Core Viewpoint - The collaboration between Jiugui Liquor and Pang Donglai has generated significant market interest, leading to a surge in Jiugui's stock price and market capitalization, indicating strong investor confidence in the potential success of their joint product launch [2][5]. Company Summary - Jiugui Liquor's stock price reached a limit up on June 30, closing at 43.99 yuan per share, resulting in a market value increase of 920 million yuan in one day [2]. - The partnership with Pang Donglai aims to enhance Jiugui's market presence and product innovation, with plans for deep collaboration in retail channel expansion and product promotion [5]. - Jiugui's revenue fell by 49.7% year-on-year, and net profit plummeted by 97.72%, highlighting the urgent need for revitalization through strategic partnerships [5]. Industry Summary - The collaboration represents a trend of traditional liquor companies partnering with retail platforms, reshaping distribution channels and power structures within the industry [4]. - The rise of new retail, particularly instant retail, is transforming the liquor market, with significant sales growth observed during events like the 618 shopping festival, where liquor sales on instant retail platforms surged dramatically [7][11]. - The industry is witnessing a shift towards direct sales models, with leading liquor companies increasing their direct-to-consumer strategies to enhance profit margins and control over distribution [10][13].

Core Viewpoint - The A-share market showed a strong performance on the last trading day of June, with notable gains in the military, pharmaceutical, and photovoltaic sectors. The pharmaceutical commercial sector saw significant late-session gains, while the liquor sector experienced a sudden surge in stock prices. Additionally, computing hardware stocks reached historical highs, indicating a positive market sentiment overall [1][2]. Group 1: Pharmaceutical Sector - The pharmaceutical commercial sector experienced a late surge, with stocks like Huaren Health rising from a near 5% drop to a nearly 7% increase, closing up 4.61% [1]. - Recent reports indicate that major liquor companies such as Wuliangye and Luzhou Laojiao are seeing good growth in banquet market scale and opening rates, with strategies focusing on lower-end and innovative products [6]. Group 2: Liquor Sector - The liquor sector saw a significant rally at 13:11, with stocks like Jiugui Liquor, Shede Liquor, and Shui Jing Fang rising by 6.88%, 3.48%, and 2.92% respectively by the end of trading [4]. - Analysts suggest that the overall valuation of the liquor sector is low, with frequent stock buybacks and increased dividend payouts expected to attract more capital inflow [6]. Group 3: Computing Hardware Sector - Computing hardware stocks were notably active, with companies like Jingwang Electronics and Xinyi Sheng reaching historical highs. Jingwang Electronics hit a limit-up, while Xinyi Sheng closed up 3.12% at 127.02 yuan per share, with a market capitalization of 126.05 billion yuan [8][10]. - The demand for optical modules is expected to exceed supply by a factor of two in 2024, driven by strong growth in the AI sector and overseas markets [11]. Group 4: Photovoltaic Sector - The photovoltaic sector showed strength, particularly in the back-contact (BC) battery segment, with stocks like Saiwu Technology hitting the limit-up and GCL-Poly Energy rising over 6% [12][13]. - The acceleration of new technologies such as BC and solid-state batteries is anticipated, with production capacity expected to exceed 100GW by the end of 2025 [15].

Group 1 - The overall liquor sector experienced a decline on June 30, but the stock of JiuGuiJiu surged, hitting a limit up in the afternoon [1] - JiuGuiJiu is set to launch a new product called "JiuGuiJiu·Freedom Love," with a capacity of 550ml and an alcohol content of 52 degrees, expected to be available in July [1][3] - The collaboration between JiuGuiJiu and the founder of Pang Donglai has been ongoing since early this year, focusing on retail channel expansion and product innovation [3] Group 2 - JiuGuiJiu's management mentioned at the 2024 annual shareholder meeting that they aim to meet diverse market demands through differentiated products and will enhance their channel value chain [3] - Pang Donglai operates 13 stores in Henan, with a total sales revenue of 16.964 billion yuan in 2024, gaining national attention for its high standards in service and product selection [3] - JiuGuiJiu is preparing to launch lower alcohol content products (33 degrees, 21 degrees, and 18 degrees) and is working on reviving the Xiangquan brand, with production capacity expected to gradually increase this year [4] Group 3 - As of June 30, JiuGuiJiu's stock price rose nearly 7%, bringing its market capitalization to over 14 billion yuan [5]

Core Viewpoint - The collaboration between Baidu and Jiugui Liquor has generated significant market interest, particularly in light of Jiugui Liquor's recent stock performance and the broader challenges facing the liquor industry [1][2][3] Group 1: Company Performance - Jiugui Liquor's stock price surged to its daily limit after the announcement of the collaboration with Baidu, closing at 44.58 yuan per share, an increase of 8.31% [1] - The company has faced substantial operational challenges, with a reported revenue of 1.42 billion yuan in 2023, a year-on-year decrease of 49.7%, and a net profit attributable to shareholders of only 10 million yuan, down 97.7% [3] - In the first quarter of 2025, Jiugui Liquor's revenue and net profit attributable to shareholders fell by 30.3% and 56.8%, respectively [3] Group 2: Market Dynamics - The stock performance of Jiugui Liquor positively influenced other major liquor companies, which saw stock price increases ranging from 1% to 4% [2] - The collaboration is seen as a potential boost for Jiugui Liquor's brand image and sales performance, especially given the success of Baidu's own brand liquor, which sold out quickly and generated sales of 500 million yuan [3] - Market sentiment appears to be shifting positively towards Jiugui Liquor and other premium liquor brands, driven by factors such as the end of negative market sentiment and the potential for sector recovery [2]

Group 1 - The liquor stocks experienced an afternoon rally, with specific companies showing significant gains [1] - Jiu Gui Jiu (000799) rose over 5%, indicating strong market interest [1] - She De Jiu Ye (600702) increased by more than 2%, reflecting positive investor sentiment [1] Group 2 - Other companies such as Huang Tai Jiu Ye (000995), Shui Jing Fang (600779), and Kou Zi Jiao (603589) also saw upward movement, suggesting a broader trend in the liquor industry [1]

Core Insights - The company is focusing on optimizing its product matrix and enhancing marketing strategies to address industry adjustments and increasing competition [1][2] - The company is implementing a "1+3" product strategy to create a comprehensive product system across different price segments, while also targeting younger consumers with a "two lows and one small" product strategy [1] - The company is committed to channel reform and brand building, establishing 15 model markets nationwide to strengthen its market presence [1][2] Product Strategy - The company is enhancing its product offerings to meet diverse market demands, particularly through differentiated products [1] - The "two lows and one small" strategy aims to attract younger consumers by focusing on low-alcohol, low-end, and small-sized products [1] Marketing and Sales Channels - The company is transforming its marketing model to improve terminal sales and streamline the product value chain [1] - A comprehensive market inspection and regional grid management system are being established to enhance market precision [1] - The company is expanding its presence in various sales channels, including dining, supermarkets, direct group purchases, e-commerce, and new retail [1] Financial Outlook - The company is expected to achieve revenue of 1.444 billion, 1.605 billion, and 1.853 billion yuan, with net profits of 53 million, 103 million, and 197 million yuan for the years 2025 to 2027 [2] - The company is optimistic about stabilizing performance and enhancing management with the addition of a new general manager [2]

证券代码：000799 证券简称：酒鬼酒 公告编号：2025-15 酒鬼酒股份有限公司董事会 2025年6月28日 1 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。 近日，酒鬼酒股份有限公司（以下简称"公司"）董事会收到符 正平先生提交的书面辞职报告，符正平先生因个人原因申请辞去公司 独立董事及董事会专门委员会相关职务，辞职后，符正平先生将不在 公司担任任何职务。截至本公告日，符正平先生未持有公司股份。 由于符正平先生的辞职将导致公司董事会中独立董事的人数占 比低于三分之一，根据《上市公司独立董事管理办法》及《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》 相关规定，符正平先生的辞职报告将在公司新任独立董事产生后生效。 在辞职报告生效之前，符正平先生将按照有关法律法规和《公司章程》 的规定继续履行独立董事及董事会专门委员会中的相关职责，公司董 事会将按照有关法规尽快完成独立董事的补选工作。 公司董事会对符正平先生在任职期间对公司作出的贡献表示衷 心感谢。 酒鬼酒股份有限公司 关于独立董事辞职的公告 ...

Core Viewpoint - The recent shareholders' meeting of JiuGuiJiu indicates a strategic shift, but declining attendance and changes in institutional holdings suggest that investors are losing patience with the company's short-term performance [1][15]. Financial Performance - JiuGuiJiu's revenue has plummeted from 34.14 billion in 2021 to 14.23 billion in 2024, with a growth rate dropping from 86.97% to -49.70% [2]. - The net profit attributable to shareholders has decreased from 8.94 billion to 0.13 billion, representing a 97.72% decline year-on-year in 2024 [2]. - In Q1 2025, revenue and net profit continued to decline by 30.34% and 56.78% respectively [2]. Product Strategy - The company is shifting its focus to a new product strategy centered around "two lows and one small" (low-end liquor, low-alcohol liquor, and small bottles) to address market demands [1][8]. - The core product series, Neican, saw its revenue contribution drop to 16.55% in 2024, while the JiuGui series contributed 58.66% but is under pricing pressure [3][4]. Market Competition - The low-end market is highly competitive, with established brands like Niulanshan and Hongxing dominating, alongside emerging brands like Jiangxiaobai and Fenjiu [8]. - The revenue contribution of the Xiangquan series, which targets the low-end market, is only 5.34%, indicating a lack of competitive advantage [8]. Cash Flow and Dividends - The company approved a dividend of 6 yuan per 10 shares for 2024, distributing a total of 1.95 billion, despite a net profit of only 0.13 billion [10][11]. - This marks the second consecutive year of excessive dividends, which may strain cash flow, as the net cash flow from operating activities was -3.61 billion in 2024 [11]. Institutional Holdings - Institutional holdings have significantly decreased, with the number of institutional investors dropping from 115 at the end of 2023 to just 10 by Q1 2025, and the total holding percentage falling from 42.76% to 38.38% [13].

Core Insights - The Chinese liquor industry is currently undergoing a significant adjustment period, with a focus on stabilizing performance and exploring differentiated paths for growth [1][3][5] Group 1: Industry Dynamics - The G50 conference highlighted the urgent need for the liquor industry to adapt to changing market conditions, including reduced traditional consumption scenarios such as banquets and gatherings, which have led to significant pressure on market movement and pricing [5][7] - Industry experts emphasized that the relationship between manufacturers and distributors is a critical issue that must be addressed to stabilize the supply chain and enhance value growth [7][8] Group 2: Company Strategy - The chairman of China National Grain and Oils Group Corporation and JiuGui Jiu Company, Gao Feng, outlined five areas of confidence for the company, including confidence in development fundamentals, regional advantages, cultural identity, product quality, and overall industry growth [8][10] - JiuGui Jiu aims to leverage its three core differentiated advantages—regional uniqueness, aromatic quality, and cultural heritage—to create a premium liquor brand that fosters collaboration among stakeholders [10][12] Group 3: Recommendations and Future Outlook - Recommendations for the industry include fostering integrated relationships between manufacturers and distributors, optimizing supply chains to be more consumer-centric, and expanding value chains to include diverse elements such as technology and information [7][8] - Distributors expressed confidence in JiuGui Jiu's unique production techniques and cultural significance, suggesting that further exploration of regional culture could unlock new growth opportunities [12]

湖南启元律师事务所 法律意见书 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 410000 电话：（0731）82953-778 传真：（0731）82953-779 网站：www.qiyuan.com 致：酒鬼酒股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会 规则》等我国现行法律、法规、规范性文件以及《酒鬼酒股份有限公司章程》（以 下简称"《公司章程》"）的规定，湖南启元律师事务所（以下简称"本所"）接 受酒鬼酒股份有限公司（以下简称"公司"）的委托，指派本律师出席了公司 2024 年度股东大会（以下简称"本次股东大会"），对本次股东大会的召集和召开程序、 召集人及出席会议人员的资格、表决程序和表决结果的合法有效性进行现场律师见 证，并发表本律师见证意见。 为发表本律师见证意见，本律师依法审核了公司提供的下列资料： 日报》和巨潮资讯网（http://www.cninfo.com.cn）上的公司关于召开 2024 年度股东 大会的通知公告； 公司已承诺所有提供给本律师的文件的正本以及经本律师查验与正本保持一致 的副本均为真实、完整、可靠。 本律师现按照律师 ...