酒鬼酒8月22日披露半年报，公司上半年实现营业收入5.61亿元，同比下降43.54%；归属于上市公司股 东的净利润895.5万元，上年同期1.21亿元，同比下降92.60%；基本每股收益0.0276元。 ...

Group 1 - The company reported a revenue of 561 million yuan for the first half of 2025, representing a year-on-year decline of 43.54% [1] - The net profit for the same period was 8.955 million yuan, showing a significant year-on-year decrease of 92.60% [1]

酒鬼酒股份有限公司 2025 年半年度非经营性资金占用 | | 资金往 | 往来方与上 | 上市公司核 | 期初往来 | 报 告 期 内 累 | 报告期内往 | 报告期内偿 | 期末往来资 | 往来形 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其他关联资金往来 | 来方名 | 市公司的关 | 算的会计科 | 资金余额 | 计 发 生 金 额 | 来资金的利 | 还累计发生 | 金余额 | 成原因 | （经营性往 来、非经营性 | | | 称 | 联关系 | 目 | | （不含利息） | 息（如有） | 金额 | | | 往来） | | | 中粮海优 | 同一实际控 | | | | | | | 销售商 | 经营性资金 | | | （北京） 有限公司 | 制人 | 应收账款 | 11.17 | | | | 11.17 | 品 | 往来 | | | 中粮食品 营销有限 | 同一实际控 | 预付账款 | | 29.71 | | | 29.71 | 销售商 | 经营性资金 | | | 公司 | 制人 | ...

酒鬼酒股份有限公司 关于与中粮财务公司关联存、贷款等金融业务的 风险持续评估报告 根据《深圳证券交易所上市公司自律监管指引第 7 号——交易与关 联交易》的要求，酒鬼酒股份有限公司（以下简称"本公司"或"公司"） 通过查验中粮财务有限责任公司（以下简称"财务公司"）《中华人民共 和国金融许可证》《企业法人营业执照》等证件资料，并对财务公司的 经营资质、业务和风险状况进行了评估，现将有关风险评估情况报告如 下： 一、财务公司基本情况 中粮财务有限责任公司经中国人民银行银复[2001]206号文件批准， 于 2002 年 9 月 24 日在国家工商行政管理局注册成立，取得了统一社会 信用代码为 91110000710930245D 的企业法人营业执照；2021 年 8 月 4 日经中国银行业监督管理委员会北京监管局换发了新的《金融许可证》， 2023 年 4 月 20 日，因增加注册资本金向国家市场监督管理总局申请换 发了新的营业执照。现公司注册地址：北京市朝阳区朝阳门南大街 8 号 中粮福临门大厦 19 层。法定代表人：粟健。 | 股东名称 | 认缴注册资本（元） | 持股比例（%） | | --- | --- ...

Group 1 - The core viewpoint of the article highlights the significant decline in the financial performance of the company, with a 43.54% year-on-year decrease in operating revenue to 561 million yuan and a 92.6% drop in net profit to 8.955 million yuan in the first half of 2025 [1] - The white liquor industry continues to experience deep adjustments, indicating a challenging market environment and competitive pressures [1] - The company is focusing on strengthening terminal construction, addressing channel shortcomings, and refining the product value chain to solidify its sales foundation [1] Group 2 - The company is committed to directing expenses towards the consumer end (C-end) and enhancing terminal sales performance [1]

[Section I Important Notice, Table of Contents and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides important notices, the report's table of contents, reference documents, and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors and senior management declare the truthfulness, accuracy, and completeness of the semi-annual report, and advise investors to be aware of the risks faced by the company - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this reporting period[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the overall structure of the report, including company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports - The report's table of contents covers nine main sections: company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, financial report, and other submitted data[8](index=8&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) Reference documents include accounting statements signed by the legal representative, chief accountant, and head of the accounting department, as well as originals of all company documents and announcements publicly disclosed during the reporting period - Reference documents include accounting statements bearing the signatures of the legal representative, chief accountant, and head of the accounting department[10](index=10&type=chunk) - Reference documents also include the originals of all company documents and announcements publicly disclosed during the reporting period[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, clarifying that "the Company/Company/Jiugui Liquor Company" refers to Jiugui Liquor Co., Ltd., and listing major related parties such as COFCO Wine & Spirits, Zhonghuang Company, and COFCO Group Key Definitions | Definition Item | Definition Content | | :--- | :--- | | The Company/Company/Jiugui Liquor Company | Jiugui Liquor Co., Ltd | | COFCO Wine & Spirits | COFCO Wine & Spirits Investment Co., Ltd | | Zhonghuang Company | Zhonghuang Co., Ltd (the company's largest shareholder) | | COFCO Group | COFCO Group Co., Ltd (the company's actual controller) | [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, key accounting data, and financial indicators, highlighting significant year-on-year declines in revenue and net profit [Company Profile](index=6&type=section&id=Company%20Profile) Jiugui Liquor Co., Ltd., with stock abbreviation "Jiugui Liquor" and stock code 000799, is listed on the Shenzhen Stock Exchange, with Cheng Jun as its legal representative, and no changes in contact information or information disclosure locations during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jiugui Liquor | | Stock Code | 000799 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Cheng Jun | - The company's contact information, registered address, office address, website, email, and information disclosure and storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's key financial indicators for this reporting period show significant year-on-year declines, with operating revenue decreasing by **43.54%**, net profit attributable to shareholders decreasing by **92.60%**, and basic earnings per share decreasing by **92.59%** Key Accounting Data and Financial Indicators for the Reporting Period | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 561,307,902.84 | 994,148,994.88 | -43.54% | | Net Profit Attributable to Shareholders of Listed Company | 8,954,974.85 | 121,019,636.34 | -92.60% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 8,420,734.84 | 116,717,794.93 | -92.79% | | Net Cash Flow from Operating Activities | -234,159,276.31 | -208,641,408.58 | -12.23% | | Basic Earnings Per Share (yuan/share) | 0.0276 | 0.3724 | -92.59% | | Diluted Earnings Per Share (yuan/share) | 0.0276 | 0.3724 | -92.59% | | Weighted Average Return on Net Assets | 0.23% | 2.79% | Decreased by 2.56 percentage points | | **Period-End Indicators** | **Current Period-End (yuan)** | **Prior Year-End (yuan)** | **Period-End Change from Prior Year-End** | | Total Assets | 4,929,869,179.68 | 5,079,403,570.88 | -2.94% | | Net Assets Attributable to Shareholders of Listed Company | 3,780,822,589.06 | 3,966,825,002.21 | -4.69% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and those under Chinese Accounting Standards - The company's financial reports for the reporting period show no differences in net profit and net assets between International Accounting Standards and Chinese Accounting Standards[21](index=21&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets between overseas accounting standards and Chinese Accounting Standards[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for this reporting period amounted to **534,240.01 yuan**, primarily including government grants recognized in current profit or loss and gains/losses from disposal of non-current assets Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -7,335.57 | | Government Grants Recognized in Current Profit or Loss | 701,807.90 | | Other Non-Operating Income and Expenses Apart from the Above | 17,847.69 | | Less: Income Tax Impact | 178,080.01 | | Total | 534,240.01 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor has it classified non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk) [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's principal business activities, core competencies, financial performance, asset and liability status, investment activities, and risks, along with corresponding countermeasures [Principal Business Activities During the Reporting Period](index=9&type=section&id=Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in the production and sale of Fuyu-fragrance baijiu series products, with no changes in its main business or operating model, and has focused on brand building, product optimization, and channel expansion to address market challenges - The company's main business is the production and sale of Fuyu-fragrance baijiu series products, primarily including the "Neican," "Jiugui," and "Xiangquan" series, with no changes in its operating model[27](index=27&type=chunk) - In the first half of 2025, the company focused on long-term competitiveness and brand system enhancement, deepened brand-sales synergy, emphasized three major marketing themes (education, weddings, sports events), and successfully held the Fuyu Conference and other activities[27](index=27&type=chunk) - In terms of products, the company streamlined SKUs by over **50%**, optimized the product value chain, established a "2+2+2" strategic single-product system, and steadily advanced the upgrade of main products and the launch promotion of "Miaopin"[28](index=28&type=chunk) - In terms of channels, the company steadfastly promoted core terminal construction, strengthened market foundations through "mine-sweeping" actions, and leveraged empowerment from its actual controller, COFCO Group, to expand cooperation with central enterprises and KA special channels, achieving business growth[28](index=28&type=chunk) Sales Model and Dealer Numbers for H1 2025 | Sales Model | Amount (100 million yuan) | | :--- | :--- | | Online Channel Sales | 0.9 | | Offline Channel Sales | 4.68 | | Region | 2024 Dealer Numbers | H1 2025 Dealer Numbers | | :--- | :--- | :--- | | North China | 231 | 154 | | East China | 368 | 264 | | South China | 70 | 37 | | Central China | 481 | 162 | | Other | 186 | 188 | | Subtotal | 1336 | 805 | Main Components of Operating Costs for H1 2025 | Item | H1 2025 Proportion of Total Cost | | :--- | :--- | | Direct Materials | 67.62% | | Direct Labor | 11.52% | | Manufacturing Expenses | 10.89% | | Fuel and Power | 7.05% | Product Output and Inventory (kiloliters) for H1 2025 | Item | Current Period Production Volume | Current Period Sales Volume | Period-End Inventory Volume | | :--- | :--- | :--- | :--- | | Neican Series | 74 | 136 | 1,325 | | Jiugui Series | 1,160 | 1,113 | 3,348 | | Xiangquan Series | 622 | 584 | 596 | | Other Series | 1,128 | 1,072 | 101 | - The company's period-end finished liquor inventory is **5,370 tons**, and base liquor inventory is **49,827 tons**[32](index=32&type=chunk) - Current production capacity is approximately **15,000 tons**, with the second phase of Production Zone 3 under construction, which will add **7,800 tons** of capacity[32](index=32&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competitiveness lies in its rare regional ecological resources, complex "13526" brewing process, unique natural cave storage method, self-created Fuyu-fragrance type that became a national standard, and the perfect combination of its packaging design and liquor quality - The company is a pioneer in Chinese baijiu cultural marketing, a leader in Chinese cultural baijiu, the originator of Chinese cave-aged baijiu culture, the creator of the Chinese Fuyu-fragrance baijiu process, and the initiator of the Chinese baijiu ceramic packaging era[33](index=33&type=chunk) - The company possesses rare regional ecological resources, with the climate, environment, soil, and water resources of the Laba Mountain Valley in the Wuling Mountains of Western Hunan providing unique conditions for brewing fine liquor[34](index=34&type=chunk) - The company employs a complex "13526" brewing process, integrating the advantages of large and small qu processes to form a unique technique, used exclusively by this company nationwide[35](index=35&type=chunk)[36](index=36&type=chunk) - The company inherits the traditional Western Hunan folk liquor storage technique, sealing liquor in ceramic jars within natural caves, utilizing the constant temperature and humidity of the cave environment to promote natural aging and form a unique liquor quality[37](index=37&type=chunk) - Jiugui Liquor's self-created Fuyu-fragrance type integrates strong, light, and sauce aromas, characterized by "strong upfront, light in the middle, and sauce in the finish," officially becoming one of China's eleven national standard baijiu fragrance types in March 2021[38](index=38&type=chunk) - The company's product packaging design, crafted by art master Huang Yongyu, features rustic and distinctive sackcloth ceramic bottle packaging, perfectly combining with the Fuyu-fragrance liquor body to showcase cultural and artistic charm[39](index=39&type=chunk) [Analysis of Principal Business](index=13&type=section&id=Analysis%20of%20Principal%20Business) The company's principal business revenue decreased by **43.54%** year-on-year in this reporting period, mainly due to weak baijiu market demand and intensified competition, with the Jiugui series experiencing the most significant decline and Central China remaining the primary revenue source despite a **42.53%** year-on-year decrease Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 561,307,902.84 | 994,148,994.88 | -43.54% | Weak baijiu market demand, intensified competition, cautious customer payments | | Operating Cost | 176,373,882.75 | 264,956,962.39 | -33.43% | Decrease in revenue scale led to a decrease in costs | | Selling Expenses | 182,965,741.63 | 344,952,720.40 | -46.96% | Decrease in revenue scale led to a decrease in promotional expenses, company strictly controlled expense投放 | | Income Tax Expense | 3,113,161.02 | 42,116,524.83 | -92.61% | Impacted by decreased revenue scale | Operating Revenue Composition (by Product and Region) | Category | Item | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Product** | Neican Series | 110,949,522.50 | 19.77% | 172,850,617.72 | 17.39% | -35.81% | | | Jiugui Series | 289,650,432.87 | 51.60% | 591,276,682.94 | 59.48% | -51.01% | | | Xiangquan Series | 31,502,191.91 | 5.61% | 49,124,533.73 | 4.94% | -35.87% | | | Other Series | 125,613,092.64 | 22.38% | 176,520,187.93 | 17.76% | -28.84% | | **By Region** | North China | 114,228,553.31 | 20.35% | 189,195,962.43 | 19.03% | -39.62% | | | East China | 81,799,956.18 | 14.57% | 150,621,592.73 | 15.15% | -45.69% | | | South China | 28,286,618.93 | 5.04% | 48,119,902.68 | 4.84% | -41.22% | | | Central China | 312,258,053.34 | 55.63% | 543,331,299.68 | 54.65% | -42.53% | | | Other | 19,840,282.15 | 3.53% | 60,968,894.83 | 6.13% | -67.46% | | | Overseas | 4,894,438.93 | 0.87% | 1,911,342.53 | 0.19% | 156.07% | Gross Profit Margin Changes for Key Products and Regions | Category | Item | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Liquor Sales | 68.73% | -43.65% | -33.82% | -4.64% | | **By Product** | Neican Series | 88.90% | -35.81% | -40.47% | 0.87% | | | Jiugui Series | 73.17% | -51.01% | -45.74% | -2.61% | | | Other Series | 47.57% | -28.84% | -5.60% | -12.91% | | **By Region** | North China | 72.92% | -39.62% | -35.43% | -1.76% | | | East China | 60.63% | -45.69% | -33.95% | -7.00% | | | Central China | 69.22% | -42.53% | -28.28% | -6.12% | [Analysis of Non-Principal Business](index=14&type=section&id=Analysis%20of%20Non-Principal%20Business) The company had no non-principal business analysis during the reporting period [Analysis of Assets and Liabilities](index=15&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, both the company's total assets and net assets attributable to shareholders decreased, with a **6.52%** decrease in monetary funds, an increase in inventory and construction in progress, and a **2.08%** decrease in contract liabilities Significant Changes in Asset Composition | Item | Current Period-End Amount (yuan) | Proportion of Total Assets | Prior Year-End Amount (yuan) | Proportion of Total Assets | Proportion Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 892,163,945.15 | 18.10% | 1,250,655,066.01 | 24.62% | -6.52% | | Accounts Receivable | 2,467,362.63 | 0.05% | 13,404.53 | 0.00% | 0.05% | | Inventories | 1,817,759,618.10 | 36.87% | 1,751,179,120.57 | 34.48% | 2.39% | | Construction in Progress | 806,855,046.57 | 16.37% | 720,601,165.24 | 14.19% | 2.18% | | Contract Liabilities | 135,459,854.88 | 2.75% | 245,083,696.07 | 4.83% | -2.08% | - As of the end of the reporting period, there were no restrictions on the company's asset rights[47](index=47&type=chunk) [Analysis of Investment Status](index=15&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company had no significant equity investments, non-equity investments, securities investments, or derivative investments, nor any use of raised funds - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) [Significant Asset and Equity Disposals](index=16&type=section&id=Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not undertake any significant asset or equity disposals - The company did not dispose of significant assets or equity during the reporting period[51](index=51&type=chunk)[52](index=52&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's main subsidiaries include Jiugui Liquor Sales Co., Ltd. and Jiugui Liquor Fuyu-fragrance Technology (Hunan) Co., Ltd., with Jiugui Liquor Sales Co. reporting a net loss in the first half, while Jiugui Liquor Fuyu-fragrance Technology Co. achieved a net profit of **13,717,729.87 yuan** Financial Performance of Major Subsidiaries (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiugui Liquor Sales Co., Ltd. | Subsidiary | Wholesale and Sales | 100,000,000.00 | 1,678,154,767.53 | 1,235,590,894.23 | 502,761,931.57 | -7,840,113.77 | -5,964,959.55 | | Jiugui Liquor Fuyu-fragrance Technology (Hunan) Co., Ltd. | Subsidiary | Liquor Product Production | 150,000,000.00 | 305,872,464.89 | 195,705,750.93 | 53,018,419.48 | 18,288,231.02 | 13,717,729.87 | - The company did not acquire or dispose of any subsidiaries during the reporting period[53](index=53&type=chunk) [Structured Entities Controlled by the Company](index=17&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no structured entities under its control - The company had no structured entities under its control during the reporting period[54](index=54&type=chunk) [Risks Faced by the Company and Countermeasures](index=17&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from intensified competition in the baijiu industry and the long transition period for new and old growth drivers during strategic transformation; to address these, the company will strengthen team conduct, maintain differentiated brand positioning, advance a "two lows, one small" product strategy, and deepen channel BC linkage and "mine-sweeping" actions - The company faces risks from the deep adjustment and intensified competition in the baijiu industry, as well as a relatively long transition period for new and old growth drivers during its strategic transformation[54](index=54&type=chunk) - Countermeasures include: in terms of brand, adhering to differentiated positioning, deepening brand-sales synergy, and anchoring its brand positioning as a leader in mid-to-high-end baijiu and Chinese cultural baijiu[55](index=55&type=chunk) - In terms of products, promoting the implementation of the "two lows, one small" product strategy to meet the needs of younger consumers, streamlining SKUs, and optimizing the product matrix[56](index=56&type=chunk) - In terms of channels, advancing the high-profit BC linkage channel model, continuously carrying out "mine-sweeping" actions, strengthening refined construction in the Hunan local market, and deeply cultivating provincial and county-level markets outside Hunan[56](index=56&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not established a market value management system nor disclosed a valuation enhancement plan - The company has not established a market value management system nor disclosed a valuation enhancement plan[57](index=57&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=18&type=section&id=Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Enhancement%E2%80%9D%20Action%20Plan) The company has not disclosed an announcement regarding its "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding its "Quality and Return Dual Enhancement" action plan[57](index=57&type=chunk) [Section IV Corporate Governance, Environment and Society](index=19&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive measures, and environmental information disclosure [Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were changes in the company's board of directors, with Xu Fei resigning as director due to work changes and Cheng Jun being elected as director due to work requirements Changes in Directors | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Xu Fei | Director | Resignation | June 25, 2025 | Work change | | Cheng Jun | Director | Election | June 25, 2025 | Work requirement | [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=19&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[60](index=60&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[61](index=61&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries are included in the list of enterprises required to disclose environmental information, and Jiugui Liquor Co., Ltd. has disclosed its environmental information report, which can be accessed via the designated website - The listed company and its major subsidiaries are included in the list of enterprises required to disclose environmental information, totaling **1** entity[62](index=62&type=chunk) - Jiugui Liquor Co., Ltd. has disclosed its environmental information disclosure report, with the query index available at http://yfpl.sthjt.hunan.gov.cn:8181/hnyfpl/frontal/index.html/home/enterpriseInfo?XTXH=1f431ba5-9241-4525-9b00-5e928b070470&XH=1676906131317026324992&year=2024&reportType=1[62](index=62&type=chunk) [Section V Significant Matters](index=20&type=section&id=Section%20V%20Significant%20Matters) This section covers commitments, non-operating funds occupied by related parties, external guarantees, accounting firm appointments, audit reports, bankruptcy reorganization, litigation, penalties, integrity status, related party transactions, significant contracts, and other significant matters [Commitments](index=20&type=section&id=Commitments) During the reporting period, there were no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company that had been fulfilled or were overdue and unfulfilled as of the end of the reporting period - The company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[64](index=64&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=20&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties of the listed company - The company had no non-operating funds occupied by the controlling shareholder and other related parties of the listed company during the reporting period[65](index=65&type=chunk) [Irregular External Guarantees](index=20&type=section&id=Irregular%20External%20Guarantees) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[66](index=66&type=chunk) [Appointment and Dismissal of Accounting Firms](index=20&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[67](index=67&type=chunk) [Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" from Accounting Firm](index=20&type=section&id=Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20from%20Accounting%20Firm) The company had no non-standard audit report during the reporting period [Board of Directors' Explanation on "Non-Standard Audit Report" from Previous Year](index=20&type=section&id=Board%20of%20Directors%27%20Explanation%20on%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20from%20Previous%20Year) The company had no non-standard audit report during the reporting period [Bankruptcy Reorganization Matters](index=20&type=section&id=Bankruptcy%20Reorganization%20Matters) The company did not experience any bankruptcy reorganization matters during the reporting period - The company did not experience any bankruptcy reorganization matters during the reporting period[68](index=68&type=chunk) [Litigation Matters](index=20&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters or other litigation matters during this reporting period - The company had no significant litigation or arbitration matters during this reporting period[69](index=69&type=chunk) [Penalties and Rectification](index=21&type=section&id=Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[70](index=70&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=21&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company had no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period - The company had no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[71](index=71&type=chunk) [Significant Related Party Transactions](index=21&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in various daily operating related party transactions, including purchasing raw materials, receiving services, selling goods, and leasing properties, with the purchase of engineering equipment from Wuxi COFCO Engineering Technology Co., Ltd. exceeding the approved limit, and the company maintaining deposit accounts with COFCO Finance Co. Related Party Transactions Related to Daily Operations (Purchase of Goods/Receipt of Services) | Related Party | Related Transaction Content | Related Transaction Amount (10,000 yuan) | Proportion of Similar Transactions | Approved Transaction Limit (10,000 yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Rice Industry (Xiantao) Co., Ltd. | Purchase of rice and other raw materials | 635.53 | 22.68% | 1,100 | No | | COFCO Rice Industry (Yueyang) Co., Ltd. | Purchase of rice and other raw materials | 241.16 | 8.61% | 550 | No | | COFCO Trading Nanliang (Yueyang) Co., Ltd. | Purchase of rice and other raw materials | 154.15 | 5.50% | 1,700 | No | | Chinatex International Garment Co., Ltd. | Purchase of work uniforms | 8.9 | 0.32% | 80 | No | | Wuxi COFCO Engineering Technology Co., Ltd. | Purchase of engineering equipment | 1,762.5 | 62.90% | 1,093.81 | Yes | | COFCO Exhibition (Tianjin) Co., Ltd. | Advertising services | 27.69 | 3.83% | 53 | No | | COFCO Information Technology Co., Ltd. | IT system services | 67.44 | 9.33% | 356.37 | No | | COFCO Nutrition and Health Research Institute Co., Ltd. | Technology R&D services | 577 | 79.82% | 988.76 | No | | Aviva-COFCO Life Insurance Co., Ltd. Beijing Branch | Employee commercial insurance services | 50.71 | 7.02% | 72.76 | No | Related Party Transactions Related to Daily Operations (Sale of Goods/Provision of Services) | Related Party | Related Transaction Content | Related Transaction Amount (10,000 yuan) | Proportion of Similar Transactions | Approved Transaction Limit (10,000 yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Wine & Spirits International Co., Ltd. | Sale of baijiu products | 12.11 | 14.15% | 500 | No | | COFCO Food Marketing Co., Ltd. | Sale of baijiu products | 62.24 | 72.71% | 75.23 | No | | COFCO Capital Technology Co., Ltd. | Sale of baijiu products | 7.49 | 8.75% | 220 | No | | Other subsidiaries of COFCO Group Co., Ltd. | Sale of baijiu products | 3.76 | 4.39% | 210 | No | | Hunan China Tea Co., Ltd. | Property lease | 12.26 | 55.08% | 27.92 | No | | COFCO Food Penglai Co., Ltd. | Property lease | 9.35 | 42.00% | 20.37 | No | | China Tea Hunan Anhua First Tea Factory Co., Ltd. | Property lease | 0.65 | 2.92% | 0 | Yes | Dealings with Related Financial Companies (Deposit Business) | Related Party | Related Relationship | Maximum Daily Deposit Limit (10,000 yuan) | Deposit Interest Rate Range | Beginning Balance (10,000 yuan) | Total Deposits This Period (10,000 yuan) | Total Withdrawals This Period (10,000 yuan) | Ending Balance (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Finance Co., Ltd. | Same level controller | 100,000 | 0.35%-2.00% | 60,526.82 | 61,979.15 | 92,415.53 | 30,170.96 | - The company had no related party transactions involving asset or equity acquisition/disposal, joint external investments, or related party creditor-debtor relationships during the reporting period[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) [Significant Contracts and Their Performance](index=23&type=section&id=Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no trusteeship, contracting, or leasing matters, nor any significant guarantees, entrusted wealth management, or other significant contracts - The company had no trusteeship, contracting, or leasing situations during the reporting period[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - The company had no significant guarantees, entrusted wealth management, or other significant contracts during the reporting period[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) [Explanation of Other Significant Matters](index=24&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[86](index=86&type=chunk) [Significant Matters of Company Subsidiaries](index=24&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[87](index=87&type=chunk) [Section VI Share Changes and Shareholder Information](index=25&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share changes, securities issuance and listing, shareholder numbers and shareholding status, changes in shareholdings of directors, supervisors, and senior management, and changes in controlling shareholder or actual controller [Share Change Status](index=25&type=section&id=Share%20Change%20Status) During the reporting period, there were no changes in the company's total share capital, restricted shares, or unrestricted shares Share Change Status | Item | Number Before This Change (shares) | Increase/Decrease in This Change (+, -) | Number After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 28,500 | 0 | 28,500 | | II. Unrestricted Shares | 324,900,480.00 | 0 | 324,900,480.00 | | III. Total Shares | 324,928,980.00 | 0 | 324,928,980.00 | - During the reporting period, the reasons for share changes, approval status, transfer status, progress of share repurchase implementation, and impact on financial indicators were all not applicable or unchanged[90](index=90&type=chunk)[91](index=91&type=chunk) [Securities Issuance and Listing](index=26&type=section&id=Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance and listing activities - The company had no securities issuance and listing activities during the reporting period[91](index=91&type=chunk) [Number of Shareholders and Shareholding Status](index=26&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the total number of common shareholders was **136,039** accounts, with Zhonghuang Co., Ltd. as the largest shareholder holding **31.00%** of shares, and China Merchants CSI Liquor Index Graded Fund (managed by Bank of China Ltd.) holding **4.91%** among the top ten shareholders - At the end of the reporting period, the total number of common shareholders was **136,039** accounts[92](index=92&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Change During Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhonghuang Co., Ltd. | State-owned Legal Person | 31.00% | 100,727,291.00 | 0 | 100,727,291.00 | | Bank of China Ltd. - China Merchants CSI Liquor Index Graded Fund | Other | 4.91% | 15,947,453.00 | 0 | 15,947,453.00 | | China Construction Bank Corp. - Penghua CSI Liquor ETF | Other | 1.45% | 4,706,230.00 | 534,401 | 4,706,230.00 | | Zhang Shouqing | Domestic Natural Person | 0.63% | 2,050,000.00 | 0 | 2,050,000.00 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.50% | 1,631,873.00 | 62,679 | 1,631,873.00 | - There are no related party relationships between the company's legal person shareholders, and they do not constitute parties acting in concert[93](index=93&type=chunk) - The company is unaware of any related party relationships between the top ten public shareholders, or between public shareholders and legal person shareholders, nor is it aware if public shareholders constitute parties acting in concert[93](index=93&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=27&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[94](index=94&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=28&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[95](index=95&type=chunk) - The company's actual controller did not change during the reporting period[95](index=95&type=chunk) [Preferred Share Information](index=28&type=section&id=Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[96](index=96&type=chunk) [Section VII Bond-Related Information](index=29&type=section&id=Section%20VII%20Bond-Related%20Information) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[98](index=98&type=chunk) [Section VIII Financial Report](index=30&type=section&id=Section%20VIII%20Financial%20Report) This section includes the audit report, financial statements, company overview, basis of financial statement preparation, significant accounting policies and estimates, taxation, notes to consolidated financial statement items, R&D expenses, changes in consolidation scope, interests in other entities, government grants, risks related to financial instruments, fair value disclosure, related parties and related party transactions, commitments and contingencies, notes to parent company financial statement items, and supplementary information [Audit Report](index=30&type=section&id=Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[100](index=100&type=chunk) [Financial Statements](index=30&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[101](index=101&type=chunk)[105](index=105&type=chunk)[107](index=107&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[120](index=120&type=chunk) [Company Overview](index=49&type=section&id=Company%20Overview) Jiugui Liquor Co., Ltd. was established on April 28, 1997, listed on the Shenzhen Stock Exchange on July 18, 1997, with stock code 000799, primarily engaged in the production and sale of liquor products, with Zhonghuang Co., Ltd. as its parent company and COFCO Group Co., Ltd. as its actual controller - Jiugui Liquor Co., Ltd. was established on April 28, 1997, with approval from the Hunan Provincial People's Government, and listed on the Shenzhen Stock Exchange on July 18, 1997, with stock code 000799[129](index=129&type=chunk) - The company primarily engages in the production and sale of liquor products, with its main products being the "Neican," "Jiugui," and "Xiangquan" series, belonging to the food processing industry[131](index=131&type=chunk)[132](index=132&type=chunk) - The company's parent company is Zhonghuang Co., Ltd., and its actual controller is COFCO Group Co., Ltd[133](index=133&type=chunk) [Basis of Financial Statement Preparation](index=49&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared on a going concern basis, in accordance with actual transactions, enterprise accounting standards, and significant accounting policies and estimates; the company's management has assessed its ability to continue as a going concern for 12 months from the end of the reporting period, with no significant doubts - These financial statements are prepared on a going concern basis, in accordance with actual transactions, relevant provisions of enterprise accounting standards, and based on significant accounting policies and estimates[136](index=136&type=chunk) - The company's management has assessed its ability to continue as a going concern for 12 months from the end of the reporting period, and there are no matters or circumstances that may cast significant doubt on the going concern assumption[137](index=137&type=chunk) [Significant Accounting Policies and Estimates](index=50&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, various receivables, inventories, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, contract liabilities, employee benefits, provisions, revenue recognition, contract costs, government grants, deferred tax assets/liabilities, and leases, which are the significant accounting policies and estimates followed in preparing the company's financial statements - The company's financial statements comply with the latest enterprise accounting standards, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance, and refer to the presentation and disclosure requirements of the "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (Revised in 2023) issued by the CSRC[138](index=138&type=chunk) - The company uses **12 months** as an operating cycle and as the standard for classifying assets and liabilities as current or non-current[140](index=140&type=chunk) - The company classifies financial assets based on the business model for managing financial assets and the characteristics of their cash flows, categorizing them as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[156](index=156&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, meaning when the customer obtains control of the relevant goods; the main sales model for goods is pre-collection sales, with revenue recognized upon delivery and customer acceptance as required by the buyer[230](index=230&type=chunk)[238](index=238&type=chunk) - The company's fixed assets are recorded at actual cost upon acquisition and depreciated using the straight-line method from the month following their readiness for intended use[216](index=216&type=chunk) [Taxation](index=71&type=section&id=Taxation) This section lists the company's main tax categories and rates, including value-added tax, consumption tax, urban maintenance and construction tax, enterprise income tax, education surcharge, and local education surcharge Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | 13.00% | | Consumption Tax | Sales amount of taxable consumer goods (ad valorem) | 20.00% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7.00% | | Enterprise Income Tax | Taxable income | 25.00% | | Education Surcharge | Amount of turnover tax payable | 3.00% | | Local Education Surcharge | Amount of turnover tax payable | 2.00% | [Notes to Consolidated Financial Statement Items](index=71&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures of the period-end balances, beginning balances, and current period changes for major items in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, operating revenue, and costs, with explanations for significant changes Period-End Balance of Monetary Funds | Item | Period-End Balance (yuan) | | :--- | :--- | | Bank Deposits | 590,254,698.16 | | Other Monetary Funds | 199,633.66 | | Funds Deposited with Financial Company | 301,709,613.33 | | Total | 892,163,945.15 | - At period-end, there was a POS machine deposit of **1,800.00 yuan** with restricted use; apart from this, there were no other pledged, mortgaged, frozen, or otherwise restricted funds, nor any funds held overseas with restricted repatriation[260](index=260&type=chunk) Classification of Notes Receivable | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 38,967,978.00 | 15,695,560.00 | | Bank Acceptance Bills - Expected Credit Impairment Loss | -389,679.78 | -156,955.60 | | Total | 38,578,298.22 | 15,538,604.40 | Period-End Balance of Inventory Classification | Item | Book Balance (yuan) | Inventory Impairment Provision (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 56,405,637.14 | 2,474,518.17 | 53,931,118.97 | | Work in Progress | 25,743,195.57 | 0 | 25,743,195.57 | | Finished Goods | 438,896,532.61 | 24,438,746.98 | 414,457,785.63 | | Goods in Transit | 1,069,446.12 | 0 | 1,069,446.12 | | Self-Produced Semi-Finished Goods | 1,322,558,071.81 | 0 | 1,322,558,071.81 | | Total | 1,844,672,883.25 | 26,913,265.15 | 1,817,759,618.10 | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Principal Business | 557,715,239.92 | 174,386,992.83 | 989,772,022.32 | 263,516,267.90 | | Other Business | 3,592,662.92 | 1,986,889.92 | 4,376,972.56 | 1,440,694.49 | | Total | 561,307,902.84 | 176,373,882.75 | 994,148,994.88 | 264,956,962.39 | Supplementary Information to Cash Flow Statement (Net Cash Flow from Operating Activities) | Supplementary Information | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Profit | 8,954,974.85 | 121,019,636.34 | | Add: Asset Impairment Provisions | 5,473,960.25 | 2,785,451.61 | | Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, Depreciation of Productive Biological Assets | 27,798,291.78 | 22,199,405.51 | | Amortization of Intangible Assets | 26,724,932.94 | 6,125,948.29 | | Financial Expenses (Income presented with a "－" sign) | 34,154.32 | 68,433.35 | | Investment Losses (Income presented with a "－" sign) | 396,377.30 | 262,271.07 | | Net Cash Flow from Operating Activities | -234,159,276.31 | -208,641,408.58 | [Research and Development Expenses](index=96&type=section&id=Research%20and%20Development%20Expenses) The company's total R&D expenditure for this reporting period was **8,400,812.79 yuan**, all of which was expensed, primarily comprising outsourced cooperation expenses and employee compensation R&D Expenditure Composition | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Outsourced Cooperation Expenses | 6,170,000.00 | 6,090,000.00 | | Employee Compensation | 2,010,406.94 | 4,866,836.80 | | Materials and Other | 220,405.85 | 534,171.13 | | Total | 8,400,812.79 | 11,491,007.93 | | Of which: Expensed R&D Expenditure | 8,400,812.79 | 11,491,007.93 | [Changes in Consolidation Scope](index=97&type=section&id=Changes%20in%20Consolidation%20Scope) During this reporting period, the company had no business combinations under non-common control or common control, thus the scope of consolidation remained unchanged - The company had no business combinations under non-common control during this reporting period[410](index=410&type=chunk) - The company had no business combinations under common control during this reporting period[411](index=411&type=chunk) [Interests in Other Entities](index=97&type=section&id=Interests%20in%20Other%20Entities) The company owns subsidiaries including Jiugui Liquor Sales Co., Ltd., Shenzhen Lixinyuan Technology Investment Co., Ltd., and Jiugui Liquor Fuyu-fragrance Technology (Hunan) Co., Ltd.; additionally, the company holds a **50%** equity stake in Jiugui Dongcang Liquor Sales Co., Ltd., accounted for using the equity method Composition of Enterprise Group (Subsidiaries) | Subsidiary Name | Registered Capital (yuan) | Shareholding Ratio (Direct) | | :--- | :--- | :--- | | Jiugui Liquor Sales Co., Ltd. | 100,000,000.00 | 100.00% | | Shenzhen Lixinyuan Technology Investment Co., Ltd. | 150,000,000.00 | 97.00% | | Jiugui Liquor Fuyu-fragrance Technology (Hunan) Co., Ltd. | 500,000,000.00 | 100.00% | Important Joint Ventures or Associates | Joint Venture or Associate Name | Main Operating Location | Business Nature | Shareholding Ratio (Direct) | Accounting Method | | :--- | :--- | :--- | :--- | :--- | | Jiugui Dongcang Liquor Sales Co., Ltd. | Zhuhai, Guangdong | Wholesale and Retail | 50.00% | Equity Method | Key Financial Information of Important Joint Ventures (Jiugui Dongcang Liquor Sales Co., Ltd.) | Item | Period-End Balance/Current Period Amount (yuan) | | :--- | :--- | | Current Assets | 60,292,055.53 | | Total Assets | 60,292,055.53 | | Current Liabilities | 279,562.54 | | Total Liabilities | 279,562.54 | | Equity Attributable to Parent Company Shareholders | 60,012,492.99 | | Net Asset Share Calculated by Shareholding Ratio | 30,006,246.50 | | Net Profit | -727,183.59 | | Total Comprehensive Income | -727,183.59 | [Government Grants](index=99&type=section&id=Government%20Grants) During this reporting period, the company received **408,057.90 yuan** in asset-related government grants and **231,500.00 yuan** in income-related government grants, totaling **639,557.90 yuan**, primarily for environmental subsidies for wastewater treatment plants and boiler energy-saving renovation projects Liability Items Involving Government Grants | Accounting Account | Beginning Balance (yuan) | Amount Transferred to Other Income This Period (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Environmental Special Subsidy for Wastewater Treatment Plant | 2,259,090.58 | 53,787.88 | 2,205,302.70 | Asset-related | | Boiler Energy-Saving Renovation Project | 390,000.00 | 195,000.00 | 195,000.00 | Asset-related | | Science, Technology and Industrial Informatization Bureau Award | 3,257,698.33 | 36,603.35 | 3,221,094.98 | Asset-related | | Total | 12,537,122.14 | 408,057.90 | 12,129,064.24 | | Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 408,057.90 | 371,454.54 | | Income-related | 231,500.00 | 5,500,226.32 | | Total | 639,557.90 | 5,871,680.86 | [Risks Related to Financial Instruments](index=100&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company's main financial instruments include monetary funds, notes receivable, and accounts receivable, facing credit risk, liquidity risk, and market risk, which are managed through credit reviews, continuous monitoring of accounts receivable, and maintaining sufficient cash flow; the company has no significant interest rate or exchange rate risks - The company's main financial instruments include monetary funds, notes receivable, accounts receivable, other receivables, etc., primarily for financing company operations[418](index=418&type=chunk) - The main risks arising from the company's financial instruments are credit risk, liquidity risk, and market risk[419](index=419&type=chunk) - The company manages credit risk by conducting credit reviews of customers and continuously monitoring accounts receivable balances, and manages liquidity risk by maintaining sufficient cash and cash equivalents[421](index=421&type=chunk)[422](index=422&type=chunk)[423](index=423&type=chunk) - The company has no significant interest-bearing assets, and bank deposit base rates are subject to People's Bank of China regulations, thus it does not face significant interest rate risk[426](index=426&type=chunk) - The company has no significant foreign currency transactions and therefore no exchange rate risk due to exchange rate fluctuations[428](index=428&type=chunk) Financial Asset Classification and Book Value (June 30, 2025) | Financial Asset Item | Measured at Amortized Cost (yuan) | Financial Assets Measured at Fair Value Through Other Comprehensive Income (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | | Monetary Funds | 892,163,945.15 | 0 | 892,163,945.15 | | Notes Receivable | 38,578,298.22 | 0 | 38,578,298.22 | | Accounts Receivable | 2,467,362.63 | 0 | 2,467,362.63 | | Receivables Financing | 0 | 117,972,576.38 | 117,972,576.38 | | Other Receivables | 18,480,830.77 | 0 | 18,480,830.77 | | Total | 951,690,436.77 | 117,972,576.38 | 1,069,663,013.15 | [Disclosure of Fair Value](index=104&type=section&id=Disclosure%20of%20Fair%20Value) At period-end, the company's assets measured at fair value primarily consisted of receivables financing (bank acceptance bills) amounting to **117,972,576.38 yuan**, measured at Level 3 fair value using the face amount as fair value Period-End Fair Value of Assets Measured at Fair Value | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | (I) Receivables Financing | 117,972,576.38 | 117,972,576.38 | | Of which: Bank Acceptance Bills | 117,972,576.38 | 117,972,576.38 | - The company's receivables financing consists of bank acceptance bills, which are measured at face amount as fair value because the probability of loss is very small and the recoverable amount is essentially certain, thus classified as Level 3 fair value measurement items[438](index=438&type=chunk) [Related Parties and Related Party Transactions](index=104&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) The company's parent company is Zhonghuang Co., Ltd., and its actual controller is COFCO Group Co., Ltd.; during the reporting period, the company engaged in daily related party transactions with multiple COFCO Group subsidiaries, including purchasing and selling goods, and providing and receiving services, with disclosure of key management personnel compensation and deposits with COFCO Finance Co. - The ultimate controlling party of this enterprise is COFCO Group Co., Ltd[439](index=439&type=chunk) - The company engaged in transactions for purchasing goods and receiving services with related parties such as COFCO Rice Industry (Xiantao) Co., Ltd., Wuxi COFCO Engineering Technology Co., Ltd., and COFCO Nutrition and Health Research Institute Co., Ltd[445](index=445&type=chunk) - The company sold baijiu products to related parties such as COFCO Wine & Spirits International Co., Ltd. and COFCO Food Marketing Co., Ltd., and provided property leasing services to Hunan China Tea Co., Ltd. and others[444](index=444&type=chunk) - As of June 30, 2025, the company had **302 million yuan** in time deposits and **2 million yuan** in demand deposits with COFCO Finance Co[448](index=448&type=chunk) Key Management Personnel Compensation | Item | Current Period Amount (10,000 yuan) | Prior Period Amount (10,000 yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 221.59 | 151.34 | [Commitments and Contingencies](index=108&type=section&id=Commitments%20and%20Contingencies) As of June 30, 2025, the company had no significant commitments that would materially affect its financial statements and operating results, nor any significant contingencies requiring disclosure - As of June 30, 2025, no commitment matters had occurred that would materially affect the company's financial statements and operating results[454](index=454&type=chunk) - As of June 30, 2025, the company had no significant contingencies requiring disclosure[455](index=455&type=chunk) [Notes to Parent Company Financial Statement Items](index=109&type=section&id=Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed disclosures of the period-end balances, beginning balances, and current period changes for major items in the parent company's financial statements, including other receivables, long-term equity investments, operating revenue and costs, and investment income Parent Company Other Receivables Period-End Balance | Item | Period-End Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Other Receivables | 5,034,460.06 | 4,553,826.27 | | Total | 5,034,460.06 | 4,553,826.27 | Parent Company Long-Term Equity Investments Period-End Balance | Item | Book Value (yuan) | | :--- | :--- | | Investments in Subsidiaries | 362,169,837.77 | | Investments in Joint Ventures and Associates | 30,006,246.50 | | Total | 392,176,084.27 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | | :--- | :--- | :--- | | Principal Business | 404,068,634.98 | 183,186,245.92 | | Other Business | 4,088,752.50 | 1,827,542.88 | | Total | 408,157,387.48 | 185,013,788.80 | Parent Company Investment Income | Item | Current Period Amount (yuan) | | :--- | :--- | | Investment Income from Long-Term Equity Investments Accounted for Using Equity Method | -363,591.79 | | Interest Income from Other Debt Investments Held During the Period | 1,233.48 | | Total | -362,358.31 | [Supplementary Information](index=113&type=section&id=Supplementary%20Information) This section provides a detailed statement of non-recurring gains and losses, net asset return, and earnings per share, and confirms no differences in accounting data under domestic and overseas accounting standards Current Period Non-Recurring Gains and Losses Detailed Statement | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -7,335.57 | | Government Grants Recognized in Current Profit or Loss | 701,807.90 | | Other Non-Operating Income and Expenses Apart from the Above | 17,847.69 | | Less: Income Tax Impact | 178,080.01 | | Total | 534,240.01 | Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 0.23% | 0.0276 | 0.0276 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 0.21% | 0.0259 | 0.0259 | - The company has no differences in net profit and net assets between financial reports disclosed simultaneously under International Accounting Standards and Chinese Accounting Standards, nor between financial reports disclosed simultaneously under overseas accounting standards and Chinese Accounting Standards[481](index=481&type=chunk) [Section IX Other Submitted Data](index=115&type=section&id=Section%20IX%20Other%20Submitted%20Data) This section covers other significant social security issues, the registration form for research, communication, and interview activities during the reporting period, and fund movements between the listed company and its controlling shareholder and other related parties [Other Significant Social Security Issues](index=115&type=section&id=Other%20Significant%20Social%20Security%20Issues) The company and its subsidiaries have no other significant social security issues and were not subject to administrative penalties during the reporting period - The listed company and its subsidiaries have no other significant social security issues[483](index=483&type=chunk) - The company was not subject to administrative penalties during the reporting period[483](index=483&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=115&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) On May 27, 2025, the company hosted investors for the 2024 Annual Report Online Performance Briefing via an online platform, primarily to discuss the company's production and operation, without providing additional materials Research Activities During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Reception Object | Reception Object | Main Content Discussed and Materials Provided | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | May 27, 2025 | Jiugui Liquor Building | Online platform virtual exchange | Individual | All investors participating in Jiugui Liquor's 2024 Annual Report Online Performance Briefing | Understanding the company's production and operation, no materials provided | See "Jiugui Liquor Investor Relations Activity Information Record Form" disclosed on Juchao Information Network on May 28, 2025 | [Fund Movements Between Listed Company and Controlling Shareholder and Other Related Parties](index=115&type=section&id=Fund%20Movements%20Between%20Listed%20Company%20and%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) The company has operational fund movements with its controlling shareholder and other related parties, with a significant ending balance of **30,170.96 10,000 yuan** with COFCO Finance Co., Ltd. Fund Movements Between Listed Company and Controlling Shareholder and Other Related Parties | Counterparty Name | Nature of Movement | Beginning Balance (10,000 yuan) | Amount Incurred This Period (10,000 yuan) | Amount Repaid This Period (10,000 yuan) | Ending Balance (10,000 yuan) | Interest Income (10,000 yuan) | Interest Expense (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | COFCO Agri-Tech (Beijing) Co., Ltd. | Operational Movement | 11.17 | 0 | 0 | 11.17 | 0 | 0 | | COFCO Food Marketing Co., Ltd. | Operational Movement | 0 | 29.71 | 0 | 29.71 | 0 | 0 | | Wuxi COFCO Engineering Technology Co., Ltd. | Operational Movement | 618 | -618 | 0 | 0 | 0 | 0 | | COFCO Exhibition (Tianjin) Co., Ltd. | Operational Movement | 1.33 | -1.33 | 0 | 0 | 0 | 0 | | COFCO Information Technology Co., Ltd. | Operational Movement | 0 | 57.24 | 0 | 57.24 | 0 | 0 | | COFCO Finance Co., Ltd. | Operational Movement | 60,526.82 | 61,979.15 | 92,415.53 | 30,170.96 | 80.52 | 0 | | Total | -- | 61,157.32 | 61,446.77 | 92,415.53 | 30,269.08 | 80.52 | 0 |

证券代码：000799 证券简称：酒鬼酒 公告编号：2025-20 酒鬼酒股份有限公司 第九届董事会第九次会议决议公告 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 董事会第九次会议通知于 2025 年 8 月 11 日前以电子邮件或短信息等 书面方式发出，会议于 2025 年 8 月 21 日在吉首市公司综合楼三楼会 议室以现场和视频与通讯表决方式召开。会议应出席董事 9 人，实际 出席会议董事 9 人，公司部分高管人员列席会议。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 2、审议并通过《关于公司组织架构调整的议案》 公司对组织架构进行调整，实施扁平化管理以减少管理层级，由 四级调整为三级，撤并部分中心部门，调整后划分为三大部分：职能 体系、工厂体系、营销体系，进一步优化人力资源配置，提高决策效 率。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 3、审议并通过《关于与中粮财务公司关联存、贷 ...

New Stock Listings - New stock "能之光" (Code: 920056) listed at an issue price of 7.21 on August 22, 2025[1] - "申科股份" (Code: 002633) has a tender offer period from July 29 to August 27, 2025[1] - "抚顺特钢" (Code: 600399) has a tender offer period from August 12 to September 10, 2025[1] Abnormal Fluctuations - "赛诺医疗" (Code: 688108) reported severe abnormal fluctuations on August 19, 2025[1] - "ST苏吴" (Code: 600200) announced abnormal fluctuations on August 21, 2025[1] - "汇嘉时代" (Code: 603101) reported abnormal fluctuations on August 22, 2025[1] Other Notable Announcements - "酒鬼酒" (Code: 000799) reported an announcement on August 21, 2025[1] - "国机精工" (Code: 002046) had an announcement on August 21, 2025[1] - "全柴动力" (Code: 600218) reported an announcement on August 21, 2025[1]

Group 1 - The liquor sector experienced a broad rally, with the index closing at 2537.44, up 2.5% on August 20, 2023, driven by multiple favorable factors [2][3] - Analysts attribute the rapid rise in the liquor sector to three main factors: policy signals indicating a relaxation of consumption restrictions, the upcoming Mid-Autumn Festival boosting consumption expectations, and the perception of a market rebound after previous declines [2][3] - The recent State Council meeting emphasized the need to stimulate consumption and remove restrictive measures, which analysts believe has bolstered confidence in the liquor sector [3] Group 2 - The liquor sector has seen significant price fluctuations, with stocks like JiuGuiJiu and SheDeJiuYe experiencing substantial gains, attributed to their smaller market capitalization and higher elasticity [3][5] - Major liquor companies like Kweichow Moutai and Wuliangye have increased their dividend payouts, indicating a strong commitment to shareholder returns, with Wuliangye planning to distribute a total of 223 billion yuan in dividends for 2024 [5] - Analysts suggest that the liquor industry is currently in a bottoming phase, with leading companies adjusting their channel structures to enhance market capabilities, which may lead to growth opportunities as consumer confidence improves [6]

Group 1 - The stock of Jiu Gui Jiu Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over two consecutive trading days on August 19 and August 20, 2025 [1] - The company's board of directors conducted a verification regarding the abnormal stock trading, confirming that there are no undisclosed significant information or major matters in planning that could impact the stock price [1][1] - The board also stated that there are no matters that should have been disclosed according to the Shenzhen Stock Exchange's listing rules that have not been disclosed, and previous disclosures do not require correction or supplementation [1][1]