公司《章程》及附件修订内容对照表 一、公司《章程》修订内容对照表 | 修订前 | 修订后 | | --- | --- | | 第八条 董事长为公司的法定代表人。 | 第八条 董事长为公司的法定代表人。 | | | 担任法定代表人的董事长辞任的，视为同时辞去法 | | | 定代表人。 | | | 法定代表人辞任的，公司将在法定代表人辞任之日 | | | 起 30 日内确定新的法定代表人。 | | | 新增第九条 法定代表人以公司名义从事的民事活 | | | 动，其法律后果由公司承受。 | | | 本章程或者股东会对法定代表人职权的限制，不得 | | | 对抗善意相对人。 | | | 法定代表人因为执行职务造成他人损害的，由公司 | | | 承担民事责任。公司承担民事责任后，依照法律或者本 | | | 章程的规定，可以向有过错的法定代表人追偿。 | | 本公司章程自生效之日起，即成为规范公 第十条 | 本公司章程自生效之日起，即成为规范 第十一条 | | 司的组织与行为、公司与股东、股东与股东之间权利义 | 公司的组织与行为、公司与股东、股东与股东之间权利 | | 务关系的具有法律约束力的文件，对公司、股东、党委 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2025-25 泸州老窖股份有限公司 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。 特别提示： 关于拟续聘会计师事务所的公告 1.拟续聘的会计师事务所：信永中和会计师事务所（特殊普通合 伙）（以下简称"信永中和"）； 2.本次续聘会计师事务所符合财政部、国务院国资委、证监会印 发的《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕 4 号）的规定。 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 机构名称：信永中和会计师事务所（特殊普通合伙） 层 首席合伙人：谭小青先生 截至 2024 年 12 月 31 日，信永中和合伙人（股东）259 人，注册 会计师 1780 人，签署过证券服务业务审计报告的注册会计师人数超 过 700 人。 信永中和 2023 年度业务收入为 40.46 亿元，其中，审计业务收 入为 30.15 亿元，证券业务收入为 9.96 亿元。2023 年度，信永中和 上市公司年报审计项目 364 家，收费总额 4.56 亿元，涉及的主要行 业包括制造业，信息 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2025-26 泸州老窖股份有限公司 关于召开 2024 年度股东大会的通知 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。 一、召开会议基本情况 1.股东大会届次：2024 年度股东大会 2.股东大会召集人：董事会 公司于 2025 年 6 月 4 日召开第十一届董事会十一次会议，审议 通过了《关于召开 2024 年度股东大会的议案》。 3.会议召开的合法合规性说明：本次股东大会会议召开程序符 合相关法律、行政法规、部门规章、规范性文件、深交所业务规则 和公司《章程》的规定。 4.会议召开日期和时间： （1）现场会议召开时间：2025 年 6 月 27 日（星期五）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 ...

| 议案 | 1.00：2024 年度董事会工作报告 2 | | --- | --- | | 议案 | 2.00：2024 年度监事会工作报告 13 | | 议案 | 3.00：2024 年度财务决算报告 17 | | 议案 | 年年度报告 4.00：2024 21 | | 议案 | 5.00：关于制定《2024-2026 年度股东分红回报规划》的议案 | | | 22 | | 议案 | 6.00：关于提请股东大会授权董事会制定中期分红方案的议案 | | | 24 | | 议案 | 7.00：2024 年度利润分配方案 26 | | 议案 | 8.00：关于续聘会计师事务所的议案 30 | | 议案 | 9.00：关于修订公司《章程》及附件的议案 34 | 2024 年度股东大会议案资料 2025 年 6 月 泸州老窖股份有限公司 议案 1.00 泸州老窖股份有限公司 2024 年度董事会工作报告 2024 年，泸州老窖股份有限公司（以下简称"泸州老窖"或"公司"） 紧紧围绕 "坚定、攻坚、创新、协同"的年度发展主题，锐意进取、奋 勇拼搏，保持了良性稳健的发展势头。现将一年来董事会的工作情况 报告如下： 一、 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2025-24 泸州老窖股份有限公司 第十一届董事会十一次会议决议公告 拟续聘信永中和会计师事务所（特殊普通合伙）为公司 2025 年 度审计机构，审计费用总体控制在 137 万元以内，其中财务报告审计 费用控制在 92 万元以内，内控审计费用控制在 45 万元以内。本议案 已经公司董事会审计委员会审议通过，尚需提交公司股东大会审议。 具体内容参见同日披露的《关于拟续聘会计师事务所的公告》。 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"）第十一届董事会十一 次会议于2025年6月4日以通讯表决的方式召开。召开本次会议的通知 已于2025年5月30日以邮件方式发出，截止会议表决时间2025年6月4 日，共收回10名董事的有效表决票10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 1.审议通过了《关于修订公司<章程>及附件的议案》。 表决结果：10票同意，0票反对，0票弃权。 ...

Investment Focus - The report emphasizes the strategy of investing in stocks with high dividends and improved fundamentals, particularly in the essential consumer sector [1][6] - Key stocks recommended for investment include Kweichow Moutai, Wuliangye, and Yili, all rated as "Outperform" [1] Industry Overview - In May 2025, six out of eight tracked industries maintained positive growth, with the restaurant sector growing by 3.7%, beer by 3.3%, and soft drinks by 3.1% [3][8] - The industries experiencing negative growth include mass-market and above mid-range liquor, with declines of 13.0% and 2.5% respectively [3][8] Price Trends - In May, the price of Moutai continued to decline, while high-end products like Wuliangye stabilized [4] - The overall price trend in the liquor market showed more declines than increases, particularly in the mid-range segment [4][10] Cost Analysis - The cost index for soft drinks, seasonings, and other categories showed slight increases, while beer and instant noodles experienced declines [4] - Packaging material prices have decreased significantly compared to last year, with aluminum can prices up by 12.01% [4] Fund Flows - As of the end of May, net inflows into Hong Kong Stock Connect amounted to 41.99 billion yuan, with the essential consumer sector's market capitalization share at 5.65% [5] - The food additives sector saw an increase in market share, while the dairy sector experienced a slight decrease [5] Valuation Metrics - The PE historical percentile for A-share food and beverage stocks was 19% (21.5x), a decrease from the previous month [5] - H-share essential consumer sector PE historical percentile increased to 34% (18.8x), reflecting a rise in valuation [5] Recommendations - The report suggests waiting for opportunities or buying high-dividend stocks, as the current fundamentals lack catalysts for growth [6] - Key stocks with high dividend yields include Master Kong, Uni-President, and China Feihe, among others [6]

Core Viewpoint - The white liquor industry is increasingly adopting "fan festivals" as a strategy to enhance brand loyalty and consumer engagement, reflecting a shift from "channel-driven" to "consumer-driven" approaches in marketing [1][6]. Group 1: Fan Festival Activities - Yanghe Co. launched the "Dreamy Night · 2025 Yanghe Super Fan Festival" in Zhengzhou, featuring wine tasting, food experiences, and cultural interactions [1][2]. - Major brands like Kweichow Moutai and Wuliangye have also engaged in fan festivals, enhancing consumer connection through innovative formats such as AR interactions and cultural events [2][3]. - Shanxi Fenjiu combined traditional rituals with modern tasting activities during its "8th Fenjiu Apricot Blossom Festival," showcasing the brand's historical narrative [3]. Group 2: Consumer Engagement and Trends - The rise of fan festivals indicates a growing focus on younger consumers, who now represent 34% of white liquor consumption, with a market size of 400 billion yuan [4][5]. - Companies are innovating their marketing strategies to cater to the preferences of younger consumers, emphasizing personalized and diverse experiences [4][5]. - The integration of digital platforms, such as Douyin, has been utilized to reach younger demographics effectively, with campaigns achieving over 1.41 billion views [4]. Group 3: Industry Competition and Future Outlook - The competition in the white liquor industry is evolving, with companies needing to enhance their consumer engagement capabilities to succeed [6][7]. - The "fan festival" model is seen as a data collection opportunity, allowing companies to gather insights on consumer preferences and behaviors for future product innovation [6][7]. - The industry is expected to see a rise in innovative marketing forms, with a focus on product quality, cultural significance, and consumer experience as key competitive factors [7].

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1][53]. Core Insights - The food and beverage sector experienced a decline of 1.06% last week, slightly outperforming the CSI 300 index by 0.02 percentage points, ranking 27th among 31 sectors [4][9]. - The liquor segment is in a bottoming phase, with a focus on leading companies for recovery. The impact of recent "alcohol bans" is expected to be limited, as business banquets and personal consumption remain the primary drivers of demand [4][9]. - The beer sector is showing signs of improvement as the peak consumption season approaches, with April production figures indicating a 4.8% year-on-year increase [4][23]. - The snack segment is characterized by high growth potential, driven by strong product categories and new distribution channels [4]. - The dairy sector is expected to stabilize as upstream production capacity adjusts, with milk prices anticipated to recover gradually [4]. Summary by Sections 1. Market Performance - The food and beverage sector's performance last week was a decline of 1.06%, with soft drinks showing a notable increase of 9.27% [4][9]. - Top-performing stocks included Junyao Health and Kweichow Moutai, with gains of 38.58% and 32.17% respectively [4][9]. 2. Key Consumer Products and Raw Material Prices 2.1 Liquor Prices - As of June 1, 2025, the price for 2024 Moutai (bottle) is 2,070 CNY, down 50 CNY from the previous month [18]. 2.2 Beer Data - April production for major beer companies reached 2.896 million kiloliters, a 4.8% increase year-on-year [23]. 2.3 Upstream Raw Material Data - As of May 30, 2025, the price of fresh milk is 12.17 CNY per liter, with a year-on-year decrease of 0.49% [25]. 3. Industry Dynamics - Significant growth in wine sales was reported during the JD 618 shopping festival, with red wine sales increasing by 200% year-on-year [50]. - Guangdong province's beer production increased by 1.3% in the first four months of 2025 [50]. 4. Core Company Dynamics - Fuling Zhacai announced a cash dividend of 4.20 CNY per share, totaling 4.85 billion CNY [52]. - Haitian Flavoring announced a cash dividend of 8.60 CNY per share, totaling 47.73 billion CNY [52].

每经记者｜刘明涛 每经编辑｜彭水萍 端午前夕，白酒板块再度走低，WIND白酒指数迎来周线三连跌，包括泸州老窖、山西汾酒等在内的4只白酒股周跌幅超过3%，表现相对弱势。而在另一 边，啤酒板块则保持震荡上行态势，板块内所有个股实现上涨，整体周涨幅则在4%左右。 白酒、啤酒现"跷跷板"效应 一边"跌跌不休"，另一边则持续震荡上行，5月以来，白酒板块和啤酒板块"跷跷板"效应明显，在白酒板块持续下跌的期间，啤酒板块明显更受资金的青 睐。 截至5月30日收盘，WIND白酒指数在端午节前当周跌幅为1.08%，周线已经出现三连跌，泸州老窖、山西汾酒、迎驾贡酒以及贵州茅台周跌幅分别达到 4.04%、4.01%、3.51%以及3.22%，跌幅靠前。其中，贵州茅台周市值缩减636亿元，市值减少较大。 | 证券代码 | 证券简称 | 收盘价 (元) 周涨跌幅 (%) | | | --- | --- | --- | --- | | 601579.SH | 会稽山 | 25.1 | 31.385 | | 600543.SH | 莫高股份 | 6 | 14.504 | | 600238.SH | *ST椰岛 | 6.16 | 14.498 ...

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [4]. Core Viewpoints - The new consumption trend continues, focusing on low-priced/undervalued stocks with potential catalysts, particularly in the food sector, new retail channels, and health products [2][29]. - The report highlights the need to pay attention to the white liquor sector, which may face pressure in the second quarter, suggesting a focus on leading brands with strong market positions [16][29]. Summary by Sections White Liquor Sector - The white liquor sector is currently under pressure, with a recommendation to prioritize leading brands such as Guizhou Moutai, Wuliangye, and Shanxi Fenjiu for mid-term investments [16][29]. - Recent policies regarding public receptions may impact white liquor consumption, but the overall effect is expected to be limited due to a shift from government to business consumption since 2016 [7][16]. - The report notes that the white liquor sector is still in a bottoming phase, with opportunities for mid-term positioning in leading brands [4][16]. Consumer Goods Sector - The consumer goods sector shows a continuation of the new consumption trend, with a focus on potential catalysts in food categories, new retail channels, and health products [2][29]. - Recommended stocks in this sector include Jin Zai Foods, New Dairy, Anji Foods, and others, with a focus on companies that can leverage new retail opportunities [2][29]. Market Performance - From May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while non-dairy beverages and other liquor categories saw gains of 8.96% and 7.93%, respectively, with white liquor declining by 2.80% [2][35]. - Specific stocks such as Tianyoude Liquor and Huazhi Liquor showed positive performance, while others like Luzhou Laojiao and Shanxi Fenjiu experienced declines [3][39]. Price Trends - The report provides insights into the pricing trends of key white liquor brands, indicating stable prices for Guizhou Moutai and Wuliangye, with slight fluctuations noted [15][55].