法 律 意 见 书 甘肃·兰州 二〇二五年五月 甘肃融通律师事务所 关于甘肃皇台酒业股份有限公司 2024 年度股东大会之 甘肃融通律师事务所 关于甘肃皇台酒业股份有限公司 2024 年度股东大会之法律意见书 致：甘肃皇台酒业股份有限公司 甘肃融通律师事务所（以下简称"本所"）作为贵公司常年法律顾问，就贵 公司召开 2024 年度股东大会（以下简称"本次股东大会"）相关事宜，根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》《上 市公司股东大会规则》（以下简称《股东大会规则》）等法律、法规及《甘肃皇 台酒业股份有限公司章程》（以下简称《公司章程》） 的有关规定，出具本法 律意见书。 为出具本法律意见书，本所委派刘鑫、冯晓义律师列席了贵公司本次股东大 会，根据《股东大会规则》之相关规定，核查了贵公司提供的与召开本次股东大 会有关文件的原件或影印件，包括但不限于贵公司关于召开本次股东大会的各项 议程及相关议案等文件，同时听取了贵公司就有关事实的陈述和说明。贵公司已 向本所承诺，贵公司所提供的文件和所作的陈述和说明是完整、真实、有效的， 有关原件及其上面的签字和印章是真实的，且一切足以影 ...

证券代码：000995 证券简称：皇台酒业 公告编号：2025-018 甘肃皇台酒业股份有限公司 第九届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、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 甘肃皇台酒业股份有限公司（以下简称"公司"）第九届董事会第十三次会 议于 2025 年 5 月 22 日以现场与通讯相结合的方式召开。公司应参会董事 9 人， 收到有效表决票 9 张。本次会议的召集、召开和表决程序符合《公司法》及《公 司章程》的规定，本次会议合法有效。 二、董事会会议审议情况 1、审议通过了《关于营销总监辞职及聘任公司副总经理兼营销总监的议案》 为应对白酒市场环境变化，满足公司经营发展的需求，经公司总经理提名， 董事会提名委员会资格审查，同意聘任修卫华先生为公司副总经理、营销总监， 任期自本次董事会审议通过之日起至第九届董事会任期届满之日止。 具体内容详见与本决议公告同日刊登在巨潮资讯网（www.cninfo.com.cn）、 《证券时报》及《中国证券报》上的《关于营销总监辞职及聘任公司副总经理兼 营销总监的公告》。 表决结果：同意 9 票， ...

Core Viewpoint - The Chinese liquor industry is experiencing a deep adjustment in 2024, characterized by declining production and sales, sluggish terminal movement, shrinking consumption scenarios, and insufficient consumer confidence, leading to price inversions for various products [1] Group 1: Industry Trends - The liquor industry is facing dual declines in production and sales, with a notable slowdown in revenue growth for liquor companies in 2024 [1] - The number of liquor companies experiencing revenue declines increased from 2 to 6 compared to the previous year, with brands like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Group 2: Sales Expenses - The total sales expenses for 19 listed liquor companies reached 45.87 billion yuan in the previous year, marking an 11% year-on-year increase, which outpaced revenue growth [2] - The median sales expense ratio rose from 16.26% to 19.1%, indicating a growing burden on companies [2] - Notably, Wu Liang Ye had the highest sales expenses at 10.692 billion yuan, followed by Gu Qing Gong Jiu and Kweichow Moutai [2] Group 3: Management Expenses - The total management expenses for listed liquor companies amounted to 22.85 billion yuan, slightly up from 22.66 billion yuan the previous year, with a median management expense ratio of 7.27% [3] - Eleven companies reported an increase in management expenses, while eight companies saw a decline [3] - Companies like Shanxi Fen Jiu, Shui Jing Fang, and Tian You De Jiu experienced management expense growth exceeding 10% [3] Group 4: Expense Ratios - Jiu Gui Jiu had the highest sales expense ratio at 42.94%, followed by Jin Zhong Zi Jiu at 31.84% and Gu Qing Gong Jiu at 26.22% [4] - Kweichow Moutai had the lowest sales expense ratio at 3.24%, indicating efficient cost management [4] - The management expense ratios for Tian You De Jiu, Jiu Gui Jiu, and Jin Zhong Zi Jiu exceeded 10%, while companies like Wu Liang Ye and Kweichow Moutai maintained lower ratios [4]

有9家酒企归母净利润低于10亿元，4家净利润低于1亿元。去年只有金种子酒一家酒企亏损，亏损金额 从上年的0.22亿元扩大到2.58亿元。 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 2024年，白酒行业进入深度调整！ "行业产销双线下滑、终端动销整体放缓、消费场景萎缩、消费信心不足，诸多产品价格不同程度倒 挂，"茅台集团党委副书记、总经理王莉2024年中曾对白酒行业发展趋势作出过这样的判断。 在这种背景下，渠道库存问题凸显，头部酒企也频频通过停货稳定价格体系。白酒企业分化进一步加 剧，头部酒企仍能维持稳健增长，中小酒企则开始面对压力。 从上市公司层面来看，2024年酒企收入增速大幅放缓，收入下滑酒企数量从上年的2家增至6家。酒鬼酒 和顺鑫农业已经连续大幅下滑两年。 19家上市白酒公司归母净利润增长7.6% 贵州茅台一家占比达到52% 2024年19家上市白酒公司（剔除*ST岩石（维权）），总共实现归母净利润1668.48亿元，同比增长 7.6%。 贵州茅台去年净利润达到862.28亿元，占上市白酒净利润的近52%，提升了3.48个百分点。其次是五粮 液、泸州老窖和山西汾酒，归母净利润分别为318.5 ...

Core Viewpoint - Huangtai Liquor Industry reported a significant increase in net profit by 284.55% for 2024, achieving a total revenue of 172 million yuan, but faced a substantial decline in its wine business, raising concerns for future growth [2][4]. Group 1: Financial Performance - The company achieved total revenue of 172 million yuan, representing a year-on-year growth of 11.87% [2]. - Net profit reached 28 million yuan, marking a remarkable increase of 284.55% and successfully turning around from losses [2]. - The non-recurring net profit was 10.61 million yuan, up by 277.28% compared to the previous year [2]. - The net cash flow from operating activities was 29.84 million yuan, showing a significant increase of 375.06% [5]. Group 2: Business Performance - The white liquor business was a major driver of growth, with brands "Huangtai" and "Liangzhou Huangtai" enhancing market position through improved brewing techniques and quality control [3]. - The "Jiao Di Yuan Jiang" series won multiple international awards, boosting brand influence [3]. - The top five distributors contributed 23.13 million yuan in sales, accounting for 13.42% of total sales [3]. Group 3: Wine Business Challenges - The wine business experienced a drastic decline, with finished product production down by 62.17% and semi-finished product sales down by 43.87% [4]. - The company adopted a sales-driven production model to reduce storage costs, leading to decreased production and inventory levels [4]. - Despite having a 5,000-acre premium grape planting base and advanced brewing technology, the wine business underperformed, increasing inventory pressure [4]. Group 4: Management Improvements - The company optimized management mechanisms, enhancing operational efficiency through monthly production scheduling, financial analysis, and marketing meetings [5]. - Upgrades to ERP and OA systems improved management effectiveness and supported business decision-making [5]. - Historical litigation issues were resolved, alleviating financial burdens and clearing obstacles for future development [5].

Core Insights - The company reported a revenue of 172 million yuan for 2024, an increase of 11.87% year-on-year, and a net profit of 27.7 million yuan, up 284.55% year-on-year [1] - In Q1 2025, the company achieved a revenue of 38.67 million yuan, a growth of 6.40% year-on-year, with a net profit of 3.44 million yuan, increasing by 294.78% [1] Group 1: Market Expansion and Sales Strategy - The company is actively expanding its market outside Gansu province, with a 91.41% year-on-year increase in revenue from these regions, raising their contribution to total revenue from 14.59% to 24.96% [2] - Direct sales have become a significant revenue contributor, with a year-on-year growth of 75.02%, and a gross margin of 76.54%, exceeding the gross margin of the distribution model by 16.13 percentage points [2] - The company has seen a remarkable increase in non-recurring net profit over three consecutive quarters, with growth rates of 1583.23%, 179.79%, and 1391.46% [2] Group 2: Product Innovation and Quality Control - The company has enhanced its market competitiveness through product innovation and strict quality control measures, leading to multiple awards at international competitions [3][4] - New product development has been a focus, resulting in the launch of 19 new products, including various types of liquor and wine [4] Group 3: Legal and Financial Improvements - The resolution of historical legal issues has significantly improved the company's profitability and financial status, including a settlement of 4.3 million yuan for the Wuxi Meilin case [5] - All historical lawsuits have been resolved since the takeover by Gansu Shengda Group, which has positively impacted the company's financial health [5] - The company plans to continue strengthening brand building and optimizing management systems in response to the complex market environment in 2025 [5]

Group 1 - The Ministry of Foreign Affairs stated that there have been no recent negotiations or discussions between China and the US regarding tariffs [2] - The Ministry of Foreign Affairs welcomed more foreign visitors to China, highlighting a 173% year-on-year increase in inbound travel orders for the upcoming holiday [2] - The Ministry of Industry and Information Technology (MIIT) released key points for automotive standardization work for 2025, focusing on accelerating the development of automotive chip standards [3][4] Group 2 - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting to discuss the collaborative development between state-owned and private enterprises [5] - Chengdu introduced 20 policies to enhance its electricity supply capacity, aiming to build a modern first-class power grid [6] - The National Medical Products Administration emphasized the importance of smart regulation in the pharmaceutical sector during a recent conference [7] Group 3 - The China Securities Regulatory Commission is seeking opinions on guidelines for managing the investment behavior of securities practitioners [8] - The Ministry of Industry and Information Technology initiated a recommendation process for energy-saving and carbon-reduction technologies in key industries for 2025 [9] - The National Data Bureau called for the acceleration of public data development and utilization policies to enhance economic and social development [11] Group 4 - The Henan Provincial Government issued a development plan for the electric vehicle industry cluster, aiming to enhance the local economy [12] - Companies such as Zhaosheng Microelectronics and Huayang Group reported significant growth in their respective product lines and production capabilities [14] - Securities firms are focusing on industries less affected by external demand and those benefiting from macroeconomic policies, such as essential consumption and urban renewal projects [15][16]

证券代码：000995 证券简称：皇台酒业 公告编号：2025-008 甘肃皇台酒业股份有限公司 关于确认2024年度超出预计及预计2025年度日常关联交易 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 甘肃皇台酒业股份有限公司（以下简称"公司"）及控股子公司因日常生产 经营所需，预计 2025 年度将与控股股东甘肃盛达集团有限公司（以下简称"盛 达集团"）及其关联人进行销售商品、采购商品及房屋租赁等日常关联交易，预 计总金额为 1,170 万元。2024 年度，公司日常关联交易审批额度为 770 万元， 实际发生额为 1,123.56 万元。 （二）日常关联交易履行的审议程序 1、审计委员会 2025 年 4 月 28 日，公司第九届董事会审计委员会 2025 年度第三次会议审 议通过了《关于确认 2024 年度超出预计及预计 2025 年度日常关联交易的事项》， 并发表意见认为：2024 年，公司销售收入增加，使得与其实际发生的购销商品 日常性关联交易金额超出了股东大会审议通过的预计金额。对日常关 ...

证券代码：000995 证券简称：皇台酒业 公告编号：2025-012 甘肃皇台酒业股份有限公司 关于召开2024年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、召开会议的基本情况 （一）股东大会届次 2024 年度股东大会。 （二）会议召集人 公司董事会。 （三）会议召开的合法、合规性 本次股东大会会议召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的相关规定。 （四）会议召开的日期、时间 1、现场会议时间：2025 年 5 月 22 日 下午 14:30 2、网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 22 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00。 通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 22 日 9:15—15:00 期间的任意时间。 （五）会议的召开方式 本次股东大会采取现场投票与网络投票相结合的方式。 本次股东大会将通过深圳证券交易所交易系统和互联网投票系统向公司股 东提供网络形式的投票平台，公 ...

证券代码：000995 证券简称：皇台酒业 公告编号：2025-007 甘肃皇台酒业股份有限公司 第九届监事会第八次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、监事会会议召开情况 甘肃皇台酒业股份有限公司（以下简称"公司"）第九届监事会第八次会议 于 2025 年 4 月 28 日在公司会议室以现场结合通讯表决方式召开，会议通知于 2025 年 4 月 17 日以电子邮件等方式送达全体监事。公司应出席监事 3 人，实际 出席监事 3 人，参与表决监事 3 人。本次会议由监事会主席杜利先生主持。本次 会议的召集、召开和表决程序符合《公司法》《证券法》等法律法规和《公司章 程》的规定。 二、监事会会议审议情况 1、审议通过《2024 年度监事会工作报告》 具体内容详见与本决议公告同日刊登在巨潮资讯网（www.cninfo.com.cn）、 《证券时报》和《中国证券报》上的《2024 年度监事会工作报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票，决议通过。 本议案尚需提交公司 2024 年度股东大会审议。 2、审议通过《〈2024 ...