酒鬼酒股份有限公司 第九届董事会第十次会议决议公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、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 酒鬼酒股份有限公司（以下简称"公司"或"本公司"）第九届 董事会第十次会议通知于 2025 年 10 月 19 日前以电子邮件或短信息 等书面方式发出，会议于 2025 年 10 月 29 日以通讯表决方式召开。 会议应出席董事 9 人，实际出席会议董事 9 人。会议召开的时间、地 点及方式均符合《公司法》《公司章程》及《公司董事会议事规则》 的有关规定。 二、董事会审议议案情况 1、审议并通过《2025 年第三季度报告》 具体内容详见 2025 年 10 月 31 日刊载在巨潮资讯网上的《2025 年第三季度报告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 证券代码：000799 证券简称：酒鬼酒 公告编号：2025-24 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案需提交公司股东会审议。 3、审议并通过《关于公司市值管理制度的议案》 为加强公司市值管理工作，维护公司、投资者及其他利益相关者 的合法权益， ...

Core Viewpoint - The company reported a decline in overall performance for the first three quarters of 2025, primarily due to weak demand in the liquor market and cautious customer expectations, despite some improvements in the third quarter [1] Financial Performance - The revenue for the third quarter was 198 million, representing a year-on-year increase of 0.78% [1] - The net profit for the third quarter was -18.76 million [1] - For the first three quarters, the total revenue was 760 million, showing a year-on-year decrease of 36.21% [1] - The net profit for the first three quarters was -9.81 million [1] Market Conditions - The decline in performance is attributed to weak market demand for liquor and a mismatch between dealer collections and end-user sales [1] - The company has been investing in promotional expenses to boost sales, which has contributed to the overall performance pressure [1] Product and Marketing Initiatives - The third quarter saw some improvement in revenue and profitability, aided by the launch of the "Jiu Gui · Free Love" co-branded product and various marketing activities [1] - Despite these initiatives, the company has not been able to reverse the loss situation for the first three quarters [1]

Core Viewpoint - The company reported a decline in overall performance due to weak demand in the liquor market and cautious customer expectations, despite some improvements in the third quarter [1] Financial Performance - Q3 revenue was 198 million, a year-on-year increase of 0.78% [1] - Q3 net profit was -18.76 million [1] - Revenue for the first three quarters was 760 million, a year-on-year decrease of 36.21% [1] - Net profit for the first three quarters was -9.81 million [1] Market Conditions - The decline in performance is attributed to weak demand in the liquor market and a mismatch between dealer collections and end-user sales [1] - The company has been investing in expenses to support sales promotion, which has put pressure on overall performance [1] Product and Marketing Initiatives - The launch of the "Jiu Gui · Free Love" co-branded product and various marketing activities contributed to improved revenue and profitability in Q3 compared to the same period last year [1]

Financial Performance - The company's revenue for Q3 2025 was ¥198,454,278.63, an increase of 0.78% compared to the same period last year, but a decrease of 36.21% year-to-date[4] - The net profit attributable to shareholders for Q3 2025 was -¥18,760,512.21, a decline of 70.93% year-over-year, and -¥9,805,537.36 year-to-date, down 117.36%[4] - The basic earnings per share for Q3 2025 was -¥0.0578, reflecting a decrease of 70.92% compared to the same period last year[4] - Total operating revenue decreased to ¥759,762,181.47 from ¥1,191,058,956.83, representing a decline of approximately 36.2% year-over-year[15] - Net profit for the period was a loss of ¥9,805,537.36, compared to a profit of ¥56,487,634.90 in the previous period, indicating a significant decline[16] - Basic earnings per share decreased to ¥-0.0302 from ¥0.1738, reflecting a significant drop in profitability[16] Assets and Liabilities - Total assets at the end of Q3 2025 were ¥4,646,388,907.80, down 8.52% from the end of the previous year[4] - The company's total current assets decreased from 3,192,230,471.92 RMB to 2,612,167,200.84 RMB, a reduction of approximately 18.14%[12] - The total non-current assets increased from 1,887,173,098.96 RMB to 2,034,221,706.96 RMB, an increase of approximately 7.77%[13] - The total liabilities decreased from 1,200,000,000 RMB to 1,000,000,000 RMB, reflecting a reduction of approximately 16.67%[13] - Total liabilities decreased to ¥884,149,637.51 from ¥1,112,578,568.67, a reduction of approximately 20.5% year-over-year[14] - The total equity attributable to shareholders decreased to ¥3,762,239,270.29 from ¥3,966,825,002.21, a decline of about 5.1% year-over-year[14] Cash Flow - The company reported a net cash flow from operating activities of -¥325,948,894.60 year-to-date, an increase of 20.77% in cash outflow compared to the previous year[4] - Operating cash flow net amount was negative at ¥-325,948,894.60, an improvement from the previous period's negative cash flow of ¥-411,415,035.55[17] - The company's cash and cash equivalents decreased from 1,250,655,066.01 RMB to 540,140,942.48 RMB, a decrease of approximately 56.80%[12] - The ending balance of cash and cash equivalents was $540,139,442.48, down from $1,341,050,350.70, representing a decline of about 60%[18] - The company’s cash flow from investment activities was negative at -$189,580,614.38, consistent with the previous period's negative cash flow of -$283,152,541.35[18] - The cash flow from financing activities was also negative at -$194,984,314.56, similar to the previous period's negative cash flow of -$325,581,465.80[18] Operational Highlights - The company launched a co-branded product "Jiu Gui · Free Love" in Q3 2025, which received widespread consumer recognition and contributed to new growth momentum[7] - The company is focusing on channel innovation and has expanded into chain KA, corporate group purchases, and international channels to enhance market presence[7] - The company is committed to strengthening channel construction and promoting terminal sales to improve operational performance despite ongoing market challenges[7] Shareholder Information - The total number of common shareholders at the end of the reporting period is 135,611[9] - The largest shareholder, Zhonghuang Co., Ltd., holds 31.00% of the shares, totaling 100,727,291 shares[9] - The company has no preferred shareholders as indicated in the report[10] Expenses and Investments - Research and development expenses were ¥14,473,655.80, down from ¥16,128,214.07, a decrease of approximately 10.3% year-over-year[15] - Sales expenses decreased to ¥252,389,323.01 from ¥475,511,198.33, a reduction of about 47.1% year-over-year[15] - Deferred income increased to ¥15,764,035.29 from ¥12,537,122.14, an increase of approximately 25.5% year-over-year[14] - Investment activities cash outflow totaled $189,580,614.38, compared to $283,158,613.35 in the previous period, indicating a decrease of approximately 33%[18] - Financing activities cash outflow amounted to $194,984,314.56, down from $325,581,465.80, reflecting a reduction of about 40%[18] Accounting and Audit - The company did not undergo an audit for the third quarter financial report, which may affect investor confidence[19] - The company has not yet implemented the new accounting standards starting from 2025, which may influence future financial reporting[19] - The cash flow situation indicates a tightening liquidity position, necessitating strategic financial management moving forward[18]

Core Insights - The liquor sector experienced a slight decline of 0.09% on October 30, with Huangtai Liquor leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Liquor Sector Performance - Notable gainers in the liquor sector included: - Macau Sina: Closed at 40.08, up 2.59% with a trading volume of 137,600 shares and a transaction value of 556 million [1] - ST Yanshi: Closed at 5.67, up 2.35% with a trading volume of 51,300 shares and a transaction value of 29.27 million [1] - Yanghe Distillery: Closed at 70.82, up 2.06% with a trading volume of 81,100 shares and a transaction value of 574 million [1] - Other companies like Kweichow Moutai and Wuliangye saw minor declines of 0.36% and 0.30% respectively [2] Capital Flow Analysis - The liquor sector saw a net outflow of 586 million from institutional investors, while retail investors contributed a net inflow of 65.5 million [2] - Major stocks with significant capital inflows included: - Yingjia Gongjiu: Net inflow of 52.03 million from institutional investors [3] - Luzhou Laojiao: Net inflow of 37.36 million from institutional investors [3] - Conversely, stocks like Yanghe Distillery and Kweichow Moutai experienced net outflows from both institutional and retail investors [3]

Core Viewpoint - The investment opportunities in the liquor sector are currently characterized by market divergence, with expectations of a significant decline in performance for liquor companies in Q3 2025, while both valuation and holdings are at low levels, and positive factors on both supply and demand sides are gradually increasing [1] Group 1: Market Dynamics - The industry demand is expected to recover on a month-on-month basis, particularly during the dual festivals, leading to a more optimistic market outlook regarding performance and price expectations, which will likely result in valuation recovery as demand improves [1] - The first phase of recovery is driven by dividend yield pricing, while the second phase will see a return to long-term confidence in liquor assets as supply-demand relationships improve and performance indicators are realized [1] Group 2: Historical Performance Analysis - Historical data indicates that the majority of liquor companies confirmed their stock price bottoms between Q4 2013 and Q1 2014, despite a continued decline in performance and market conditions [2] - The stock price performance remained relatively stable after the third quarter of 2013, with most companies generating absolute returns within one month post earnings report, attributed to the market's sufficient digestion of performance decline expectations [2] Group 3: Business Strategies of Liquor Companies - Liquor companies are leveraging channels to amplify brand and product advantages, signaling changes in supply-side dynamics during the adjustment phase [3] - High-end liquor brands are focusing on maintaining brand strength, with companies like Moutai and Wuliangye adapting their strategies to enhance channel management and product offerings [3] - Regional leaders are concentrating on their base markets while expanding into lower-tier markets, with companies like Yanghe and Gujing enhancing their presence in these areas [3]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [10] Core Views - The report highlights significant personnel changes at Kweichow Moutai, with Chen Hua, the director of the Guizhou Provincial Energy Bureau, appointed as the new chairman [6] - The white liquor sector is experiencing a mixed demand landscape, with consumption scenarios and price bands showing divergence, particularly in banquet and self-drinking contexts [6] - The overall demand for white liquor is still in a bottoming phase, with a focus on high-dividend leaders like Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, as well as more elastic stocks like Jiu Gui Jiu and Shede Liquor [6][58] Summary by Sections Industry News - Major liquor companies, including Luzhou Laojiao and Yanghe, are increasing investments in AI technology [18] - A new 50,000-ton craft beer project has been launched in Guangyuan, and the beer production in Sichuan province has increased by 4.9% from January to September [18] Company News - Kweichow Moutai has appointed a new chairman and has denied rumors of opening 650 new specialty stores [19] - Wuliangye is actively constructing a smart factory project in its industrial park [19] Key Company Feedback - The report provides insights into the performance of key companies, indicating that the white liquor sector is under pressure with high inventory levels, while consumer goods are showing signs of recovery [7][9] Industry Data Trends - The cumulative production of white liquor in 2024 is reported at 4.145 million tons, a decrease of 7.72% year-on-year, while the industry revenue reached 796.4 billion yuan, an increase of 5.3% [34] - The seasoning industry is projected to grow significantly, with market size expected to increase from 259.5 billion yuan in 2014 to 687.1 billion yuan by 2024, reflecting a CAGR of 10.23% [37] Investment Strategy - The report suggests focusing on companies with long-term value and high dividends in the white liquor sector, while also considering companies that have shown resilience and potential for recovery [58]

Core Viewpoint - The stock of JiuGuiJiu has shown a mixed performance in recent trading sessions, with a year-to-date increase of 13.29% but a decline of 10.03% over the past 20 days, indicating volatility in investor sentiment [2]. Group 1: Stock Performance - As of October 27, JiuGuiJiu's stock price rose by 2.15% to 62.33 CNY per share, with a trading volume of 281 million CNY and a turnover rate of 1.41%, resulting in a total market capitalization of 20.253 billion CNY [1]. - Year-to-date, JiuGuiJiu's stock has increased by 13.29%, while it has decreased by 0.53% in the last five trading days and 10.03% in the last 20 days, but has risen by 30.21% over the past 60 days [2]. Group 2: Financial Performance - For the first half of 2025, JiuGuiJiu reported operating revenue of 561 million CNY, a year-on-year decrease of 43.54%, and a net profit attributable to shareholders of 8.955 million CNY, down 92.60% year-on-year [2]. - Since its A-share listing, JiuGuiJiu has distributed a total of 2.151 billion CNY in dividends, with 942 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of June 30, 2025, JiuGuiJiu had 136,000 shareholders, a decrease of 4.40% from the previous period, with an average of 2,388 shares held per shareholder, an increase of 4.61% [2]. - The top ten circulating shareholders include major funds such as the China Securities White Wine Index A and the Hong Kong Central Clearing Limited, with varying changes in their holdings [3].

Core Insights - The annual Double Eleven shopping festival has begun, but the liquor industry is experiencing a "cooling period" with mixed price movements across online and offline channels [2][12] - High-end liquor prices have remained stable despite promotional activities, while some mid-to-high-end products are seeing slight price declines [2][12] Price Trends - In the Greater Bay Area, online platforms are using subsidies to lower high-end liquor prices, while offline channels are mostly observing the market [2][12] - In Guangzhou, over half of the sampled products saw price increases, with high-end products like Wuliangye and Guojiao 1573 experiencing minor price hikes [3][4] - Conversely, some products, including Moutai, saw price reductions due to adjustments by instant retail platforms [4][6] Regional Variations - In Shenzhen, liquor prices showed stability, with some products like Moutai and Guojiao 1573 experiencing slight declines, while others like Wuliangye saw price increases [5][6] - In Foshan, liquor prices remained stable, with Moutai showing a slight increase, while other products experienced minor fluctuations [8][9] - Dongguan reported significant price drops for Moutai, with online channels driving the decline, while mid-range products displayed mixed price movements [10][11] Market Dynamics - The Double Eleven promotions have intensified price competition among high-end liquors, with leading brands like Moutai facing downward pressure on prices [12] - The cautious attitude of distributors towards seasonal sales is reflected in the limited follow-up promotions in offline channels [12] - Despite overall pressure, some brands like Fenjiu and Xijiu have shown resilience with slight price increases, indicating consumer demand for specific products [12]

Group 1 - The food and beverage sector experienced a decline on October 24, with the Food ETF (515710) closing down 1.13% after fluctuating near the surface at the opening [1] - Key stocks in the sector, particularly in the liquor category, saw significant drops, with Zhujiang Beer down 5.23%, and both Luzhou Laojiao and Shede Distillery falling over 4% [1] - The overall performance of the sector was negatively impacted by declines in several stocks, including Miaokelando and New Dairy, which dropped over 3% and 2% respectively [1] Group 2 - Guosen Securities noted that as the impact of second-quarter consumption policies weakens, the restaurant supply chain is gradually recovering, with positive signals from the supply side, such as frequent mergers among leading companies [2] - The food and beverage sector is currently at a low valuation, with the food ETF's price-to-earnings ratio at 20.49, which is at the 7.06% percentile of the past decade, indicating a favorable configuration opportunity [2] - Historical trends suggest that any changes in supply and demand could catalyze stock price increases, especially in the fourth quarter when macro policies are expected to be active [2] Group 3 - Future outlook indicates that the food and beverage industry will focus on growth, with beverage leaders maintaining structural prosperity driven by major products, while companies in food raw materials and health products are expected to see accelerated performance [3] - The white liquor industry is currently in a "low expectation, weak reality" state, with the third-quarter reports being a crucial observation window as external factors diminish and liquor companies adjust strategies [3] - There is a mixed performance in consumer goods, with snacks, beverages, and health products showing good demand, while traditional products like dairy and beer are experiencing flat demand [3] Group 4 - Major liquor brands such as Luzhou Laojiao and Yanghe have launched new products recently, indicating ongoing innovation in the sector [4] - Luzhou Laojiao's new product was launched on Douyin, while Yanghe's new offering was showcased during the Nanjing Autumn Sugar event [4] Group 5 - The Food ETF (515710) focuses on core assets in the food and beverage sector, with approximately 60% of its portfolio allocated to high-end and mid-range liquor leaders, and nearly 40% to leading stocks in beverages, dairy, and condiments [5] - The top ten weighted stocks in the ETF include well-known brands such as Moutai, Wuliangye, and Yili [5] - Investors can also access the core assets of the food and beverage sector through the Food ETF linked funds [5]