证券代码：002304 证券简称：洋河股份 公告编号：2025-032 江苏洋河酒厂股份有限公司 关于修订《公司章程》及制定、修订部分治理制度的公告 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。 江苏洋河酒厂股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第八届董事会第十五次会议，审议通过了《关于修订<公司章程>及 附件的议案》《关于制定、修订公司部分治理制度的议案》，具体情况如 下： 一、修订《公司章程》及附件的情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）《关于新 〈公司法〉配套制度规则实施相关过渡期安排》《上市公司章程指引（2025 年修订）》等法律法规、部门规章及规范性文件的相关规定，结合公司实 际情况，公司不再设置监事会或监事，对《公司章程》及附件部分条款进 行修订，明确由董事会审计委员会承接《公司法》中规定的监事会职权。 具体修订情况，详见公司同日在"巨潮资讯网"（www.cninfo.com.cn）披露 的《公司章程》《股东会议事规则》《董事会议事规则》及其修订对照表。 在股东大会审议通过前，公司第八届监事 ...

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]

Market Performance - The market's profit effect is primarily concentrated in the new energy sector, with significant increases in wind power equipment, energy metals, and solid-state batteries [1] - Leading stocks in energy storage, such as Sunshine Power, rose by 3.72%, reaching a historical high with a total market value of 411.78 billion [1] - Major stocks like Longi Green Energy, CATL, Huayou Cobalt, Tianci Materials, and Goldwind also experienced gains [1] - The Shanghai Composite Index rose by 0.06%, while the Shenzhen Component Index and the ChiNext Index fell by 0.02% and 0.23%, respectively [1] Alcohol Sector - The liquor sector saw a rebound, with stocks like迎驾贡酒, 洋河股份, and 山西汾酒 increasing, while 贵州茅台 slightly declined by 0.16% [2] - Guizhou Moutai reported a total revenue of 130.90 billion for the first three quarters of 2025, a year-on-year increase of 6.32%, and a net profit of 64.63 billion, also up by 6.25% [3] - In Q3, Guizhou Moutai achieved revenue of 39.06 billion, growing by 0.56%, and a net profit of 19.22 billion, increasing by 0.48% [3] - CICC noted that Guizhou Moutai is focused on enhancing shareholder returns through dividends and buybacks, with expectations for an increased dividend rate this year [3] Industry Insights - Guizhou Moutai's performance is seen as stable, with a strong emphasis on shareholder returns, suggesting a long-term investment value [3] - Guizhou Moutai's valuation recovery is expected to occur in two phases, with the first phase driven by improved performance and market sentiment, and the second phase contingent on supply-demand dynamics [4] - Nvidia's stock rose nearly 3%, reaching a market cap of 5.03 trillion, but this did not positively impact the computing power industry chain, which saw declines in related sectors [4] Company Performance - Tianfu Communication reported a revenue of 3.918 billion for the first three quarters, a 63.63% increase, and a net profit of 1.465 billion, up by 50.07% [7] - Industrial Fulian's stock reached a historical high before falling by 0.31%, with revenues of 603.93 billion for the first three quarters, a 38.40% increase, and a net profit of 22.49 billion, up by 48.52% [7] - Research firms like Huatai Securities have raised revenue and earnings forecasts for New Yisheng, anticipating growth from new 800G and 1.6T optical module products [9] - Industrial Fulian is expected to benefit from sustained overseas demand, with projections for significant growth in 2026 [9]

Group 1: Market Overview - The Shanghai Composite Index experienced fluctuations and a slight decline, with the Consumption ETF (159928) dropping by 0.24% and trading volume exceeding 520 million yuan during the day [1] - The Consumption ETF (159928) saw a net subscription of 100 million units during the day, accumulating over 700 million yuan in five days, and its latest scale surpassed 20.9 billion yuan, leading its peers significantly [1] Group 2: Company Performance - Kweichow Moutai reported its Q3 earnings, achieving a revenue of 130.9 billion yuan and a net profit of 64.63 billion yuan for the first three quarters of 2025, both up by 6.3% year-on-year. However, Q3 growth slowed to just 0.4% for revenue and 0.5% for net profit, indicating a rare decline in growth rates [3] - Other liquor stocks showed mixed performance, with Yanghe Co. rising over 2% and Shanxi Fenjiu increasing by over 1%, while Luzhou Laojiao remained stable and Wuliangye slightly declined [3] Group 3: Investment Insights - Guizhou Moutai's slowing growth reflects its leadership role in the industry, prompting other companies to adjust their strategies amid weak demand [3] - The white liquor sector is viewed as entering a layout phase, with investment opportunities emerging despite performance expectations declining significantly for Q3 2025 [5][7] - The valuation of the consumption sector is considered attractive, with the Consumption ETF (159928) trading at a TTM P/E ratio of 19.11, which is lower than 98% of the historical data over the past decade [6] Group 4: Policy and Economic Context - Recent planning documents emphasize the importance of consumption, addressing issues such as employment and income growth pressures, and proposing measures to enhance consumer capacity and increase public service spending [9][10] - The focus on improving the income distribution system aims to boost consumer spending, highlighting the need for a consumption-driven economic model [11]

Market Performance - The market's profit effect is concentrated in the new energy sector, with wind power equipment, energy metals, and solid-state batteries rising. Leading stock Yangguang Electric (300274) increased by 3.72%, reaching a historical high with a market capitalization of 411.78 billion yuan [1] - Other leading stocks such as Longi Green Energy (601012), CATL (300750), Huayou Cobalt (603799), Tianci Materials (002709), and Goldwind Technology (002202) also saw increases [1] - The Shanghai Composite Index rose by 0.06%, while the Shenzhen Component Index and the ChiNext Index fell by 0.02% and 0.23%, respectively [1] White Wine Sector - The white wine sector rebounded, with stocks like Yingjia Gongjiu (603198), Yanghe Brewery (002304), and Shanxi Fenjiu (600809) rising, while Kweichow Moutai (600519) slightly decreased by 0.16% [2] - Kweichow Moutai reported a total revenue of 130.90 billion yuan for the first three quarters of 2023, a year-on-year increase of 6.32%, and a net profit of 64.63 billion yuan, also up 6.25% [4] - The third quarter revenue for Kweichow Moutai was 39.06 billion yuan, with a growth of 0.56%, and a net profit of 19.22 billion yuan, growing by 0.48% [4] - Guizhou Moutai is expected to enhance shareholder returns through dividends and buybacks, with a potential increase in the dividend rate this year [4] Computing Power Industry - Nvidia's stock rose nearly 3%, reaching a market capitalization of 5.03 trillion yuan, becoming the first company to exceed this valuation [6] - Despite Nvidia's performance, the computing power industry did not see a corresponding rise, with sectors like optical modules, PCB, and liquid cooling servers declining [6] - Newyi Sheng (300502) reported a revenue of 16.51 billion yuan for the first three quarters, a year-on-year increase of 221.70%, and a net profit of 6.33 billion yuan, up 284.37% [9] - Tianfu Communication (300394) experienced a drop of over 9%, with a revenue of 3.92 billion yuan for the first three quarters, a growth of 63.63%, and a net profit of 1.47 billion yuan, up 50.07% [9] - Industrial Fulian (601138) saw a revenue of 603.93 billion yuan for the first three quarters, a year-on-year increase of 38.40%, and a net profit of 22.49 billion yuan, up 48.52% [9] Analyst Insights - Analysts from Huatai Securities have raised revenue and earnings forecasts for Newyi Sheng, anticipating growth from new optical module products [10] - Research firms including Guojin Securities and Huatai Securities are optimistic about Industrial Fulian's future, citing strong overseas demand and potential profit growth [10]

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]