证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2025-008 安徽古井贡酒股份有限公司 关于召开 2024 年度股东大会的通知 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"）2024 年度股东大会。 （二）会议召集人：公司董事会。 （三）会议召开的合法、合规性：2025 年 4 月 25 日，公司第十 届董事会第十次会议审议通过了关于召开公司 2024 年度股东大会的 议案。本次股东大会的召集、召开符合《公司法》《上市公司股东大 会规则》和《公司章程》等有关规定。 （四）会议召开日期和时间 1.现场会议日期与时间：2025 年 5 月 29 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 5 月 29 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 年 5 月 29 日 9:1 ...

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2025-009 安徽古井贡酒股份有限公司 第十届监事会第十次会议决议公告 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 第十次会议通知于 2025 年 4 月 11 日以电子邮件方式及电话通知方 式发出，会议于 2025 年 4 月 25 日下午在公司总部六楼西会议室召 开。会议应出席监事 5 名，实际出席监事 5 名。监事长杨小凡先生主 持会议。本次会议符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 1.审议并通过《公司 2024 年度监事会工作报告》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 此议案尚需提交股东大会审议。 2.审议并通过《公司 2024 年度财务决算报告》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 此议案尚需提交股东大会审议。 3.审议并通过《公司 2025 年度财务预算报告》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 此议案尚 ...

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2025-007 安徽古井贡酒股份有限公司 第十届董事会第十次会议决议公告 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 十次会议通知于 2025 年 4 月 11 日以电子邮件方式及电话通知方式发 出，会议于 2025 年 4 月 25 日上午在公司总部年份原浆主题酒店会议 中心一楼会议室召开，会议应出席董事 9 名，实际出席董事 9 名。董 事长梁金辉主持会议，公司监事、高级管理人员列席了会议。本次会 议的召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1.审议并通过《公司 2024 年度董事会工作报告》 具体内容详见公司同日在巨潮资讯网披露的《公司 2024 年度董事 会工作报告》。 表决情况：9 票同意，0 票反对，0 票弃权。 本议案尚需提交股东大会审议。 2.审议并通过《公司 2024 年年度报告及摘要》 具体内容详见公司同日在巨潮资讯网披露的《公司 2024 年年度 ...

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2025-012 安徽古井贡酒股份有限公司 关于2024年度利润分配预案的公告 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。 一、审议程序 安徽古井贡酒股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第十届董事会第十次会议，审议通过《公司 2024 年度利润 分配预案》，该预案尚需提交公司 2024 年度股东大会审议。 二、2024 年度利润分配预案的基本情况 （一）本次利润分配方案的基本内容 根据公司实际经营情况及《公司章程》的规定，经公司董事会讨 论，为了回报公司股东，与全体股东分享公司经营成果，同时考虑到 公司发展的资金需求状况，根据《公司章程》及相关规定，公司 2024 年度利润分配预案为：公司拟以 2024 年末股份总数 528,600,000 股为 基数，每10股派发人民币50.00元(含税)，共计人民币2,643,000,000.00 元，不送红股，不以公积金转增股本。 经容诚会计师事务所(特殊普通合伙)审计，母公司 2024 年度共 实现净利润 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥9,146,061,070.75, representing a 10.38% increase compared to ¥8,286,316,919.20 in the same period last year[4] - Net profit attributable to shareholders was ¥2,329,843,939.99, up 12.78% from ¥2,065,836,404.82 year-on-year[4] - Basic earnings per share increased to ¥4.41, a rise of 12.79% compared to ¥3.91 in the previous year[4] - Total operating revenue for the period reached ¥9,146,061,070.75, an increase of 10.4% compared to ¥8,286,316,919.20 in the previous period[19] - The operating profit for the period was ¥3,171,145,407.49, compared to ¥2,816,436,499.13 in the previous period, reflecting an increase of approximately 12.6%[20] - The company reported a total comprehensive income of ¥2,393,060,151.04, up from ¥2,110,383,946.88, which is an increase of about 13.4%[21] - Basic and diluted earnings per share increased to ¥4.41 from ¥3.91, representing a growth of approximately 12.8%[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥42,973,522,727.16, reflecting a 6.05% increase from ¥40,522,413,702.09 at the end of the previous year[4] - Current assets totaled ¥31,270,218,271.98, compared to ¥28,811,933,319.60 at the beginning of the period, indicating a growth of 8.5%[15] - Non-current assets were reported at ¥11,703,304,455.18, slightly down from ¥11,710,480,382.49, showing a decrease of 0.06%[16] - Total liabilities rose to ¥15,415,275,852.79, compared to ¥14,828,626,978.76, marking an increase of 3.95%[17] - Shareholders' equity totaled ¥27,558,246,874.37, up from ¥25,693,786,723.33, reflecting an increase of 7.26%[17] Cash Flow - The net cash flow from operating activities decreased by 24.81% to ¥1,845,180,171.28 from ¥2,454,021,334.50 in the same period last year[4] - The net cash flow from operating activities was ¥1,845,180,171.28, down from ¥2,454,021,334.50, a decrease of approximately 25%[24] - The company incurred a net cash outflow from investing activities of ¥885,672,363.56, compared to a net inflow of ¥8,649,286.01 in the previous period[24] - The cash and cash equivalents at the end of the period totaled ¥15,783,066,335.63, down from ¥17,217,754,262.21, a decrease of about 8.4%[25] Operating Costs and Expenses - Total operating costs amounted to ¥5,990,636,617.73, up from ¥5,469,876,590.82, reflecting a year-over-year increase of 9.5%[19] - Total operating expenses increased to ¥6,933,260,845.25 from ¥7,308,867,338.84, indicating a decrease of approximately 5.1%[24] - Research and development expenses increased to ¥19,771,918.60 from ¥14,780,353.19, marking a rise of about 33.7%[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 40,861[10] - The company's weighted average return on equity was 9.21%, slightly up from 9.16% in the previous year[4] Other Income and Financial Assets - Other income increased by 81.53% to ¥26,295,361.38, mainly due to an increase in government subsidies received[9] - The company reported a significant increase in trading financial assets by 283.08%, totaling ¥230,553,014.15 due to increased purchases of bank wealth management products[8] - The company’s short-term borrowings rose by 139.97% to ¥120,076,388.88, primarily due to increased borrowings by subsidiaries[8] Accounts Receivable and Inventory - Accounts receivable rose to ¥114,083,384.16 from ¥69,819,734.99, indicating a significant increase of 63.2%[15] - Inventory levels remained stable at ¥9,272,246,925.47, slightly up from ¥9,264,220,836.58, showing a marginal increase of 0.09%[15]

Financial Performance - The company's operating revenue for 2024 reached ¥23,577,928,065.99, representing a 16.41% increase compared to ¥20,253,526,598.02 in 2023[25] - The net profit attributable to shareholders for 2024 was ¥5,517,251,073.10, up 20.22% from ¥4,589,164,052.80 in the previous year[25] - The net profit after deducting non-recurring gains and losses was ¥5,457,155,276.12, reflecting a 21.40% increase from ¥4,495,219,187.57 in 2023[25] - The basic earnings per share for 2024 was ¥10.44, a 20.28% rise from ¥8.68 in 2023[25] - The total assets at the end of 2024 amounted to ¥40,522,413,702.09, marking a 14.40% increase from ¥35,420,907,274.99 in 2023[26] - The net assets attributable to shareholders increased to ¥24,657,023,779.19, up 14.55% from ¥21,525,309,609.44 in the previous year[26] - The net cash flow from operating activities for 2024 was ¥4,727,652,873.85, a 5.15% increase compared to ¥4,496,206,034.42 in 2023[25] - The weighted average return on equity for 2024 was 23.89%, an increase of 0.97% from 22.92% in 2023[26] Revenue Breakdown - The total revenue for the year 2024 was approximately ¥23.58 billion, with a gross margin of 79.90%, indicating a year-on-year increase of 16.41% in revenue[38] - The online sales channel contributed approximately ¥771.69 million in revenue, with a gross margin of 76.29%, while offline sales generated about ¥22.81 billion with a gross margin of 80.03%[38] - The company’s main product, Gujinggongjiu, achieved a revenue of approximately ¥2.24 billion, with a gross margin of 57.55%[38] Market and Industry Insights - The white liquor industry in China saw a production volume of 4.14 million kiloliters in 2024, a year-on-year decrease of 1.80%, while sales revenue grew by 5.3% to ¥796.38 billion[34] - The company anticipates continued market differentiation in the white liquor industry, focusing on brand strength and innovation as key competitive factors moving forward[34] - The white liquor industry is transitioning from high-speed growth to structural growth, facing challenges such as overcapacity and high inventory levels, with a consensus on slower development[91] - The industry is shifting focus from "scale expansion" to "value excavation," emphasizing product quality and consumer demand[92] Strategic Initiatives - The company is focusing on digital transformation, aiming to enhance operational efficiency through a unified sales portal and real-time supply chain analysis[48] - The company has established strategic partnerships with Huanghelou and Mingguang distilleries to enhance its market presence and product offerings[36] - The company aims to create a "white liquor+" consumption model, enhancing brand influence through immersive consumer experiences[93] - The integration of "artificial intelligence+" is expected to drive the development and upgrade of the liquor industry, enabling brands to analyze consumer behavior and adjust marketing strategies dynamically[94] Research and Development - The company has invested in research and development, achieving notable technological advancements, including one project recognized as internationally leading[47] - Research and development investment increased by 18.63% to CNY 435,332,086.16, accounting for 1.85% of operating revenue[67] - The number of R&D personnel decreased by 7.50% to 1,061, with a notable increase in master's degree holders by 30.88%[66] Environmental and Sustainability Practices - The company is committed to ensuring food safety and implementing green, low-carbon production practices[106] - The company strictly adheres to environmental protection laws, including the Environmental Protection Law and the Air Pollution Prevention and Control Law of the People's Republic of China[166] - The company has implemented measures to ensure compliance with environmental standards, including regular monitoring and reporting[166] - The company aims to use approximately 12 million kWh of green electricity in 2024, reducing carbon dioxide emissions by about 6,900 tons[176] Governance and Compliance - The board of directors consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[116] - The supervisory board has 5 members, including 2 employee supervisors, meeting legal requirements for composition[117] - The company has established a comprehensive governance structure and internal control system in compliance with relevant laws and regulations[164] - The company maintains independence from its controlling shareholder, with separate operations in business, personnel, assets, and finance[123] Employee and Management Information - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 27.39 million[141] - The company has a total of 13,453 employees, with 6,676 in the parent company and 6,777 in major subsidiaries[151] - The company has implemented a strict salary policy linked to operational performance and adheres to national laws and regulations[152] Future Outlook - The company aims for steady growth in total operating revenue for 2025 compared to the previous year[99] - The company plans to continue expanding its market presence and invest in new product development[143] - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $100 million allocated for potential deals[138]

Group 1 - Public funds have adjusted their holdings in the first quarter, with the top three heavyweights being CATL, Kweichow Moutai, and Tencent Holdings, with total market values of 146.78 billion, 141.49 billion, and 84.89 billion respectively [1] - The overall market for alcoholic beverages in China is facing challenges such as intensified competition, excess capacity, and changing consumer preferences, leading to a noticeable decline in market growth and profitability [1][6] - Some funds have reduced their holdings in liquor stocks, particularly in well-known brands like Wuliangye and Yanghe, while others, such as E Fund and Huatai-PineBridge, have increased their positions in Shanxi Fenjiu and Luzhou Laojiao [1][2] Group 2 - The latest data shows that the total market value of the liquor-related funds has changed little despite some reductions in holdings, with the total market value of the top ten holdings in the China Securities Liquor Index Fund decreasing by approximately 2.6 billion [2] - Shanxi Fenjiu has emerged as a significant highlight, with 28 funds making it their top holding, reflecting a shift in investment focus [7] - Fund managers emphasize the importance of cash flow and are looking for companies with strong business models and competitive advantages, indicating a strategic shift in investment logic [11]

一 、库存周期的本质 ： 供需错配的动态平衡 白酒库存周期的本质是 供给刚性与需求弹性的错配 。 供给端的长周期属性 ： 高端白酒 （ 如茅台 、五粮液 ）生产需经历制曲 、发酵 、蒸馏 、陈酿等环节 ，陈酿时间可达 3-5 年 ， 导致产能释放存在明显滞后性13 。这种 " 生产 - 库存 - 销售 " 的长链条使得企业难以快速响应市场需 求变化 ，容易积累库存压力 。例如 ，泸州老窖因 2020 年技改新增 10 万吨产能 ，半成品酒库存从 2018 年的 46.96 亿元增至 2024 年的 123 亿元 。而中低端白酒生产周期较短 （ 如五粮液系列酒基 酒仅需 81 天 ），库存周转相对灵活 ，但受价格敏感型需求波动影响更大 。 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 资悟堂 来源：雪球 " 白酒行业的库存周期是生产刚性 、需求弹性 、渠道博弈 、政策调控等多因素共同作用的结果 。当 前行业处于主动去库后期 ，预计 2025 年末逐步进入补库 ，但价格带分化 、集中度提升 、消费分层 等结构性变革将重塑竞争格局 。企业需通过品牌护城河 ...

Core Viewpoint - The integration of AI and digital technologies in the production processes of Gujinggongjiu (古井贡酒) is enhancing efficiency, quality, and brand value, positioning the company for high-quality development in the competitive liquor industry [1][5][16]. Group 1: AI and Digital Transformation - Gujinggongjiu is leveraging AI and 5G technologies to automate and optimize its production processes, resulting in improved efficiency and product quality [3][8]. - The company has established a "1510" model for a fully connected transparent factory, which enhances the precision and efficiency of production through smart technologies [6][7]. - The introduction of automated systems for ingredient mixing, temperature monitoring, and quality control ensures consistency and stability in product quality [8][13]. Group 2: Research and Development - Gujinggongjiu has created a robust research framework, including the establishment of multiple research institutes, to support the scientific standardization of traditional brewing techniques [11][14]. - The company is focused on digitizing the expertise of master brewers, transforming traditional knowledge into a precise operational database [12][14]. - The integration of big data and deep learning into production management allows for rapid analysis and precise control, enhancing the scientific approach to brewing [13][14]. Group 3: Financial Performance - In 2024, Gujinggongjiu reported a total revenue of 23.578 billion yuan, a year-on-year increase of 16.41%, and a net profit of 5.514 billion yuan, up 20.15% [16]. - The company's total assets reached 40.516 billion yuan, reflecting a growth of 14.38% compared to the beginning of the reporting period [16]. - The net profit has more than doubled from 2021 to 2024, indicating a successful transition from scale growth to quality growth [17]. Group 4: Market Strategy and Consumer Engagement - Gujinggongjiu is enhancing brand trust and value through innovative marketing strategies, including immersive experiences and personalized consumer interactions [4][18]. - The company is actively participating in industry events to showcase its product range and engage with diverse consumer preferences [18]. - By rebranding classic products and introducing new offerings, Gujinggongjiu aims to meet the evolving demands of consumers while maintaining its traditional craftsmanship [18][20].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34] Core Views - In March, retail sales showed a month-on-month recovery, increasing consumer demand focus. The retail sales growth rate in March was 5.9% year-on-year, up 1.9 percentage points from January-February, indicating a sustained recovery in consumption driven by previous policy stimuli. Looking ahead, the importance of domestic demand is expected to rise amid external demand disturbances, with consumption policies likely to be further enhanced to boost demand recovery [5][6] - The food and beverage index increased by 1.47% this week, with notable stock performances from Anji Food (+50.00%), Gui Faxiang (+14.58%), and Zuming Shares (+12.00%). The report emphasizes the resilience of essential consumer goods, predicting a sustained increase in attention towards these products due to improving consumer confidence and income [5][11] Summary by Sections Alcohol Industry - The high-end liquor segment remains strong, with recommendations for Kweichow Moutai, Wuliangye, and Luzhou Laojiao. The next tier of liquor, represented by Shanxi Fenjiu, is also recommended as it continues to expand nationally. For real estate liquor, companies like Yingjia Gongjiu and Jiansiyuan are highlighted [5][6] - Kweichow Moutai is projected to achieve a revenue of 170.6 billion yuan in 2024, a year-on-year increase of 15.9%. The company aims for a revenue growth of around 9% in 2025 [6][33] - Wuliangye's revenue for Q3 2024 is expected to be 173 billion yuan, with a net profit of 59 billion yuan, reflecting a stable shareholder return strategy [6][33] Food Industry - The food index saw a rise of 1.47% this week, with significant gains in essential consumer goods. The report suggests that the demand for essential goods will continue to grow, supported by policies aimed at boosting consumption and improving household income [5][11] - Anji Food reported a revenue of 110.77 billion yuan for Q1-Q3 2024, with a year-on-year growth of 7.84%. The company is positioned well in the frozen food market, despite facing some pressure from the macroeconomic environment [8][33] - Dongpeng Beverage's revenue for Q1-Q3 2024 reached 125.58 billion yuan, a 45.34% increase year-on-year, indicating strong growth in the functional beverage sector [8][33] Key Company Announcements - Kweichow Moutai is recruiting operators for its products on major platforms, aiming to expand its market presence [16] - Jinhuijiu reported a revenue of 11.1 billion yuan for Q1 2025, a year-on-year increase of 3.0% [17]