泸州老窖股份有限公司 2024 年度内部控制评价报告 泸州老窖股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部 控制监管要求（以下简称"企业内部控制规范体系"），结合泸州老窖 股份有限公司(以下简称"公司")内部控制制度和评价办法，在内部控 制日常监督和专项监督的基础上，我们对公司截至 2024 年 12 月 31 日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控 制，评价其有效性，并如实披露内部控制评价报告是公司董事会的责 任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及全体董事、监 事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述 或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连 带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、 财务报告及相关信息真实完整，提高经营效率和效果，促进实现发展 战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致 ...

一、2024 年度主要经济指标完成情况 2024 年度，公司紧紧围绕"坚定、攻坚、创新、协同"的发展主 题，不断夯实内生发展动力，提高市场竞争力，保持了良性稳定的 发展势头。全年实现营业收入 311.96 亿元，同比增长 3.19%；实现 归属于上市公司股东的净利润 134.73 亿元，同比增长 1.71%。 二、经营成果、财务状况和现金流量情况 （一）经营成果 2024 年，公司以高质量发展为导向，全力推进"数智泸州老窖" 建设，保证渠道良性和价盘稳定，力争赢得长周期产业价值回报和 企业的可持续发展。经审计，2024 年度实现营业收入 311.96 亿元， 较去年同期增长 3.19%；实现利润总额 182.05 亿元，较去年同期增 长 2.24％；归属于母公司股东的净利润为 134.73 亿元，较去年同期 增长 1.71％；实现每股收益 9.18 元，较去年同期增长 1.77％。 （二）财务状况 泸州老窖股份有限公司 2024 年度财务决算报告 各位股东： 1.资产情况 2024年末，公司资产总额683.35亿元，较年初增加50.40亿元， 增长 7.96％；净资产为 475.08 亿元，较年初增长 14. ...

（二）聘任会计师事务所履行的程序 公司董事会审计委员会已对信永中和进行了审查，认为其在执业 过程中坚持独立审计原则，客观、公正、公允地反映公司财务状况、 经营成果，切实履行了审计机构应尽的职责，同意董事会提议聘任信 永中和为公司 2024 年度财务及内部控制审计机构，审计费用合计 132 万元。此事项已经公司 2023 年度股东大会审议通过。 泸州老窖股份有限公司董事会审计委员会 对会计师事务所 2024 年度履职情况评估及履行监督 职责情况的报告 根据《公司法》《证券法》《上市公司治理准则》《国有企业、上市 公司选聘会计师事务所管理办法》《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》和泸州老窖股份有限公司 （以下简称"公司"）《章程》等规定和要求，董事会审计委员会对会计 师事务所 2024 年度履职情况进行了监督检查和评估。现将相关情况 汇报如下。 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和"）， 初始成立于 2012 年 3 月 2 日，主要经营场所：北京市东城区朝阳门 北大街 8 号富华大厦 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2025-16 泸州老窖股份有限公司 关于 2024 年度募集资金存放与使用情况的专项报告 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、募集资金基本情况 （一）募集资金金额及到账时间 1.2019 年和 2020 年面向合格投资者公开发行公司债券募集资金 2019 年 7 月 18 日，经中国证监会"证监许可〔2019〕1312 号"文核 准，本公司获准面向合格投资者公开发行面值总额不超过 40 亿元（含 40 亿元）的公司债券（以下简称"本次债券"），分期发行，首期发行自 核准之日起 12 个月内完成，其余各期自核准之日起 24 个月内完成。 本公司于 2019 年 8 月 27 日发行了第一期 2,500.00 万张 5 年期公 司债券，每张面值 100 元，票面利率 3.58%，发行总额 250,000.00 万 元，扣除发行费用 1,000.00 万元后收到实际募集资金金额 249,000.00 万元，债券简称"19 老窖 01"。本公司于 2020 年 3 月 17 日发行了 2020 年 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2025-15 泸州老窖股份有限公司 第十一届监事会七次会议决议公告 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 2.审议通过了《2024 年年度报告》。 表决结果：5 票同意，0 票反对，0 票弃权。 监事会认为，董事会编制和审议 2024 年年度报告的程序符合有 关法律、行政法规、部门规章、规范性文件和公司《章程》的规定， 报告内容真实、准确、完整地反映了上市公司的实际情况，不存在虚 假记载、误导性陈述或者重大遗漏。本议案尚需提交公司股东大会审 议，具体内容参见同日披露的《2024 年年度报告》及摘要。 3.审议通过了《关于 2024 年度募集资金存放与使用情况的专项 报告》。 泸州老窖股份有限公司（以下简称"公司"）第十一届监事会七次 会议于 2025 年 4 月 24 日在泸州老窖指挥中心主楼 6-1 会议室以现场 结合视频方式召开。召开本次会议的通知已于 2025 年 4 月 14 日以邮 件方式发出。会议应出席监事 5 人，实际出席监事 5 人。会议由监事 会主席杨平 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 9,352,165,445.50, representing a 1.78% increase compared to CNY 9,188,402,377.79 in the same period last year[5]. - Net profit attributable to shareholders was CNY 4,592,780,509.90, a slight increase of 0.41% from CNY 4,573,950,129.90 year-on-year[5]. - Total operating revenue for the current period reached ¥9,352,165,445.50, an increase of 1.79% compared to ¥9,188,402,377.79 in the previous period[21]. - Net profit for the current period was ¥4,611,806,061.91, slightly higher than ¥4,578,371,131.94 from the previous period, indicating a growth of 0.51%[22]. - The company’s total comprehensive income for the current period was ¥4,606,167,787.32, compared to ¥4,559,393,068.01 in the previous period, marking an increase of 1.03%[23]. Cash Flow - The net cash flow from operating activities decreased by 24.12% to CNY 3,307,744,331.60, down from CNY 4,359,428,564.46 in the previous year[5]. - Cash flow from operating activities was ¥10,076,988,951.74, down from ¥10,903,313,846.43, a decline of approximately 7.57%[24]. - The net cash flow from investing activities decreased by CNY 60,158,437.67, attributed to increased cash payments for long-term asset investments[10]. - The net cash flow from investing activities was -$82,179,640.70, compared to -$22,021,203.03 in the previous period, indicating a worsening in investment cash flow[25]. - The net cash flow from financing activities decreased by 296.57% to CNY -5,439,119,558.41, mainly due to mid-term dividends and repayment of company bond principal and interest[11]. - The net cash flow from financing activities was -$3,605,087,675.07, a significant decline from a positive cash flow of $1,834,031,883.34 in the previous period[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 66,780,933,304.60, a decrease of 2.27% from CNY 68,334,595,564.58 at the end of the previous year[5]. - As of March 31, 2025, the total assets amount to CNY 66.78 billion, a decrease from CNY 68.33 billion at the beginning of the period[17]. - The total current assets decreased from CNY 50.86 billion to CNY 49.40 billion during the reporting period[17]. - Total liabilities decreased from CNY 50.86 billion to CNY 49.40 billion during the reporting period[17]. - Total liabilities decreased to ¥16,476,599,320.99 from ¥20,826,588,928.87, a reduction of approximately 20.00%[22]. - Total equity increased to ¥50,304,333,983.61 from ¥47,508,006,635.71, representing a growth of about 5.75%[22]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 180,122[12]. - The company's cash dividend plan for 2024 is to distribute CNY 13.58 per 10 shares, totaling CNY 1.999 billion (including tax)[15]. Operational Metrics - The weighted average return on equity was 9.48%, down from 10.43% in the same period last year, reflecting a decrease of 0.95%[5]. - The company's inventory as of March 31, 2025, is CNY 13.28 billion, down from CNY 13.39 billion[18]. - The company’s accounts payable decreased from CNY 1.84 billion to CNY 1.53 billion[17]. - The company’s contract liabilities decreased from CNY 3.98 billion to CNY 3.07 billion[17]. - The company’s cash and cash equivalents decreased from CNY 33.58 billion to CNY 33.23 billion[17]. Investment and Expenses - The balance of accounts receivable financing decreased by 33.45% to CNY 602,756,258.64, primarily due to the impact of bill discounting and maturity[9]. - The balance of prepayments increased by 94.95% to CNY 117,619,722.04, mainly due to increased prepayments to advertising suppliers[9]. - Research and development expenses rose to ¥32,435,337.30 from ¥30,290,921.53, reflecting an increase of 7.09%[22]. - The company reported a financial income of ¥179,345,923.67, down from ¥216,342,852.29, indicating a decrease of 17.14%[22].

Core Viewpoint - The company, Luzhou Laojiao, has reportedly stopped accepting orders and shipments for its entire product line until the Dragon Boat Festival, aiming to clean up pricing channels and policies to enhance consumer experience and protect channel service providers' interests [1][2]. Group 1: Company Actions - Luzhou Laojiao has implemented multiple suspension measures in 2023, including halting orders and shipments for specific products like the Laotouqu 500ML and Tequ 60 series [3]. - The company has a history of large-scale suspensions, with similar actions taken since 2019 to manage market supply and maintain pricing integrity [2][3]. - The company's chairman emphasized the importance of maintaining profitability for distributors and enhancing channel profit efficiency through comprehensive price and logistics control [3]. Group 2: Market Context - The fast-moving consumer goods (FMCG) industry relies on profitable channels and positive consumer experiences, suggesting that while short-term performance may be affected by suspensions, long-term sustainability could be enhanced [2]. - Analysts believe that the suspension of orders could reduce market supply, allowing the company to improve market management efficiency and stabilize product pricing, thereby enhancing brand value and reputation [3]. Group 3: Future Strategy - The company plans to focus on strategic markets, incremental markets, and special demand areas to navigate through new cycles and enhance marketing effectiveness [4].

文丨酒食汇团队 4月24日，有市场消息称：今天起，泸州老窖公司全国全品系停止订单接收，停止发货，至端午节前全国各公司（国窖、特曲、怀旧丶窖龄、大成浓香） 全面清理价格、渠道和政策，保证消费者体验感，保护渠道服务者利益。 全品系、全国范围停货，泸州老窖挺价决心 在白酒行业淡季停货属于"常规操作"，而在行业TOP5酒企中，泸州老窖更是以停货频率高而被行业熟知，但如这次全品系产品停货操作并不多见，上一 次泸州老窖全品系停货还是在2023年。此举也彰显出泸州老窖对渠道问题进行系统性治理的坚定决心。 白酒的价格动荡会动摇市场的信心，泸州老窖此次停货，正是以"休克疗法"阻断低价倾销，为渠道库存去化争取时间，更为后续价格体系重塑铺路。对于 今年面临挑战的酒商和终端而言，厂家主动停货控量，可以较好的缓解资金压力，更主动地去与厂家配合维护产品的价格体系。 值得注意的是，泸州老窖此次停货选择在端午节消费旺季前夕完成调整，既是对"淡季控货、旺季放量"行业规律的精准把握，亦是对市场信心的强势宣 示。正如其经销商大会上所言：要深刻认识"无利润无渠道"，坚决实施厂商一体行动。此次全国范围、全品系停货，由此也被解读为泸州老窖用实际行动 去 ...

来源：泸州老窖官网 4月25日，酒水行业研究者、千里智库创始人欧阳千里告诉海报新闻记者，目前来看，多数酒企均面临 核心单品市场实际成交价倒挂的问题，泸州老窖亦是，"价格是价值的体现，渠道长期库存高企将使得 核心单品的价格被严重低估，从而影响品牌美誉度、渠道忠诚度，进而影响消费者信心。" "泸州老窖通过停货的方式，恢复渠道信心，保障渠道利润，促进市场动销，以此夯实'消费者-经销商- 泸州老窖'的通路。"欧阳千里表示，当下酒业新周期的挑战包括同行竞品增长、市场库存高企等，泸州 老窖全品类停货的方式，亦是对市场的回应，牺牲短期利益来保障品牌的成长和市场的健康。 海报新闻记者 赵恩 上海报道 4月24日，有消息称，24日起泸州老窖全国全品系停止订单接收，停止发货。4月25日，海报新闻记者从 泸州老窖董事会秘书处了解到，此为正常的营销手段，公司此举是为端午节消费旺季做准备。另一方 面，股价波动因素较多，不会仅因停货等单方面因素而受到影响，公司目前一切经营正常。 工作人员回应，公司此前也有部分产品出现停货现象，因此不必过于担心。今年2月19日，泸州大成浓 香酒类销售有限公司发布通知，即日起暂停接收老头曲500ML装产品订 ...

Core Viewpoint - The article discusses the recent quarterly report of E Fund's star fund manager Zhang Kun, highlighting his portfolio adjustments and investment philosophy amidst changing market conditions [1][2]. Group 1: Fund Performance and Adjustments - As of the end of Q1 2025, Zhang Kun's managed funds have a total scale exceeding 60.82 billion yuan, an increase of 1.841 billion yuan from the end of the previous year [2]. - The largest fund, E Fund Blue Chip Selection, saw its scale grow by over 1.4 billion yuan to 38.908 billion yuan, while E Fund Quality Selection increased by 500 million yuan to 14.169 billion yuan [2]. - All four funds experienced varying degrees of net redemptions, with E Fund Blue Chip Selection facing a net redemption of 960 million units [3]. Group 2: Portfolio Composition and Strategy - Zhang Kun maintained a high stock position, with stock holdings remaining above 94% across his funds, and a consistent allocation of around 45% in Hong Kong stocks [4]. - In Q1, he optimized the structure of his holdings, reducing exposure to internet stocks while increasing investments in logistics and tourism sectors [5]. - Major reductions were noted in holdings of Tencent Holdings, Alibaba-W, and Yanghe Brewery, with reductions around 30% for Alibaba and Yanghe, and over 10% for Tencent [5][6]. Group 3: Market Outlook and Investment Philosophy - Zhang Kun emphasized that the stock market's returns are fundamentally linked to corporate earnings, which he believes will not remain below the return on equity (ROE) levels for an extended period [7]. - He noted improvements in competitive landscapes across certain industries and highlighted the importance of focusing on companies with strong business models and shareholder-friendly capital allocation [7]. - The manager expressed optimism regarding the economic impact of real estate downturns and consumer stimulus policies, suggesting that investors should concentrate on corporate performance rather than macroeconomic concerns [7].