洋河股份 法律意见书 江苏世纪同仁律师事务所 关于江苏洋河酒厂股份有限公司 2025 年第三次临时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，指派本所律师出席贵公司 2025 年第三次临时股东大会， 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。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了本所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。 本所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。 本所律师根据相关法律、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 10 月 29 日，贵公司召开第八届董 事会第十五次会议，决定于 20 ...

江苏洋河酒厂股份有限公司 2025年第三次临时股东大会决议公告 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。 证券代码：002304 证券简称：洋河股份 公告编号：2025-035 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"）2025年第三次 临时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11月26日15:00在江苏省宿迁市洋河酒都大道118号，公司总部办 公楼一楼多功能厅召开，网络投票时间为2025年11月26日，其中通过深 圳证券交易所系统进行网络投票的具体时间为：2025年11月26日9:15－ 9:25，9:30－11:30，13:00－15:00；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11月26日9:15－15:00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顾宇先生主持。本次会议 的召集、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 ...

证券代码：002304 证券简称：洋河股份 公告编号：2025-036 江苏洋河酒厂股份有限公司 第八届董事会第十六次会议决议公告 江苏洋河酒厂股份有限公司（以下简称"公司"）第八届董事会第十 六次会议，于 2025 年 11 月 26 日在江苏省宿迁市洋河酒都大道 118 号， 公司总部办公楼 19 楼会议室，以现场会议结合视频会议方式召开。会议 通知于 2025 年 11 月 24 日以送达和通讯相结合方式发出，全体董事一致 同意本次会议豁免提前通知时限的要求。本次会议应到董事 10 名，实际 出席董事 10 名，其中独立董事毛凌霄先生以视频会议方式出席，与会人 数符合《公司法》和《公司章程》的规定。本次会议由董事长顾宇先生 召集和主持，会议的召集、召开符合《公司法》等有关法律法规和《公 司章程》的规定。 二、董事会会议审议情况 1、会议以 10 票同意，0 票反对，0 票弃权，审议通过了《关于对外 捐赠的议案》。 为积极践行社会责任，同意公司于 2025 年—2029 年期间向宿迁市 慈善总会合计捐赠人民币 1500 万元，围绕乡村振兴、社会治理、民生保 障等重点领域开展公益事业，推动巩固宿迁地区脱贫攻 ...

Group 1 - The core viewpoint of the article highlights a significant price adjustment in the Chinese liquor market, particularly among the top ten products, with an overall retail price drop of 69 yuan, totaling 9222 yuan, ending a four-day upward trend [1] - Among the products, Gujinggong Gu20 saw a price increase of 4 yuan per bottle, while the majority experienced price declines, with Yanghe Dream Blue M6+ dropping by 15 yuan per bottle, marking the largest decrease [1][4] - The article notes that prior to this price adjustment, there was a period of price stabilization and increase in the white liquor market, indicating accumulated pressure for a correction [1] Group 2 - Liu Feng, Chief Economist at the International Research Institute of Green Finance, emphasized the resilience of the liquor industry in China, despite challenges such as declining production and market segmentation, due to its essential role in social and emotional contexts [2] - Looking ahead to the 14th Five-Year Plan, Liu pointed out trends driven by consumer rationality and health consciousness, with a focus on quality and cultural value as key purchasing motivations [2] - Liu suggested that liquor companies should adopt a "1+N" product strategy, maintaining core flagship products while introducing a variety of lower-alcohol and fruit wines to meet changing consumer demands [2]

Core Viewpoint - The company Yanghe has experienced a significant decline in stock price and market value, attributed to a challenging economic environment and a downturn in the liquor industry, particularly affecting its sales and profitability [3][4][10]. Financial Performance - Yanghe's stock closed at 65.71 yuan, down 1.19% from the previous day, with over 50 million in main capital quietly flowing out [1]. - The company's market value has dropped from a high of 268 yuan to below 70 yuan, resulting in a loss of over 200 billion yuan in market capitalization [3]. - In 2024, Yanghe's revenue is projected to decline by 12.83% to 28.876 billion yuan, with net profit expected to decrease by 30%, marking the first quarterly loss since its listing [3][4]. Market Dynamics - Despite the overall market downturn, Yanghe has seen some positive sales trends in key provinces, with sales in Jiangsu increasing by 8% and supermarket sales rising by 12% [7][8][9]. - The company has managed to reduce inventory levels from 4.5 months to 3.5 months, indicating a more cautious production strategy [4]. Strategic Adjustments - Yanghe has cut production by over 50% to clear inventory and stabilize prices, focusing on producing only what is sold [4]. - The company is beginning to invest more in product development and digital channels, aiming to improve its market position and regain lost market share [10][16]. Challenges and Opportunities - Yanghe faces challenges such as slow product updates and a lack of high-end offerings compared to competitors, with R&D expenses significantly reduced [10][11]. - The company has a strong foundation with 70,000 premium cellars and 1 million tons of stored liquor, providing resilience during tough market conditions [9][13]. Future Outlook - Yanghe has the potential to recover by implementing strategic changes, including leadership adjustments, increased investment in high-end product development, and enhancing digital sales channels [14][15]. - The company is already seeing signs of recovery, with improved sales and a willingness from distributors to invest, indicating a positive shift in market sentiment [16][18].

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (970064) closed at 1612.77 points, up 0.73%, with a trading volume of 20.124 billion yuan and a turnover rate of 0.78% [1] - Among the index constituents, 33 stocks rose, with China National Materials Technology leading at a 10.01% increase, while 12 stocks fell, with CITIC Special Steel leading the decline at 2.97% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (sz000725) with a weight of 9.31%, latest price at 3.85, and a market cap of 144.043 billion yuan [1] - Hikvision (sz002415) with a weight of 7.97%, latest price at 29.99, and a market cap of 274.855 billion yuan [1] - Wuliangye Yibin (sz000858) with a weight of 7.71%, latest price at 118.51, and a market cap of 460.009 billion yuan [1] - Luzhou Laojiao (sz000568) with a weight of 6.59%, latest price at 133.59, and a market cap of 196.637 billion yuan [1] - XCMG Machinery (sz000425) with a weight of 5.75%, latest price at 10.30, and a market cap of 121.056 billion yuan [1] - Changan Automobile (sz000625) with a weight of 3.88%, latest price at 11.91, and a market cap of 118.077 billion yuan [1] - Shenwan Hongyuan (sz000166) with a weight of 3.84%, latest price at 5.14, and a market cap of 128.705 billion yuan [1] - Yunnan Aluminum (sz000807) with a weight of 3.81%, latest price at 23.54, and a market cap of 81.636 billion yuan [1] - Yanghe Brewery (sz002304) with a weight of 3.37%, latest price at 65.71, and a market cap of 68.686 billion yuan [1] - Tongling Nonferrous Metals (sz000630) with a weight of 3.18%, latest price at 6.67, and a market cap of 66.913 billion yuan [1] Capital Flow Summary - The net inflow of main funds into the index constituents totaled 425 million yuan, while retail funds saw a net outflow of 319 million yuan [3] - Key stocks with significant capital flow include: - China National Materials Technology with a net inflow of 210 million yuan from main funds [3] - Luzhou Laojiao with a net inflow of 91.542 million yuan from main funds [3] - Tongling Nonferrous Metals with a net inflow of 60.685 million yuan from main funds [3]

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 retail prices of the top ten liquor products in the white liquor market have continued to rise, with an overall price of 9,291 yuan for a bundled sale, marking an increase of 8 yuan from the previous day, achieving four consecutive days of price increases [1] Price Movements - Yanghe Dream Blue M6+ saw a strong performance with a daily price increase of 8 yuan per bottle [1] - Guojiao 1573's price increased by 6 yuan per bottle [1] - Qinghualang's price rose by 5 yuan per bottle, marking five consecutive days of increases [1] - Prices for Shuijing Jian'nan Chun and Xijiu Junpin increased by 3 yuan and 2 yuan per bottle, respectively, showing stable trends [1] - Qinghualan 20's price rose by 2 yuan per bottle, while Wuliangye Pu 58's price also increased by 2 yuan per bottle [1] - In contrast, the prices of some products decreased, with the boutique Moutai and Gujing Gong Gu 20 dropping by 9 yuan and 7 yuan per bottle, respectively [1] - Feitian Moutai's price fell by 4 yuan per bottle [1] Specific Product Prices - Feitian Moutai: 1,831 yuan per bottle, down 470 yuan [3] - Boutique Moutai: 2,369 yuan per bottle, down 9 yuan [3] - Wuliangye Pu 58: 868 yuan per bottle, up 2 yuan [3] - Qinghualan 20: 396 yuan per bottle, up 2 yuan [3] - Guojiao 1573: 895 yuan per bottle, up 670 yuan [3] - Yanghe Dream Blue M6+: 600 yuan per bottle [3] - Gujing Gong Gu 20: 506 yuan per bottle, down 7 yuan [3] - Qinghualang: 730 yuan per bottle, down 570 yuan [4] - Shuijing Jian'nan Chun: 421 yuan per bottle, up 3 yuan [4] - Xijiu Junpin: 675 yuan per bottle, up 2 yuan [4]

Core Insights - The retail average price of the top ten liquor products in the white liquor market continues to rise, reaching 9,291 yuan, an increase of 8 yuan from the previous day, marking four consecutive days of price increases [1] Price Movements - Yanghe Dream Blue M6+ shows strong performance with a daily price increase of 8 yuan per bottle [1] - Guojiao 1573 price increased by 6 yuan per bottle [1] - Qinghua Lang price rose by 5 yuan per bottle, achieving five consecutive days of increases, leading the market [1] - Crystal Jian Nan Chun and Xijiu Junpin prices increased by 3 yuan and 2 yuan per bottle, respectively, showing stable trends [1] - Qinghua Fen 20 price increased by 2 yuan per bottle [1] - Wuliangye Pu 58 price also rose by 2 yuan per bottle [1] Price Declines - Premium Moutai and Gujing Gong Gu 20 experienced significant declines, with prices dropping by 9 yuan and 7 yuan per bottle, respectively [1] - Feitian Moutai price decreased by 4 yuan per bottle [1]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the essential consumer goods sector, including Guizhou Moutai, Wuliangye, and others [1]. Core Insights - The wholesale prices of Baijiu have mostly declined, while prices for instant foods and condiments have rebounded [1][10]. - Discounts for convenience foods and seasonings have narrowed compared to the end of October, indicating a potential recovery in consumer spending [19][38]. - The report highlights the stability of discounts for infant formula and beer, while discounts for liquid milk and soft drinks have increased [21][38]. Summary by Sections Baijiu Pricing - The wholesale prices for various Baijiu brands, such as Moutai and Wuliangye, have shown significant declines compared to previous months and year-to-date figures [9][40]. - For instance, the price of Feitian Moutai (case) is 1650 yuan, down by 110 yuan from last month, and down 590 yuan year-to-date [40]. Consumer Goods Discounts - Convenience foods have seen an increase in average and median discount rates, moving from 93.2%/95.9% at the end of October to 95.8%/97.0% [19][38]. - Seasonings also experienced a rise in discount rates, from 83.7%/84.9% to 85.9%/88.9% [19][38]. - In contrast, liquid milk discounts have widened, with average rates dropping from 69.6% to 66.0% [21][38]. Company Ratings - The report lists several companies with an "Outperform" rating, including: - Guizhou Moutai - Wuliangye - Luzhou Laojiao - Shanxi Fenjiu - Yanghe - Others [1].