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 1、本次股东大会由董事会召集。2025 年 7 月 4 日，贵公司召开第八届董事 会第十次会议，决定于 2025 年 7 月 21 日召开 2025 年第二次临时股东大会。2025 年 7 月 5 日，贵公司在巨潮资讯网上刊登了该次董事会决议和《江苏洋河酒厂股 份有限公司关于召开 2025 年第二次临时股东大会的通知》的公告。 2025 年第二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，指派本律师出席贵公司 2025 年第二次临时股东大 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 ...

1、江苏洋河酒厂股份有限公司（以下简称"公司"）2025年第二次 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7月21日15:30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7月21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7月21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7月21日9:15－15:00期间的任意时间。本次会议 由公司董事会召集，现场会议由公司副董事长、总裁钟雨先生主持。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》《上市公司股东会规则》等有关法律法规、部门规章、规范性 文件及《公司章程》的规定。 证券代码：002304 证券简称：洋河股份 公告编号：2025-023 江苏洋河酒厂股份有限公司 2025年第二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。 特别提示： 1、本次股东大会未出现否决提案的情形 ...

1、会议以10票同意，0票反对，0票弃权，审议通过了《关于选举公 司董事长的议案》。 证券代码：002304 证券简称：洋河股份 公告编号：2025-024 江苏洋河酒厂股份有限公司 第八届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 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 一次会议，于 2025 年 7 月 21 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，以现场结合视频会议方式召开。会议通知 于 2025 年 7 月 15 日以送达和通讯相结合方式发出。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 副董事长、总裁钟雨先生召集和主持，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 会议选举顾宇先生为公司第八届董事会董事长，任期与本届董事会 任期一致。 1 会议选举顾宇先生为公司第八届董事会战略委员会主 ...

洋河股份（002304）公告，2025年7月21日，公司2025年第二次临时股东大会选举顾宇为公司第八届董 事会非独立董事，任期与第八届董事会任期一致。同日，第八届董事会第十一次会议选举顾宇为公司第 八届董事会董事长，任期与本届董事会任期一致。此外，顾宇还被选举为公司第八届董事会战略委员会 主任委员和提名委员会委员。 ...

Core Viewpoint - The second quarter of 2025 saw a significant net subscription of 34.64 billion units in the China Securities White Wine Index Fund C, indicating a shift in investor sentiment towards short-term trading opportunities in the white wine sector, despite a 13.47% decline in the index [2][4][6]. Group 1: Fund Performance - The China Securities White Wine Index Fund C maintained a stable position with a 94.5% portfolio allocation, successfully tracking its benchmark [2]. - The net subscription for the China Securities White Wine Index Fund A was 2.34 billion units, significantly lower than that of Fund C, highlighting a preference for the latter among investors [4]. - The top holdings in the fund include Shanxi Fenjiu, Luzhou Laojiao, Kweichow Moutai, and Wuliangye, which together account for approximately 58.76% of the fund's net asset value [2][3]. Group 2: Market Dynamics - The white wine industry is experiencing pressure on demand, prompting companies to lower their annual growth targets while seeking to stabilize prices [2][9]. - Investors are increasingly viewing white wine stocks as high-dividend assets, with current dividend yields exceeding 4%, making them attractive for short-term speculative trading [9]. - Notable stock price rebounds were observed in leading white wine companies since July, with significant monthly increases in share prices for Luzhou Laojiao, Yanghe, and Wuliangye [9]. Group 3: Investment Strategy - The C class fund is more suitable for short-term investments due to its lower subscription fees compared to the A class fund, which is better for long-term holdings [7][8]. - The strategy of increasing dividend payouts by white wine companies has made mid-year reporting periods critical for attracting investor interest [9].

Industry Overview - In 2024, the production of large-scale liquor enterprises is expected to reach 4.145 million kiloliters, a year-on-year decrease of 1.8%, while sales revenue is projected to increase to 796.38 billion yuan, a year-on-year increase of 5.3%, indicating a unique trend of "declining volume but increasing profit" [2] - By the first half of 2025, 59.7% of liquor companies reported a decline in operating profit, and 50.9% experienced a contraction in revenue, with an average inventory turnover period of 900 days, up 10% year-on-year, highlighting significant challenges in the industry [2] Key Trends - The industry is witnessing a simultaneous trend of "contraction and concentration," with smaller companies exiting the market and leading firms shifting focus from "high-speed growth" to "steady development" [3] - A "channel revolution" is underway, with major companies moving towards direct consumer engagement through new sales channels like online platforms and instant retail, indicating a shift in power from distributors to brands [4] - Consumer demand is evolving, driven by younger consumers, leading to product upgrades towards lower alcohol content and diverse flavors, with major brands launching new products to cater to these trends [5] Company Performance - **Kweichow Moutai**: Aims for a 9% revenue growth by 2025, with a first-quarter revenue of 51.443 billion yuan, up 11.07%, and a net profit of 26.847 billion yuan, up 11.56%, demonstrating strong execution of its strategic goals [6][7] - **Wuliangye**: Targets revenue growth in line with macroeconomic conditions, reporting a first-quarter revenue of 36.940 billion yuan, up 6.05%, and a net profit of 14.860 billion yuan, up 5.80%, with ongoing channel reforms [6][8] - **Luzhou Laojiao**: Focuses on low-alcohol products, with a first-quarter revenue of 9.352 billion yuan, up 1.78%, and a net profit of 4.593 billion yuan, up 0.41%, indicating a strong market position in lower alcohol segments [6][9] - **Shanxi Fenjiu**: Reports a first-quarter revenue of 16.523 billion yuan, up 7.72%, and a net profit of 6.648 billion yuan, up 6.15%, with ongoing efforts in national expansion and product innovation [6][10] - **Guojiao**: Achieves a first-quarter revenue of 5.099 billion yuan, up 9.17%, and a net profit of 1.644 billion yuan, up 7.27%, driven by a focus on the wedding market [6][12] Strategic Shifts - The industry is transitioning from "incremental expansion" to "stock optimization," with companies focusing on refining existing markets rather than pursuing aggressive growth [17] - A shift from "channel-driven" to "consumer-driven" strategies is evident, with companies prioritizing direct consumer engagement and enhancing consumer experiences [18] - The trend is moving from "high alcohol content" to "low and diverse products," with major brands launching lower alcohol options to attract younger consumers [20] - Companies are increasingly emphasizing "long-term value" over short-term performance, with a focus on cultural branding and sustainable growth strategies [21] - The shift from "national expansion" to "regional deepening" is becoming a survival strategy for many companies, focusing on local market penetration and brand recognition [22][23]

Group 1 - Zhang Kun's funds under management reached 55.047 billion yuan as of the end of Q2 2025, including four funds: E Fund Blue Chip Selection, E Fund Quality Selection, E Fund Quality Enterprises Three-Year Holding, and E Fund Asia Selection [1] - In Q2 2025, significant portfolio changes included new positions in JD Health, increased holdings in SF Holding, Alibaba-W, Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, and Yum China, while reducing positions in Tencent Holdings, Yanghe Brewery, and Meituan [1] - The top ten holdings at the end of Q2 included Tencent Holdings, Alibaba-W, Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, China National Offshore Oil Corporation, JD Health, SF Holding, and Yum China [1] Group 2 - In Q2 2025, the A-share market saw the CSI 300 Index rise by 1.25%, the Shanghai Composite Index by 3.26%, and the ChiNext Index by 2.34%, while the Hong Kong market experienced a 4.12% increase in the Hang Seng Index [2] - The real estate sector faced challenges, with new residential sales area and sales value declining by 2.9% and 3.8% year-on-year, respectively, and real estate development investment down by 10.7% [2] - CPI showed negative growth for four consecutive months from February to May, indicating downward pressure on prices, while the stock market exhibited significant sector divergence [2] Group 3 - The company does not share the pessimistic outlook on domestic demand and economy, highlighting that per capita GDP still has room for growth compared to developed countries [3] - The company believes that the pessimistic expectations will eventually be broken, with a key indicator being the long-term bond yields aligning with economic growth prospects [3] - The company will continuously assess the competitiveness of its portfolio companies during economic downturns and their potential to strengthen their market position during recoveries [3]

新华财经北京7月21日电（王媛媛）市场早盘延续升势，三大指数小幅上涨，沪指领涨。截至午间收 盘，沪指报3549.89点，涨0.44%，成交4711亿元；深证成指报10945.76点，涨0.29%，成交6147亿元； 创业板指报2279.83点，涨0.12%，成交2816亿元。 板块方面，超级水电、钢铁、特高压、化肥等板块涨幅居前，CPO、跨境支付、保险、银行等板块跌幅 居前。 盘面热点 盘面上，大基建板块集体爆发，超级水电方向领涨，中国电建、中国能建等十余股涨停；钢铁板块延续 强势，柳钢股份涨停；化工板块走强，新安股份涨停；机器人概念延续强势，长盛轴承涨超10%；下跌 方面，算力硬件股展开调整，欧陆通跌超5%。 个股涨多跌少，全市场超3500家个股上涨。 机构观点 消息面上 易方达基金张坤最新持仓曝光 易方达基金发布旗下基金二季报，张坤管理的规模最大的易方达蓝筹精选在二季度股票仓位基本稳定， 并调整了消费和科技等行业的结构。个股方面，仍然持有商业模式出色、行业格局清晰、竞争力强的优 质公司。他表示，低估值叠加可观的股东回报的保护，对长期投资者来说是很有吸引力的。具体来看， 截至二季度末，易方达蓝筹精选的前十大 ...

Core Viewpoint - Zhang Kun, managing funds at E Fund, has made significant adjustments in the second quarter, notably increasing positions in liquor stocks while reducing holdings in Tencent Holdings. He emphasizes that the timing of market changes is less important than understanding what will happen in the future [1][11]. Fund Adjustments - The top ten holdings of E Fund have seen notable changes, with new additions including JD Health and SF Holding, while Meituan-W and Yanghe Brewery have exited the top ten [2][3]. - The fund has primarily reduced its stake in Tencent Holdings, while increasing positions in several liquor stocks, including Wuliangye and Moutai [3][5]. Holdings Data - As of the end of Q2, the fund's total holdings in Tencent Holdings decreased by 9.33%, while holdings in Wuliangye increased by 9.81%, and in Luzhou Laojiao by 27.93% [4]. - The fund's total assets under management decreased to below 20 billion shares, with a scale of approximately 349 billion yuan [1]. Market Outlook - Zhang Kun believes that the current valuations of the companies in the portfolio reflect expectations of future profit declines. He asserts that low valuations combined with substantial shareholder returns are attractive for long-term investors [11][12]. - He expresses confidence in the potential for economic growth, suggesting that the pessimistic outlook on domestic demand and the economy is unwarranted. He anticipates that market forces and technological advancements will contribute to sustained economic growth [11][12].

Core Viewpoint - E Fund's report indicates a stable stock position in its largest fund, E Fund Blue Chip Selection, with adjustments in consumer and technology sectors, highlighting the attractiveness of undervalued stocks with substantial shareholder returns for long-term investors [1] Group 1: Fund Performance - E Fund Blue Chip Selection maintained a stable stock position in Q2, with adjustments made to the structure of consumer and technology sectors [1] - The fund continues to hold high-quality companies with excellent business models, clear industry patterns, and strong competitiveness [1] Group 2: Top Holdings - As of the end of Q2, the top ten holdings of E Fund Blue Chip Selection include Tencent Holdings, Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, Alibaba-W, JD Health, Yum China, CNOOC, and SF Holding [1] - Compared to the end of Q1, JD Health and SF Holding entered the top ten holdings, while Yanghe Brewery and Meituan-W exited [1]