Financial Performance - Total revenue for 2024 reached CNY 23.58 billion, an increase of 16.41% compared to the previous year[4] - Operating profit was CNY 7.75 billion, reflecting a growth of 23.36% year-over-year[4] - Net profit attributable to shareholders was CNY 5.51 billion, up 20.15% from the same period last year[4] - Basic earnings per share increased to CNY 10.43, representing a growth of 20.16%[4] Assets and Equity - Total assets at the end of the reporting period amounted to CNY 40.52 billion, a rise of 14.38% from the beginning of the period[5] - Shareholders' equity attributable to the parent company reached CNY 24.65 billion, increasing by 14.53%[5] - The weighted average return on equity was 23.88%, up from 22.92% in the previous year[4] Earnings Forecast and Risks - The company did not disclose any earnings forecasts prior to this earnings announcement[6] - The financial data presented is preliminary and subject to change upon final audit[6] - Investors are advised to pay attention to potential risks associated with the preliminary data[6]

Group 1 - The spring marketing wave in the liquor industry has been reignited following the Spring Sugar Conference, with many liquor companies launching new marketing initiatives [1] - Gujing Gongjiu's Peach Blossom Spring Festival and Gu Fan Festival have successfully integrated distributors and core consumers through engaging activities [1][3] - The event showcased traditional brewing techniques and cultural performances, blending historical elements with modern youth appeal [1][4] Group 2 - The eighth Peach Blossom Spring Festival and fourth Gu Fan Festival were held on March 29, emphasizing the promotion of the ancient city of Bozhou and Chinese brewing culture [3] - Gujing Gongjiu has a rich history dating back to the Eastern Han Dynasty, with its name derived from a famous well known for its excellent water quality [3][4] - The company has won multiple national awards and is recognized as a famous Chinese liquor brand [3] Group 3 - The festival featured live demonstrations of traditional brewing methods, highlighting the complexity and heritage of the Peach Blossom Spring production process [4] - Gujing Gongjiu aims to build a high-quality development community in the liquor industry and continues to promote its cultural events [4] Group 4 - The liquor industry is expected to see growth concentrated in the 500 yuan price range, with the 100-400 yuan range benefiting from consumption upgrades and downgrades [5] - Gujing Gongjiu has established core products across various price segments, leveraging a deep distribution model to enhance control over distributors and terminals [5] Group 5 - In the first three quarters of 2024, Gujing Gongjiu achieved revenue of 19.069 billion yuan, a year-on-year increase of 19.5%, and a net profit of 4.746 billion yuan, up 24.5% year-on-year [6] Group 6 - Gujing Health Technology launched three strategic products in the "Herbal Fermentation Nutrition" category during the festival, marking a significant expansion of its product line [7] - The company has established itself as the largest and most diverse herbal fermentation base in China, focusing on modern biological fermentation technology [7][8] - A new standard for herbal fermentation products is being developed to establish quality benchmarks in the industry [8]

桃夭灼灼渲绯云，春曲为媒贡酒香。3月29日，古井贡酒·年份原浆2025第八届桃花春曲节暨第四届古粉 节在古井酒神广场盛大开幕。相关政府部门领导、国际友人、企业家代表、媒体嘉宾、重点经销商、古 粉代表、核心消费者代表，古井集团党委书记、董事长梁金辉等古井集团及古井贡酒股份公司高管参加 了活动。 辉致词 "阳春三月桃花开，温和湿润原生态，千年曲根薪火传，非遗技艺桃花曲……"伴随着桃花春曲制曲心法 口诀的朗朗诵读声，古井贡酒的制曲师傅们现场展演桃花春曲非遗制曲古法技艺。从堆麦粮、撒曲根， 到制曲、润曲，再到成曲，一系列严谨且精细的工序，在师傅们手中有条不紊地进行。活态的演绎让现 场嘉宾真切领略到古法制曲的独特魅力，彰显出古井人对传统工艺的坚守与创新。 图丨古井 贡酒的制曲师傅们现场展演桃花春曲非遗制曲古法技艺 八载春秋，八届盛会。每年一届的桃花春曲节是古井与古粉的双向奔赴之旅，活动现场举行了古井贡酒 推广大使证书颁发仪式，感恩古粉与古井同心同行，共酿岁月芬芳。 "贡献 贡创 贡享"第二届古井贡酒·年份原浆三贡节四大赛事正式启动。当美酒邂逅"三贡节"，创作者的 灵感如同春曲发酵，孕育出无限的创意与活力。 开幕仪式上， ...

Core Insights - Gujing Gongjiu has successfully upgraded its product offerings in the high-end liquor market, with its flagship product, Gu20, achieving nearly 5 billion in annual sales nationwide [1] - The company is experiencing strong performance in the banquet market, with local distributors reporting better sales this year compared to last year, particularly for Gu8 and Gu16 products [1][3] - The company aims to reach a sales target of 30 billion, supported by a well-structured product lineup and flexible sales strategies [1] Product Performance - Gu8 and Gu16 dominate the banquet market, with Gu8 accounting for two-thirds and Gu16 for one-third of sales [1] - Gu16's market share has increased by 5-6 percentage points, now representing 16-17% of sales, driven by increased banquet consumption [3] - The overall consumption of liquor for banquets is decreasing, with average consumption per table dropping [3] Cultural and Marketing Initiatives - The 8th Peach Blossom Spring Festival and the 4th Gu Fan Festival were held to promote Gujing Gongjiu's unique brewing techniques and cultural heritage [1][2] - The festival serves as a platform for cultural exchange and marketing, showcasing the brand's commitment to high-quality development and community engagement [2] - Various events during the festival included the launch of a commemorative liquor for the 2025 Osaka World Expo and a collaborative ceremony with French guests [3] Market Strategy - Gujing Gongjiu is strategically positioned in key price segments, with stable sales for core products like Gu5 and Gu8, and significant investments in promoting Gu16 and Gu20 [4] - The company has achieved substantial sales growth, with Gu16 and Gu20 experiencing annual growth rates exceeding 50% [4] - The company is expanding its market presence outside of Anhui, with double-digit growth in provinces like Jiangsu, Henan, and Shandong [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][27]. Core Views - The company is focusing on enhancing its product offerings under two brands, aiming for robust growth in the sub-100 yuan product segment. The strategy includes launching new products and strengthening its market presence through effective channel management [2][7]. - The company is expected to achieve double-digit growth in revenue and profit, driven by a solid product foundation and strategic adjustments in marketing and distribution [7][8]. Financial Summary - **Main Financial Indicators**: - Revenue for 2023 is projected at 20,254 million yuan, with a year-on-year growth rate of 21.2%. By 2026, revenue is expected to reach 29,194 million yuan [3]. - Net profit attributable to shareholders is forecasted to be 4,589 million yuan in 2023, growing at 46.0% year-on-year, and reaching 7,021 million yuan by 2026 [3]. - Earnings per share (EPS) is estimated to be 8.68 yuan in 2023, increasing to 13.28 yuan by 2026 [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 20 in 2023 to 13 in 2026, indicating improving valuation attractiveness [3]. Market Performance - The company has shown resilience in its market performance, with a steady growth trajectory despite industry challenges. The report highlights a strong performance in key markets, particularly in the domestic sector [7][8]. - The company has effectively managed inventory and sales strategies, leading to improved cash flow and operational efficiency [7][8]. Product and Channel Strategy - The company is enhancing its product lineup with strategic upgrades, such as increasing the volume of certain products without raising prices, thereby improving value for consumers [7]. - A focus on channel partnerships and profit-sharing with distributors is expected to unlock growth potential and stabilize pricing across markets [7][8].

Core Viewpoint - Gujinggongjiu has achieved remarkable success by occupying high-value positions in the market, leveraging its status as a national famous liquor and focusing on health and cultural values [1][9]. Group 1: National Famous Liquor - Gujinggongjiu has been recognized as a national famous liquor since 1963, winning the title four times and establishing itself among the "Old Eight Famous Liquors" [3][4]. - The brand emphasizes the prestige associated with being a national famous liquor, which significantly enhances consumer perception and product value [3][4]. - The acquisition of Hubei Huanghelou Liquor in 2016 created a unique "Chinese Double Famous Liquor" landscape, further solidifying Gujinggongjiu's market position [4][5]. Group 2: Health and Wellness - With the rise of health consciousness among consumers, Gujinggongjiu has positioned itself as a leader in promoting "healthy drinking" concepts [5][6]. - The company established Anhui Gujing Health Technology Co., Ltd. in 2013 to develop functional foods and health products, leveraging its location in a major traditional Chinese medicine hub [5][6]. - New health products showcased at trade events, such as the "Xinggan Baobei" and various herbal teas, have received positive feedback for their health benefits [6][7]. Group 3: Cultural Significance - Gujinggongjiu emphasizes its cultural heritage through three main cultural pillars: Tribute Wine Culture, Dragon Wine Culture, and Year Wine Culture [7][9]. - The Tribute Wine Culture is rooted in historical practices, enhancing the brand's identity as "China's First Tribute" [7][8]. - The Dragon Wine Culture symbolizes nobility and heritage, while the Year Wine Culture connects the brand to traditional celebrations, reinforcing its cultural relevance [8][9].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 217.97 CNY, unchanged from the previous forecast [2][16]. Core Views - The report emphasizes that the company is experiencing a significant increase in market share within the province, supported by strong channel advantages. The performance outlook is positive due to the strengthening of market share and channel push [3][19]. - The white liquor industry is currently in its third growth phase, transitioning from a price bubble phase to a focus on volume. This shift indicates a weakening growth potential for the sector, but leading companies can still achieve performance certainty through increased market concentration [18][19]. Financial Summary - The company’s revenue is projected to grow from 20,254 million CNY in 2023 to 27,444 million CNY in 2026, reflecting a compound annual growth rate (CAGR) of approximately 8.3% [16]. - Net profit attributable to the parent company is expected to rise from 4,589 million CNY in 2023 to 7,088 million CNY in 2026, with a CAGR of about 13.1% [16]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 10.66 CNY, 12.06 CNY, and 13.41 CNY, respectively [16][18]. Market Position and Strategy - The company is effectively leveraging its strong channel push to enhance its market share in mid-tier price segments, with notable growth in established markets like Hefei [19]. - The report highlights that the company’s core advantage lies in its channel efficiency, with strong cooperation from distributors and a sustained market share increase in mature markets [19].

近日，公司董事会收到张彬先生的通知，张彬先生已按照相关规 定参加了深圳证券交易所举办的上市公司独立董事任前培训（线上）， 并取得由深圳证券交易所创业企业培训中心颁发的《上市公司独立董 事培训证明》。 关于独立董事取得独立董事资格证书的公告 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。 安徽古井贡酒股份有限公司（以下简称"公司"）于2025年1月 15日召开2025年第一次临时股东大会，审议通过了《关于补选公司独 立董事的议案》，选举张彬先生为公司独立董事，任期自该次股东大 会审议通过之日起至本届董事会届满。 截至公司2025年第一次临时股东大会通知发出之日，张彬先生尚 未取得独立董事资格证书。根据深圳证券交易所的相关规定，张彬先 生已书面承诺参加最近一次独立董事培训并取得深圳证券交易所认 可的独立董事资格证书。 证券代码：000596、200596 证券简称：古井贡酒、古井贡B 公告编号：2025-004 安徽古井贡酒股份有限公司 特此公告。 安徽古井贡酒股份有限公司 董 事 会 二〇二五年二月八日 ...

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2025-003 安徽古井贡酒股份有限公司 2024年中期权益分派实施公告 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。 一、股东大会审议通过利润分配方案的情况 1.安徽古井贡酒股份有限公司（以下简称"公司"）2024年中期权 益分派方案已获2025年1月15日召开的2025年第一次临时股东大会审 议通过，具体分配方案为：以公司现有总股本528,600,000股（其中A 股总股本408,600,000股，B股总股本120,000,000股）为基数，向全体 股东每10股派现金10.00元（含税），共计分配现金股利人民币 528,600,000元，不送红股，不以公积金转增股本； 2.公司自分配方案披露日至本次实施期间，公司股本总额未发生 变化。若在分配方案实施前公司总股本由于股份回购、再融资新增股 份上市等原因而发生变化的，按照分配总额不变的原则对分配比例进 行调整； 3.本次实施的分配方案与股东大会审议通过的分配方案一致； 4.本次实施分配方案距离股东大会审议通过的时间未超过两个 月。 ...

安徽古井贡酒股份有限公司 2025年第一次临时股东大会决议公告 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。 特别提示： 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 证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2025-001 1.召开时间 （1）现场会议时间：2025年1月15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 1 月 15 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 1 月 15 日上午 9：15 至下午 15：00。 2.会议召开地点：安徽省亳州谯城区公司总部十楼会议室。 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。 5.主持人：公司董事长梁金辉先生因公未能参加并主持会议，由 半数以上董事推举董事周庆伍先生主持本次会议。 6 ...