证券代码：300755 证券简称：华致酒行 公告编号：2024-027 华致酒行连锁管理股份有限公司 关于召开 2024 年第一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。 华致酒行连锁管理股份有限公司（以下简称"公司"）第五届董事会第十八次 会议于 2024 年 7 月 9 日召开，审议通过《关于召开 2024 年第一次临时股东大会 的议案》，决定于 2024 年 7 月 25 日召开 2024 年第一次临时股东大会，本次股东 大会将采取现场表决和网络投票相结合的方式召开。现就本次股东大会的相关事 项通知如下： 一、召开会议的基本情况 （一）股东大会届次：2024年第一次临时股东大会。 （二）股东大会的召集人：公司第五届董事会。 （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规定。 （四）会议召开的日期、时间：2024年7月25日（星期四）下午14:30 通过互联网投票系统投票的时间：2024年7月25日9:15—15:00。 通过交易系统进行网络投票的时间：2024年7月2 ...

证券代码：300755 证券简称：华致酒行 公告编号：2024-025 1 经审议，监事会认为：公司本次回报股东特别分红方案的内容及审议程序符 合相关法律法规和《华致酒行连锁管理股份有限公司章程》，充分考虑了公司的 实际经营情况和未来发展计划，符合公司长期持续发展的需求，有利于公司的持 续稳定健康发展，能体现对广大投资者的合理投资回报，不会对公司经营、财务 状况和未来发展产生重大不利影响，不存在损害公司及股东利益的情形。因此， 监事会同意本次回报股东特别分红方案的具体事项，并同意将该议案提交至公司 股东大会审议。 具体内容详见公司同日在指定信息披露媒体巨潮资讯网（www.cninfo.com.cn） 披露的《关于回报股东特别分红方案的公告》（公告编号：2024-026）。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案尚需提交 2024 年第一次临时股东大会审议。 特此公告。 华致酒行连锁管理股份有限公司 第五届监事会第十四次会议决议公告 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。 华致酒行连锁管理股份有限公司（以下简称"公司"）第五届监事会 ...

证券代码：300755 证券简称：华致酒行 公告编号：2024-024 华致酒行连锁管理股份有限公司 第五届董事会第十八次会议决议公告 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。 华致酒行连锁管理股份有限公司（以下简称"公司"）第五届董事会第十八次 会议（以下简称"会议"）通知于 2024 年 7 月 4 日以电子邮件的方式向全体董事 发出，并于 2024 年 7 月 9 日以通讯表决的方式召开。会议由公司董事长吴向东 先生主持，应参与表决的董事 9 名，实际参与表决的董事 9 人。公司监事及高级 管理人员列席了会议。会议的召集和召开符合《中华人民共和国公司法》《中华 人民共和国证券法》等有关法律、法规和《华致酒行连锁管理股份有限公司章程》 的规定，所作决议合法有效。本次董事会表决通过了以下议案： 一、审议并通过《关于回报股东特别分红方案的议案》 截至 2024 年 3 月 31 日（未经审计），公司合并资产负债表未分配利润为 2,474,431,204.56 元，母公司资产负债表未分配利润为 1,078,693,120.95 元。公司 拟以现有总股本41 ...

证券代码：300755 证券简称：华致酒行 公告编号：2024-023 华致酒行连锁管理股份有限公司 2023 年年度权益分派实施公告 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： 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规定，华致酒行连锁管理股份有限公司（以下简称"公司"或"本公司"）回购 专用证券账户中的股份不参与本次权益分派。公司 2023 年度权益分派方案为： 以现有总股本416,798,400股剔除回购专用证券账户中已回购股份9,098,096股后 的股本 407,700,304 股为基数，向全体股东每 10 股派发现金红利人民币 1.16 元 （含税），实际派发现金红利总额=407,700,304 股×1.16 元÷10 股=47,293,235.26 元（含税）。 本次权益分派实施后计算除权除息价格时，按总股本（含回购股份）折算的 每 10 股现金红利（含税）=现金分红总额÷总股本×10 股=47,293,235.26 元÷ 416,798,400 股×10 股=1.134678 元（保留六位小数，最 ...

Summary of Conference Call Industry Overview - The overall economic development in China is recovering, indicating a positive trend for the industry [1] Company Performance - The company, referred to as "华尔街酒行," achieved satisfactory results in the first quarter of the year [1] - However, entering the second quarter, the performance has not met expectations [1]

Summary of the Conference Call for Huazhi Jiuhang Company Overview - **Company**: Huazhi Jiuhang - **Industry**: Alcohol distribution in China Key Points and Arguments Economic Environment - The overall economic development in China is gradually recovering, but the performance in Q2 has shown signs of weakness compared to Q1, indicating a slight pullback in expectations [1][2][3] - The company plans to leverage the upcoming Dragon Boat Festival for marketing activities to boost Q2 performance [1] Seasonal Trends - The alcohol industry experiences significant seasonal fluctuations, with major sales occurring during festivals like Spring Festival and Mid-Autumn Festival, accounting for nearly 70% of marketing efforts [2][3] - The company is focusing on marketing strategies for the upcoming Mid-Autumn Festival, starting preparations in August [4][5] Market Dynamics - There is a noticeable consolidation in the market, with smaller liquor stores facing challenges, which presents opportunities for larger chain brands like Huazhi Jiuhang [5][6] - The company has opened 201 new stores in the past two years, focusing on larger store formats, indicating a trend of smaller stores closing down [6] Expansion Plans - Huazhi Jiuhang aims to increase its number of stores to 3,000 within the next 3 to 5 years, with a long-term goal of reaching 5,000 stores [8][9] - The company is confident in its ability to expand due to its status as a leading chain brand and the increasing consumer demand for quality and service [6][7] Competitive Landscape - The company views its competitors as peers in a large market rather than direct rivals, emphasizing the collaborative nature of the industry [11] - Huazhi Jiuhang believes its status as a publicly listed company provides it with operational advantages over non-listed competitors [12] Product Strategy - The company is focusing on developing customized products in collaboration with well-known liquor brands, aiming to enhance its product offerings [17][20] - The "Jinrui" product, which won a prestigious award, has become a significant sales driver, contributing to the company's marketing strategy [18][19] Sales Performance - The company reported a 20% growth in same-store sales for Q1, indicating strong performance despite market challenges [27] - The overall sales target for the year is set at approximately 20% growth [28] E-commerce and Distribution - The company acknowledges the rapid growth of e-commerce but believes that its high-end products are better suited for offline sales due to the need for customer experience [30][32] - Huazhi Jiuhang has formed strategic partnerships with major e-commerce platforms to enhance its online presence [31] Financial Outlook - The company aims to improve its profit margins by increasing the sales proportion of premium products, targeting a 40% gross margin for premium products [40][41] - The current inventory level is approximately 2.8 billion, with a significant portion being aged stock that is not for sale, indicating a healthy turnover rate [53][54] Challenges and Market Sentiment - The company has observed a decline in wedding-related sales due to cultural factors, but expects other banquet and business-related sales to recover as the economy stabilizes [23][24] - There is a cautious optimism regarding the recovery of high-end consumption, although some budget constraints remain in corporate spending [25][50] Conclusion - Huazhi Jiuhang is strategically positioned to capitalize on market consolidation and consumer trends towards quality and service, with ambitious expansion and product development plans in place to drive future growth [6][9][12]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company has achieved a robust revenue growth of 10.4% year-on-year, reaching 4.13 billion yuan in Q1 2024, with a net profit of 130 million yuan, reflecting a 28.2% increase [6][21]. - The company is positioned as a "gold medal service provider for famous liquor manufacturers," focusing on brand credibility through a strict authenticity system and management [2][7]. - The company is expanding its store network and upgrading its product matrix, with a focus on high-end boutique wines and targeted marketing strategies to enhance consumer conversion rates [2][7]. Financial Performance - The gross profit margin improved to 10.48% in Q1 2024, up by 0.21 percentage points year-on-year and 0.84 percentage points quarter-on-quarter, with a gross profit of 430 million yuan, a 12.7% increase [21]. - The company expects EPS to reach 0.69, 0.84, and 0.97 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 25.9, 21.4, and 18.5 times [2][21]. - The company has successfully opened 201 new 3.0 version stores in key cities, enhancing store quality and brand visibility [7][21]. Market Strategy - The company is focusing on diversifying its sales channels and enhancing its marketing efforts, particularly during peak sales seasons like the Spring Festival [21]. - The introduction of strategic products and collaborations with famous liquor manufacturers is aimed at enriching the product matrix and driving sales growth [7][21].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [12][18]. Core Views - The company achieved a white liquor revenue of 9.395 billion yuan in 2023, representing a year-on-year increase of 20.02%. The sales volume reached 8,090.15 thousand liters, up 7.50% year-on-year, with an average price of 1,161.33 yuan per liter, reflecting an 11.65% increase year-on-year, primarily driven by a higher proportion of famous liquor [1][10]. - The gross margin and net margin for 2023 decreased by 3.29 and 1.88 percentage points to 10.75% and 2.32%, respectively. The decline in gross margin is attributed to a decrease in the gross profit of certain flagship products [2][10]. - The company is focusing on the expansion of its 3.0 store plan, which has successfully developed 201 new stores, contributing to balanced revenue growth across various regions [9][10]. Financial Performance - In 2023, the company reported operating income of 10.121 billion yuan and a net profit attributable to the parent company of 235.27 million yuan, reflecting a year-on-year increase of 16.22% in revenue but a decrease of 35.78% in net profit [8][11]. - The company expects revenue for 2024 to be 11.165 billion yuan, with a year-on-year growth of 10.3%, and net profit to reach 282.65 million yuan, representing a 20.1% increase [10][11]. - The operating cash flow for Q4 2023 increased by 76.52% year-on-year to -106 million yuan, with advance payments amounting to 1.792 billion yuan, down 34.60% year-on-year [2][10]. Regional Development - The company’s revenue contributions from various regions in 2023 were as follows: East China 3.197 billion yuan, South China 1.398 billion yuan, Central China 1.360 billion yuan, North China 1.233 billion yuan, Southwest 1.210 billion yuan, and e-commerce 848 million yuan, with notable growth in the Southwest region at 182.81% year-on-year [9][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a total revenue of 10.121 billion yuan in 2023, representing a year-on-year growth of 16.22%. However, the net profit attributable to the parent company was 235 million yuan, a decline of 35.78% year-on-year, and the net profit after deducting non-recurring gains and losses was 179 million yuan, down 46.86% year-on-year [3][6]. - The white wine category showed superior growth, with a year-on-year increase of 20%, significantly outperforming the industry average growth of 9.7%. Other categories, such as wine and imported spirits, faced challenges, with declines of 19.9% and 4.42% respectively [2][6]. - The company is focusing on channel upgrades and product diversification, with the launch of 201 upgraded 3.0 stores and a 183% increase in e-commerce revenue, which now accounts for nearly 12% of total revenue [5][6]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 10.121 billion yuan, a 16.22% increase year-on-year. The gross profit margin was 10.75%, down 3.29 percentage points from the previous year, primarily due to changes in the product mix of premium wines [2][3][6]. - The sales expense ratio was 6.44%, a decrease of 0.5 percentage points year-on-year, attributed to optimized employee compensation. The net profit margin for the year was 2.32%, down 1.88 percentage points year-on-year [2][3]. Future Outlook - The company is expected to continue its growth trajectory, with projected EPS of 0.69, 0.84, and 0.97 yuan for 2024, 2025, and 2026 respectively. Corresponding PE ratios are estimated to be 26.4, 21.7, and 18.8 times [6][24]. - The strategic focus on enhancing brand credibility through a robust service system and optimizing the product matrix for mid-to-high-end wines is anticipated to improve long-term profitability [6][24].

Group 1: Company Overview and Market Context - In 2023, the overall domestic economy showed signs of recovery, but the market experienced a "weak recovery" with insufficient consumption [1] - The liquor distribution industry faces challenges such as rising prices of famous liquors and profit dilution in the distribution process [1] Group 2: Financial Performance - In 2023, the company's revenue reached 10.121 billion CNY, a year-on-year increase of 16.22% [2] - The net profit attributable to shareholders was 235 million CNY, a year-on-year decrease of 35.78% [2] Group 3: Strategic Initiatives - The company implemented two major strategies: "Golden Bud Campaign" and "Liquor Upgrade" to enhance marketing strategies and customer service [2] - The "Liquor Upgrade" strategy has shown significant results with the expansion of 3.0 store formats [2] Group 4: Future Goals and Plans - For 2024, the company aims to "reduce costs and increase efficiency" to improve profitability [2] - Plans include deepening the "Two Points and One Line" strategy, enhancing collaboration with upstream liquor manufacturers, and focusing on brand building and channel expansion [2] Group 5: Q&A Insights - The increase in revenue in 2023 was attributed to the brand effect of "buying genuine liquor at Huazhi" and timely adjustments to sales strategies during peak seasons [3] - The decline in net profit was due to adjustments in product structure, increased promotional efforts for premium liquors, and price inversions in some famous liquor markets [3] - The company plans to continue enhancing brand communication and market penetration in the mid-to-high-end sector [3][4]