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 ...

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2025-002 安徽古井贡酒股份有限公司 第十届董事会第九次会议决议公告 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。 一、董事会会议召开情况 安徽古井贡酒股份有限公司（以下简称"公司"）第十届董事会 第九次会议于 2025 年 1 月 15 下午以通讯表决方式召开。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、董事会会议审议情况 1.审议并通过《关于调整公司董事会专门委员会委员的议案》 因董事会成员变动，公司对董事会战略与 ESG 委员会、董事会 提名委员会、董事会薪酬与考核委员会与董事会审计委员会委员进行 相应调整。 调整后：梁金辉（召集人）、徐志豪、李静、张彬、周庆伍。 （3）董事会薪酬与考核委员会 调整前：徐志豪（召集人）、王瑞华、李静、周庆伍、闫立军。 调整后：徐志豪（召集人）、李静、张彬、周庆伍、闫立军。 1 （4）董事审计委员会 调整前：王瑞华（召集人）、徐志豪、李静、李培辉、叶长青。 调整后：李静（召集人）、徐志豪、张彬、 ...

!"#$%&'()*+,-. /0123456789:;<. =>=? @ABCDE7FGHI. J)KL. 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 ! ! ! ! ! ! （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，指派张蕾律师、宋婷婷律师（以下简称"本所律师"）出席公司 2025 年第一次临时股东大会（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"《证券法》"）《上市公司股东大会规则》（以 下简称"《股东大会规则》"）等法律法规和规范性文件以及《安徽古井贡酒股 份有限公司章程》（以下简称"《公司章程》"）的规定，就本次股东大会有关 事项进行核查和验证，出具法律意见。 为出具本 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [9][25]. Core Insights - The company is expected to achieve record high performance in 2024, with a focus on enhancing brand influence, sales effectiveness, and product quality [5]. - The 2024 mid-term profit distribution plan reflects confidence in sustainable development, proposing a distribution of RMB 10.00 per 10 shares, totaling RMB 528.6 million [7]. - The revenue forecasts for 2024-2026 have been slightly adjusted downwards due to overall weak demand, with projected revenues of RMB 239.2 billion, RMB 269.5 billion, and RMB 299.7 billion respectively [8]. Financial Summary - The company’s total revenue for 2022 was RMB 16,713.23 million, with a growth rate of 25.95%, and is projected to reach RMB 29,966.77 million by 2026, with a growth rate of 11.21% [19]. - The net profit attributable to the parent company for 2022 was RMB 3,143.14 million, expected to grow to RMB 7,353.45 million by 2026, reflecting a growth rate of 13.92% [19]. - The company’s PE ratio is projected to decrease from 29.14 in 2022 to 12.46 by 2026, indicating improved valuation over time [19]. Operational Metrics - The company reported an asset-liability ratio of 34.23% and a current price of RMB 173.3 [9]. - The company’s cash flow from operating activities is projected to increase significantly from RMB 4,496.21 million in 2023 to RMB 6,416.66 million in 2026 [22]. - The company aims to enhance its operational capabilities by focusing on customer-centric strategies and expanding its product and talent lines [16].

Summary of Conference Call Records Company and Industry - The conference call primarily discusses **Gu Jing Gong Jiu**, a leading liquor company in **Anhui Province**, China, within the **Chinese liquor industry**. Core Points and Arguments 1. **Investment Recommendation**: Gu Jing Gong Jiu has been selected as a key investment target for January 2025, with strong recommendations from both the company and **Zhe Shang Securities** [1][2]. 2. **Market Position**: Gu Jing Gong Jiu is recognized as the absolute leader in the Anhui liquor market, benefiting from price upgrades and national expansion [1][2]. 3. **Performance Outlook**: Despite a general perception of weak demand in the liquor market, the company is expected to perform well during the **Spring Festival** due to stable consumption patterns [1][2]. 4. **Beta and Alpha Characteristics**: The company is characterized by both Beta (market sensitivity) and Alpha (excess return) qualities, benefiting from the expansion of the 100-400 RMB price range in Anhui [1][2]. 5. **Short-term Sales Expectations**: Anticipated short-term sales boosts are expected around the Spring Festival, with potential for exceeding market expectations [2][3]. 6. **Dividend Policy**: The management is expected to increase dividends, potentially raising the payout ratio from 50% to 60%, which would enhance shareholder returns [3][4]. 7. **Long-term Growth**: The company is projected to maintain strong long-term growth due to its market leadership and strategic positioning within the liquor industry [5][6]. 8. **Consumer Demand**: The demand for liquor during the Spring Festival is expected to remain stable, with specific growth in wedding banquets and gift-giving [7][8]. 9. **National Expansion Strategy**: Gu Jing Gong Jiu has effectively addressed the challenges of national expansion, including pricing, product offerings, and resource allocation [9][10]. 10. **Operational Efficiency**: The company has a strong operational model, focusing on high inventory turnover and effective channel management, which differentiates it from competitors [11][12]. Other Important but Possibly Overlooked Content 1. **Market Dynamics**: The liquor market is experiencing a general slowdown, but Gu Jing Gong Jiu is positioned to outperform due to its strategic advantages and market leadership [5][6]. 2. **Consumer Behavior**: The company is adapting to changing consumer preferences, particularly in the context of gift-giving and banquet consumption during the Spring Festival [7][8]. 3. **Financial Health**: The company’s financial management, including a robust cash flow and effective receivables management, supports its growth and dividend policies [3][4]. 4. **Competitive Landscape**: The competitive environment in Anhui is described as high-level, with Gu Jing Gong Jiu maintaining a significant edge over local competitors [9][10]. 5. **Future Projections**: Analysts suggest that the company’s performance in Q4 2024 and Q1 2025 will be critical for assessing its growth trajectory and market position [11][12]. This summary encapsulates the key insights and strategic outlook for Gu Jing Gong Jiu as discussed in the conference call, highlighting its market position, growth potential, and operational strategies.

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2024-026 安徽古井贡酒股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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、召开会议基本情况 （一）股东大会届次：本次股东大会为安徽古井贡酒股份有限公 司（以下简称"公司"）2025 年第一次临时股东大会。 （二）会议召集人：公司董事会。 （三）会议召开的合法、合规性：2024 年 12 月 30 日，公司第十 届董事会第八次会议审议通过了《关于召开公司 2025 年第一次临时 股东大会的议案》。本次股东大会会议召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的要求。 （四）会议召开日期和时间 1.现场会议日期与时间：2025 年 1 月 15 日上午 9:30； 2.网络投票日期与时间：通过深圳证券交易所交易系统进行网络 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；通过深圳证券交易所互联网投票系统投票的具体时间为：2025 ...