江苏洋河酒厂股份有限公司 募集资金管理办法 （经公司 2025 年第三次临时股东大会审议通过） 第一章 总则 第一条 为规范江苏洋河酒厂股份有限公司（以下简称"公司"或"本公 司"）募集资金的管理和运用，提高募集资金的使用效益，最大限度地保障 投资者的利益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《首次公开发行股 票注册管理办法》、《上市公司募集资金监管规则》、《深圳证券交易所 股票上市规则》（以下简称"《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》（以下简称"《规范运作 指引》"）等法律法规和规范性文件，以及《江苏洋河酒厂股份有限公司章 程》（以下简称"《公司章程》"）的规定，结合公司实际情况，特制订本制 度。 第二条 本制度所称募集资金是指公司通过发行股票或者其他具有股 权性质的证券，向投资者募集并用于特定用途的资金，但不包括公司实施 股权激励计划募集的资金。 本制度所称超募资金是指实际募集资金净额超过计划募集资金金额的 部分。 第三条 公司募集资金应当专款专用。公司使用募集资金应当符合国 ...

江苏洋河酒厂股份有限公司 章 程 （2025 年 11 月） | 第一章 总 | 则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 1 | | 第三章 股 | 份 | 2 | | 第一节 | 股份发行 | 2 | | 第二节 | 股份增减和回购 | 3 | | 第三节 | 股份转让 | 3 | | 第四章 | 股东和股东会 | 4 | | 第一节 | 股东的一般规定 | 4 | | 第二节 | 控股股东和实际控制人 | 6 | | 第三节 | 股东会的一般规定 | 6 | | 第四节 | 股东会的召集 | 8 | | 第五节 | 股东会的提案与通知 | 8 | | 第六节 | 股东会的召开 | 9 | | 第七节 | 股东会的表决和决议 | 11 | | 第五章 | 董事和董事会 | 13 | | 第一节 | 董事的一般规定 | 13 | | 第二节 | 董事会 | 15 | | 第三节 | 独立董事 | 18 | | 第四节 | 董事会专门委员会 | 19 | | 第六章 | 高级管理人员 | 20 | | 第七章 | 财务会计制度、利润分配和审计 21 | | | ...

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 2025 年第三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，指派本所律师出席贵公司 2025 年第三次临时股东大会， 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，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了本所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。 本所律师同意将本法律意见书随贵公司本次股东大会决议一并公告，并依法 对本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集、召开程序 1、本次股东大会由董事会召集。2025 年 10 月 29 日，贵公司召开第八届董 事会第十五次会议，决定于 20 ...

江苏洋河酒厂股份有限公司 2025年第三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。 证券代码：002304 证券简称：洋河股份 公告编号：2025-035 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、江苏洋河酒厂股份有限公司（以下简称"公司"）2025年第三次 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11月26日15:00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11月26日，其中通过深 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 统投票的具体时间为：2025年11月26日9:15－15:00的任意时间。本次会 议由公司董事会召集，现场会议由公司董事长顾宇先生主持。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 ...

证券代码：002304 证券简称：洋河股份 公告编号：2025-036 江苏洋河酒厂股份有限公司 第八届董事会第十六次会议决议公告 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 六次会议，于 2025 年 11 月 26 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，以现场会议结合视频会议方式召开。会议 通知于 2025 年 11 月 24 日以送达和通讯相结合方式发出，全体董事一致 同意本次会议豁免提前通知时限的要求。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。本次会议由董事长顾宇先生 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 1、会议以 10 票同意，0 票反对，0 票弃权，审议通过了《关于对外 捐赠的议案》。 为积极践行社会责任，同意公司于 2025 年—2029 年期间向宿迁市 慈善总会合计捐赠人民币 1500 万元，围绕乡村振兴、社会治理、民生保 障等重点领域开展公益事业，推动巩固宿迁地区脱贫攻 ...

Core Insights - The food and beverage index in early November showed a recovery, outperforming the broader market due to a shift in market style and a positive CPI growth rate [1][3] - The pre-processed food, baked goods, and dairy products sectors experienced the highest gains [1][3] - The konjac snack industry is expected to be highly prosperous in 2025, with a focus on the sustainability of this trend in 2026 [1] Group 1: Konjac Snack Industry - The konjac snack industry is projected to have strong growth in 2025, with companies like Salted Fish (002847) and Wei Long achieving significant revenue and stock price increases compared to the overall snack market [1] - The growth of konjac snacks is supported by health and taste trends, with potential for increased market penetration and innovation in "konjac+" products to attract new customers and boost repeat purchases [1] - The competitive landscape is favorable for leading companies, which are expected to maintain or increase market share through product innovation and supply chain capabilities [1] Group 2: Alcohol Industry Pricing - As of mid-November, the wholesale prices of Moutai have stabilized, with slight increases compared to the end of October, but still lower than the same period last year [2] - The prices of packaging materials have shown a mixed trend, with glass and PET prices decreasing, while aluminum and cardboard prices have increased [2] - Raw material prices for sugar, flour, palm oil, pork, and sunflower seeds have decreased year-on-year, while quail eggs and soybean prices have increased [2] Group 3: Food and Beverage Sector Performance - From November 1 to November 17, the food and beverage sector rose by 2.6%, matching the excess return of the overall A-share index [3] - Nine out of ten sub-sectors within the food and beverage industry reported positive returns, with pre-processed foods, baked goods, and dairy products leading the gains at 9.4%, 7.6%, and 4.5% respectively [3]

Core Viewpoint - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2205.76 points, with a slight increase of 0.1% on November 26, 2023, indicating mixed performance among its constituent stocks [1]. Group 1: Index Performance - The index recorded a trading volume of 19.838 billion yuan and a turnover rate of 0.78% on the same day [1]. - Among the constituent stocks, 16 companies experienced gains, with China Steel International leading with a 2.31% increase, while 33 companies saw declines, with China Merchants Shekou leading the drop at 1.77% [1]. Group 2: Top Constituents - The top ten constituents of the index include: - BOE Technology Group (9.31% weight) at 3.86 yuan, up 0.26%, with a total market value of 144.418 billion yuan [1]. - Hikvision (7.97% weight) at 29.90 yuan, down 0.30%, with a market value of 274.030 billion yuan [1]. - Wuliangye Yibin (7.71% weight) at 118.26 yuan, down 0.21%, with a market value of 459.039 billion yuan [1]. - Luzhou Laojiao (6.59% weight) at 134.93 yuan, up 1.00%, with a market value of 198.609 billion yuan [1]. - XCMG Machinery (5.75% weight) at 10.53 yuan, up 2.23%, with a market value of 123.759 billion yuan [1]. Group 3: Capital Flow - The constituent stocks of the index saw a net outflow of 421 million yuan from institutional investors, while retail investors experienced a net inflow of 148 million yuan [3]. - Notable capital flows include: - China National Materials (net inflow of 11.8 million yuan from institutional investors) [3]. - Luzhou Laojiao (net inflow of 69.6728 million yuan from retail investors) [3]. - XCMG Machinery (net inflow of 40.2421 million yuan from institutional investors) [3].

Core Viewpoint - Moutai is considered a strong stock due to its ability to withstand economic cycles and its long-term stable growth, making it a preferred asset for beating inflation [2][15]. Group 1: Moutai's Resilience and Growth - Moutai has demonstrated its ability to lead the high-end liquor industry through economic cycles, showcasing its resistance to downturns and its capacity for long-term growth [2][15]. - Investors have developed a sense of complacency regarding Moutai's performance, expecting consistent growth at a moderate rate, with many believing that significant downward adjustments in performance are unlikely [2]. - The sustainability of Moutai's high dividends and return on equity (ROE) is crucial, as is the continuous upward trend in profit margins, both of which rely on price increases [2]. Group 2: Inflation Resistance Re-evaluation - The perception that essential consumer goods can resist inflation is challenged, as many do not outperform inflation rates, and their stock returns may not exceed broader market indices [4]. - Moutai's pricing trends are closely tied to GDP growth, indicating a dual characteristic of cyclical bubbles and long-term inflation [7]. Group 3: Supply and Demand Dynamics - The current white liquor market is experiencing a "volume and price decline," with supply exceeding demand expected in the coming years due to previously added production capacity [9]. - Long-term demand remains unpredictable, but maintaining current demand levels is a core assumption for future projections [9]. Group 4: Long-term Outlook - The white liquor industry is expected to transition from business to consumer demand, with the potential for a new growth cycle as wealth effects spread through society [13]. - Historical patterns suggest that Moutai was once a common choice for family celebrations, indicating a latent demand that could be reactivated [12]. Group 5: Moutai's Pricing Strategy - Moutai's pricing strategy is pivotal, with price increases directly impacting company performance, and the introduction of differentiated products helps stabilize prices [19][20]. - The revenue structure of Moutai has diversified, with a significant portion now coming from non-standard products, which are expected to contribute to higher profit margins [26]. Group 6: Market Reactions and Performance - Despite declining prices in the market, Moutai's stock has not followed suit, with some investors viewing the current price as an attractive entry point based on the stability of channel profits [29]. - There is a noted discrepancy between reported performance and actual market demand, indicating potential risks for future earnings adjustments [30].

Group 1 - The core viewpoint is that the AI bubble has not burst, but rather the bubble surrounding OpenAI has deflated, while Google's stock continues to rise, indicating its strength in the AI sector [1] - Google's Gemini 3 model, launched on November 18, has significantly impressed users and contributed to its stock performance [3] - The stock prices of companies providing resources to OpenAI, such as Oracle and Nvidia, have recently declined, indicating a shift in market sentiment [1][3] Group 2 - The analysis of the Nasdaq 100 index shows that there have been only 11 extreme trading days since 1985 where the index opened more than 1.8% higher and closed more than 2% lower [8] - Gemini's ability to generate and execute web scraping code directly within its ecosystem enhances its utility compared to other AI models [4][9] - The demand for computational power and energy in AI continues to grow, with Nvidia's GPUs facing competition from Google's TPUs, as evidenced by Meta's recent decision to procure TPUs from Google [9] Group 3 - The consumer sector is facing challenges, with stocks like Yanghe and other consumer goods experiencing significant declines, indicating difficulty in generating profits in this segment [10] - There is notable internal division within the Federal Reserve regarding interest rate decisions, with fluctuating probabilities for rate cuts, reflecting uncertainty in the economic outlook [11]

Core Viewpoint - The price of Moutai liquor remains stable around 1800 yuan as the peak consumption season approaches, with no significant fluctuations observed in recent data [1][6][7]. Price Trends - The terminal price of Moutai liquor (53% vol, 500ml) was reported at 1831 yuan per bottle on November 25, showing a slight decrease of 4 yuan from the previous day [1]. - Regional price variations exist, with prices reported at 1810 yuan in Jiangxi, 1780 yuan in Jiangsu, and 1800 yuan in Hebei, indicating a normal market phenomenon due to differences in channel structures and logistics costs [2][6]. Sales and Market Dynamics - The white liquor market is expected to maintain a certain level of activity during key sales periods such as "Double Eleven," "Double Twelve," and New Year's Day, although a sales peak has not yet been reached [1]. - Moutai's strategy focuses on a scientific distribution system driven by terminal sales, which helps maintain market resilience and stability [6][7]. Financial Performance - Moutai reported a revenue of 110.514 billion yuan for the year-to-date period, reflecting a year-on-year growth of 9.28% [7]. - The company's proactive measures and strategic adjustments have positively impacted the stability of Moutai liquor prices, with the market responding favorably to these efforts [7].