古井集团国际部总监鞠凯与韩国安徽产业发展株式会社代表签署合作协议 论坛开幕式结束后，古井集团党委书记、董事长梁金辉围绕白酒、"白酒+大健康产业产品"海外市场销售与推广展开座谈交流， 探索多元化的区域合作模式，实现互利共赢。 在本届论坛主题活动之一——特色农产品合作发展暨跨境电商对话会上，古井贡酒国际部总监鞠凯作了《让中国白酒成为世界 的语言》主题推介。他介绍，近年来，古井贡酒结合亳州当地的"世界中医药之都"资源禀赋，积极做好"白酒+"文章，布局大健 康产业。 转自：新华财经 6月5日，由中国人民对外友好协会、安徽省人民政府共同主办的2025 RCEP地方政府暨友城合作（黄山）论坛在安徽省黄山市开 幕。古井贡酒·年份原浆作为战略合作伙伴再度亮相论坛，在赋能区域合作的同时，向全球展现中国白酒文化的深厚魅力。 在2025 RCEP地方政府暨友城合作（黄山）论坛古井贡酒展区，工作人员正在直播介绍今年带来论坛现场的最新产品——"年份 原浆古20大阪世博会中国馆官方合作伙伴纪念酒"。这也是今年古井贡酒为进一步传播中国白酒文化魅力，创新开设的线上直播 间，通过直播的方式为观众打造全方位、沉浸式的体验。此外，展区内还利用全息 ...

Core Viewpoint - The article highlights the commitment of Gujing Gongjiu to rural revitalization and the integration of primary, secondary, and tertiary industries through its unique industrial advantages and social responsibility initiatives [1][9]. Group 1: Rural Revitalization Initiatives - Gujing Gongjiu is actively supporting rural revitalization by celebrating the harvest season and showcasing the integration of agricultural production with its liquor production process [1]. - The company has established grain planting bases through order agriculture, which not only enhances the income of local farmers but also ensures a stable supply of high-quality raw materials for its liquor production [3]. Group 2: Technological Advancements - Gujing Gongjiu is leveraging technology to enhance production efficiency and quality, implementing a comprehensive IoT system for monitoring and managing the entire grain cultivation process [3][5]. - The company has achieved a 96% equipment networking rate in its smart brewing facility, allowing for a fully automated production process while adhering to traditional brewing methods [6][8]. Group 3: Social Responsibility - Gujing Gongjiu emphasizes its corporate social responsibility by engaging in poverty alleviation efforts and fostering self-sufficiency in rural communities through education and training [11][12]. - The company has received multiple awards for its social responsibility initiatives, including the "Precision Poverty Alleviation Award" and recognition as one of the "Top 100 Social Responsibility Enterprises" in China's food industry [12]. Group 4: Future Outlook - Gujing Gongjiu aims to continue its focus on quality, technology, and social responsibility, contributing to the high-quality development of the Chinese liquor industry and rural revitalization efforts [12].

Core Viewpoint - The event "Four Seasons Village Song" and the fifth Harvest Season of Gujing Gongjiu serves as a platform for the company to showcase its quality and cultural heritage while celebrating the harvest [1] Group 1: Quality and Production - The Huanghuai Plain is highlighted as a natural cradle for the quality of Gujing Gongjiu, providing favorable climatic and soil conditions for the growth of high-quality soft winter wheat [3] - The production process of "Taohua Chunqu" is complex and requires strict quality control, with only the best soft winter wheat from the Huanghuai Plain meeting the standards [5] - Gujing Gongjiu's birthplace, Bozhou, is recognized as a significant grain production base and a renowned liquor-producing region, ensuring a steady supply of quality raw materials [6] Group 2: Technological Innovation and Management - Gujing Gongjiu has established a three-dimensional monitoring system in its raw grain bases to ensure 100% traceability and quality control of the wheat used for brewing [8] - The company has launched a smart management platform for raw grain cultivation, integrating ecological wisdom and technological innovation [8] - The establishment of the Gujing Gongjiu Grain Research Institute aims to enhance product quality through scientific research and the development of new wheat varieties [10] Group 3: Agricultural Integration and Future Development - Gujing Gongjiu promotes order agriculture by signing contracts with farmers, providing them with seeds, fertilizers, and technical support, ensuring a reliable supply of quality raw materials [12] - The company aims to leverage the unique advantages of the Bozhou region to continuously improve product quality and contribute to the prosperity of the Chinese liquor industry [12]

Core Viewpoint - Gujinggongjiu is actively promoting the internationalization of Chinese liquor through cultural exchange and quality enhancement, establishing itself as a pioneer in this field [1][2]. Group 1: Internationalization Strategy - Since accelerating its internationalization in 2014, Gujinggongjiu has implemented innovative measures to enhance brand influence, including the "Chinese Wine Culture Global Tour" [2]. - The global tour has successfully held events in key markets such as Düsseldorf, Paris, London, and Hong Kong, receiving widespread acclaim from consumers [2]. - The establishment of the Gujinggongjiu Cultural Research Institute in Berlin in October 2023 marks a significant milestone in its international efforts [3]. Group 2: International Collaborations - In November 2023, Gujinggongjiu launched a collaboration with the Camus Group for the Anhui Guqi Whisky Distillery project, creating a new model for blending Chinese and foreign brewing techniques [5]. - The company will participate in the 2025 Osaka World Expo, where it will unveil the "Gujinggongjiu Vintage Original Liquor" commemorating its six-time participation in expos [7]. Group 3: Global Presence - Gujinggongjiu has expanded its reach to over 30 countries across Asia, Europe, America, Africa, and Australia, including RCEP member countries like Singapore, Malaysia, and Thailand [9]. - The company will serve as a strategic partner and designated liquor for the 2025 RCEP Local Government and Friendship City Cooperation Forum, further energizing its internationalization efforts [11].

Investment Rating - The report maintains a "Strong Buy" rating for Gujing Gongjiu, with a target price of 300 RMB [1]. Core Views - The company is navigating industry cyclicality with a focus on steady growth, emphasizing long-term high-quality development while actively capturing market share [1]. - The management acknowledges the current pressures in the liquor industry but believes that the unique product attributes of liquor allow it to withstand economic cycles [1]. - The company is committed to enhancing operational efficiency and market penetration, focusing on internal management optimization and external market expansion [1]. Financial Summary - **Revenue Forecast**: - 2024A: 23,578 million RMB - 2025E: 26,086 million RMB (16.4% YoY growth) - 2026E: 28,813 million RMB (10.6% YoY growth) - 2027E: 31,758 million RMB (10.5% YoY growth) [1] - **Net Profit Forecast**: - 2024A: 5,518 million RMB - 2025E: 6,143 million RMB (20.2% YoY growth) - 2026E: 6,862 million RMB (11.3% YoY growth) - 2027E: 7,678 million RMB (11.7% YoY growth) [1] - **Earnings Per Share (EPS)**: - 2024A: 10.44 RMB - 2025E: 11.62 RMB - 2026E: 12.98 RMB - 2027E: 14.53 RMB [1] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 13 times, indicating attractive valuation [1]. Strategic Initiatives - The company is focusing on practical operations and enhancing product offerings, particularly in the mid-range price segment, to drive growth [1]. - Management is implementing a four-pronged strategy to alleviate channel pressures, including boosting sales, reducing inventory, expanding channels, and stabilizing prices [1]. - The company aims to build a robust marketing team and enhance product competitiveness through improved pricing strategies and product quality [1].

Investment Rating - The report maintains a "Strong Buy" rating for Gujing Gongjiu, with a target price of 300 CNY [1]. Core Views - The company is navigating industry cyclicality with a focus on steady growth, emphasizing long-term high-quality development while addressing short-term market pressures [1]. - The management's pragmatic approach includes enhancing operational efficiency and expanding market share through innovative strategies [1]. - The company aims to strengthen its internal operations and optimize marketing management to foster long-term competitiveness [1]. Financial Performance Summary - Projected total revenue for 2024 is 23,578 million CNY, with a year-on-year growth rate of 16.4%. This is expected to grow to 31,758 million CNY by 2027, with a gradual decline in growth rates [1]. - The net profit attributable to shareholders is projected to be 5,518 million CNY in 2024, with a growth rate of 20.2%, reaching 7,678 million CNY by 2027 [1]. - Earnings per share (EPS) are forecasted to be 10.44 CNY in 2024, increasing to 14.53 CNY by 2027, with a corresponding decrease in price-to-earnings (P/E) ratio from 15 to 11 over the same period [1]. Market Strategy - The company is focusing on maintaining market share and enhancing product quality, with specific initiatives to improve sales channels and customer engagement [1]. - Gujing Gongjiu is adopting a nationwide expansion strategy while emphasizing localized market penetration in core regions [1]. - The management is committed to a pragmatic approach, adjusting growth targets to ensure sustainable operations amidst industry challenges [1].

Core Viewpoint - The annual shareholder meeting of Gujing Gongjiu highlighted the company's strong performance in 2024, with a focus on navigating the current challenges in the liquor industry and expanding into the health sector [2][3][6]. Financial Performance - In 2024, Gujing Gongjiu achieved a total revenue of 23.578 billion yuan, representing a year-on-year growth of 16.41%, while the net profit attributable to shareholders was 5.517 billion yuan, up 20.22% year-on-year [2]. Industry Context - The liquor industry is currently undergoing a deep adjustment cycle, prompting discussions among shareholders about how Gujing Gongjiu can successfully navigate this period, similar to its performance from 2012 to 2015 [2]. Strategic Initiatives - Gujing Gongjiu is implementing a "liquor + health" strategy, focusing on expanding its product offerings beyond traditional liquor to include health-oriented beverages [3][6]. - The company is optimizing its product structure and exploring innovations, including the integration of liquor with health and wellness products, as well as low-alcohol options [8][9]. Consumer Trends - There is a noticeable shift in consumer trends, particularly among younger demographics, which is influencing the company's marketing and product development strategies [7][8].

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2025-016 安徽古井贡酒股份有限公司 特别提示： 2024年度股东大会决议公告 本公司及董事会全体成员保证本公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 1.召开时间 （1）现场会议时间：2025年5月29日上午9:30； （2）网络投票时间：通过深圳证券交易所交易系统投票的具体 时间为：2025 年 5 月 29 日 9:15-9:25,9:30-11:30 和 13:00-15:00；通过 互联网投票系统（http：//wltp.cninfo.com.cn）进行网络投票的具体时 间为：2025 年 5 月 29 日上午 9：15 至下午 15：00。 2.会议召开地点：安徽省亳州市公司总部古井贡酒年份原浆主题 酒店会议中心。 3.召开方式：现场表决及网络投票相结合的方式。 4.召集人：公司董事会。 1.本次股东大会没有出现否决议案； 2.本次股东大会没有涉及变更前次股东大会决议的情形。 一、会议召开的情况 （1）A 股股东出席情况 A股股东（代理人）484人，代表股份315,940,663股，占公司A ...

北京德恒（合肥）律师事务所 关于安徽古井贡酒股份有限公司 2024 年度股东大会的 北京德恒（合肥）律师事务所 关于安徽古井贡酒股份有限公司 2024 年度股东大会的法律意见 北京德恒（合肥）律师事务所 关于安徽古井贡酒股份有限公司 法律意见 合肥市梅山路 18 号安徽国际金融中心 45 层 电话：(86-551) 65226519 传真：(86-551)65226502 邮编：230000 北京德恒（合肥）律师事务所 关于安徽古井贡酒股份有限公司 2024 年度股东大会的法律意见 2024 年度股东大会的 法律意见 （2025）德恒 19G20240197 号 致：安徽古井贡酒股份有限公司 北京德恒（合肥）律师事务所接受安徽古井贡酒股份有限公司（以下简称"公 司"）委托，指派宋婷婷律师、侯天健律师（以下简称"本所律师"）出席公司 2024 年度股东大会（以下简称"本次股东大会"），并就本次股东大会的召集、 召开程序、出席会议人员资格、股东提出议案的资格和程序以及会议表决程序的 合法性进行见证并出具法律意见。 本所律师依据《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" ...

Core Viewpoint - Gujing Gongjiu has been facing investor concerns regarding its stock price performance despite strong operational growth, with no current plans for stock buybacks [1][2]. Group 1: Company Performance - In 2024, Gujing Gongjiu achieved a revenue of 23.578 billion, representing a year-on-year increase of 16.41% [2]. - The net profit attributable to the parent company was 5.517 billion, up 20.22% year-on-year [2]. - The net cash flow from operating activities was 4.728 billion, reflecting a 5.15% increase compared to the previous year [2]. Group 2: Market Strategy - The company has shifted from high-speed growth to structural growth due to macroeconomic cycles and industry competition, indicating a consensus in the liquor industry for slower development [3]. - Gujing Gongjiu continues to focus on a "nationalization and next-high-end" strategy, emphasizing market construction and core provincial areas [3]. Group 3: Financial Management - As of the end of 2024, the company's cash balance was 15.894 billion, raising questions about the need for borrowing [3]. - The short-term and long-term borrowings are primarily for subsidiaries, used for project construction and operational funding [3]. - The company reported a loss of 39.278 million from financial assets measured at fair value, attributed to discount interest from bank acceptance bills [3]. Group 4: Investment Activities - The net cash flow from investment activities decreased by 35.61% year-on-year, mainly due to reduced cash received from investment recoveries [4]. - This decline is not expected to impact the company's future investment plans and strategic layout [4].