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 ...

证券代码：000799 证券简称：酒鬼酒 公告编号：2025-14 酒鬼酒股份有限公司 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 二、会议召开情况 店。 （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 6 月 25 日 9:15—9:25,9:30—11:30 和 13:00 —15:00。 （2）通过深交所互联网投票的具体时间为：2025 年 6 月 25 日 股东会规则》等有关法律、法规、规范性文件和《公司章程》的有关 规定；本次股东大会召集人资格、出席会议人员资格合法有效；本次 股东大会的表决程序、表决结果合法有效。 三、会议出席情况 参加本次股东大会表决的股东及股东授权代表共计 857 名，其所 持有表决权的股份总数为 109,217,426 股，占公司有表决权总股份的 及股东授权代表 9 人，其所持有表决权的股份总数为 100,954,791 股， 占公司有表决权总股份的 31.0698%；参加网络投票的股东为 848 人， 其所持有表决权的股份总数为 8,262,635 股，占公司有表决 ...

Core Viewpoint - The company is facing significant challenges in its operational performance, with a notable decline in revenue and net profit for 2024, attributed to both internal and external factors [4][5][6]. Group 1: Company Performance - In 2024, the company reported a revenue decline of 49.7% and a net profit decline of 97.7% compared to the previous year [4]. - The company is currently undergoing a strategic transformation, focusing on enhancing product appeal through a differentiated product strategy, which includes low-end, low-alcohol, and small-sized products [2][4]. Group 2: External Factors - The external challenges include unfavorable consumer sentiment, intensified competition within the industry, and weakened channel confidence, all contributing to a difficult market environment [5][6]. - The white liquor industry is experiencing a deep adjustment phase, impacting overall market conditions [6]. Group 3: Internal Factors - The company is in a phase of accumulating new momentum during its strategic transformation, transitioning from quantitative growth to qualitative improvement [4][6]. - The company has seen a significant increase in national business unit coverage by 26 percentage points and a doubling of customer numbers in previous years, which had previously driven rapid performance growth [6]. Group 4: Strategic Focus - The company is shifting its focus from national expansion to deepening its presence in its home market, emphasizing the importance of solidifying the foundational market before pursuing broader growth [7]. - The company aims to balance maintaining high-end product pricing stability with market acceptance, while also enhancing the value proposition of low-end products [7].

证券代码：000799 证券简称：酒鬼酒 公告编号：2025-14 酒鬼酒股份有限公司 2024 年度股东大会决议公告 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、本次股东大会没有出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 二、会议召开情况 1、现场会议召开日期：2025 年 6 月 25 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。 3、表决方式：现场表决与网络投票相结合的方式进行表决。 4、召集人：本公司董事会。 5、主持人：公司董事长高峰。 6、网络投票时间：2025 年 6 月 25 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 6 月 25 日 9:15—9:25,9:30—11:30 和 13:00 —15:00。 （2）通过深交所互联网投票的具体时间为：2025 年 6 月 25 日 9:15—15:00。 7、本次股东大会的召集和召开程序符合《公司法》《上市公司 股东会规则》等有关法律、法规、规范性文件和《 ...

湖南启元律师事务所 关于酒鬼酒股份有限公司 2024年度股东大会的 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 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： 1、2025 年 6 月 5 日刊登在《中国证券报》《上海证券报》《证券时报》《证券 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 ...

Core Viewpoint - The A-share market has seen significant gains in the liquor sector, with companies like Huangtai Liquor and Jinjunzi Liquor experiencing notable increases in stock prices, indicating a potential recovery or shift in market sentiment towards the liquor industry [1][2]. Industry Overview - The liquor industry in China is currently facing challenges, with a total inventory value reaching 1 trillion yuan, contributing to the industry's difficulties [5]. - The overall performance of liquor stocks has been poor this year, with an average decline of 16.3% across 19 liquor stocks, and seven stocks experiencing declines exceeding 20% [6][7]. - The demand for liquor remains subdued, particularly in the second quarter, which is traditionally a slow season for consumption [8]. Market Dynamics - The recent surge in stock prices for certain liquor companies may be attributed to a shift in market dynamics, where companies that can adapt to fast-moving consumer goods (FMCG) operations are gaining a competitive edge [2][8]. - The current inventory pressure on liquor companies is exacerbated by promotional activities, leading to a decline in wholesale prices for high-end liquor and some products experiencing price inversions [8]. Investment Sentiment - Some prominent fund managers have begun to increase their positions in liquor stocks, viewing the current market as an opportunity, with the potential for high dividend yields and a favorable risk-reward ratio [8][9]. - The long-term attractiveness of liquor stocks is expected to improve as companies focus on increasing market share and adapting to changing consumer preferences [8][9].

Market Overview - A-shares opened slightly lower on June 18, with all major indices in the red and over 4200 stocks declining [1] - The Shanghai Composite Index fell by 0.41% to 3373.61, while the Shenzhen Component decreased by 0.23% to 10128.47 [2] Sector Performance - The food and beverage sector showed initial strength, particularly in liquor stocks, with notable gains from companies like Mogaos, Huangtai Wine, and Jinzhongzi Wine, all hitting the daily limit [5][6] - The photovoltaic inverter, liquor, military, and digital currency sectors experienced localized rallies, while rare earth permanent magnet stocks saw significant pullbacks [3][11] Liquor Industry Insights - During the "618" shopping festival, several e-commerce platforms initiated aggressive price cuts on liquor, with high-end products like Feitian Moutai seeing price drops, which has become a key market variable [7] - Specific liquor stocks such as Mogaos, Huangtai Wine, and Jinzhongzi Wine reported increases of approximately 10% [6] Oil and Gas Sector Activity - The oil and gas sector was notably active, with companies like Zhun Oil and Beiken Energy experiencing substantial gains, attributed to rising international oil prices amid escalating geopolitical tensions in the Middle East [8][9] Defense and Military Sector - The defense and military sector saw significant upward movement, with stocks like Changcheng Military Industry hitting the daily limit and others like Beifang Longzhong and Jiekang Equipment rising over 10% [10] Consumer Sector Weakness - The broader consumer sector faced challenges, with retail stocks declining, particularly in the small commodity market, where Xiaoshangpin City dropped over 9% [11][12] - The beauty and personal care sector also experienced declines, with several companies reporting drops exceeding 5% [13] Rare Earth Sector Decline - Rare earth permanent magnet stocks faced notable declines, with companies like Beikong Technology nearing the daily limit down, and others like Zhongke Magnetic and Keheng shares dropping over 9% [15][16]