证券代码：603919 证券简称：金徽酒 公告编号：临 2025-037 金徽酒股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 10 月 27 日（星期一）下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 20 日（星期一）至 10 月 24 日（星期五）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 （jhj@jinhuijiu.com）进行提问。公司将在 2025 年第三季度业绩说明会（简称"业 绩说明会"）上对投资者普遍关注的问题进行回答。 金徽酒股份有限公司（简称"公司"）将于 2025 年 10 月 25 日在上海证券交 ...

Group 1 - The food and beverage sector continues to show strength, with the Food ETF (515710) opening in positive territory and rising by 0.48% as of the report [1] - Major consumer goods stocks are leading the gains, with notable performances from liquor stocks, including a more than 4% increase in Jindaiwei and over 3% in Guyue Longshan [1] - The Food ETF has seen significant capital inflow, with a net subscription of 32.91 million yuan over the last five trading days and over 180 million yuan in total over the past 20 trading days [1][5] Group 2 - Guizhou Moutai's general manager, Wang Li, reported a stable market for Moutai's sauce-flavored liquor from June to August, with a significant recovery in sales in September, particularly for Moutai 1935 [3] - Guizhou Moutai is the second-largest holding in the Food ETF (515710), accounting for 14.61% of the fund's assets as of the second quarter of 2025 [3][4] - The valuation of the food and beverage sector remains low, with the Food ETF's underlying index PE ratio at 20.58, indicating a favorable long-term investment opportunity [4] Group 3 - Analysts from Guoxin Securities are optimistic about the food and beverage sector, highlighting its characteristics of low base, low holdings, and low expectations, which could lead to price increases [5] - CITIC Construction pointed out that government policies promoting quality development could benefit the low-end liquor and dining chains, with Moutai's sales showing signs of recovery [5] - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with a significant portion of its holdings in leading high-end liquor stocks and other beverage segments [5]

Core Viewpoint - Huangtai Liquor Industry is facing significant financial challenges, reporting a loss of 5.27 million yuan in the first half of the year, while its major shareholder continues to support the company through stock purchases [1][3]. Group 1: Shareholder Support - The major shareholder, Gansu Shengda Group, has increased its stake in Huangtai Liquor to 6.3%, with a total holding of 25% when combined with concerted actions [2]. - Gansu Shengda's share acquisition began in April, with plans to invest between 60 million to 120 million yuan through market transactions [3]. - In September, Gansu Shengda purchased 4.056 million shares at an average price of 14.69 yuan per share, totaling approximately 59.6 million yuan [3]. Group 2: Financial Performance - Huangtai Liquor's revenue for the first half of the year was 57.74 million yuan, a year-on-year decline of 11.85%, with a net loss of 5.27 million yuan, worsening by 32.59% compared to the previous year [3]. - The company's low-end product sales dropped significantly, with revenue from low-end products down 31.36% to 9.89 million yuan, while mid-range and high-end products saw slight increases of 3.66% and 7.53%, respectively [4]. - The company experienced a substantial decline in revenue from all sales channels, with direct sales, distributors, and other channels down 13.41%, 10.83%, and 33.36% year-on-year [4]. Group 3: Market Position and Competition - Huangtai Liquor, once comparable to Moutai, has lost market visibility over the years, with its main revenue coming from mid to low-end products [4]. - The company has been expanding its market presence outside Gansu, with revenue from outside the province increasing from 7.35% to 21.81% year-on-year, while in-province revenue dropped to 78.19% [4]. - In Gansu, Huangtai Liquor's revenue fell nearly 26% to 45.15 million yuan, significantly underperforming compared to competitors like Jinhui Liquor, which only saw a 1.11% decline [6].

Core Viewpoint - The 2025 IWSC China Spirits Competition concluded successfully in Sichuan, where Jin Hui Jiu's products won multiple awards, highlighting the brand's quality and recognition in the international spirits market [1]. Group 1: Awards and Recognition - Jin Hui Qin Ling Zhi Xin won the silver medal at the 2025 International Spirits Competition (CMB) and the gold medal at the China Spirits Competition (IWSC) [1]. - Qing Ya Jin Hui Q7 received the gold medal at the China Spirits Competition (IWSC) [1]. - Jin Hui Lao Jiao 180 and Century Jin Hui Red Five Star won silver medals, while Century Jin Hui White Five Star received a bronze medal at the China Spirits Competition (IWSC) [1]. - Jin Hui Jiu Co., Ltd. was awarded the "Special Commendation Award for Chinese Baijiu Producers" at the 2025 IWSC [1]. Group 2: Judging Process and Quality Assurance - The competition featured a professional judging panel, including industry experts and international tasters, who conducted blind tastings to ensure fairness and transparency in the results [12]. - Jin Hui Jiu benefits from the unique brewing environment of the Qin Ling core production area, which contributes to its refreshing and harmonious flavor profile [12]. Group 3: Future Development and Strategy - The awards reflect industry recognition of Jin Hui Jiu's quality and the distinctive characteristics of the Qin Ling southern foothills as a wine-producing region [14]. - The company aims to adhere to traditional brewing techniques while continuously innovating and aligning with international standards to participate in the global spirits market [14]. - Jin Hui Jiu is focused on expanding its national presence, particularly in the northwest, with the strategic goal of becoming one of China's top ten Baijiu brands and establishing a large-scale Baijiu production base [15].

Core Viewpoint - The major shareholder of Huangtai Liquor Industry continues to support the company by increasing its shareholding, despite the company's declining stock price and performance [2][3]. Shareholding Changes - Gansu Shengda Group's shareholding in Huangtai Liquor has risen to 6.3%, with the total holding of Gansu Shengda and its concerted actions reaching 25% [2]. - The increase in shareholding began in April, with Gansu Shengda planning to invest between 60 million to 120 million yuan through secondary market transactions [3]. - In September, Gansu Shengda purchased 4.056 million shares at an average price of 14.69 yuan per share, amounting to an investment of approximately 59.6 million yuan [3]. Financial Performance - Huangtai Liquor's stock price has decreased by 15.39% year-to-date, underperforming the sector's decline of 1.24% [3]. - For the first half of the year, the company reported revenue of 57.74 million yuan, a year-on-year decline of 11.85%, and a net loss of 5.27 million yuan, worsening by 32.59% compared to the previous year [3]. Product and Market Overview - Huangtai Liquor is one of the few companies in the industry that produces both liquor and beer, with brands including "Huangtai" and "Liangzhou Huangtai" [4]. - The company's main revenue comes from mid-to-low-end products, which saw a revenue decline of 17.81% to 20.15 million yuan, while high-end products experienced slight revenue increases [4]. - The company has lost market share across all sales channels, with direct sales, distributors, and other channels all reporting declines [4]. Regional Performance - The company has been expanding outside Gansu province, with revenue from outside the province increasing from 7.35% to 21.81% year-on-year, while the share from within the province has decreased to 78.19% [4]. - In Gansu province, Huangtai Liquor's revenue fell to 45.15 million yuan, a nearly 26% decline compared to the previous year, significantly worse than competitors like Jinhui Liquor [5].

Core Insights - The liquor sector experienced a 2.4% increase on October 14, with Jiu Gui Jiu leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Liquor Sector Performance - Jiu Gui Jiu (code: 000799) closed at 63.55, up 6.68% with a trading volume of 273,600 shares and a transaction value of 1.715 billion [1] - She De Jiu Ye (code: 600702) closed at 61.85, up 6.27% with a trading volume of 179,600 shares and a transaction value of 1.092 billion [1] - Jin Hui Jiu (code: 616809) closed at 20.36, up 4.30% with a trading volume of 89,900 shares and a transaction value of 181 million [1] - Lu Zhou Lao Jiao (code: 000568) closed at 132.65, up 4.20% with a trading volume of 185,600 shares and a transaction value of 2.441 billion [1] - Yi Li Te (code: 600197) closed at 15.55, up 3.05% with a trading volume of 106,200 shares and a transaction value of 164 million [1] - Guo Jing Gong Jiu (code: 000596) closed at 155.07, up 2.81% with a trading volume of 36,100 shares and a transaction value of 559 million [1] - Yang He Guo Fen (code: 002304) closed at 68.77, up 2.67% with a trading volume of 87,700 shares and a transaction value of 598 million [1] - Shan Xi Fen Jiu (code: 600809) closed at 191.83, up 2.59% with a trading volume of 69,200 shares and a transaction value of 1.317 billion [1] - Gui Zhou Mao Tai (code: 600519) closed at 1451.02, up 2.24% with a trading volume of 66,700 shares and a transaction value of 9.639 billion [1] - Shui Jing Fang (code: 600779) closed at 42.98, up 2.21% with a trading volume of 41,000 shares and a transaction value of 175 million [1] Capital Flow Analysis - The liquor sector saw a net inflow of 1.129 billion from main funds, while retail funds experienced a net outflow of 664 million [1] - Main fund inflows for Gui Zhou Mao Tai amounted to 529 million, while retail funds saw a net outflow of 382,400 [2] - Main fund inflows for Wu Liang Ye were 326 million, with retail funds experiencing a net outflow of 162 million [2] - She De Jiu Ye had main fund inflows of 85.6 million, while retail funds saw a net outflow of 82.1 million [2] - Lu Zhou Lao Jiao had main fund inflows of 83.7 million, with retail funds experiencing a net outflow of 1.53 billion [2] - Jiu Gui Jiu had main fund inflows of 76.1 million, while retail funds saw a net outflow of 995.3 million [2] - Guo Jing Gong Jiu had main fund inflows of 54.2 million, with retail funds experiencing a net outflow of 612.4 million [2]

吃喝板块今日（10月14日）猛攻！反映吃喝板块整体走势的食品ETF（515710）开盘短暂震荡后迅速拉 升，场内价格涨幅一度达到1.8%，截至发稿，涨1.47%。 成份股方面，白酒集体猛攻。截至发稿，酒鬼酒飙涨超5%，舍得酒业涨超大涨超4%，泸州老窖、古井 贡酒、金徽酒涨超3%，贵州茅台、山西汾酒、迎驾贡酒等多股涨超2%，五粮液、洋河股份等亦涨幅居 前。 | | | 分制 多日 1分 5分 15分 30分 60分 日 周 月 更多 | | | | | | | | | | | 515710 | F9 盘粮盘后 盘加 九和 图纸 工具 @ (2) > | | | | | | | | 食品ETF O | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.63 | | | 515710(食品ETF) 10:55 () 0.621 图数 0.009(1.47%) $99 0.616 服 ...

Core Insights - The food and beverage ETF Tianhong (159736) has seen a 0.98% increase, with a trading volume of 9.2953 million yuan, indicating strong market interest [3] - The ETF's latest share count reached 7.698 billion, a record high since its inception, with a net inflow of 5.6831 million yuan recently [3] - The ETF primarily invests in leading high-end and mid-range liquor stocks, with significant allocations to beverage, dairy, and seasoning sectors [3] Product Highlights - The Tianhong food and beverage ETF (159736) is designed for easy access to core assets in the "food and beverage" sector, with approximately 60% of its portfolio in high-end liquor stocks and 40% in other beverage-related sectors [3] - Major holdings include top brands such as Moutai, Wuliangye, and Yili, reflecting a strong focus on leading companies in the industry [3] Market Events - The price of Moutai has slightly increased, with the price per bottle rising from 1,760 yuan to 1,765 yuan for loose bottles and from 1,780 yuan to 1,795 yuan for packaged bottles, indicating stable demand for top liquor brands [4] - Investor confidence is bolstered by notable investor Duan Yongping's continued support for Moutai stocks, as he publicly stated his recent purchase of Moutai shares [4] - Dongpeng Beverage has updated its Hong Kong IPO application, aiming to enhance its production capacity and expand its market presence, which could significantly boost its future growth [4] Institutional Perspectives - China Galaxy Securities notes that the food and beverage index has underperformed the broader market, with various sub-sectors undergoing adjustments [4] - The focus for October will be on third-quarter earnings reports, with an emphasis on high-performing stocks and sectors [4] - For the fourth quarter of 2025, the expectation of improved PPI translating to CPI suggests a focus on cyclical recovery stocks, with recommendations to monitor growth in new categories and stable demand sectors [4]

Group 1 - The Tianhong Food and Beverage ETF (159736) experienced a fluctuating trading session on October 14, with a rise of 0.28% and a trading volume exceeding 7.8 million yuan, alongside a net subscription of 2 million shares [1][3] - Over the past 10 trading days, the Tianhong Food and Beverage ETF has seen net inflows of funds on 9 occasions, accumulating over 150 million yuan [3] - The ETF closely tracks the CSI Food and Beverage Index, which selects stocks from the beverage, packaged food, and meat industries, and also includes off-market connecting funds [3] Group 2 - Recent reports indicate that the price of Feitian Moutai (loose bottle) increased by 5 yuan to 1,765 yuan per bottle, while the original Moutai price rose by 15 yuan to 1,795 yuan per bottle [4] - During the recent holiday period, overall sales of white liquor declined by 20%-30%, aligning with market expectations, although top brands like Moutai and Wuliangye performed relatively well [4] - National Sea Securities suggests that recent policy measures may improve macroeconomic expectations and enhance both valuation and performance in the food and beverage sector, which currently has low valuations [4]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Views - The overall sales of liquor during the recent double festival are weak, with a year-on-year decline of 20%-30%, aligning with previous expectations. High-end brands like Moutai and Wuliangye performed relatively well, while lower-tier brands faced significant pressure [5] - The price stability of liquor during the double festival is noted, with slight increases observed post-festival. The report suggests monitoring price trends as e-commerce promotions begin [5] - The upcoming Sugar and Wine Conference is expected to provide marginal feedback, with the industry showing signs of bottoming out. The report emphasizes the importance of this event for potential recovery opportunities [6][7] Summary by Sections Recent Trends - The food and beverage sector has underperformed the Shanghai Composite Index, with a 0.61% increase compared to the index's 1.80% rise over the past two weeks [14] - The soft drink segment saw the highest increase of 9.98%, while several companies like Zhuangyuan Pasture and Yangyuan Beverage led the gains [14] Key Companies and Earnings Forecast - The report highlights several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao for investment [25] - The report provides a detailed table of key companies, their stock prices, and projected earnings for 2024, 2025, and 2026, indicating a bullish outlook for several firms [25] Investment Strategy - The report suggests that recent policy changes may improve macroeconomic expectations, potentially enhancing both valuation and performance in the food and beverage sector. The overall valuation remains low, justifying the "Recommended" rating [8][23] - Specific recommendations include high-end liquor brands and popular consumer goods, indicating a diversified investment strategy across different segments of the food and beverage industry [8][23]