Core Viewpoint - The article emphasizes the importance of investor engagement and communication between listed companies and investors, highlighting the "I am a shareholder" initiative aimed at enhancing investor awareness and understanding of company value [1][3]. Group 1: Event Overview - The "I am a shareholder" event for 2025 focuses on "serving investors and sharing high quality," featuring Anhui Yingjia Distillery Co., Ltd. (603198.SH) as the highlighted company [1]. - The event was guided by the Shanghai Stock Exchange and organized by Shenwan Hongyuan Securities, attracting 184 institutional and individual investors who engaged in discussions with the company's management [3][12]. Group 2: Company Insights - Anhui Yingjia Distillery is recognized as a leading enterprise in China's ecological liquor sector, with significant achievements in ecological liquor research and production technology [4][7]. - The company has developed a market layout centered around its "Yingjia Dongcang" series of mid-to-high-end liquors and the Yingjia Master Edition as a high-end flagship product [4][7]. - The distillery's production process enhances efficiency and product consistency, ensuring the unique quality characteristics of Yingjia liquor [5]. Group 3: Management Perspective - The company's vice president emphasized the interdependent relationship between listed companies and investors, committing to continuous value creation and quality development in response to investor trust [7]. - Yingjia Distillery aims to leverage opportunities from the upgrading and optimization of the liquor industry, focusing on enhancing product quality and brand value [7]. Group 4: Industry Context - The event included discussions on macroeconomic trends, industry competition, and the company's competitive advantages, highlighting the importance of active participation from listed companies in capital market development [8][10]. - The company has been recognized for its ecological practices and has received various accolades, including being listed as a national geographical indication protection product and a "Chinese Time-honored Brand" [13].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company, with a target price of Rmb66.00 based on a current price of Rmb40.93 [2][5]. Core Insights - The baijiu industry is experiencing intensified differentiation, with national and regional leaders demonstrating resilience. This adjustment marks a shift from incremental expansion to stock optimization, expected to lead to a new pattern characterized by "high-end leadership and regional integration" [3][11]. - The company is recognized as a leader in ecological baijiu, holding a core position in the popular price band within Anhui Province. Its unique brewing water source contributes to its ecological taste, allowing it to avoid traditional strong flavor competition. The company has achieved the highest market share in the popular price band in the province, with over 80% coverage in townships [12][3]. - The growth of the company's cave collection series continues, with a significant increase in its revenue share. From 2015 to 2023, the company's total revenue and net profit grew at CAGRs of +11.1% and +20.1%, respectively. In FY24, total revenue and net profit are projected to increase by 8.5% and 13.4% year-on-year, respectively [13][4]. Financial Performance Summary - The company's gross profit margin and net profit margin for FY24 are expected to be 73.9% and 35.3%, respectively, reflecting a year-on-year increase of 2.6 percentage points and 1.21 percentage points. This is attributed to strong sales of high-end products and effective cost control [14][4]. - The company announced a dividend yield of 3.7% for FY24, with a payout ratio of 46.3%, indicating potential for further increases in long-term investment value. Revenue projections for 2025-2027 are Rmb74 billion, Rmb79 billion, and Rmb84 billion, with corresponding net profits of Rmb27 billion, Rmb28 billion, and Rmb29 billion [15][5].

Core Viewpoint - The company is facing significant pressure on its stock price, which has dropped 24.66% since the beginning of 2025, marking its second-worst performance since its listing [1][6]. Group 1: Stock Performance and Investor Concerns - Investors are concerned about how the company plans to stabilize its stock price amid a significant decline [3][5]. - The company's management has responded to investor inquiries with a calm demeanor, reiterating their commitment to improving operational performance and increasing dividends to enhance shareholder returns [2][5]. - Despite the stock price decline, several brokerage firms maintain a "buy" rating on the company's stock, indicating optimism about its future performance [6][11]. Group 2: Financial Performance and Market Challenges - The company reported a decline in revenue and net profit for the first quarter, attributed to a slowdown in economic growth and weak consumer demand [9][10]. - The company's revenue from outside its primary market has been growing, but its proportion of total revenue has decreased, reaching a five-year low in 2024 [10][11]. - The company has set ambitious targets for 2025, aiming for revenue of 7.6 billion and net profit of 2.62 billion, reflecting modest growth expectations [13]. Group 3: Strategic Initiatives and Future Outlook - The company plans to stabilize its core market in the short term while focusing on differentiated competition and regional strategies for market expansion [13]. - There are concerns that the company's mid-to-high-end strategy may have reached its peak, and it will need to enhance its brand competitiveness to regain growth momentum [13].