证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2024-023 安徽古井贡酒股份有限公司 第十届监事会第九次会议决议公告 本公司及监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、监事会会议召开情况 安徽古井贡酒股份有限公司（以下简称"公司"）第十届监事会 第九次会议于 2024 年 12 月 30 日以通讯方式召开，会议通知于 2024 年 12 月 25 日通过邮件等方式送达公司全体监事。公司于 2024 年 12 月 30 日（含当日）前收到全体监事的表决意见。本次会议的召开符 合《公司法》和《公司章程》等有关规定，会议形成的决议合法、有 效。 二、监事会会议审议情况 表决结果：5 票同意，0 票反对，0 票弃权。 2.审议并通过《公司 2024 年中期利润分配预案》 经审核，监事会认为：公司 2024 年中期利润分配预案符合《公 司法》《公司章程》以及相关法律法规的规定，符合公司股利分配政 策，相关决策程序合法、合规；该预案充分考虑了公司 2024 年实际 经营情况及投资者的回报，与公司成长性相匹配，具有合理性，不会 影响公司正 ...

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2024-025 安徽古井贡酒股份有限公司 关于募集资金投资项目结项并使用节余募集资金 永久补充流动资金的公告 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。 截至 2024 年 12 月 22 日，公司非公开发行股票募集资金投资项 目均已达到预定可使用状态。因此，公司决定将非公开发行股票募集 资金投资项目予以整体结项。 安徽古井贡酒股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日召开第十届董事会第八次会议，审议并通过《关于募集资金 投资项目结项并使用节余募集资金永久补充流动资金的议案》。鉴于 公司 2021 年度非公开发行全部募集资金投资项目已结项，为提高募 集资金使用效益，降低公司运营成本，公司同意使用 2021 年度非公 开发行募集资金投资项目节余募集资金 44,467.19 万元（募集资金专 项账户节余募集资金受银行未结利息影响，实际节余募集资金金额以 最终银行募集资金专项账户转出金额为准）永久补充流动资金。 本次节余募集资金（包括利息收入）低于募集资金净额 ...

中国国际金融股份有限公司 关于安徽古井贡酒股份有限公司募集资金投资项目结项 并使用节余募集资金永久补充流动资金的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为安徽古井贡 酒股份有限公司（以下简称"古井贡酒"或"公司"）的保荐机构，根据《证券发行上市保 荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》《深圳证券交易所股票上市规则》《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》等有关法律、行政法规、部门规章及业务规则的要求， 对古井贡酒本次使用节余募集资金永久补充流动资金进行了认真、审慎核查，具体情况 如下： 一、本次募集资金基本情况 经中国证券监督管理委员会证监许可[2021]1422 号文核准，公司于 2021 年 6 月 23 日向特定对象非公开发行人民币普通股（A 股）25,000,000 股，发行价格为 200.00 元/ 股，募集资金总额为人民币 5,000,000,000.00 元，扣除与发行有关的费用人民币 45,657,925.15 元（不含增值税）后，实际募集资金净额为人民币 4,954,342,0 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Viewpoints - The economic momentum in Anhui province is on the rise, and the white liquor market has significant growth potential. The province's GDP has shown a compound annual growth rate (CAGR) of 10.24% from 2010 to 2023, surpassing the national average by 1.26 percentage points. The white liquor market in Anhui is estimated to reach approximately 38 billion yuan in 2023, with a CAGR of 8.73% over the past five years [5][22][24]. - The company, Gujing Gongjiu, is a leading brand in Anhui's liquor market, with a strong historical background and a target to achieve 30 billion yuan in revenue by 2024. The company has maintained steady growth, with revenue exceeding 20 billion yuan in 2023 and a CAGR of 17.76% in revenue and 25.84% in net profit from 2014 to 2023 [6][11]. Summary by Sections 1. Economic and Market Overview - Anhui's economy is transforming, with a GDP of 4.71 trillion yuan in 2023, ranking 11th nationally, and a per capita disposable income of 34,900 yuan, which is above the national average [22][24]. - The white liquor market in Anhui is robust, with a market capacity of around 38 billion yuan in 2023, and the province is a significant player in liquor production and consumption [24][28]. 2. Company Overview - Gujing Gongjiu is recognized as one of China's eight famous liquors, with a rich history dating back to 1515. The company has undergone significant transformations and has focused on high-end liquor since 2008, achieving a market-leading position in Anhui [6][45]. - The company has a diverse product portfolio, with Gujing Gong as the core brand, accounting for nearly 90% of its revenue. The product structure has been optimized to cover various price ranges [7][52]. 3. Financial Performance and Projections - The company reported a revenue of 20.25 billion yuan in 2023, with projected revenues of 24.04 billion yuan, 27.84 billion yuan, and 31.42 billion yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 18.69%, 15.80%, and 12.89% [11][13]. - The net profit for 2023 was 4.59 billion yuan, with forecasts of 5.82 billion yuan, 7.01 billion yuan, and 8.17 billion yuan for the following years, indicating growth rates of 26.84%, 20.49%, and 16.43% [11][13]. 4. Strategic Initiatives - The company is focusing on enhancing its national presence, with a current coverage rate of over 70%. It aims to optimize its product structure and improve cost efficiency to increase market share [8][11]. - The management has implemented a refined expense strategy, resulting in a net profit margin increase of 3.88 percentage points to 23.34% in 2023, indicating potential for further profitability improvements [8][11].

公司董事会对王瑞华先生在任职期间勤勉尽职的工作及对公司 经营发展做出的贡献表示衷心感谢! 特此公告。 安徽古井贡酒股份有限公司 董 事 会 二〇二四年十一月三十日 证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2024-021 安徽古井贡酒股份有限公司 关于独立董事辞职的公告 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"）于近日收到独 立董事王瑞华先生递交的书面辞职报告，王瑞华先生由于个人原因， 无法继续履行公司独立董事职责，为了不影响公司董事会和相关委员 会的正常运作，特申请辞去公司独立董事一职，同时辞去董事会审计 委员会委员（召集人）、薪酬与考核委员会委员、战略与 ESG 委员会 委员、提名委员会委员的全部职务。辞职后，王瑞华先生不再担任公 司任何职务。 根据《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》《公司章程》等相 关规定，王瑞华先生辞职将导致公司董事会及其专门委员会中独立董 事占比不符合相关规定要求，其辞职申请将在公司 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][6]. Core Views - The company achieved double-digit growth in revenue and net profit in Q3 2024, with revenue reaching 19.069 billion yuan, up 19.53% year-on-year, and net profit of 4.746 billion yuan, up 24.49% year-on-year [1][4]. - The company is focusing on enhancing brand building and consumer cultivation, leveraging its strong position in Anhui province and implementing a "Brand Revival Project" to attract younger consumers [2][3]. - The company is committed to a "next high-end" strategy, optimizing its product structure across various price ranges, with a focus on products like Gu 20, Gu 16, and Gu 8 to expand its consumer base [3][4]. Financial Performance - In Q3 2024, the company reported a revenue of 5.263 billion yuan, an increase of 13.36% year-on-year, and a net profit of 1.174 billion yuan, up 13.60% year-on-year [1][10]. - The gross margin for the company was 79.71%, reflecting a year-on-year increase of 0.67 percentage points [1][12]. - The company expects revenues of 23.9 billion yuan, 27.1 billion yuan, and 30.6 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 5.5 billion yuan, 6.3 billion yuan, and 7.0 billion yuan [4][18]. Market Position and Strategy - The company is leveraging digital marketing and resource integration to strengthen its brand appeal and engage with younger consumers [2][3]. - The company is expanding its product line to include lower-alcohol, trendy, and cultural products to meet the demands of younger demographics [2][3]. - The company aims to enhance its market scale by focusing on the Gu 20 product to attract next high-end consumers while also boosting the sales of mid-range products [4][18].

Investment Rating - The report maintains a "Strong Buy" rating for the company [6]. Core Views - The company achieved double-digit growth in revenue and net profit in Q3 2024, with revenue reaching 19.069 billion and net profit at 4.746 billion, reflecting year-on-year increases of 19.53% and 24.49% respectively [1]. - The company is focusing on enhancing brand building and consumer cultivation, leveraging its strong position in Anhui province and implementing a "Brand Revival Project" to attract younger consumers [2]. - The company adheres to a "sub-high-end" strategy, optimizing its product structure and expanding its product line across various price segments, particularly focusing on products like Gu 20 and Gu 16 [3]. Financial Performance - The company reported a gross margin of 79.71%, an increase of 0.67 percentage points year-on-year, and a net profit margin of 25.68%, up by 1.17 percentage points [1]. - Revenue projections for 2024, 2025, and 2026 are estimated at 23.905 billion, 27.132 billion, and 30.605 billion respectively, with corresponding net profits of 5.679 billion, 6.459 billion, and 7.231 billion [4]. - The company's current P/E ratio is 18.2, compared to the industry average of 20.6, indicating potential for growth [4]. Product Strategy - The company is developing products that cater to younger demographics, including low-alcohol, trendy, and cultural products, to enhance brand appeal [2]. - The focus on the "sub-high-end" segment is expected to drive sales growth, particularly through the Gu 20 product line, while also expanding the mid-range offerings [3]. Market Position - The company maintains a solid market position as one of China's "Old Eight Famous Liquors," with a strong brand presence in its core region [2]. - The report highlights the importance of digital marketing and resource integration to strengthen the company's market position and consumer engagement [2].

Investment Rating - The report maintains a "Buy" rating for the company [7][6]. Core Insights - The company demonstrated resilient operational performance with steady revenue growth, achieving a total revenue of 19.069 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 19.53%. The net profit attributable to shareholders reached 4.746 billion yuan, up 24.49% year-on-year [5][6]. - In Q3 2024, the company reported a revenue of 5.263 billion yuan, reflecting a year-on-year growth of 13.36%, and a net profit of 1.174 billion yuan, which is a 13.6% increase compared to the same period last year [5][6]. - The company's cash flow from sales and services for Q1-Q3 2024 was 19.705 billion yuan, up 13.58% year-on-year, indicating healthy growth quality [5][6]. - The company's gross profit margin faced some pressure in Q3 2024, decreasing by 1.55 percentage points to 77.87%, while the net profit margin improved slightly by 0.05 percentage points to 22.3% [6]. - The company is advancing its "nationalization and mid-to-high-end" strategy, with a solid domestic market position and steady expansion in provincial markets, aiming for continuous breakthroughs during the 14th Five-Year Plan period [6]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 19.069 billion yuan, with a net profit of 4.746 billion yuan and a non-recurring net profit of 4.7 billion yuan [5][6]. - The projected earnings per share (EPS) for 2024 and 2025 are 10.63 yuan and 12.50 yuan, respectively, corresponding to price-to-earnings (PE) ratios of 19 and 16 times at the current stock price [6].

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2024-020 安徽古井贡酒股份有限公司 关于更换持续督导保荐代表人的公告 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。 二〇二四年十一月十六日 1 附件：保荐代表人简历 公司董事会对保荐代表人陈静静女士在公司持续督导期间所做 出的贡献表示衷心感谢！ 特此公告。 安徽古井贡酒股份有限公司 董 事 会 安徽古井贡酒股份有限公司（以下简称"公司"）于近日收到保 荐机构中国国际金融股份有限公司（以下简称"中金公司"）《关于 更换安徽古井贡酒股份有限公司持续督导保荐代表人的函》，中金公 司原委派方磊先生和陈静静女士为公司持续督导工作的保荐代表人。 原持续督导保荐代表人陈静静女士因工作变动原因，不再担任公司的 持续督导保荐代表人，为保证持续督导工作的有序进行，中金公司现 委派保荐代表人彭昭朕先生（简历见附件）接替陈静静女士担任公司 持续督导保荐代表人，负责持续督导工作，履行相关职责。本次保荐 代表人变更后，公司持续督导保荐代表人为方磊先生和彭昭朕先生。 彭昭朕先生：保荐代表人，会计学硕士，现 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [4][12]. Core Views - The company has shown strong revenue and profit growth in Q3 2024, with revenue reaching 52.63 billion yuan and net profit at 11.74 billion yuan, reflecting year-on-year increases of 13.36% and 13.60% respectively [1][2]. - The company is expected to continue its expansion across the country, with significant market breakthroughs in several regions, establishing a solid growth foundation [1]. - Despite a slight decline in gross margin, the company has successfully reduced its expense ratios, leading to a stable net profit margin [2]. Summary by Sections Financial Performance - For Q1-3 2024, the company reported revenues of 190.69 billion yuan, net profit of 47.46 billion yuan, and net profit excluding non-recurring items of 47.00 billion yuan, with year-on-year growth rates of 19.53%, 24.49%, and 25.55% respectively [1]. - In Q3 2024, the gross margin decreased by 1.55 percentage points to 77.87%, while the net profit margin increased slightly by 0.05 percentage points to 22.30% [2]. - The operating cash flow increased by 34.55% year-on-year to 13.34 billion yuan [2]. Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 239.6 billion yuan, 281.6 billion yuan, and 326.8 billion yuan respectively, with net profit estimates of 55.7 billion yuan, 69.1 billion yuan, and 83.9 billion yuan [2][6]. - The projected price-to-earnings ratios for 2024-2026 are 20.8X, 16.8X, and 13.8X respectively [2]. Market Position and Strategy - The company is making steady progress in its national expansion strategy, with first-tier markets achieving over 10 billion yuan in revenue and second-tier markets showing potential with revenues between 3-5 billion yuan [1]. - The company is focusing on enhancing its product offerings and optimizing costs to maintain profitability amid a challenging demand environment [2].