证券代码：002304 证券简称：洋河股份 公告编号：2025-033 江苏洋河酒厂股份有限公司 关于召开2025年第三次临时股东大会的通知 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。 根据江苏洋河酒厂股份有限公司（以下简称"公司"）第八届董事会 第十五次会议决议，公司决定于2025年11月26日（星期三）15:00召开2025 年第三次临时股东大会，现将有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2025年第三次临时股东大会 2、股东大会的召集人：董事会。 3、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则》《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》等法律、行政法规、部门规章、规范性 文件及《公司章程》的有关规定。 4、会议时间： (1)现场会议时间：2025年11月26日15:00。 (2)网络投票时间：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 ...

江苏洋河酒厂股份有限公司 2025 年第三季度报告 证券代码：002304 证券简称：洋河股份 公告编号：2025-030 江苏洋河酒厂股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 江苏洋河酒厂股份有限公司 2025 年第三季度报告 一、主要财务数据 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 增减 | | 上年同期增减 | | 营业收入（元） | 3,294,504,314.43 | -29.01% | 18,090,155,654.57 | -34.26% | | 归属于上 ...

Core Viewpoint - The article highlights the launch of the "China Feast" event in Singapore, showcasing Chinese culinary culture and the integration of traditional Chinese liquor with food, emphasizing cultural exchange and the promotion of Chinese heritage abroad [1][3][13]. Group 1: Event Overview - The "China Feast" event, a collaboration between Xinhua News and Yanghe Brewery, has commenced its global tour in Singapore, featuring immersive experiences of Chinese banquet aesthetics [1]. - The event aims to illustrate the deep-rooted culinary traditions of China, focusing on the craftsmanship of the "Dream Blue Handcrafted Class" liquor, which embodies the spirit of true craftsmanship [3][15]. Group 2: Cultural Significance - Singapore's multicultural environment provides a fertile ground for the "China Feast" to take root, allowing for a vivid representation of China's millennia-old dining culture [3]. - The event serves as a platform for cultural dialogue, enabling attendees to experience the essence of Chinese culture through food and drink, thereby fostering mutual understanding between China and Singapore [10][13]. Group 3: Key Remarks - Chen Jun, Vice President of Yanghe Brewery, emphasized the romantic essence of Chinese liquor, which reflects hospitality and nostalgia for one's homeland [5]. - Li Xuemin, Vice President of the Singapore Chinese Chamber of Commerce, noted that liquor has been an integral part of Chinese civilization, symbolizing friendship and celebration [8]. - Shen Liguo, Director of the Jiangsu Provincial Commerce Department in Singapore, expressed hopes that the event would deepen Singaporeans' appreciation of Chinese liquor and culture [10]. Group 4: Future Prospects - The "Dream Blue Handcrafted Class" aims to continue using liquor as a medium to connect cultures globally, promoting the essence of traditional Chinese brewing techniques [15].

Core Viewpoint - The liquor industry is experiencing a recovery in demand, with market expectations for performance and pricing becoming more optimistic, leading to a potential valuation recovery as supply-demand dynamics improve [1] Industry Summary - The Shanghai Composite Index rose by 0.06% to 4018.86 points on October 30, with the liquor sector closing at 2260.38 points, up 0.39% [1] - Guizhou Moutai's stock price closed at 1429.61 CNY per share, down 0.16%; Wuliangye closed at 118.95 CNY, up 0.10%; Shanxi Fenjiu closed at 190.21 CNY, up 1.95%; Luzhou Laojiao closed at 131.06 CNY, up 0.92%; and Yanghe Brewery closed at 71.16 CNY, up 2.55% [1] - Guizhou Moutai and Wuliangye showed slight declines, while Shanxi Fenjiu, Luzhou Laojiao, and Yanghe Brewery experienced notable gains [1] Company Summary - Guizhou Moutai's stock performance indicates a slight decline, reflecting market adjustments [1] - Wuliangye's minor increase suggests stable demand amidst market fluctuations [1] - The overall performance of liquor companies indicates a mixed response to market conditions, with some companies showing resilience and growth [1]

Core Insights - The liquor sector experienced a slight decline of 0.09% on October 30, with Huangtai Liquor leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Liquor Sector Performance - Notable gainers in the liquor sector included: - Macau Sina: Closed at 40.08, up 2.59% with a trading volume of 137,600 shares and a transaction value of 556 million [1] - ST Yanshi: Closed at 5.67, up 2.35% with a trading volume of 51,300 shares and a transaction value of 29.27 million [1] - Yanghe Distillery: Closed at 70.82, up 2.06% with a trading volume of 81,100 shares and a transaction value of 574 million [1] - Other companies like Kweichow Moutai and Wuliangye saw minor declines of 0.36% and 0.30% respectively [2] Capital Flow Analysis - The liquor sector saw a net outflow of 586 million from institutional investors, while retail investors contributed a net inflow of 65.5 million [2] - Major stocks with significant capital inflows included: - Yingjia Gongjiu: Net inflow of 52.03 million from institutional investors [3] - Luzhou Laojiao: Net inflow of 37.36 million from institutional investors [3] - Conversely, stocks like Yanghe Distillery and Kweichow Moutai experienced net outflows from both institutional and retail investors [3]

Group 1 - The food and beverage sector experienced a significant reversal on October 30, with the Food ETF (515710) opening lower but then rising to a gain of 0.33% as of the report [1] - Notable stocks in the sector included strong performances from liquor brands, with companies like Yingjia Gongjiu and Tangchen Beijian both rising over 4%, and New Dairy rising over 3% [1] - Guizhou Moutai reported a total revenue of 130.904 billion yuan for the first nine months of the year, a year-on-year increase of 6.32%, with a net profit of 64.626 billion yuan, also reflecting a growth of 6.25% [2][3] Group 2 - Huatai Securities highlighted that the food and beverage sector is currently at a low valuation, making it a potentially good time for investment, with the Food ETF's price-to-earnings ratio at 19.99, which is in the 4.7% percentile of the last decade [3] - Guizhou Moutai's third-quarter revenue reached 39.81 billion yuan, showing a slight year-on-year increase of 0.35%, indicating stable performance amidst market fluctuations [2][3] - The food and beverage sector is expected to enter a recovery phase as consumer policies from the second quarter begin to wane, with signs of improved supply chain dynamics and industry consolidation [4]

Core Viewpoint - The overall market showed a collective increase, while the liquor sector experienced a decline, indicating mixed performance within the industry [1] Market Performance - The three major indices collectively rose, with the Shanghai Composite Index reaching 4002.83 points, an increase of 0.37% [1] - The liquor sector closed at 2246.58 points, down 0.89%, with 19 liquor stocks declining [1] Individual Stock Performance - Kweichow Moutai closed at 1431.58 CNY per share, down 0.93% [1] - Wuliangye closed at 118.58 CNY per share, down 1.27% [1] - Shanxi Fenjiu closed at 186.00 CNY per share, down 0.69% [1] - Luzhou Laojiao closed at 129.30 CNY per share, down 0.91% [1] - Yanghe Brewery closed at 69.19 CNY per share, down 0.63% [1] Industry Outlook - Dongxing Securities noted that short-term price fluctuations do not affect the recovery process of the industry [1] - Leading companies, particularly Kweichow Moutai, are showing strong performance that can withstand economic cycles, with signs of bottoming out becoming more evident [1]

Core Viewpoint - The investment opportunities in the liquor sector are currently characterized by market divergence, with expectations of a significant decline in performance for liquor companies in Q3 2025, while both valuation and holdings are at low levels, and positive factors on both supply and demand sides are gradually increasing [1] Group 1: Market Dynamics - The industry demand is expected to recover on a month-on-month basis, particularly during the dual festivals, leading to a more optimistic market outlook regarding performance and price expectations, which will likely result in valuation recovery as demand improves [1] - The first phase of recovery is driven by dividend yield pricing, while the second phase will see a return to long-term confidence in liquor assets as supply-demand relationships improve and performance indicators are realized [1] Group 2: Historical Performance Analysis - Historical data indicates that the majority of liquor companies confirmed their stock price bottoms between Q4 2013 and Q1 2014, despite a continued decline in performance and market conditions [2] - The stock price performance remained relatively stable after the third quarter of 2013, with most companies generating absolute returns within one month post earnings report, attributed to the market's sufficient digestion of performance decline expectations [2] Group 3: Business Strategies of Liquor Companies - Liquor companies are leveraging channels to amplify brand and product advantages, signaling changes in supply-side dynamics during the adjustment phase [3] - High-end liquor brands are focusing on maintaining brand strength, with companies like Moutai and Wuliangye adapting their strategies to enhance channel management and product offerings [3] - Regional leaders are concentrating on their base markets while expanding into lower-tier markets, with companies like Yanghe and Gujing enhancing their presence in these areas [3]

Core Viewpoint - Suqian, a young city in northern Jiangsu Province, is highlighted for its rich history, cultural heritage, and ecological resources, making it an attractive destination for tourism and cultural exploration [1] Group 1: Cultural and Historical Significance - Suqian is known as the hometown of Xiang Yu, a historical figure, and is located along the Grand Canal, showcasing its historical and cultural importance [1] - The city has inspired numerous poets and writers throughout history, reflecting its deep cultural roots and scenic beauty [1][3] Group 2: Wine Culture and Tourism - The Yanghe Distillery has been transformed into a cultural tourism area, where visitors can experience the blend of wine aroma, scenery, and local warmth [5] - The distillery features ancient fermentation pits dating back to the Ming Dynasty, emphasizing the historical significance of local winemaking traditions [5] - Visitors can engage with the winemaking process and enjoy the serene atmosphere of the distillery [5][8] Group 3: Culinary Experiences - The region offers unique local delicacies, such as the traditional "fish ball" and "water chestnut shoots," showcasing the local culinary culture [12] - The culinary experiences are enhanced by the natural bounty of the area, reflecting the integration of local ingredients and traditional cooking techniques [12] Group 4: Red Tourism and Historical Education - Suqian features several memorials and museums dedicated to revolutionary heroes, such as the Snow Maple Park and Zhu Rui Memorial Hall, promoting patriotic education [19][21] - These sites serve as important cultural landmarks, allowing visitors to learn about the contributions of local heroes to the nation [21]

Core Viewpoint - The Chinese liquor industry is witnessing significant growth in the aged liquor market, with expectations for the market size to exceed 150 billion yuan in 2024, driven by the establishment of standards and trust in "true vintage" products [1][2]. Group 1: Market Growth - The aged liquor market in China reached a scale of 128.5 billion yuan in 2023, showing a recovery in growth after a slowdown from 2020 to 2022 [1]. - The market sales exceeded 62.8 billion yuan in 2019 and surpassed 80.2 billion yuan in 2020, indicating a strong upward trend [1]. Group 2: Industry Standards and Trust - The China Alcoholic Drinks Association has implemented the "White Liquor Vintage Group Standard" in 2019, establishing a regulatory framework for vintage liquor [1]. - The association has initiated a vintage liquor certification process, with 6.13 million certification labels issued across 31 provinces and 305 cities, promoting a quality ecosystem that is provable, traceable, and regulated [2]. Group 3: Future Outlook - Industry experts believe that the vintage liquor sector is entering a new phase characterized by standardization, transparency, and internationalization, which will enhance market credibility and competitiveness [2].