证券代码：000568 证券简称：泸州老窖 公告编号：2024-40 泸州老窖股份有限公司 第十一届董事会二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 泸州老窖股份有限公司（以下简称"公司"）第十一届董事会二次 会议于2024年8月2日以通讯表决的方式召开。召开本次会议的通知已 于2024年7月30日以邮件方式发出，截止会议表决时间2024年8月2日， 共收回11名董事的有效表决票11张。本次董事会会议的召开符合有关 法律、行政法规、部门规章、规范性文件和公司《章程》的规定。 二、董事会会议审议情况 同意公司管理团队成员 2023-2025 年考核执行方案。 1.审议通过了《关于聘任高级管理人员的议案》。 表决结果：11 票同意，0 票反对，0 票弃权。 决定聘任赵丙坤先生为公司副总经理，任期与第十一届董事会任 期一致。赵丙坤先生简历附后。 2.审议通过了《关于修订<泸州老窖股份有限公司管理团队成员 薪酬管理细则>及<泸州老窖股份有限公司管理团队成员绩效考核管 理细则>的议案》。 表决结果：11 票同意，0 票反对， ...

会议要点 1、公司天津市场基本情况 公司在天津市场主要以三个大单品为主:国窖 1573、百年窖龄和老字号特区。国窖 1573 在天津的销售模式是通过平台公司进行,由原始股东和三级合伙人组成。2023 年国窖 1573 在天津的销售额约为 9 亿元,2024 年的目标为 10 亿元,目前打款完成进度约为 90%。 较好,2023 年完成销售额 2 亿元,2024 年预计也能完成任务。 百年窖龄在天津的销售情况较为不理想,2023 年完成销售额 1.5 亿元,2024 年目标为 2 亿 元,但截至目前仅完成约 8000 万元,预计难以达到全年目标。老字号特区的销售情况相对 2、产品价格及库存情况 国窖 1573 的低度产品价格在天津市场有所上涨,从之前的 630 元涨至 640-650 元,高度产 品价格也有所上升,从 880 元涨至 890 元。平台公司合伙人的打款价约为 730 元。 百年窖龄的主要产品为 30 年、60 年和 90 年,售价分别为 180 元、260-270 元和 370-380 元。渠道库存约为 4000 万元,占全年销售的 20%左右。 版主要通过团购商销售,不招渠道商。 3、渠道及库存 ...

Financial Data and Key Metrics Changes - In Tianjin, the sales of Guojiao 1573 reached approximately 900 million yuan in 2023, with a target of 1 billion yuan for 2024, and the payment completion rate is about 90% [1][3] - The sales of Bai Nian Jiao Ling were disappointing, achieving only 80 million yuan out of a 200 million yuan target for 2024, indicating a struggle to meet the annual goal [1][3] - The sales of Lao Zi Hao Te Qu were relatively strong, completing 200 million yuan in 2023, with expectations to meet the same target in 2024 [1] Business Line Data and Key Metrics Changes - Guojiao 1573's low-end product price increased from 630 yuan to 640-650 yuan, while the high-end product price rose from 880 yuan to 890 yuan [1][3] - Bai Nian Jiao Ling's main products are priced at 180 yuan, 260-270 yuan, and 370-380 yuan for 30-year, 60-year, and 90-year products respectively, with channel inventory around 40 million yuan, accounting for about 20% of annual sales [1] - Lao Zi Hao Te Qu's main products are priced at 250 yuan and 420 yuan, with stable performance in core markets [4] Market Data and Key Metrics Changes - The overall market growth rate in Tianjin for 2023 was approximately 12%, with Guojiao's sales increasing from 800 million yuan in 2022 to 900 million yuan in 2023 [6] - The inventory in Tianjin is currently around 30%, the highest level in the past four years, primarily due to economic downturns and market conditions [6][5] - The competition in Tianjin is significant, with Wuliangye as the main competitor, targeting 800 million yuan in sales with a payment completion rate of about 75% [5] Company Strategy and Development Direction - The company plans to reform its sales model in Tianjin from a large platform company to smaller regional platform companies to address distribution and inventory issues [2] - Future expense allocations will be more precise and reasonable, with no significant increase in total expenses but adjustments in specific areas to better support the market [2][9] - The company aims to enhance market management by establishing new partnerships and refining distribution strategies [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Tianjin market despite high inventory levels, citing good past dividend performance and high market turnover rates [2] - The demand in the banquet market is expected to decline, particularly for wedding banquets, which may impact overall sales growth [6] - The company anticipates a slight increase in high-end product sales during the Mid-Autumn Festival and National Day, but overall sales performance may not match last year's figures [6] Other Important Information - The company is facing challenges with its distribution policies, which have caused confusion among traditional distributors, impacting their confidence in payments and shipments [8] - The digital promotion strategy is seen as beneficial for long-term market health, although some distributors may resist changes in the short term [9] Q&A Session Summary Question: What is the overall situation of Luzhou Laojiao in Tianjin, including major product series prices, inventory, sales, and payment rhythm? - The main product series include Guojiao 1573, Bai Nian Jiao Ling, and Lao Zi Hao Te Qu, with Guojiao 1573's sales target for this year set at 1 billion yuan, currently at 90% payment completion [3] Question: What is the current price and inventory level of Guojiao 1573? - The low-end product price has increased to 640-650 yuan, and the high-end product price is around 890 yuan, with inventory levels at approximately 2-3 billion yuan [3] Question: How is the sales performance of the Te Qu series in Tianjin? - The Te Qu series is performing better than the Jiao Ling series, with stable performance in core markets [4] Question: What are the expectations for the Tianjin market in the second half of the year? - The market performance is expected to be less favorable than last year, particularly in the wedding banquet segment, which may see a decline in demand [6]

Financial Data and Key Metrics Changes - The sales revenue of Guojiao 1573 in Tianjin for 2023 is approximately 900 million yuan, with a target of 1 billion yuan for 2024, achieving a payment completion rate of about 90% [1][2] - The sales of Bai Nian Jiao Ling in Tianjin for 2023 is 150 million yuan, with a target of 200 million yuan for 2024, but currently only 80 million yuan has been completed, indicating a struggle to meet the target [1][2] - The sales of Lao Zi Hao Te Qu in Tianjin for 2023 is 200 million yuan, with expectations to meet the target for 2024 [1] Business Line Data and Key Metrics Changes - The price of low-degree Guojiao products in Tianjin has increased from 630 yuan to between 640-650 yuan, while high-degree products have risen from 880 yuan to 890 yuan [1][2] - The inventory for Guojiao 1573 is approximately 200-300 million yuan, accounting for about 10%-15% of the market [2][3] - The social inventory of Jiao Ling series products is around 40 million yuan, representing 10%-25% of annual sales [2] Market Data and Key Metrics Changes - The overall inventory in Tianjin is at its highest level in four years, approximately 30% [3] - The market for low-degree products is experiencing a stable demand, particularly in the banquet market, despite overall economic pressures [1][3] - The competition in Tianjin is significant, with Wuliangye being a major competitor, targeting sales of 800 million yuan and achieving a payment completion rate of about 75% [1][3] Company Strategy and Development Direction - The company plans to reform its distribution model in Tianjin from a large platform company to smaller regional platform companies to address distribution depth and inventory issues [1][2] - Future investments in Tianjin will be more precise and reasonable, with no significant increase in total expenses but adjustments in specific areas to better support the market [1][5] - The company aims to enhance its digital promotion strategy to ensure healthy market returns, despite potential short-term resistance from some distributors [5] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the overall economic environment has impacted sales, particularly in the banquet market, with expectations of a decline in demand for wedding banquets [1][2] - Despite inventory pressures, distributors maintain confidence in the future market due to good dividend performance in recent years [1][2] - The company expects a slight increase in high-end product sales during the Mid-Autumn Festival and National Day, but overall market demand is anticipated to decline [4] Other Important Information - The company has introduced new policies in distribution that have caused confusion among traditional distributors, impacting their confidence in payment and shipment [4] - The company is focusing on refining its marketing strategies to improve sales efficiency and brand promotion [4][5] Q&A Session Summary Question: What is the overall situation of Luzhou Laojiao in Tianjin, including major product series prices, inventory, and sales? - The main product series includes Guojiao 1573, Bai Nian Jiao Ling, and Lao Zi Hao Te Qu, with Guojiao 1573 achieving sales of 900 million yuan last year and a target of 1 billion yuan this year, with a payment completion rate of about 90% [1][2] Question: What is the current price and inventory level of Guojiao 1573? - The low-degree product price has risen to between 640-650 yuan, while the high-degree product price is around 890 yuan [2] Question: How is the sales situation of the Jiao Ling series products? - The sales situation is not optimistic, with an expected completion of only 100 million yuan this year [2] Question: What is the market performance of the Te Qu series in Tianjin? - The Te Qu series is performing better than the Jiao Ling series, with stable performance in core markets [2] Question: How does the company evaluate its market actions this year? - The company acknowledges market pressures but believes the Tianjin market remains relatively healthy compared to other regions [2] Question: What is the current inventory situation in Tianjin? - The inventory includes about 1 billion yuan from last year and some unsold inventory from this year, totaling around 30% [3]

泸州老窖(000568.SZ) 坚持长期主义,数字化工程驱动管理变革 公司研究·公司快评 食品饮料·白酒Ⅱ 投资评级:优于大市(维持) 证券分析师: 张向伟 zhangxiangwei@guosen.com.cn 执证编码:S0980523090001 联系人: 张未艾 021-61761031 zhangweiai@guosen.com.cn 事项: 事件:2024 年 6 月 27 日,泸州老窖 2023 年股东大会在泸州老窖指挥中心召开,会议上公司就白酒行业的 现状与展望、公司自身经营情况和战略规划等问题,与投资者进行了充分交流。 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年07月02日 国信食饮观点:1)公司组织优势明显,坚持短期增长和长期发展的平衡,保证市场价盘稳定、渠道库存 良性的基础上,力争 2024 年收入增速 15%的目标;2)行业下行周期中市场份额进一步向头部酒企和大单 品集中,老窖品牌韧性突出;3)长期随着新消费群体的崛起,白酒高端化趋势不变,公司战略定力充足, 积极推进供应链战略和生态链战略,夯实管理优势;4)公司自去年对全品系上线五码系统,今年进一步 加 ...

股 票 研 究 | | | | 食品饮料 / 必需消费 | |------------------------------------|--------------------------------------------------------------------------|-------------------------------|----------------------------| | 泸州老窖 (000568) | | 评级: | 增持 | | | 立足长远发展,稳步提效升级 | 目标价格: | 上次评级 : 增持 218.00 | | | ——泸州老窖( 000568.SZ | [ 当前价格: Table_CurPrice] | 上次预测 : 290.61 143.00 | | [table_Authors 訾猛 ] ( 分析师 ) | 李美仪 ( 研究助理 ) | | | | 021-38676442 zimeng@gtjas.com | 021-38038667 limeiyi026738@gtjas.com | | 2024.07.02 | | 登记编号 S088051312 ...

证券代码：000568 证券简称：泸州老窖 泸州老窖股份有限公司投资者关系活动记录表 编号：2024-6-27 投资者关系活动 □特定对象调研 □分析师会议 类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ★其他 股东大会交流 参与单位名称及 中金公司：王文丹；广发证券：符蓉；华鑫证券：孙山山；华 泰证券：龚源月等共计 341 人。 人员姓名 时间 2024年6月27日16:00-17:00 地点 公司东楼一楼会议室 上市公司接待人 总经理林锋，财务总监谢红，副总经理、董事会秘书李勇 员姓名 1.公司如何看待行业目前所处的阶段？对行业趋势有何判断？ 白酒是周期性行业，存在周期波动是正常规律，要有良好的心态 顺应周期发展。随着劳动力人口数量及结构的变化，未来行业集中度 将继续加大，存量竞争和巨头竞争是趋势。 2.公司如何判断未来高档产品的发展趋势？ 新生代消费者逐渐成为市场主力，他们喜欢的产品才是好的产品， 企业在未来必须适应消费者的需求变化，按照这个思路制定营销战略。 ...

2024 年 06 月 30 日 坚持良性发展基调,全力以赴完成全年目标 —泸州老窖(000568.SZ)公司事件点评报告 买入(维持) 事件 分析师:孙山山 S1050521110005 sunss@cfsc.com.cn | 基本数据 | 2024-06-28 | |---------------------|---------------| | 当前股价(元) | 143.49 | | 总市值(亿元) | 2112 | | 总股本(百万股) | 1472 | | 流通股本(百万股) | 1467 | | 52 周价格范围(元) | 143.49-244.97 | 日均成交额(百万元) 1379.18 市场表现 -40 -30 -20 -10 0 10 20 (%) 泸州老窖 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《泸州老窖(000568):Q1 业绩 超预期,品牌势能延续》2024-04- 28 2、《泸州老窖(000568):业绩符 合预期,高增态势延续》2023-10- 30 3、《泸州老窖(000568):业绩超 预期,趋势持续向好》2023-08-29 2024 年 06 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2024-37 泸州老窖股份有限公司 1.审议通过了《关于选举公司董事长的议案》。 表决结果：11 票同意，0 票反对，0 票弃权。 第十一届董事会一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 泸州老窖股份有限公司（以下简称"公司"）第十一届董事会一 次会议于2024年6月27日在泸州老窖指挥中心东楼1-4会议室以现场 结合视频临时会议方式召开。会议应出席董事11人，实际出席董事11 人（其中，委托出席董事1人，应汉杰先生因工作原因未能亲自出席， 委托刘淼先生代行表决权）。 与会董事一致推举刘淼董事主持会议。全体监事及部分高管列席 会议。 本次董事会会议的召开符合有关法律、行政法规、部门规章、规 范性文件和公司《章程》的规定。 二、董事会会议审议情况 选举刘淼先生为公司董事长。 2.审议通过了《关于聘任公司总经理的议案》。 表决结果：11 票同意，0 票反对，0 票弃权。 决定聘任林锋先生为公司总经理。 3.审议通过了《关于聘任公司副总经理、财务总监的议案》。 表 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2024-38 泸州老窖股份有限公司 第十一届监事会一次会议决议公告 二、监事会会议审议情况 1.审议通过了《关于选举公司监事会主席的议案》。 表决结果：5 票同意，0 票反对，0 票弃权。 选举杨平先生为公司监事会主席。 三、备查文件 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 泸州老窖股份有限公司（以下简称"公司"）第十一届监事会一次 会议于 2024 年 6 月 27 日在泸州老窖指挥中心东楼 1-4 会议室以现场 临时会议方式召开。会议应出席监事 5 人，实际出席监事 5 人。 与会监事一致推举杨平监事主持会议，副总经理、董事会秘书李 勇先生列席会议。 本次监事会会议的召开符合有关法律、行政法规、部门规章、规 范性文件和公司《章程》的规定。 2024 年 6 月 28 日 1.经与会监事签字并加盖监事会印章的监事会决议； 2.深交所要求的其他文件。 泸州老窖股份有限公司 监事会 ...