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]

New Stock Offerings - Shenke Co., Ltd. (002633) has a tender offer period from July 29, 2025, to August 27, 2025[1] - Fushun Special Steel (600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - Changcheng Military Industry (601606) announced a significant event on August 14, 2025[1] Market Alerts - Dongxin Co., Ltd. (688110) reported severe abnormal fluctuations on August 16, 2025[1] - ST Suwu (600200) has an announcement dated August 21, 2025, regarding market conditions[1] - Yunnan Zhiye (002428) and other companies have recent announcements on August 21, 2025, indicating market activity[1] Financial Performance - ST Jiangsu (600021) reported significant fluctuations on August 20, 2025, with a notable announcement[1] - ST Huanrong (600421) has an announcement dated August 20, 2025, reflecting market conditions[1] - ST Jinhong (000669) reported on August 20, 2025, indicating financial performance concerns[1]

Market Overview - As of August 21, the Shanghai Composite Index rose by 0.13% to close at 3771.0989 points, while the Shenzhen Component Index fell by 0.06% to close at 11919.763 points [1] Top Gainers in Hunan Stocks - Zhejiang Construction Investment opened at 9.600 and closed at 10.120, gaining 5.97% with a highest price of 10.180 and a lowest price of 9.600, trading volume was 794,215 lots [2] - ST Zhangjiajie opened at 7.300 and closed at 7.560, increasing by 3.99% with a highest price of 7.630 and a lowest price of 7.210, trading volume was 182,517 lots [2] - Jiu Gui Jiu opened at 65.000 and closed at 65.930, up by 3.88% with a highest price of 69.500 and a lowest price of 65.000, trading volume was 571,487 lots [2] - Hunan Gold opened at 19.700 and closed at 20.100, rising by 2.19% with a highest price of 20.730 and a lowest price of 19.690, trading volume was 699,102 lots [2] - Qidi Pharmaceutical opened at 12.530 and closed at 12.750, increasing by 2.00% with a highest price of 12.850 and a lowest price of 12.390, trading volume was 153,383 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, decreasing by 11.76% with a highest price of 0.170 and a lowest price of 0.150, trading volume was 611,606 lots [3] - Changlan Technology opened at 19.180 and closed at 18.550, down by 3.18% with a highest price of 19.200 and a lowest price of 18.460, trading volume was 131,350 lots [3] - Kaimete Gas opened at 15.970 and closed at 15.530, falling by 2.82% with a highest price of 16.220 and a lowest price of 15.400, trading volume was 949,923 lots [3] - Shanhe Intelligent opened at 17.350 and closed at 16.710, decreasing by 2.22% with a highest price of 17.500 and a lowest price of 16.640, trading volume was 1,267,365 lots [3] - Yanjin Puzhi opened at 74.960 and closed at 72.330, down by 2.20% with a highest price of 76.220 and a lowest price of 72.000, trading volume was 49,761 lots [3]

Core Viewpoint - The Shanghai Composite Index has continuously broken through nearly 10-year highs, with the market's margin financing and securities lending balance exceeding 2.1 trillion, indicating a sustained bullish sentiment in the market [1] Group 1: Market Trends - The bullish sentiment has led to increased capital exploration in low-performing sectors of A-shares, with previously lagging areas gradually becoming focal points for investment [1] - The Food and Beverage ETF (515170) has shown a continuous upward trend, with the stock of Jiu Gui Jiu experiencing a significant increase of nearly 7% after two consecutive trading limits, highlighting the market's enthusiasm for the liquor sector [1] Group 2: Sector Analysis - The liquor sector is expected to continue attracting capital attention due to its stable fundamentals and potential for valuation recovery [1] - As bullish expectations strengthen, the heat in low-valuation sectors is likely to rise, with the Food and Beverage ETF (515170), heavily invested in liquor and dairy products, poised to capitalize on the market's positive sentiment and become a driving force in the next round of rebound [1]

Group 1 - The president of the American Soybean Association, Caleb Lagrange, expressed that U.S. soybean farmers are facing significant financial pressure due to ongoing trade disputes with China, urging President Trump to prioritize soybean issues in trade negotiations [2] - The Federal Reserve decided to maintain the federal funds rate target range at 4.25%-4.5%, citing economic uncertainty and a slowdown in economic activity during the first half of the year [3] - The People's Bank of China announced that the Loan Prime Rate (LPR) remained unchanged for three consecutive months, with the one-year LPR at 3.0% and the five-year LPR at 3.5%, aligning with market expectations [4] Group 2 - The State Council of China issued guidelines for the construction and operation of government and social capital cooperation projects, emphasizing the prioritization of projects with certain returns [5] - The Ministry of Finance and the State Taxation Administration announced that childcare subsidies will be exempt from personal income tax starting January 1, 2025, establishing a mechanism for information sharing among relevant departments [5] - The China Securities Regulatory Commission reported that there are currently 131 listed commodity futures and options in China, with 84 being industrial products, which account for 64% of the total [7] Group 3 - Several small and medium-sized banks in China have announced reductions in deposit rates by 10 to 20 basis points, in response to ongoing pressure on net interest margins [8] - In June, the domestic smartphone market saw a shipment of 22.598 million units, a year-on-year decline of 9.3%, with 5G smartphones accounting for 81.6% of total shipments [9] - The Guangzhou Baiyun International Airport has expanded its "one-minute boarding" service to flights from Guangzhou to Shanghai, allowing passengers without checked luggage to board shortly before departure [10] Group 4 - The Guangxi region in China has launched a free HPV vaccination program for eligible girls, aiming to provide vaccinations to approximately 960,000 girls over three years [11] - The Hong Kong Stock Exchange is considering a 24-hour trading mechanism, following the example of Nasdaq, with plans to study the feasibility based on local market conditions [12][13] - The UK inflation rate rose to 3.8% in July, the highest level in 19 months, exceeding the Bank of England's target of 2% [15]

Core Viewpoint - The three major indices in China experienced collective gains, reaching new highs for the year, indicating a positive market sentiment and increased investor participation [1] Market Performance - The Shanghai Composite Index closed at 3766.21 points, up 1.04% - The Shenzhen Component Index closed at 11926.74 points, up 0.89% - The ChiNext Index closed at 2607.65 points, up 0.23% - The total trading volume in the Shanghai and Shenzhen markets reached 2.41 trillion yuan [1] Sector Performance - Chip stocks surged in the afternoon, with Cambrian Technology hitting a historical high - Consumer stocks, particularly in the liquor sector, rebounded, with JiuGuiJiu achieving two consecutive trading limits - Consumer electronics stocks were active, with Anjie Technology reaching the daily limit - High-priced stocks experienced significant declines, with multiple stocks like Zhongheng Electric hitting the daily limit down [1] Investor Sentiment - China Galaxy noted that investors are accelerating their entry into the market, with a clear trend of reallocating household wealth towards financial assets - The recovery in market risk appetite is expanding the profit-making effect, with capital inflow becoming a crucial driving force for the market's upward trend [1] Market Outlook - Dongfang Securities indicated that the market is gradually entering a high-level fluctuation zone, with diminishing marginal positive factors - The end of August is expected to be a peak period for mid-year report disclosures, leading the market to refocus on performance-driven strategies, with defensive strategies becoming mainstream [1]

Core Viewpoint - The A-share market is experiencing a tug-of-war around the 3700-point level, with significant divergence between the performance of the white wine sector and the overall index, leading to questions about market dynamics and underlying trends [1][2]. Market Dynamics - The Shanghai Composite Index briefly surpassed 3740 points but quickly fell back, closing at 3725.22 points, indicating a struggle to maintain upward momentum [1]. - The brokerage sector, typically seen as a bullish indicator, has shown weakness, contrasting with the performance of bank stocks that are attempting to stabilize the index [1][2]. Sector Performance - The white wine sector is witnessing a surge, with stocks like JiuGuiJiu hitting the daily limit and SheDeJiuYe rising by 8%, despite overall market weakness [1]. - Institutional investors have significantly reduced their positions in white wine stocks, with public funds cutting their holdings by 38% in Q2, and northbound funds halving their stake in Kweichow Moutai from 26% to 13% [2][3]. Investor Behavior - Retail investors are increasingly investing in white wine-themed funds, which have seen their share rise to new highs, contrasting with institutional withdrawal [3]. - The performance of most wine companies has shown a decline in earnings, yet stocks like JiuGuiJiu have seen price increases, raising concerns about speculative trading rather than value investing [4][5]. Trading Volume and Market Sentiment - The total trading volume in the Shanghai and Shenzhen markets reached 1.54 trillion yuan, but this represents a significant drop of 143 billion yuan from the previous day, indicating a potential lack of conviction among investors [7]. - There has been a net outflow of 54.2 billion yuan from the market, with significant selling pressure in the software development sector [7][9]. Broader Market Implications - The performance of high-flying stocks has deteriorated, with many previously popular stocks experiencing sharp declines [8]. - Defensive sectors like white wine and banking have attracted net inflows, but the overall market sentiment remains cautious, with banks only managing a modest 0.5% increase [9]. - The A-share market is facing a critical juncture, with the potential for a breakdown below the 3700-point level if trading volume does not increase [10].