Financial Performance - The company's operating revenue for the first half of 2024 reached ¥13,805,693,542.35, representing a 22.07% increase compared to ¥11,310,016,495.10 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was ¥3,572,791,595.15, up 28.54% from ¥2,779,474,367.51 year-on-year[15]. - The net profit after deducting non-recurring gains and losses was ¥3,540,540,906.67, reflecting a 29.64% increase compared to ¥2,731,120,890.76 in the previous year[15]. - The basic earnings per share increased to ¥6.76, a rise of 28.52% from ¥5.26 in the same period last year[15]. - The company's total revenue for the reporting period reached ¥13,428,363,064.31, with a year-on-year increase of 22.29%[25]. - The company's gross profit margin for the reporting period was 82.05%, reflecting a slight increase of 1.49% compared to the previous year[25]. - The company's total operating costs for the first half of 2024 were ¥8,832,090,887.25, up from ¥7,533,156,217.79, an increase of 17.3%[104]. - The company reported a total comprehensive income of ¥3,681,417,258.12 for the first half of 2024, compared to ¥2,845,675,172.96 in the same period of 2023, reflecting a growth of 29.4%[106]. Assets and Liabilities - The total assets at the end of the reporting period were ¥36,562,696,626.70, which is a 3.22% increase from ¥35,420,907,274.99 at the end of the previous year[15]. - Total assets increased to ¥23,640,522,119.77, compared to ¥22,677,018,504.06 in the previous year, reflecting a growth of 4.25%[103]. - Total liabilities decreased slightly to ¥12.83 billion from ¥13.01 billion, a reduction of about 1.4%[100]. - The company's total equity decreased to ¥17,415,892,494.30 from ¥17,751,213,058.89, a decline of 1.89%[103]. - The company reported a significant increase in contract liabilities to ¥2.22 billion, up from ¥1.40 billion, representing a growth of about 58.6%[99]. Cash Flow - The company reported a net cash flow from operating activities of ¥4,009,706,455.49, down 15.19% from ¥4,727,836,696.73 in the previous year[15]. - The company's cash and cash equivalents net increase was ¥1,189,828,954.35, a decrease of 68.16% compared to the previous year[34]. - Operating cash inflow for the first half of 2024 reached ¥16.55 billion, a significant increase of 63.5% compared to ¥10.11 billion in the same period of 2023[112]. - The total cash and cash equivalents at the end of the period decreased to ¥7.05 billion from ¥8.31 billion at the end of the first half of 2023[113]. Dividends and Shareholder Returns - The company plans not to distribute cash dividends or issue bonus shares during this reporting period[4]. - The company announced a cash dividend of RMB 45.00 per 10 shares, totaling RMB 2,378,700,000.00, which represents 51.83% of the net profit attributable to the parent company for the year 2023[60]. - The cash dividend amount increased by 50.00% year-on-year, reflecting the company's commitment to sharing development results with investors[60]. - The company distributed dividends totaling ¥2.38 billion during the first half of 2024, marking a significant cash outflow[115]. Market and Industry Trends - The white liquor industry experienced a "hot then cold" trend in the first half of 2024, with strong demand before the Spring Festival followed by a slowdown in sales[22]. - The company is facing increased competition in the liquor industry due to rising market concentration and external uncertainties[57]. - The revenue from the North China region increased by 35.10% year-on-year, attributed to an increase in sales orders[37]. Strategic Initiatives - The company has established strategic partnerships with "黄鹤楼酒业" and "明光酒业," expanding its brand portfolio to five renowned trademarks[23]. - The company is focusing on digital transformation to improve management capabilities and user experience through the integration of digital technology and production[58]. - The company aims to achieve a revenue target of CNY 30 billion in the new fiscal year, focusing on enhancing brand presence and expanding market reach[59]. - The company is committed to reducing pollutant emissions and enhancing environmental protection through various sustainability initiatives[59]. Environmental Responsibility - The company adheres to strict environmental protection laws and standards, including the "Environmental Protection Law of the People's Republic of China" and various pollution discharge standards[63]. - The company reported specific pollutant discharge levels, such as COD and NH3-N, which are within the regulatory limits[64]. - The company has effectively fulfilled its social responsibility regarding environmental information disclosure[66]. - The company invested a total of 20.048 million yuan in environmental governance and protection in the first half of 2024, with an environmental protection tax payment of 94,700 yuan[71]. Research and Development - Research and development expenses amounted to ¥33,232,298.34, an increase from ¥29,964,175.22 in the previous year, indicating a focus on innovation[104]. - The company’s research and development expenses increased to ¥13,929,592.90 in the first half of 2024, up from ¥11,525,750.69 in the same period of 2023[107]. Corporate Governance - The financial report for the first half of 2024 has not been audited[97]. - The financial statements prepared by the company comply with the requirements of the accounting standards, reflecting a true and complete picture of its financial status[130]. - The company has not reported any major litigation or arbitration matters during the reporting period[78]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[75].

安徽古井贡酒股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 根据深圳证券交易所《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》及《深圳证券交易所上市公司自律 监管指南第 2 号——公告格式》的规定，将安徽古井贡酒股份有限公 司（以下简称"公司"）2024 年上半年度募集资金存放与使用情况报 告如下： 一、募集资金基本情况 1.实际募集资金金额、资金到位时间 2024 年上半年度，公司募集资金使用情况为：2024 年上半年度 公司累计使用募集资金 93,943.71 万元，募集资金专用账户利息收入 3,034.91 万元，截至 2024 年 6 月 30 日使用暂时闲置募集资金购买大 额存单余额为 60,000.00 万元，募集资金专户 2024 年 6 月 30 日应结 存金额为 111,414.46 万元，募集资金专户 2024 年 6 月 30 日实际结存 金额为 111,414.46 万元。募集资金应结存金额与尚未使用的募集资金 余额不存在差异。 1 二、募集资金管理情况 为了规范公司募集资金管理，保护投资者的合法权益，根据《上 市公司监管指引第 2 号——上市 ...

昨天晚上半开玩笑的说，拼多多的下跌可能是因为黄老板不愿意当首富，结果今天一开盘就看见农夫山泉暴跌12%，当时我忍不住感慨，这赛道也要竞争 了吗。 话说回来中国这些年的首富基本上都有点问题，早先的黄光裕坐过牢，许家印现在还在里面，王健林和马云各有各的麻烦，然后就是卖水的钟睒睒，莫名 其妙被网暴了半年。 这些人当首富的时候中国的经济还在繁荣上行，老百姓日子过的不错也就把富豪榜当个谈资。现在经济遭遇减速，老百姓生活压力明显上升，这个时候谁 还当出头鸟就很容易架起来烤，首富头衔纯粹烫手山芋，有百害而无一利。 以上是聊闲篇的，农夫山泉的暴跌当然不是钟老板故意砸的，而是前一晚公布的财报不理想，公司最最最最核心产品包装饮用水上半年下滑18%，而这个 产品在1、2月的时候还同比增长了19%，转折点发生在2月25日宗庆后去世，之后农夫山泉就陷入了漫长的网暴，饮用水的销售也遭遇了重大挫折。 首先是火了好几天的黑悟空概念，我游戏还没通关呢，相关概念股就已经凉了，华谊兄弟一个星期从2.96跌到1.96，浙报传媒五个交易日从10.5跌到7.8。 当时还有很多人说山西旅游会被带火，但是山西高速最近3个交易日从6.2跌到4.4。 前晚广泛 ...

Investment Rating - The report assigns a "Hold" rating for the company, with a current price of 225.21 yuan [4][6][11]. Core Views - The company is well-positioned in the Anhui liquor market, benefiting from a strong local economy and a growing middle-class consumer base, which is expected to drive demand for mid-range liquor products [3][24][41]. - The company's "Year Original" product line is a key driver of growth, with a well-structured product range that covers various price points, allowing for effective market segmentation and brand strength [3][50]. - The report anticipates significant revenue growth for the company, with projected net profits of 58.69 billion yuan, 73.51 billion yuan, and 89.58 billion yuan for the years 2024 to 2026, reflecting year-on-year growth rates of 27.9%, 25.3%, and 21.9% respectively [4][9]. Summary by Sections Economic Environment - Anhui's economy is rapidly developing, with a GDP share of 3.73% of the national total as of 2023, and a consistent increase in per capita disposable income, which has outpaced the national average for 12 consecutive years [27][31]. - The liquor market in Anhui is substantial, ranking third in national consumption and fifth in production, providing ample growth opportunities for local enterprises [24][28]. Company Overview - Gujing Gongjiu has evolved into a "liquor aircraft carrier," with a stable ownership structure and a management team with extensive practical experience [15][20]. - The company has successfully navigated through various challenges, focusing on its core liquor business and strategically expanding its product offerings [20][22]. Product Strategy - The "Year Original" series is highlighted as a core component of the company's growth strategy, with a well-defined product line that spans multiple price segments, ensuring no gaps in the market [3][50]. - The company has adopted flexible channel strategies, emphasizing strong control over distribution both within and outside Anhui, which has contributed to its market penetration and profitability [3][10]. Financial Projections - Revenue forecasts for the company indicate a steady increase, with expected revenues of 24.61 billion yuan, 29.31 billion yuan, and 34.57 billion yuan for the years 2024 to 2026, reflecting growth rates of 21%, 19%, and 18% respectively [4][9]. - The projected earnings per share (EPS) for the same period are 11.10 yuan, 13.91 yuan, and 16.95 yuan, with corresponding price-to-earnings (P/E) ratios of 20, 16, and 13 [4][9].

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2024-015 安徽古井贡酒股份有限公司 2023年度权益分派实施公告 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"）2023年度权益 分派方案已获2024年5月29日召开的2023年度股东大会审议通过，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45.00元（含税），共计分配现金股利人民币2,378,700,000.00 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。 ...

今天的早发点的话我们给大家汇报的就是古井贡酒的一个深度报告这篇报告的话呢是在呃礼拜天我们发出来的然后昨天来看的话整个古井贡酒呢也是这个林长这个白酒板块都是相对还是比较好的呃有有这个超额在里面 然后这篇报告的话 我们主要是对全古井的一个自身的能力然后以及我们觉得今年古井共酒最重要的R法就是全国化的这个进程做了一个非常详细的复盘首先这个报告的话是分为三个部分第一个部分的话就是区别于传统的就是把公司的整体 的一个角度来解读古井啊因为我们个人觉得的话古井的呃历史是从历史来看古井最重要的一个能力啊就是说他能变啊就是不管是他的一个呃渠道啊还是说产品然后以及以及以及管理层的一个打法啊所以就是古井的这个可变性是很强的他会跟着一个不同时间的呃 对一个不同时间的大环境的一个变化然后对自身的战略进行一个非常适配的改变那首先我 在这一块历史副盘上因为中国的整个白酒渠道可以分成五个阶段首先的话是第一个阶段就是国营糖酒阶段适用的时间是1988年到1992年当时的话整个白酒的渠道是被国营的这种糖酒公司给控制的包括这个酒店餐饮然后烟酒店这些后面比较流行的流动渠道的话在这个时期的话还尚处于一种门牙的阶段那行业的话整体是处于一个卖房市场 主流的 ...

股 票 研 [Table_Industry] 食品饮料/必需消费 究 古 井贡酒(000596) [评Tab级le_I：nve st] 增持 渠道、产品优势凸显，确定性延续 上 次评级: 增持 [目Tab标le_T价arg格et] ： 350.00 ——古井贡酒更新报告 上 次预测: 350.00 [当Ta前bl价e_格Cu：rP rice] 253.65 公 [table_A ut訾ho猛rs] ( 分析师) 李耀(分析师) 司 021-38676442 8621-38675854 [ Table_Date] 2024.06.04 zimeng@gtjas.com liyao022899@gtjas.com 更 登 记编号 S0880513120002 S0880520090001 新 本报告导读： 报 [交Ta易ble数_M据ar ket] 公司淡季以蓄力为主，经营表现符合预期；展望后续，公司渠道力优势和产品结构纵 告 深优势保障业绩确定性，长期视角下费率仍有下行空间，利润弹性有望延续。 52周内股价区间（元） 199.12-292.49 总市值（百万元） 134,079 投 资要点： 总股本/流通A股（ ...

Summary of Conference Call Company or Industry Involved - The conference call involves a public company, although the specific name is not mentioned in the provided content. Core Points and Arguments - The call begins with a greeting to investors, indicating a formal setting for discussing company performance and outlook [1]. Other Important but Possibly Overlooked Content - No additional details or financial metrics are provided in the content, limiting the ability to extract further insights or data points. Overall, the content is minimal and does not provide substantial information regarding the company's financial performance, industry dynamics, or specific investment opportunities. Further details would be necessary for a comprehensive analysis.

Investment Rating - The report maintains a "Buy" rating for Gujing Gongjiu, with a target price of 306.41 CNY per share based on a 27x PE valuation for 2024 [4]. Core Views - Gujing Gongjiu has maintained its leading position in the Anhui province market due to its strong channel capabilities and timely reforms in response to macroeconomic changes [2]. - The company has outperformed the industry over the past three years, with a stock price increase of 5.2% compared to a 27.6% decline in the SW Baijiu II index [19]. - Gujing Gongjiu is well-positioned for national expansion, leveraging its superior channel management compared to Shanxi Fenjiu [2]. - The company's sales expense ratio is expected to decline as it benefits from economies of scale, with a significant portion of revenue coming from outside its home province [2]. Financial Summary - Revenue is projected to grow from 20,254 million CNY in 2023 to 33,957 million CNY in 2026, with a CAGR of 21.0% [3]. - Net profit is expected to increase from 4,589 million CNY in 2023 to 8,859 million CNY in 2026, reflecting a CAGR of 30.7% [3]. - The EPS is forecasted to rise from 8.68 CNY in 2023 to 16.76 CNY in 2026 [3]. Market Dynamics - The Anhui white liquor market has seen rapid expansion, with the market size growing from approximately 250 billion CNY in 2017 to over 400 billion CNY in 2023, driven by a significant increase in the mid-to-high-end segment [26][27]. - Gujing Gongjiu has benefited from the third round of consumption upgrades in Anhui, with its products positioned in the mid-to-high-end price range [24]. Competitive Positioning - Gujing Gongjiu's channel strategy has evolved through five major phases, adapting to changes in consumer behavior and market dynamics [12][13]. - The company has successfully implemented a multi-channel strategy, enhancing its market presence and consumer engagement [17]. Management and Governance - The management team has extensive experience within the company, with a strong focus on aligning internal interests and enhancing operational efficiency [32][33]. - The current leadership has a proven track record in sales and marketing, contributing to the company's competitive edge in the market [34].

证券研究报告 | 2024年06月03日 , 古井贡酒（000596.SZ） 优于大市 省内增长留有余力，省外调整或接近尾声  公司研究·公司快评  食品饮料·白酒Ⅱ  投资评级：优于大市（维持） 证券分析师： 张向伟 zhangxiangwei@guosen.com.cn 执证编码：S0980523090001 证券分析师： 李文华 021-60375461 liwenhua2@guosen.com.cn 执证编码：S0980523070002 联系人： 张未艾 021-61761031 zhangweiai@guosen.com.cn 事项： 公司公告：2024年5月29日，古井贡酒召开2023年度股东大会。 国信食饮观点：1）2024年省内发展前期留有余力，省外市场持续聚焦优化调整。2）100-200元价位古5、 古8经营扎实，古20依然是公司的战略重心。3）费用端仍处于下降通道，“铁军文化”是古井贡酒增长 的底层逻辑。4）投资建议：维持此前盈利预测，预计公司2024-2026年实现营收245.1/290.4/339.8亿 元，同比+21.0%/+18.5%/+17.0%；实现归母净利润58.2/ ...