Company Overview - The company operates in internet marketing based on data research, focusing on e-commerce sales services, product development, and digital marketing services, with a deep layout in industries such as liquor, beverages, daily chemicals, and maternal and infant products [1] - The company has established a significant presence in live e-commerce and short video e-commerce, with nearly 4,000 square meters of live broadcast bases and 45 live broadcast rooms in key e-commerce cities like Hangzhou and Beijing [1] Partnerships - The company collaborates with major liquor brands including Luzhou Laojiao, Shanxi Fenjiu, Wuliangye, and Qingdao Beer, among others, and has established deep strategic partnerships with major domestic e-commerce platforms such as JD.com, Tmall, Douyin, Kuaishou, and Pinduoduo [2] Business Performance - In 2024, the company achieved a GMV of 8.2 billion CNY, a year-on-year increase of 7% - The operating revenue reached 3.676 billion CNY, reflecting a growth of 30.18% - The net profit attributable to shareholders was 260 million CNY, up by 29.61% [3] Product Strategy - The company has launched strategic flagship products, including "Six-Year-Old Rare Product" and various gift boxes, achieving nearly 100 million CNY in GMV since their launch [4] - The company is expanding its product matrix and enhancing online penetration through strategic cooperation with core partners [4] Financial Management - The company has not distributed dividends for 12 years due to negative retained earnings, with a surplus reserve of 132.82 million CNY and a capital reserve of 1.298 billion CNY as of December 31, 2024 [5] - The company emphasizes investor returns through improved information disclosure, share buybacks, and employee stock ownership plans, having repurchased 22.34 million shares for a total of 101 million CNY [5] Market Expansion - The company is actively exploring overseas markets and emerging platforms, leveraging platforms like TikTok, Lazada, Tokopedia, and Shopee to provide comprehensive e-commerce services [6] - The company aims to develop new product lines and enhance its market presence in various sectors, including liquor and daily chemicals [6]

Group 1 - Qingdao Beer announced the acquisition of 100% equity in Jimo Yellow Wine from Xinhua Jin Group and Lujin Group for a total consideration of RMB 66.5 million, along with adjustments for profit and loss during the price adjustment period [1] - Jimo Yellow Wine, established in 1949, is a significant representative of traditional Chinese yellow wine, known for its unique flavor and rich cultural heritage [1] - In 2024, Jimo Yellow Wine achieved a revenue of RMB 166.41 million, representing a year-on-year growth of 13.5%, and a net profit of RMB 30.47 million, with a year-on-year increase of 38.0% [1] Group 2 - The acquisition is aimed at diversifying the company's business and creating new growth opportunities, enhancing the product line and market channels [2] - The integration of Jimo Yellow Wine is expected to complement Qingdao Beer's existing beer products, creating a competitive cross-category product portfolio [2] - Post-acquisition, the company plans to integrate supply chains, sales networks, and channels of both Jimo Yellow Wine and beer products to achieve synergy [2]

（原标题：欧盟将飞机和波本威士忌列入拟议中的反制措施） 爱尔兰RTE新闻5月8日报道，欧盟已确认提议对从美国进口的"大范围的工业和农产品"征收关税， 总价值将达950亿欧元。如果欧盟与美国的贸易谈判不能达成"互利的结果"，将实施关税。 欧盟委员会称，此次咨询旨在解决美国对欧盟商品征收10%的普遍关税和对欧盟制造的汽车征收 25%关税的问题，这是"不公平和有害的"。 冯德莱恩表示，关税已经对全球经济产生了负面影响。欧盟仍然致力于与美国通过谈判找到解决方 案。同时，将继续为各种可能性做好准备，今天启动的咨询将帮助我们完成这项必要工作。 爱尔兰总理马丁今天在布鲁塞尔会见了冯德莱恩，马丁一再强调，爱尔兰强烈希望通过谈判达成解 决方案，并表示在贸易战中，最终每个人都会输，最贫穷的人损失最大。 清单中包括飞机，这对已经向美国制造商波音公司订购飞机的瑞安航空是一个潜在的打击。清单上 还包括波本威士忌、葡萄酒、苹果酒、汽车、自行车、船只、智能手机、牲畜、大豆、橄榄和有限的药 品。 欧盟委员会主席冯德莱恩曾多次表示，如果与美国的贸易关系恶化，将采取一切可能的措施。 今天提出的反制措施包括农产品64亿欧元、飞机105亿欧元、汽车 ...

Core Insights - The "2025 State-Owned Enterprises Luoyang Action" event resulted in 43 cooperation agreements with a total investment of 118.1 billion yuan [1] - The signed projects cover various sectors including infrastructure, green energy, advanced manufacturing, green chemicals, modern logistics, cultural tourism, commerce, and finance [1] Group 1: Investment Agreements - 43 cooperation agreements were signed, with a total investment amounting to 118.1 billion yuan [1] - Key projects include the Southwest Storage and Logistics Base, shale gas exploration, and the Southwest International Automobile Consumption Park [1] Group 2: Investment Opportunities - Four investment opportunity lists were released, covering new productive forces, energy and chemicals, transportation logistics, and modern services, totaling 207 projects with an investment of 227.7 billion yuan [1] - Recent investments from central enterprises in Luzhou exceeded 75 billion yuan, while provincial state-owned enterprises invested nearly 30 billion yuan [2] Group 3: Future Collaborations - Future collaborations will focus on modern infrastructure, industrial transformation, and ecological protection [2] - Sichuan Energy Development Group plans to invest approximately 10 billion yuan in Luzhou, emphasizing coal power generation and 220 kV line construction [2] Group 4: Industrial Development - Luzhou is developing a leading industrial structure with a world-class quality liquor industry cluster and a significant green chemical base [2] - The city is also focusing on sectors like equipment manufacturing, electronic information, advanced materials, and biopharmaceuticals [2]

致：华致酒行连锁管理股份有限公司 北京市金杜律师事务所（以下简称本所）接受华致酒行连锁管理股份有限公司 （以下简称公司）的委托，根据《中华人民共和国证券法》 （以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简称 中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行 政区和中国台湾地区）现行有效的法律、行政法规、规章和规范性文件和现行有效 的公司章程有关规定，指派律师出席了公司于 2025 年 5 月 12 日召开的 2024 年 度股东会（以下简称本次股东会），并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 有限公司章程》 （以下简称《公司章程》）； 网（http://www.cninfo.com.cn）及深圳证券交易所网站（http://www.szse.cn）的 北京市金杜律师事务所 关于华致酒行连锁管理股份有限公司 《华致酒行连锁管理股份有限公司第五届董事会第二十五次会议决议公告》； 网（http: ...

编号：2025-003 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他 | | 参与单位名 | 方正证券王泽华、申万宏源吕昌、浙商证券杨骥、华鑫证券孙 | | 称及人员姓 | 山山、长城证券卢潇航、天风证券张潇倩、中金证券王文丹、 | | 名 | 中信证券魏一、银华基金方建等 80 余人。 | | 时间 | 2025 年 5 月 12 日 15:40-18:00 | | 地点 | 线上方式 | | | 董事长：吴向东 副董事长：彭宇清 | | 上市公司接 | 董事、总经理：杨武勇 | | 待人员姓名 | 常务副总经理：杨强 | | | 董事会秘书：梁芳斌 | | | 财务总监：胡亮锋 | | | 一、管理层介绍公司情况 | | | 2024 年，受宏观经济周期波动及行业结构性调整双重影 | | 投资者关系 | 响，国内酒类消费市场进入阶段性深度调整期。行业统计数 | | 活动主要内 | 据显示，终端消费需求呈现结构性分化态势，头部名酒价格 | | 容介 ...

关注公众号回复"报告"免费领取各行业2024趋势报告 每天三分钟，用CEO的视角听张超评说品牌、解读商业。分享对于商业世界的认知、观 察、思考。 大渔策划创始人 协助多家企业快速从0~10、10~30亿 咨询交流 +v:dych201701 本文来自微信公众号： 大渔策划张超 ，作者：大渔策划张超，原文标题：《万字讲透三得利：从杂货铺到千亿威士忌巨头，三得利的做对了什 么？》，题图来自：AI生成 以下文章来源于大渔策划张超 ，作者大渔策划张超 大渔策划张超 . 三得利2024年营收超过1600亿人民币，稳居全球饮料行业前三，是农夫山泉的4倍，娃哈哈的2倍，创业初期推出的"赤玉波特酒"曾打破欧美对葡萄酒 市场的垄断，穿越百年仍然畅销，成为日本葡萄酒工业的里程碑式产品。山崎威士忌更以"东方风味"征服全球烈酒市场、2018年，单瓶山崎50年在香 港拍卖会以233.7万港元成交，刷新日威拍卖纪录。 在茶领域，三得利乌龙茶绑定福建乌龙茶，打造"中国血统"，成功击败伊藤园，实现在无糖茶领域的后来居上。三得利乌龙茶在中国无糖茶市场，更 是成了"中国茶"的代表，是仅次于东方树叶的第二大品牌。 从西方葡萄酒、西方威士忌、再到中 ...

三得利2024年营收超过1600亿人民币，稳居全球饮料行业前三，是农夫山泉的4倍，娃哈哈的2倍，创业初期推出的"赤玉 波特酒"曾打破欧美对葡萄酒市场的垄断，穿越百年仍然畅销，成为日本葡萄酒工业的里程碑式产品。山崎威士忌更 以"东方风味"征服全球烈酒市场、2018年，单瓶山崎50年在香港拍卖会以233.7万港元成交，刷新日威拍卖纪录。 在茶领域，三得利乌龙茶绑定福建乌龙茶，打造"中国血统"，成功击败伊藤园，实现在无糖茶领域的后来居上。三得利 乌龙茶在中国无糖茶市场，更是成了"中国茶"的代表，是仅次于东方树叶的第二大品牌。 从西方葡萄酒、西方威士忌、再到中国茶，三得利一次次把西方舶来品成功包装成东方品类，三得利的发展史，可以说 是一部本土化"改良史"。 今天给大家分享三得利——看它如何洞察到 "国产替代" 的机遇，并通过本土化改良一步步成为日本酒水之王，他的成功 路径对中国企业又有哪些借鉴之处。 纵观三得利的发展历史，其成功的核心可以划分为4个关键阶段： 一、第一阶段1989年~1920年：开创日式葡萄酒，实现从0到1的起盘 1868~1912年明治维新时期，日本政府大力推行"文明开化"政策， "文明开化"政策是 ...

Group 1 - The EU plans to impose retaliatory tariffs on a range of US products, including civilian aircraft, automobiles, medical devices, agricultural products, and alcoholic beverages, if ongoing trade negotiations fail [1][2] - The EU has initiated a public consultation regarding countermeasures against US imports valued at €95 billion (approximately $107.4 billion), which will be implemented if no trade agreement is reached with Washington [1] - The list of products for potential tariffs includes hundreds of agricultural and industrial items, with previously excluded products like bourbon whiskey now included [1] Group 2 - The EU is seeking to negotiate an agreement to avoid a 20% "reciprocal tariff" on all US goods imported into the EU, while also facing a 25% tariff on all imported cars from the US [2] - The EU Commission has stated that the US tariffs violate fundamental World Trade Organization (WTO) rules, emphasizing the importance of adhering to international trade agreements [2] - The EU is preparing for various outcomes while remaining committed to negotiating a solution with the US, as highlighted by the EU Commission President's remarks on the negative impact of US tariff policies on the global economy [2]

欧委会将在6月底或7月初对答复进行审核，并制定最终的产品清单。 当地时间8月，欧盟委员会（下称"欧委会"）就对美国关税反制措施的产品清单展开公众咨询。 欧委会拿出了一份价值950亿欧元的进口产品清单和一份价值44亿欧元的欧盟对美出口产品清单，其中包括可能被 征收出口关税的废金属(废钢和化学品)。不过欧委会此次没有列出可能的关税水平。 据第一财经记者梳理，该清单涉及美国对欧洲出口的葡萄酒、波本酒和其他烈酒、鱼类、飞机、汽车和汽车零部 件、化学品、电气设备、保健产品和机械等产品。欧盟没有将医药产品或半导体产品列入清单。 欧委会还表示，将准备就美国开征的所谓"对等关税"和汽车关税向世界贸易组织（WTO）提出磋商请求，认为这 些关税公然违反WTO基本原则。 8日，欧委会的声明表示，此次公布清单是为了进行公开咨询，"如果欧盟与美国正在进行的谈判不能取得互利的 结果并取消美国的关税，欧盟可能会对这些产品采取反制措施。" 欧盟解释，自美国征收不合理的有害关税（unjustified and harmful tariffs）以来，欧盟一直优先考虑通过谈判，包 括在美国宣布的90天部分暂停关税的框架内，找到一个互利和平衡的解决 ...