Core Viewpoint - The liquor sector experienced a decline, with a notable drop of 1.02% on September 30, highlighting a negative trend in the industry [1]. Company Performance - Huangtai Liquor Industry saw a decrease of 2.75% [1] - Gujing Gongjiu reported a decline of 1.68% [1] - Kweichow Moutai experienced a drop of 1.29% [1]

Core Viewpoint - The legal opinion confirms that the convening, holding procedures, attendance qualifications, and voting procedures of the 2025 Second Extraordinary General Meeting of Anhui Gujing Gongjiu Co., Ltd. are in compliance with relevant laws and regulations, ensuring the legality and validity of the meeting [12]. Meeting Procedures - The company held the 2025 Second Extraordinary General Meeting on September 29, 2025, after the board of directors approved the meeting agenda on August 29, 2025 [2][3]. - The meeting was announced in major newspapers and online platforms on August 30, 2025, ensuring all shareholders were notified [2]. Attendance and Voting - A total of 430 shareholders attended the meeting, representing 329,416,847 shares, which is 62.3187% of the total voting shares [19]. - The meeting combined on-site voting and online voting, with specific time slots for each method [15][17]. - The attendance included 2 on-site shareholders representing 271,406,222 shares (51.3443%) and 428 online voters representing 58,010,625 shares (10.9744%) [19]. Voting Results - Five resolutions were presented and approved during the meeting, including amendments to the company’s articles of association and the authorization of the board to formulate a mid-term dividend plan [6][11]. - The resolution to amend the articles of association received 99.9918% approval from participating shareholders [6]. - The resolution to authorize the board for mid-term dividend planning received 99.9927% approval [11]. Legal Opinion - The legal opinion issued by Beijing Deheng (Hefei) Law Firm confirmed that all aspects of the meeting complied with the Company Law, Securities Law, and the company’s articles of association [12][24]. - The law firm conducted thorough verification of the meeting documents and procedures, ensuring the accuracy and completeness of the information provided [2][12].

Core Insights - The Chinese liquor industry is undergoing a transformation as companies target younger consumers through innovative products and marketing strategies [2][3][9] - The trend of "lower alcohol content" is emerging as a key strategy to appeal to the new generation, shifting from traditional drinking culture to a more personal enjoyment [2][4][10] Industry Trends - The main consumer demographic for liquor is shifting, with individuals born between 1985 and 1994 now making up 34% of the market, and those born after 1995 accounting for 18% [3] - The low-alcohol market is projected to exceed 74 billion yuan by 2025, with a compound annual growth rate of 25%, significantly outpacing the overall liquor industry growth [6] Company Innovations - Companies like Luzhou Laojiao and Shanxi Fenjiu are leading the charge in developing low-alcohol products, with Luzhou Laojiao's 38-degree Guojiao 1573 sales surpassing 10 billion yuan [4][5] - Shanxi Fenjiu has successfully engaged younger consumers through creative marketing campaigns, such as the "Guilin Fenjiu" cocktail video that went viral, and has integrated online and offline marketing strategies [7] Marketing Strategies - The industry is focusing on emotional connections and experiential marketing to resonate with younger consumers, moving away from traditional consumption rituals [11] - Companies are exploring cross-industry collaborations and innovative product launches to refresh their brand image and appeal to younger demographics [7][9] Future Outlook - The liquor industry is expected to experience further segmentation over the next five years, with companies that embrace true organizational change and understanding of younger consumers likely to succeed [11] - The concept of "youngification" is being redefined, emphasizing the need for deeper engagement with consumer needs rather than superficial changes in product offerings [10][11]

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2025-023 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。 安徽古井贡酒股份有限公司 一、会议召开的情况 1.召开时间 （1）现场会议时间：2025年9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 9 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 9 月 29 日上午 9：15 至下午 15：00。 2.会议召开地点：安徽省亳州谯城区安徽古井贡酒股份有限公司 （以下简称"公司"）总部十楼会议室。 2025年第二次临时股东大会决议公告 7.出席本次股东大会并投票表决的股东（代理人）共430人，代 1 表股份329,416,847股，占公司有表决权总股份的62.3187%。其 ...

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 2025 年第二次临时股东大会的 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 2025 年第二次临时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 2025 年第二次临时股东大会的 法律意见 （2025）德恒 19G20240197-1 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、王睿律师（以下简称"本所律师"）出席公司 2025 年 第二次临时股东大会（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》"）《上市公司股东会规则》（以下简 称"《股东会 ...

Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Insights - The new tea and coffee market in China has become an important consumption sector, with Mixue Group emerging as a significant player due to its unique market positioning and strong supply chain capabilities [2][16] - Mixue Group's brands, Mixue Ice City and Lucky Coffee, have distinct market positions and clear development strategies, indicating long-term growth potential [2][16] - The group effectively leverages the synergy between its tea and coffee brands, with Mixue Ice City focusing on mass tea consumption and Lucky Coffee targeting the coffee market with a beverage-oriented product strategy [3][22] Summary by Sections Industry Overview - The food and beverage sector's performance this week saw a decline of 2.49%, ranking 26th among 30 sectors, underperforming the CSI 300 index by 3.56 percentage points [10][31] - Only the soft drink segment experienced an increase, with a rise of 0.86% [10][32] Company Developments - Mixue Group has a total of 53,014 stores globally, with 48,281 in China and 4,733 overseas, focusing on lower-tier markets [16][23] - Lucky Coffee has rapidly expanded, surpassing 8,000 stores by August 2025, targeting entry-level coffee consumers [16][23] - Wanchen Group submitted its IPO application in Hong Kong, reinforcing its leading position in the Chinese snack retail sector, with plans to use the funds for network expansion and product diversification [25][26] Market Dynamics - The competitive landscape in the coffee sector shows Lucky Coffee adopting a beverage-oriented strategy, differentiating itself from specialized coffee brands [3][22] - The potential for expansion in lower-tier cities remains significant, with Mixue Ice City and Lucky Coffee poised to capture unmet demand in these markets [4][23] - The overall market sentiment is cautious, with expectations of a significant decline in sales during the Mid-Autumn Festival, although some brands are showing signs of recovery [27][30]

Core Viewpoint - The event marks the international launch of Gujinggongjiu's "Han, Tang, Song, Ming" product series and the promotion of its vintage raw liquor, signifying a significant step in the internationalization of Chinese liquor, particularly in the Japanese market [4][13]. Group 1: Strategic Choices - Gujinggongjiu's choice to launch at the Osaka Expo leverages the global influence of the event to enhance brand recognition while combining "national trend + high-end" strategies [6]. - The company presented a cultural performance and donated a commemorative liquor to the China Pavilion, integrating cultural dissemination with commercial activities [6][10]. Group 2: Product Lines - The vintage raw liquor series targets the high-end and collectible market, utilizing traditional brewing techniques and Ming Dynasty cellar resources to create a quality barrier, suitable for business gifts and core liquor enthusiasts [7]. - The "Han, Tang, Song, Ming" series emphasizes cultural symbols and visual expression, appealing to the curiosity of younger overseas consumers [7]. Group 3: Market Expansion - Gujinggongjiu has established a "dual-driven" internationalization model, focusing on high-end product lines in Japan's political and business sectors, as well as retail and e-commerce for the national trend series [11]. - The company aims to transition from merely exporting products to embedding itself within local consumption circles, supported by partnerships with local distributors and networks [11][13]. Group 4: Future Outlook - As the international standardization of Chinese liquor accelerates, Gujinggongjiu's brand influence is expected to grow, reflecting the broader trend of Chinese liquor moving onto the global stage [13].

活动亮点纷呈 两城共谱酒香新篇 活动现场，日中友好会馆、中国驻日机构、日本政经界相关代表、亳州市政府代表团、日本徽商协会代 表、古井代表团与媒体嘉宾齐聚一堂，以一杯 "中国酿"年份原浆古20 为纽带，共同见证这场联结亳州 与东京的跨国经贸文化交流盛事。 9月28日，亳州-东京经贸合作交流会暨古井贡酒・年份原浆中国酒文化全球巡礼（日本站）活动在日中 友好会馆盛大启幕。这也是古井贡酒继9月26日大阪世博会古井企业日圆满闭幕后，又一场在日本的品 牌推介盛会。 日本前首相鸠山由纪夫、日中友好会馆理事长小川正史，日中友好会馆中国代表理事黄星原，亳州市委 常委、副市长钟治峰，日中友好协会常务理事永田哲二，全日本华侨华人社团联合会执行会长张书明， 日本徽商协会会长黄平、安徽古井集团党委书记、董事长梁金辉等出席活动。 本次活动亮点纷呈，全面展现了华夏酒城亳州深厚酒文化与古井贡酒的国际化品牌魅力。活动外场，古 井贡酒调酒台精心准备以轻度古 20为底、混饮"欣肝保倍"酵素的鸡尾酒。嘉宾们在品鉴佳酿的同时， 观看古井六届世博酒文化展与国潮快闪节目，"千年贡酒 浓香万里"情景剧更以生动演绎，让千年贡酒 文化跃然眼前。 特别设置的亳州 ...

Core Viewpoint - The decline of the real estate industry in China has significantly impacted the high-end liquor market, leading to a need for transformation and new consumption drivers in the liquor sector [1][4][7]. Group 1: Real Estate and Liquor Industry Interconnection - The real estate sector's growth has historically driven the high-end liquor market, with a notable increase in business-related consumption [2][4]. - From 2004 to 2013, real estate investment surged over 520%, while the liquor industry experienced a "golden decade" with production up 293%, revenue up 719%, and profits soaring 1272% [5]. - The collapse of major real estate companies like Evergrande and the subsequent economic downturn have led to a significant decline in the liquor industry, which is now facing intense competition and adjustment [7][8]. Group 2: Current State of the Liquor Industry - As of early 2025, the number of large-scale liquor enterprises has decreased to 887, with a slight revenue increase of 0.19% but a significant profit drop of 10.93% [8]. - Major liquor companies have initiated strategic transformations, focusing on new consumer demographics, international markets, and affordable product lines to adapt to changing market conditions [10][11][12]. Group 3: Strategic Transformations in the Liquor Industry - Companies like Moutai are targeting new consumer groups in emerging industries and enhancing personalized service offerings [10]. - The liquor industry is also expanding its international presence, with initiatives aimed at promoting Chinese liquor globally [10]. - There is a growing emphasis on affordable products, with several brands launching new offerings to capture the mass market [11][12]. Group 4: Future Outlook and Challenges - Despite initial successes in transformation, the liquor industry faces ongoing challenges, including the need to find new consumption drivers to replace the real estate sector [14]. - The export market for Chinese liquor is still in its infancy, and the profitability of mass-market products lags behind that of premium offerings [14].

Group 1 - The food and beverage sector experienced a significant rally on September 29, with the Food ETF (515710) reaching an intraday price increase of up to 1.3% before settling at a 0.98% gain [1][3] - Key stocks in the sector showed strong performance, with Yangyuan Beverage soaring over 7%, and major liquor brands like Luzhou Laojiao and Gujing Gongji rising over 3% [1][3] - The Food ETF (515710) has seen substantial net inflows, with a total of 55.71 million yuan in net subscriptions over the last five trading days, indicating strong investor interest [3] Group 2 - Sales of popular gift items such as liquor and mooncakes surged ahead of the Mid-Autumn and National Day holidays, with liquor sales on Meituan increasing approximately eightfold year-on-year [3][4] - The current valuation of the food and beverage sector is considered low, with the food index's price-to-earnings ratio at 20.21, placing it in the lower 5.88% percentile over the past decade, suggesting a favorable investment opportunity [3][4] - Analysts predict a recovery in the liquor sector due to government policies promoting high-quality development, with expectations for Maotai's prices to rebound as market conditions improve [4][5] Group 3 - The food and beverage industry is witnessing significant policy catalysts, such as the upcoming public consultation on the national standards for prepared food safety, which may benefit leading brands [4][5] - The Food ETF (515710) is strategically positioned, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in other beverage and food segments [5] - Investors can also access core assets in the food and beverage sector through the Food ETF linked funds [5]