Group 1: Securities Market Regulation - The Shenzhen Stock Exchange took self-regulatory measures against 105 cases of abnormal trading behavior from April 21 to April 25, involving market manipulation and false declarations [1] - The exchange conducted investigations into 12 major corporate events and reported 2 cases to the China Securities Regulatory Commission for suspected violations [1] Group 2: Smartphone Market - In Q1 2025, China's smartphone market saw a 5% year-on-year increase, with shipments reaching 70.9 million units, driven by government subsidies and consumer recovery [1] - Xiaomi regained the top position with a shipment of 13.3 million units, marking a 40% increase and a market share of 19% [1] - Huawei followed closely with 13 million units shipped, maintaining double-digit growth, while Apple experienced an 8% decline in shipments, totaling 9.2 million units [1] Group 3: Low-altitude Economy - The "Low-altitude Economic Development Trend Report" predicts that by 2030, over 100 eVTOL companies will emerge in China, with several expected to obtain operational certifications by 2027 [2] Group 4: Corporate Investigations - Dongni Electronics was placed under investigation by the CSRC for suspected information disclosure violations, following multiple warning letters regarding similar issues [3] - Nord Shares and Hongtian Shares are both under investigation for failing to disclose related party transactions as required [5] Group 5: Financial Performance - Shuo Beid's Q1 2025 report showed a revenue of 518 million yuan, a 41.69% increase, and a net profit of 14.52 million yuan, up 276.05% year-on-year [6] - Luzhou Laojiao reported a 3.19% increase in revenue for 2024, totaling 31.196 billion yuan, with a net profit of 13.473 billion yuan, up 1.71% [7] - Hongchuan Wisdom's 2024 revenue decreased by 6.27% to 1.45 billion yuan, with a net profit drop of 46.57% to 158 million yuan [8] - Gree Electric's 2024 revenue fell by 7.26% to 189.164 billion yuan, while net profit increased by 10.91% to 32.185 billion yuan [9]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth rate rebounded month-on-month in March, reflecting strengthened expectations for consumption policies [3][4] - The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points [12][14] - The allocation ratio of food and beverage in funds decreased from 10.6% in Q4 2024 to 9.8% in Q1 2025, marking a new low since 2020 [12][14] - The report highlights that the snack sector performed relatively well, with companies like Salted Fish and West Oat Food achieving significant revenue growth [4][12] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage but concentrated their holdings, with the snack sector showing relatively strong performance [12] - The food and beverage index underperformed the market, with snacks (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) leading the sub-industry performance [12][14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 industries, and lagged behind the CSI 300 by about 1.7 percentage points [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Alcohol Industry News - Wuliangye is set to launch 17 new product series, indicating ongoing innovation in the sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]

Core Viewpoint - Luzhou Laojiao reported its 2024 annual and 2025 Q1 financial results, showing modest growth in revenue and net profit compared to the previous year, indicating a competitive market environment and overall industry slowdown [1][2]. Financial Performance - In 2024, the company achieved revenue of approximately 31.196 billion yuan, a year-on-year increase of 3.19%, and a net profit attributable to shareholders of approximately 13.473 billion yuan, up 1.71% [1]. - The 2023 figures showed revenue and net profit growth exceeding 20% [1]. - For Q1 2025, the company reported revenue of about 9.352 billion yuan, a 1.78% increase year-on-year, and a net profit of approximately 4.593 billion yuan, up 0.41% [1]. Product Segment Performance - The production, sales volume, and revenue of mid-to-high-end liquor all experienced year-on-year growth in 2024, with production increasing by 26.18%, sales volume by 14.39%, and revenue reaching approximately 27.585 billion yuan, a growth of 2.77% [1]. - Mid-to-high-end liquor contributed nearly 90% of the company's total revenue [1]. Channel Performance - Both traditional and emerging channel operating models saw revenue growth, with gross margins exceeding 80% [1]. - Revenue from traditional channels was approximately 29.573 billion yuan, up 3.2%, while emerging channels generated about 1.479 billion yuan, a growth of 4.16% [1]. Dividend Distribution - The company plans to distribute nearly 6.8 billion yuan in cash dividends, proposing a payout of 45.92 yuan per 10 shares, totaling approximately 6.759 billion yuan [2]. - If approved, the total cash dividend for 2024 would amount to about 8.758 billion yuan, representing approximately 65% of the net profit attributable to shareholders for the year [2].

Industry Dynamics - In March, the production of liquor by large-scale enterprises in China decreased by 0.8% year-on-year, totaling 378,000 kiloliters, with a cumulative production of 1,032,000 kiloliters in the first three months, down 7.3% year-on-year [4] - Beer production increased by 1.9% year-on-year in March, reaching 3,128,000 kiloliters, but the cumulative production for the first three months fell by 2.2% [4] - Wine production saw a significant decline of 25% year-on-year in March, with a total of 9,000 kiloliters produced, and a cumulative production of 24,000 kiloliters in the first three months, also down 25% [4] - The Ministry of Industry and Information Technology announced a list of 40 key traditional food industries for cultivation, including liquor categories such as Baijiu, Huangjiu, and wine, aimed at boosting economic development and enhancing domestic demand [4] - Five liquor enterprises were recognized in the national-level skills master studio list, highlighting the industry's focus on skill development and training [7] Company Dynamics - Yanjing Beer reported a revenue of 14.667 billion yuan for 2024, a year-on-year increase of 3.2%, with a net profit of 1.056 billion yuan, up 63.74% [8] - Shanghai Gui Jiu (Rocky Co.) reported a revenue of 285 million yuan, a significant decline of 82.54%, with a net loss of 217 million yuan, down 349.63% [9] - Tianyoude Jiu reported a revenue of 1.255 billion yuan, a year-on-year increase of 3.69%, but a net profit decline of 52.96% to 42.135 million yuan [10] - Wuliangye reported a revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, with a net profit of 31.853 billion yuan, up 5.44% [10] - Moutai achieved sales exceeding 10 million yuan during the China International Consumer Products Expo, showcasing strong consumer interest in its products [10] - Luzhou Laojiao received the first data intellectual property registration certificate in the liquor industry for real-time monitoring data of bottled liquor, indicating a focus on quality control [11] - Yanghe Baijiu's cellar group was certified by Guinness World Records as the largest scale of liquor cellars, emphasizing the company's production capacity [11]

募集资金年度存放与使用情况鉴证报告 XYZH/2025CDAA7B0256 泸州老窖股份有限公司 泸州老窖股份有限公司全体股东： 我们对后附的泸州老窖股份有限公司(以下简称泸州老窖公司)关于募集资金 2024 年 度存放与使用情况的专项报告（以下简称募集资金年度存放与使用情况专项报告）执行了 鉴证工作。 泸州老窖公司管理层的责任是按照深圳证券交易所相关规定编制募集资金年度存放 与使用情况专项报告。这种责任包括设计、实施和维护与募集资金年度存放与使用情况专 项报告编制相关的内部控制，保证募集资金年度存放与使用情况专项报告的真实、准确和 完整，以及不存在由于舞弊或错误而导致的重大错报。我们的责任是在实施鉴证工作的基 础上，对募集资金年度存放与使用情况专项报告发表鉴证意见。 我们按照《中国注册会计师其他鉴证业务准则第 3101 号-历史财务信息审计或审阅以 外的鉴证业务》的规定执行了鉴证工作，以对募集资金年度存放与使用情况专项报告是否 不存在重大错报获取合理保证。在执行鉴证工作的过程中，我们实施了询问、检查、重新 计算等我们认为必要的鉴证程序，选择的程序取决于我们的职业判断。我们相信，我们的 鉴证工作为发表意见提供 ...

审计报告 XYZH/2025CDAA7B0258 泸州老窖股份有限公司 泸州老窖股份有限公司全体股东： 一、 审计意见 我们审计了泸州老窖股份有限公司（以下简称泸州老窖公司）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反 映了泸州老窖公司 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及 母公司经营成果和现金流量。 二、 形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计 师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册 会计师职业道德守则，我们独立于泸州老窖公司，并履行了职业道德方面的其他责任。 我们相信，我们获取的审计证据是充分、适当的，为发表审计意见提供了基础。 三、 关键审计事项 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要的事项。这 些事项的应对以对财务报表整体进行审计并 ...

内部控制审计报告 XYZH/2025CDAA7B0257 泸州老窖股份有限公司 泸州老窖股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了泸州老窖股份有限公司（以下简称泸州老窖公司）2024 年 12 月 31 日财务报告内部控 制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是泸州老窖公司董事会的 责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 信永中和会计师事务所(特殊普通合伙) 中国注册会计师：贺军 中国注册会计师：欧阳立华 中国 北京 二○二五年四月二十四日 1 四、 财务报告内部控制审计意 ...

| 信永中和会计师事务所 北京市东城区朝阳门北人街 株洲电话: +66 (010/6004 2288 | | --- | | telephone: +86 (010) 6554 2288 8 号富华大厦 A 座 9 层 | | 9/F, Block A, Fu Hua Mansion, | | No.8, Chaoyangmen Beidajie, ShineWing | | +86 (010) 6554 7190 Dongcheng District, Beijing, 传真: | | certified public accountants 100027, P.R.China facsimile: +86 (010) 6554 7190 | 关于泸州老窖股份有限公司 2024 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2025CDAA7B0255 泸州老窖股份有限公司 泸州老窖股份有限公司全体股东： 我们按照中国注册会计师审计准则审计了泸州老窖股份有限公司（以下简称泸州老 窖公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表、2024 年度的合并 ...

各位股东： 作为泸州老窖股份有限公司（以下简称"公司"）独立董事，本人 根据《公司法》《证券法》《上市公司独立董事管理办法》《深圳证券 交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等法 律法规、部门规章、规范性文件以及公司《章程》《独立董事工作制 度》等有关规定，积极出席各项会议，认真审议议案，忠实、勤勉履 行独立董事职责，切实维护公司和股东特别是中小股东的合法利益。 现将 2024 年度履职情况报告如下： 泸州老窖股份有限公司 2024 年度独立董事述职报告 一、独立董事的基本情况 1.个人工作履历、专业背景及兼职情况 刘俊海，法学博士，博士生导师，曾任中国社会科学院法学所所 长助理、研究员、教授，曾兼任中国消费者协会副会长、中国证监会 规划委副主任研究员，现任中国人民大学法学院教授、商法研究所所 长，兼任中国国际经济贸易仲裁委员会仲裁员、北京仲裁委员会（北 京国际仲裁中心）仲裁员。2018 年 6 月至 2024 年 6 月期间担任公司 独立董事。 2.独立性说明 经自查，本人任职符合《上市公司独立董事管理办法》中关于独 立性的规定，不存在影响独立性的情形，并将自查报告提交公司董事 会。 ...

泸州老窖股份有限公司 2024 年度独立董事述职报告 各位股东： 作为泸州老窖股份有限公司（以下简称"公司"）独立董事，本人 根据《公司法》《证券法》《上市公司独立董事管理办法》《深圳证 券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等 法律法规、部门规章、规范性文件以及公司《章程》《独立董事工作 制度》等有关规定，积极出席各项会议，认真审议议案，忠实、勤勉 履行独立董事职责，切实维护公司和股东特别是中小股东的合法利益。 现将 2024 年度履职情况报告如下： 一、独立董事的基本情况 1.个人工作履历、专业背景及兼职情况 陈有安，男，1958 年出生，管理科学与工程专业工学博士，高级 工程师。现任野村东方国际证券有限公司、和谐健康保险股份有限公 司、国联安基金管理有限公司、天邦食品股份有限公司独立董事，自 2021 年 6 月起担任公司独立董事。 2.独立性说明 经自查，本人任职符合《上市公司独立董事管理办法》中关于独 立性的规定，不存在影响独立性的情形，并将自查报告提交公司董事 会。 二、独立董事年度履职概况 （一）出席会议情况 1.出席股东大会、董事会情况 2024 年，公司共召开 9 次 ...