Core Viewpoint - Yanghe Co., Ltd. held its 2024 annual shareholders' meeting, discussing key issues such as development opportunities, challenges, and future strategies in the context of the liquor industry [1] Industry Analysis - The liquor industry experienced a "first rise then fall" trend over the past year, with a notable shift in consumption patterns. The first half saw a decrease in volume but an increase in price, while the second half is expected to show increased concentration and differentiation [4] - Government consumption accounts for less than 5% of the liquor market, with mass and business consumption becoming the primary sources [4] - Chairman Zhang Liandong emphasized the resilience of the liquor industry, stating that its cultural attributes ensure its value remains stable despite environmental changes [4] Strategic Layout - Yanghe Co., Ltd. outlined a new strategic plan focusing on long-term value creation, emphasizing consumer operations and brand development [5] - The company proposed "Five Persistences": 1. Persist in brewing quality liquor for consumers 2. Persist in quality as the foundation, integrating cultural and historical elements into brand value 3. Persist in developing major products, focusing on core offerings like "Sea Blue" and "Dream Blue M6+" while expanding into mass and young consumer markets 4. Persist in consumer-centric approaches, adapting to changes in consumption patterns and scenarios 5. Persist in mutual prosperity with distributors to ensure long-term stability [5] Brand Development - The company aims to enhance brand culture and reputation through four key aspects: deepening dream culture, promoting national softness, strengthening brand IP, and enhancing positive publicity [6] - Management addressed investor concerns regarding product quality, shareholder returns, and national expansion, providing detailed responses that align with the company's future strategic direction [6]

Group 1 - Zhangyu A announced the election of Zhou Hongjiang as the chairman of the board, indicating strategic continuity and enhancing investor confidence in the company's future development [1] - The management team remains stable with the reappointment of Sun Jian as general manager and the appointment of several vice general managers and assistants, which is expected to support stock price stability [1] - A stable and experienced management team in the wine industry can improve the overall industry image and attract more attention [1] Group 2 - Yanghe Co. established a new trading company, which may strengthen its channel layout in regional markets and increase attention on the liquor industry [2] - The new company is fully owned by Yanghe's subsidiary, indicating a strategic move to enhance market presence [2] Group 3 - Yingjia Gongjiu and Laobai Ganjiu announced their 2024 annual dividend distribution, with Yingjia Gongjiu distributing a total cash dividend of 1.2 billion yuan and Laobai Ganjiu distributing 503 million yuan [3] - The dividend announcements are likely to boost investor confidence and provide support for the stock prices of both companies [3] - The focus on dividend distribution by liquor companies may attract stable funds and alter market capital allocation [3] Group 4 - Yiatong announced a change in general manager, with Chen Weimin taking over from Zhou Guohui, marking the first change in this position since the company's establishment as a joint-stock company in 2004 [4] - Chen Weimin's extensive background in supply chain and finance is expected to bring new ideas and optimize corporate governance [4] - The leadership change may enhance market expectations for the company's future development [4]

证券代码：002304 证券简称：洋河股份 公告编号：2025-018 江苏洋河酒厂股份有限公司 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。 特别提示： 出席本次股东大会的股东及股东代表共计2,084人，代表股份 本次会议的中小股东（上市公司董事、监事、高级管理人员以及单独 或合计持有公司5%以上股份的股东以外的其他股东）共2,081人，代 表股份161,137,822股，占公司有表决权股份总数的10.6966%。 过视频方式参加会议）；公司现任监事4人，出席会议4人；董事会秘 书出席了本次会议，部分高管列席了本次会议。江苏世纪同仁律师事 务所指派宋雨钊律师、杨琳律师出席本次股东大会，对股东大会进行 见证并出具法律意见书。 二、提案审议表决情况 本次股东大会采用现场记名投票和网络投票相结合的方式，审议 通过了如下决议： 该议案表决结果：同意 1,084,568,278 股，占出席会议有效表决 权股份总数的 99.8041%；反对 1,445,147 股，占出席会议有效表决权 股份总数的 0.1330%；弃权 683,399 股，占出席会议有效表决权股份 总 ...

关于江苏洋河酒厂股份有限公司 2024 年度股东大会的法律意见书 致：江苏洋河酒厂股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》和中国证监会 《上市公司股东会规则》等法律、法规和规范性文件以及公司《章程》的规定， 本所受贵公司董事会的委托，指派本律师出席贵公司 2024 年度股东大会，并就 本次股东大会的召集、召开程序、出席会议人员资格、召集人资格、表决程序以 及表决结果的合法有效性等事项出具法律意见。 洋河股份 法律意见书 江苏世纪同仁律师事务所 为出具本法律意见书，本律师对本次股东大会所涉及的有关事项进行了审查， 查阅了本律师认为出具法律意见所必须查阅的文件，并对有关问题进行了必要的 核查和验证。 本律师同意将本法律意见书随贵公司本次股东大会决议一并公告，并依法对 本法律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集、召开程序 1、本次股东大会由董事会召集。2025 年 4 月 27 日，贵公司召开第八届董 事会第九次会议，决定于 2025 年 6 月 12 日召 ...

证券代码：002304 证券简称：洋河股份 公告编号：2025-018 江苏洋河酒厂股份有限公司 2024年度股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、江苏洋河酒厂股份有限公司（以下简称"公司"）2024年度股 东大会采用现场投票和网络投票相结合的方式召开。现场会议于2025 年6月12日上午9:30在江苏省宿迁市宿城区洪泽湖西路88号宿迁恒力 国际大酒店召开，网络投票时间为2025年6月12日，其中通过深圳证 券交易所交易系统投票的具体时间为：2025年6月12日9:15－9:25， 9:30－11:30和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6月12日9:15－15:00期间的任意时间。本次 会议由公司董事会召集，现场会议由公司董事长张联东先生主持。本 次会议的召开符合《中华人民共和国公司法》《深圳证券交易所股票 上市规则》《上市公司股东大会规则》等有关 ...

Group 1: Industry Overview - The second quarter marks the traditional off-season for the liquor industry, compounded by increasing environmental uncertainties, leading to a decline in stock prices within the sector [2][5] - The market is experiencing a consensus on deceleration, with individual stock alpha diminishing, as major liquor companies exhibit a rational growth attitude during shareholder meetings [2][3] Group 2: Pricing and Demand Dynamics - The price of high-end liquor, such as Feitian Moutai, has shown a downward trend due to weak demand, with prices dropping to around 2000 yuan [7][13] - The impact of government policies, such as the "Party and Government Agencies Strictly Save and Oppose Waste Regulations," has affected business consumption scenarios, leading to a subdued demand environment [2][3] Group 3: Company-Specific Insights - Guizhou Moutai is expected to achieve a revenue growth target of approximately 9% for 2025, with a focus on expanding sales channels and enhancing consumer engagement [21] - Wuliangye has faced pressure on its pricing, with the price of its flagship product, Pu Wuliangye, declining to 910 yuan, while the company emphasizes maintaining price stability and supporting distributor profits [22] Group 4: E-commerce and Market Trends - The entry of instant retail platforms has significantly boosted online liquor sales, with major brands experiencing substantial growth during the "618" shopping festival [14][18] - The competition in pricing during the "618" event has intensified, impacting traditional distribution channels as e-commerce platforms offer aggressive discounts [18][19]

Group 1 - Libet has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, valid for 12 months [1] - Dinglong plans to acquire an additional 8% stake in its subsidiary, increasing its ownership from 91.35% to 99.35% for a total price of 240 million yuan [1] - Longyuan Donggu has been designated as a supplier for a major automotive project, with an expected total sales amount of 450 to 500 million yuan over five years [14] Group 2 - Luoniushan reported a sales revenue of 100 million yuan in May, a year-on-year decrease of 11.45% [2] - Baoming Technology has secured a loan commitment of up to 7 million yuan for stock repurchase [2] - Xinhua Pharmaceutical has received approval for the listing of a new chemical raw material used in treating chronic heart failure and hypertension [3] Group 3 - China Minmetals announced a new contract amount of 396 billion yuan for the first five months of the year, a decrease of 22.2% year-on-year [7] - Zhongbei Communication's application for a specific stock issuance has been accepted by the Shanghai Stock Exchange [8] - Rongfa Nuclear Power plans to issue bonds not exceeding 1 billion yuan to repay debts and supplement working capital [9] Group 4 - Phoenix Optical plans to invest 8.5 million USD to establish a wholly-owned subsidiary in Vietnam for manufacturing optical products [11] - Xiamen Airport reported a passenger throughput of 2.4752 million in May, a year-on-year increase of 8.34% [12] - Weilan Biological has received a new veterinary drug registration certificate for a product aimed at treating canine allergies and inflammation [13] Group 5 - Shouxiangu has completed the registration of a health food product that claims to enhance immunity [13] - Xingye Yinxin's subsidiary has passed a resource reserve verification report, confirming significant mineral reserves [16] - Shaanxi Construction has won two major projects with a total contract value exceeding 2.8 billion yuan [18] Group 6 - Huari received a cash dividend of 50 million yuan from its subsidiary [20] - Zhongchu's deputy general manager has resigned due to governance arrangements [21] - Kexin Pharmaceutical's core product has received breakthrough therapy designation from the National Medical Products Administration [39]

Group 1 - Yang Weiguo resigned from the board of Yanghe Co., Ltd. due to work adjustments, raising concerns about corporate governance and strategic stability [1] - Zhangyu A announced the sale of its 100% stake in French ETABLISSEMENTS ROULLET FRANSAC for €2.6 million and related real estate for €2.2 million, totaling approximately ¥39.32 million, which may improve cash flow but reduce overseas business scale [2] - Yanjing Beer has implemented a "beer + beverage" marketing strategy targeting young consumers, focusing on dining scenarios, which may attract investor attention towards its market expansion capabilities [3] Group 2 - The China Alcoholic Drinks Association is soliciting opinions on the group standard for "multi-grain low-alcohol fragrant liquor," aligning with the trend towards lower alcohol content and potentially guiding product structure adjustments in the liquor industry [4]

Investment Rating - The investment rating for the company is "Outperform" (previously "Buy") due to performance pressure and downward adjustments in profit forecasts for 2025-2026 [1]. Core Views - The company reported a significant decline in revenue and net profit for 2024 and Q1 2025, with a focus on sustainable development and market consolidation [7][8]. - The company plans to distribute a cash dividend of 23.17 yuan per 10 shares, with a total cash dividend of 7 billion yuan for 2024, resulting in a dividend payout ratio of 104.9% [7]. - The company aims to stabilize its market presence, particularly in Jiangsu and surrounding areas, while focusing on high-quality product offerings [7]. Financial Data and Profit Forecast - For 2024, total revenue is projected at 28.876 billion yuan, a decrease of 12.8% year-on-year, with a net profit of 6.673 billion yuan, down 33.4% [6][7]. - The forecast for 2025 includes a revenue of 21.553 billion yuan, a year-on-year decline of 25.4%, and a net profit of 5.029 billion yuan, down 24.6% [6][7]. - The company’s gross margin for 2024 is expected to be 73.2%, a decrease of 2.09 percentage points, with a net profit margin of 23.1%, down 7.16 percentage points [7][8]. Market Performance - The company's stock closed at 66.38 yuan, with a market capitalization of approximately 99.995 billion yuan [1]. - The stock has experienced a 52-week high of 109.00 yuan and a low of 65.00 yuan, indicating volatility in its market performance [1].

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、董事离任情况 近日，江苏洋河酒厂股份有限公司（以下简称"公司"）董事会 收到杨卫国先生的书面辞职申请，因工作调动原因，杨卫国先生申请 辞去公司第八届董事会董事及战略委员会委员职务。杨卫国先生原定 任期至公司第八届董事会届满时止。杨卫国先生辞职后不在公司及控 股子公司担任任何职务。 证券代码：002304 证券简称：洋河股份 公告编号：2025-017 根据相关法律法规及公司制度的规定，杨卫国先生的离任不会导 致公司董事会成员人数低于法定最低人数，不会影响董事会的正常运 作，其辞职申请自送达公司董事会时生效。 截至本公告日，杨卫国先生未持有公司股票，不存在未履行完毕 的公开承诺。 江苏洋河酒厂股份有限公司 杨卫国先生在任职期间，勤勉尽责，踏实工作，公司董事会对他 富有成效的工作，表示衷心的感谢！ 关于董事离任的公告 二、备查文件 杨卫国先生的辞职申请。 特此公告。 江苏洋河酒厂股份有限公司 董事会 2025 年 6 月 11 日 ...