Core Viewpoint - The liquor industry, particularly the baijiu sector, is undergoing a significant adjustment, with expectations of a gradual bottoming phase by 2026 despite current challenges [1]. Industry Summary - The Shanghai Composite Index closed at 3870.02 points, up 0.87%, while the baijiu sector index closed at 2254.47 points, up 0.28% [1]. - A total of 12 baijiu stocks saw gains, with the leading stock, Jiu Gui Jiu, increasing by 1.73% [1]. - The report from Galaxy Securities indicates that the baijiu industry has been in deep adjustment this year, with a notable acceleration in supply-side clearing since the third quarter [1]. - The industry is expected to remain in an adjustment phase until 2026, but signs of a bottoming phase are anticipated, characterized by narrowing declines in sales and prices, along with continued clearing in financial statements [1]. Company Summary - Kweichow Moutai's stock closed at 1444.65 yuan per share, down 0.51% [1]. - Wuliangye's stock closed at 118.51 yuan per share, down 0.01% [1]. - Shanxi Fenjiu's stock closed at 192.99 yuan per share, up 0.31% [1]. - Luzhou Laojiao's stock closed at 133.59 yuan per share, up 0.50% [1]. - Yanghe's stock closed at 65.71 yuan per share, down 1.19% [1].

Core Insights - The Chinese liquor market, particularly the baijiu sector, experienced significant growth in 2020, with A-shares leading globally. The overall revenue for 19 listed baijiu companies reached 258.94 billion yuan, a year-on-year increase of 6.58% [1][5] - The net profit attributable to shareholders for these companies totaled 92.068 billion yuan, reflecting a growth of 11.95% compared to the previous year [1][5] - There is a notable divergence in performance among baijiu companies, with leading brands like Moutai and Wuliangye achieving double-digit growth, while some smaller brands faced significant declines [4][9] Revenue Performance - In 2020, 19 listed baijiu companies reported a total revenue of 258.94 billion yuan, with 11 companies showing positive growth and 8 experiencing negative growth [2][5] - The highest revenue growth was recorded by Jiugui Liquor at 20.79%, while Qingqing Qiao experienced a decline of 39.07%, marking a difference of 59.86 percentage points [2][3] - The top three companies by revenue were Moutai (94.915 billion yuan), Wuliangye (57.321 billion yuan), and Yanghe (21.101 billion yuan) [4] Profit Analysis - The six leading baijiu companies accounted for over 90% of the total profits in the sector, with Moutai alone contributing more than 36% of total revenue and over 50% of total profits [7][9] - Moutai's net profit reached 46.697 billion yuan, with a growth rate of 13.33%, while Wuliangye's net profit was 19.955 billion yuan, growing by 14.67% [6][7] - Jiugui Liquor showed remarkable performance with a net profit growth of 64.15%, while Qingqing Qiao reported a significant loss of 1.15 billion yuan [6][7] Market Dynamics - The pandemic initially impacted the baijiu industry negatively, but leading brands demonstrated resilience, with Moutai, Wuliangye, and Shanxi Fenjiu achieving substantial growth [9] - The disparity in performance is evident, with some companies like Shanxi Fenjiu and Jiugui Liquor seeing stock prices increase over threefold, while others struggled [9][11] - The overall tax contributions from the baijiu sector increased significantly, with a 48% rise in the first quarter of 2021 compared to the previous year, attributed to a recovery from the pandemic [14][15] Financial Health - As of March 2021, Wuliangye had the highest cash reserves among listed baijiu companies, totaling 73.38 billion yuan, while Moutai had approximately 50.743 billion yuan [17][18] - The financial strength of these companies is crucial for their ability to invest and expand in a competitive market [17] Compensation Trends - Moutai reported the highest average employee salary in the sector at over 300,000 yuan, while the lowest was at less than 52,000 yuan for Huangtai Liquor [19][20] - The management compensation for Moutai was relatively low compared to other companies, with total management salaries below 3.72 million yuan [21][23]

Core Viewpoint - The food and beverage sector demonstrates resilience amid market corrections, with the food ETF (515710) showing fluctuations in performance, reflecting the overall market sentiment [1][3]. Group 1: Market Performance - The food and beverage sector ranks among the top three in performance across 30 CITIC primary industries, despite a broader market downturn [1]. - The food ETF (515710) experienced a decline of 1.29% by the end of the trading day, after an initial rise [1][2]. - Key stocks such as Yunnan Energy Investment fell by 7.73%, while others like Jiu Gui Jiu and Jin Da Wei dropped over 4%, negatively impacting the sector's overall performance [1][2]. Group 2: Sales and Demand Insights - Recent research indicates that Moutai 1935 has seen over 20% year-on-year sales growth in several markets since Q3, with some areas reporting growth exceeding 30% [1][3]. - High opening rates and positive feedback from distributors suggest strong recognition of the product in both distribution and consumer channels [3]. Group 3: Valuation and Investment Opportunities - The food and beverage sector is currently at a historical low in terms of valuation, presenting a potential opportunity for left-side positioning [3]. - As of November 20, the food ETF's underlying index had a price-to-earnings ratio of 21, placing it in the lower 10.2% percentile over the past decade, indicating favorable long-term investment potential [3]. - Analysts predict that the food and beverage sector will experience a shift from valuation recovery to performance-driven growth starting in 2026, with expectations of improved earnings across various segments [4]. Group 4: Sector Composition and Focus - The food ETF (515710) tracks the CSI sub-index for the food and beverage industry, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in other segments like beverages and dairy [5]. - Key stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili, indicating a strong focus on established market leaders [5].

Core Insights - The liquor sector experienced a decline of 0.42% on November 21, with the leading stock, Jiu Gui Jiu, falling the most [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance Summary - Guizhou Moutai closed at 1466.60, with a slight decrease of 0.03% and a trading volume of 42,600 shares, amounting to 6.26 billion [1] - Wuliangye closed at 119.68, down 0.47%, with a trading volume of 205,100 shares, totaling 2.468 billion [1] - Luzhou Laojiao saw a decline of 1.94%, closing at 134.20, with a trading volume of 101,800 shares, amounting to 1.385 billion [1] Capital Flow Analysis - The liquor sector saw a net outflow of 438 million from institutional investors, while retail investors contributed a net inflow of 112 million [2] - The main stocks with significant capital flow included Shanxi Fenjiu, which had a net inflow of 12.5 million from institutional investors, but a net outflow of 23.5 million from retail investors [3] - Tianyoude Liquor experienced a net outflow of 8.74 million from institutional investors, while retail investors contributed a net inflow of 5.63 million [3]

Core Insights - The company reported a revenue of 760 million yuan and a net profit of -10 million yuan for the first three quarters of 2025, with a positive signal in Q3 showing a revenue of 200 million yuan, a year-on-year increase of 0.8%, ending a declining trend [1][3] - The gross profit margin for the first three quarters was approximately 66.7%, with a Q3 margin of 61.2%, which decreased mainly due to product mix adjustments [1] - The collaboration with Pang Donglai on the "Jiu Gui · Zi You Ai" product has been a significant highlight, quickly selling out and demonstrating strong market demand [1] Financial Performance - The net cash flow from operating activities for the first three quarters was -330 million yuan, showing improvement compared to the previous year but still negative, indicating ongoing inventory destocking [1] - Sales expenses decreased significantly by 46.8% year-on-year, and the sales expense ratio dropped by 31.3 percentage points, reflecting effective cost control [1] - Management expenses also fell by 10.6% year-on-year, with a decrease in the expense ratio by 2.40 percentage points, indicating improved operational efficiency [1] Market Position and Future Outlook - The company’s high-end product "Nei Can Series" struggled to compete with brands like Moutai and Wuliangye due to insufficient brand strength [1] - The pricing of the "Jiu Gui · Zi You Ai" product at around 200 yuan may further lower the brand's price center despite boosting short-term sales [1] - Forecasts from Southwest Securities and Dongwu Securities predict net profits of 10 million yuan, 30 million yuan, and 50 million yuan for 2025-2027, with current stock price PE ratios significantly above industry averages, reflecting market expectations for performance recovery [1] Strategic Opportunities and Challenges - The collaboration with Pang Donglai, gradual recovery of channel inventory, and resource empowerment from COFCO Group are identified as three major opportunities for the company [1] - Challenges include macroeconomic slowdown and intensified industry competition, which need to be monitored closely [1] - The company is in a critical phase of deep adjustment and strategic transformation, requiring evidence of sustainable profitability for long-term investment considerations [1]

Core Insights - The liquor sector experienced a decline of 0.55% on November 19, with Huangtai Liquor leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Liquor Sector Performance - Key stocks in the liquor sector showed varied performance, with Qingdao Wenzhou down 3.47% to 13.37, and Jiu Gui Jiu down 2.38% to 62.29 [1] - Other notable declines included Luzhou Laojiao down 1.87% to 137.14 and Shede Liquor down 1.52% to 63.03 [1] Capital Flow Analysis - The liquor sector saw a net outflow of 6.91 billion yuan from main funds, while retail investors contributed a net inflow of 4.2 billion yuan [1] - The table of capital flow indicates that major stocks like Water Well and Huangtai Liquor experienced significant net outflows from main funds [2]

Investment Highlights - The report indicates a clear turning point for the food and beverage industry following accelerated clearance, with expectations for leading sectors to initiate recovery [2][7] - The overall revenue for the food and beverage sector showed a slight increase of 0.2% year-on-year, while net profit decreased by 4.6% in the first three quarters of 2025 [18][20] - In Q3 2025, the sector experienced a significant decline, with revenues and net profits dropping by 4.9% and 14.6% respectively [18][20] Sector Review 1. Overall Review - The food and beverage sector faced continuous pressure and adjustments, with traditional consumption accelerating clearance while new consumption trends continued to grow [18][20] - The white liquor segment saw a revenue decline of 18.4% and a net profit decline of 22.2% in Q3 2025, indicating significant pressure on the sector [20][22] - In contrast, sectors like snacks and beverages maintained double-digit growth due to product and channel innovations [20][21] 2. White Liquor - The white liquor industry is undergoing accelerated clearance, with varying rhythms among companies. The demand has weakened, leading to noticeable declines in revenue and net profit for most companies [22][25] - High-end liquor maintained some growth, with Moutai achieving a revenue increase of 0.3% in Q3 2025, while other brands like Wuliangye saw declines exceeding 50% [23][25] - The report emphasizes the importance of supply-demand balance and pricing as key indicators for the industry's recovery [22][23] 3. Low-Alcohol Beverages and Drinks - The beer segment showed stable performance with a revenue increase of 2.0% and a net profit increase of 11.8% in the first three quarters of 2025 [21][22] - The report highlights the potential for recovery in demand for low-alcohol beverages and drinks, driven by health trends and product innovation [22][23] 4. Consumer Goods - The dairy sector is gradually stabilizing, with upstream supply clearing and downstream processing demand increasing, leading to a potential balance in the raw milk cycle [31][33] - The snack sector, particularly the konjac and oat categories, is expected to maintain high growth rates, supported by the expansion of new retail channels [31][36] - The report notes that the overall demand for dining remains weak, but specific segments like Western-style condiments and frozen baking show structural opportunities [31][33] Investment Recommendations - The report suggests focusing on companies that are early in their clearance processes and have strong brand momentum, such as Gujing Gongjiu and Luzhou Laojiao [11][12] - For low-alcohol beverages, attention is drawn to leading companies like Kweichow Moutai and Tsingtao Brewery, which are expected to benefit from demand recovery [11][12] - In the consumer goods sector, companies with strong performance and cost advantages, such as Yili and Modern Dairy, are recommended for investment [11][12]

Meeting Overview - The shareholder meeting was held on November 18, 2025, at the Kailai Grand Hotel in Jishou City, Hunan Province [1][6] - The meeting combined on-site voting and online voting [1][5] Attendance - A total of 801 shareholders and authorized representatives participated, holding 121,166,125 shares, which is 37.29% of the total voting shares [6] - 5 shareholders voted on-site, holding 100,740,191 shares (31.00%), while 796 participated via online voting, holding 20,425,934 shares (6.29%) [6] Proposal Review and Voting Results - The meeting reviewed all proposals listed in the notice for the 2025 First Extraordinary General Meeting [8] - Proposal 1 regarding the appointment of an independent director received 120,159,322 votes in favor (99.17%), 843,000 against (0.70%), and 163,803 abstentions (0.14%) [9] - Among minority shareholders, 19,432,031 votes were in favor (95.07%), 843,000 against (4.12%), and 163,803 abstentions (0.80%) [9] Legal Opinions - Lawyers from Hunan Qiyuan Law Firm confirmed that the meeting's procedures complied with relevant laws and regulations, and the voting results were valid [9]

湖南启元律师事务所 关于酒鬼酒股份有限公司 2025年第一次临时股东会的 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 2025 年第一次临时股东会（以下简称"本次股东会"），对本次股东会的召集和召开程 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，并发表本法律意见。 为出具本法律意见书，本所及本所指派律师声明如下： （一）本所根据本法律意见书出具日以前已经发生或者存在的事实，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法 律意见所认定的事实真实、准确、完整，所发表的结论性意见合 ...

证券代码：000799 证券简称：酒鬼酒 公告编号：2025-29 酒鬼酒股份有限公司 2025 年第一次临时股东会决议公告 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、特别提示 1、本次股东会没有出现否决提案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 二、会议召开情况 1、现场会议召开日期：2025 年 11 月 18 日 15：00。 2、现场会议召开地点：湖南省吉首市乾州新区府左路凯莱大饭 店 B1 楼多功能厅。 3、表决方式：现场表决与网络投票相结合。 4、召集人：本公司董事会。 5、主持人：公司董事、总经理程军。 6、网络投票时间：2025 年 11 月 18 日。 （1）通过深圳证券交易所（以下简称深交所）交易系统进行网 络投票的时间为2025年11月18日9:15—9:25,9:30—11:30和13:00 —15:00。 三、会议出席情况 参加本次股东会表决的股东及股东授权代表共计 801 名，其所持 有表决权的股份总数为 121,166,125 股，占公司有表决权总股份的 37.2900%，没有股东委托独立董事投票。 ...