The Guojiao brand remains in the 20 billion yuan category, while the Luzhou Laojiao brand has surpassed 10 billion yuan [4] Group 3: Market Trends and Channels - The company noted a significant growth in instant retail, with a market size nearing 20 billion yuan and an expected penetration rate of 6% by 2027 [5][6] - E-commerce live streaming has become a core platform for new product launches, with sales figures showing explosive growth [5][6] Group 4: Industry Insights - The chairman stated that the idea of simultaneous volume and price increases is a fallacy, emphasizing that achieving one often requires sacrificing the other [10] - The company sees substantial market potential, with only 1/10 of the market share in cities and less than 1% in county-level markets [12] Group 5: Dividend Policy - The company approved a dividend plan for 2024-2026, ensuring that cash dividends will not be less than 65%, 70%, and 75% of the net profit for those years, respectively [13][15] - The proposed cash dividend for 2024 is 45.92 yuan per 10 shares, totaling approximately 6.759 billion yuan, which is about 65% of the net profit [13][15]

Core Viewpoint - Luzhou Laojiao is proactively managing its inventory and expanding its market presence in response to the anticipated decline in liquor consumption, aiming to significantly increase its market penetration over the next five years [2][3]. Group 1: Market Strategy - The company plans to expand its market reach to 4 million retail outlets within five years, up from the current 500,000, indicating an eightfold increase [2]. - Luzhou Laojiao's current market share is less than 10% at the city level, 1% at the county level, and only 0.1% at the town level, suggesting substantial growth potential in the Chinese liquor market [2]. Group 2: Product Development - The company is focusing on product innovation by developing lower-alcohol versions of its products, including a 28-degree version of Guojiao 1573, with plans for even lower alcohol content products [3]. - Guojiao 1573 is a significant product for the company, generating annual sales of 20 billion yuan, with nearly half of its sales coming from the 38-degree variant [4]. - Luzhou Laojiao has an advantage in the low-alcohol segment, as its low-alcohol products account for a higher proportion compared to other leading liquor brands [4].

泸州老窖股份有限公司 董事会议事规则 （经 2024 年度股东会审议通过） 第一章 总则 第一条 为了规范公司董事会的议事方法和程序，保证董事会工作 效率，提高董事会决策的科学性和正确性，切实行使董事会的职权，根 据《公司法》《证券法》《上市公司治理准则》和公司《章程》的规定， 制定本规则。 第二条 公司董事会对股东会负责，并依据国家有关法律、法规和 公司《章程》行使职权。 第三条 本议事规则对公司全体董事具有约束力。 第二章 董事 第四条 董事应当遵守法律、行政法规和公司《章程》的规定，对 公司负有忠实义务，应当采取措施避免自身利益与公司利益冲突，不得 利用职权谋取不当利益。 董事对公司负有下列忠实义务： （一）不得侵占公司财产、挪用公司资金； （二）不得将公司资金以其个人名义或者其他个人名义开立账户存 储； （三）不得利用职权贿赂或者收受其他非法收入； 1 （四）未向董事会或者股东会报告，并按照公司《章程》的规定经 董事会或者股东会决议通过，不得直接或者间接与公司订立合同或者进 行交易； （五）不得利用职务便利，为自己或者他人谋取属于公司的商业机 会，但向董事会或者股东会报告并经股东会决议通过，或者公司根 ...

泸州老窖股份有限公司章程 （经 2024 年度股东会审议通过） 目 录 — 1 — 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事和董事会 第一节 董事的一般规定 — 2 — 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第七章 党的组织及党建工作 第一节 党组织的机构设置及工作保障 第二节 公司党委职权 第三节 公司纪委职权 第八章 职工民主管理与劳动人事制度 第九章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第十章 通知与公告 第一节 通知 第二节 公告 第十一章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十二章 修改章程 第十三章 附则 第一章 总则 第一条 为维护公司、股东、职工和债权人的 ...

第四条 公司股东会应当在《公司法》和公司《章程》规定的范围内 行使职权。 泸州老窖股份有限公司 股东会议事规则 （经 2024 年度股东会审议通过） 第一章 总则 第一条 为规范公司股东会行为，保证股东会依法行使职权，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》（以下简称《证券法》）及公司《章程》的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规 则。 第三条 公司应当严格按照法律、行政法规、本规则及公司《章程》 的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全 体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年 召开一次，应当于上一会计年度结束后的 6 个月内举行。临时股东会 不定期召开，出现《公司法》第一百一十三条规定的应当召开临时股东 会的情形时，临时股东会应当在 2 个月内召开。 公司在上述期限内不能召开股东会的，应当报告公司所在地中国 证券监督管理委员会（以下简称"中国证监会"）派出机构和深圳证券 1 交易所，说明原因 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2025-29 泸州老窖股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1.本次股东大会未出现否决议案。 2.本次股东大会未涉及变更前次股东大会已通过的决议。 一、会议的召开和出席情况 1.会议召开日期和时间： （1）现场会议召开时间：2025 年 6 月 27 日 14:30 （2）股东网络投票时间： ①通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 6 月 27 日的交易时间，即 9:15—9:25，9:30—11:30 和 13:00— 15:00。 ②通过深圳证券交易所互联网投票系统进行网络投票的具体时 间为：2025 年 6 月 27 日 9:15 至 15:00 期间的任意时间。 2.现场会议地点：四川省泸州市龙马潭区南光路 71 号泸州老窖 指挥中心东楼一楼会议室。 3.会议召开方式：现场结合网络。 4.会议召集人：董事会 5.会议主持人：董事长刘淼先生 6.会议的召集、召开及出席人数符合相关法律、行政法规、部门 规 ...