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 ...

四川省成都市锦江区东御街 18 号百扬大厦 11 楼 11F, Square One, No.18 Dongyu St., Jinjiang District, Chengdu, Sichuan, 610011, P.R.China 电话/Tel.:（028）87747485 传真/Fax:（028）86512848 网址/Website:www.kangdacdlawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 泸州老窖股份有限公司 2024 年度股东大会法律意见书 康达股会字【2025】第 0037 号 致：泸州老窖股份有限公司 根据北京康达（成都）律师事务所（以下简称"本所"）与泸州老窖股份有限公司（以 下简称"泸州老窖"或"公司"）签订的《聘请法律顾问合同》，本所指派徐小玉、陈艺律师 出席了泸州老窖 2024 年年度股东大会（以下简称"本次股东会"）。 （1）在本法律意见书中，本所及本所律师仅就本次股东会的召集和召开程序、召集 人和出席人员的资格、表决程序以及表决结果进行核查和见证并发表法 ...

又到达沃斯时间。 6月24日至26日，世界经济论坛第十六届新领军者年会（又称"夏季达沃斯论坛"）在 天津举行。本届论坛以"新时代企业家精神"为主题，吸引了来自全球90多个国家和地区的政、商、学各 界嘉宾交流探讨，洞察全球经济脉动和产业变革浪潮，探寻世界经济未来成长和合作共赢之道。 ▲泸州老窖集团（股份）公司党委书记、董事长刘淼在天津 夏季达沃斯论坛现场分享传统产业创新经验 近年来，中国在人工智能、数智化等领域取得了令世界瞩目的成绩，此次夏季达沃斯中国智慧和中国方案 也备受关注。作为国内传统产业数智化转型的代表，泸州老窖又一次开启 "达沃斯之旅"。泸州老窖集团 （股份）公司党委书记、董事长刘淼出席论坛活动，分享中国传统产业与人工智能"双向奔赴"的创新经 验。泸州老窖旗下超高端白酒品牌国窖1573成为携手2025天津夏季达沃斯论坛"文化之夜"的白酒品牌。 ▲ 国窖 1573精彩亮相2025天津夏季达沃斯论坛"文化之夜"现场 在业内看来，泸州老窖闪耀达沃斯，这标志着中国头部白酒品牌以 "科技新势力"的姿态，强势嵌入经济 对话的核心圈层，更悄然改写着世界对中国传统产业乃至高端消费品的固有认知。 中国白酒产业的 "科技 ...

Core Viewpoint - Luzhou Laojiao is advancing its strategy of product low-alcoholization by introducing a 28-degree Guojiao 1573, with plans for even lower alcohol content products in the future [1] Group 1: Company Strategy - Luzhou Laojiao's chairman Liu Miao announced the successful development of the 28-degree Guojiao 1573, which will be launched at an appropriate time [1] - The company is considering the introduction of products with even lower alcohol content, indicating a shift towards lower-alcohol beverages in its product lineup [1] Group 2: Industry Context - The move towards lower alcohol content is not unique to Luzhou Laojiao, as Wuliangye also plans to release a 29-degree Wuliangye product in the second half of the year [1]

泸 州 老 窖 旗 下 超 高 端 白 酒 品 牌 国 窖 1 5 7 3 ， 作 为 唯 一 携 手 2 0 2 5 天 津 夏 季 达 沃 斯 论 坛 " 文 化 之 夜"的白酒品牌亮相国际盛会，邀世界宾客共品中国浓香的魅力。 老窖新"智"： 数智化赋能传统产业打开天花板 世界经济论坛一向被视为"世界经济风向标"。每年夏季达沃斯论坛的议题设置，都紧密围绕 世界经济、区域经济的新态势以及未来产业的新趋势，吸引全球政商学等各界探讨，助力世 界经济寻求成长机遇。 泸州老窖集团（股份）公司党委书记、董事长刘淼应邀出席论坛，与各界嘉宾共话前沿科技 对全球生产力的塑造，分享中国传统产业与人工智能"双向奔赴"的实践和经验。"白酒行业正 在经历从传统酿造向智能化、数字化转型的关键时期，泸州老窖将坚定不移地拥抱变革，通 过科技赋能实现产业升级。" 作 为 中 国 白 酒 传 统 技 艺 、 文 化 的 传 承 者 ， 泸 州 老 窖 近 年 来 积 极 践 行 数 智 化 转 型 ， 通 过 数 字 化、智能化推动生产端、物流端降本增效，打造出白酒行业首家卓越级智能工厂，同时借助 AI力量在国际市场开辟新局，赋能品牌传播。 ...

Group 1 - The World Economic Forum's 16th Annual Meeting of New Champions, also known as the "Summer Davos Forum," was held in Tianjin from June 24 to 26, focusing on "Entrepreneurship in the New Era" and exploring future growth and cooperation in the global economy [1] - Liu Miao, Chairman of Luzhou Laojiao Group, emphasized that technology serves to activate traditional industries rather than disrupt them, sharing the company's innovative practices in the traditional liquor sector [1] - Luzhou Laojiao has established itself as the first excellent intelligent factory in the liquor industry, providing replicable solutions that address its own challenges [1] Group 2 - The "Luzhou Laojiao experience" leverages artificial intelligence as a core driver to empower traditional industries, focusing on digital twin management, intelligent production, and AI-driven marketing innovations [2] - The company combines its century-old craftsmanship with digital capabilities, offering a "Chinese solution" for the transformation of traditional industries [2] - Luzhou Laojiao has expanded its global presence, establishing a distribution network in over 70 countries and regions, and engaging in cultural exchange activities to communicate with global consumers [2]

Core Insights - Moutai has experienced significant price changes over the past decade, with retail prices rising from under 900 yuan in early 2016 to 2700 yuan by the end of 2020, before dropping to 1780 yuan in mid-2023 [1][2][9] Industry Overview - The Chinese liquor market is characterized by high single prices, high repurchase rates, strong adaptability to dining scenarios, high market concentration, and oligopoly among leading brands [2] - The overall sales revenue of the liquor industry reached 796.38 billion yuan in 2024, a year-on-year increase of 5.3%, while the total profit was 250.87 billion yuan, up 7.8% [4] - The concentration of the liquor industry has reached a historical high, with the top six companies accounting for 86% of the industry's profits [4] Company Performance - Moutai has maintained a net profit margin above 50% since 2021, reaching a peak of 53.99% in Q1 2025 [4] - Wuliangye's net profit margin has consistently been above 37%, hitting 41.6% in Q1 2025 [5] - Luzhou Laojiao has shown the best performance among the top three companies, with a net profit margin rising from 38.45% in 2021 to 49.31% in Q1 2025 [5] Market Dynamics - The market for high-end liquor (priced above 1000 yuan) and low-end light bottle liquor (priced around 50 yuan) is growing, while the mid-range segment (500-800 yuan) is under pressure [6][7] - Light bottle liquor has become a significant growth driver, with a market size of 150 billion yuan in 2024 and an annual growth rate of 18% [6] - Over 58% of distributors reported increased inventory pressure, and over 40% faced cash flow issues [7] Consumer Trends - The primary consumer demographic remains high-net-worth individuals and business dining, accounting for 85.1% of total consumption [8] - There is a noticeable decline in demand for banquet and gift-giving, with over 80% of distributors reporting reduced needs in these areas [8] - The younger demographic (ages 30-40) has not shown a significant increase in liquor purchasing, indicating a need for better market engagement strategies [8] Pricing Trends - The price of Moutai has dropped below 1800 yuan, with Wuliangye and Luzhou Laojiao also seeing significant price reductions, with Wuliangye's eighth generation priced around 900 yuan [9][10] - The current price decline is primarily driven by external distribution channels rather than internal company strategies, indicating a short-term adjustment rather than a long-term trend [10]

Core Viewpoint - The transformation of traditional industries through technology is essential for their survival and growth in the digital age, as exemplified by Luzhou Laojiao's efforts to globalize Chinese liquor culture [1][7]. Group 1: Company Overview - Luzhou Laojiao, a leading Chinese liquor brand, has a history dating back to the Ming and Qing dynasties, with its international journey beginning in 1915 when it won a gold medal at the Panama International Exposition [3][4]. - The brand's flagship product, Guojiao 1573, is recognized as a "living national treasure brew," with its brewing techniques dating back to 1324 and the "1573 National Treasure Cellar Group" established in 1573, which has been continuously producing liquor for 452 years [4][10]. Group 2: Innovation and Technology - The company emphasizes a dual approach of combining traditional roots with modern innovation, encapsulated in the philosophy of "rooted in tradition, winged by innovation" [7]. - Luzhou Laojiao is integrating digital technology into its production processes, showcasing advancements from production sensors to AR experiences at international exhibitions, thereby enhancing its global narrative capabilities [10]. Group 3: Cultural Impact - The participation of Luzhou Laojiao in the 2025 Summer Davos Forum highlights its role in promoting Chinese liquor culture on a global stage, aiming to create a "new-old symbiosis" in urban innovation [7][10]. - The cultural night at the forum served as a platform for Luzhou Laojiao to present its rich heritage and modern advancements, attracting global leaders and showcasing a unique Chinese flavor [10].

Group 1 - The current demand for the liquor industry is at a historical low, with a five-year demand index at 28%, indicating limited downside risk [1] - The supportive policies are expected to provide a foundation for consumer recovery, with economic data from January to March showing positive signs, and more supportive policies anticipated to boost liquor demand [1] - Liquor demand is expected to gradually recover at a slow rate, with short-term rigid demand and potential improvement in banquet demand due to a low base in the same period [1] Group 2 - The liquor industry is projected to experience a "valuation-performance" double bottom by 2025, entering a mid-cycle buying point [1] - The dividend yield of the sector is high compared to the ten-year government bond yield, indicating attractive investment value [1] - Despite ongoing downward adjustments in profit forecasts, valuations are at historical lows, suggesting that stock prices may stabilize before earnings do [1] - Recommended stocks include Shanxi Fenjiu, Jinshiyuan, Gujing Gongjiu, Kweichow Moutai, Luzhou Laojiao, and Wuliangye, which are expected to show strong profitability stability [1] Group 3 - The Food and Beverage ETF tracks the China Securities Index for the food and beverage sector, focusing on high-barrier and resilient segments like liquor and dairy products [2] - The top ten constituent stocks include major liquor brands, providing investors with a convenient way to invest in core assets of the "food and beverage" sector [2] - The ETF offers a low investment threshold compared to individual stocks, making it accessible for small investors [2]