Core Viewpoint - The company anticipates improved market demand during the upcoming Mid-Autumn Festival and National Day holidays, driven by significant opportunities in family gatherings and banquet consumption [1] Group 1: Financial Performance - In the first half of the year, the company reported revenue of 2.481 billion yuan, a year-on-year increase of 0.48%, making it one of the few regional liquor companies to maintain positive growth [1] - The company's operating cash flow was negative in the first half of the year, showing a significant decline year-on-year, indicating reduced enthusiasm for channel purchases and payments [3] - The company's cost of sales decreased by 3% year-on-year, while sales expenses increased by 3.14%, and management expenses saw a slight decline of 0.83% [3] Group 2: Market Strategy - The company plans to enhance sales in Anhui by focusing on three areas: developing banquet and business meal markets, strengthening core market construction in cities like Hefei and Fuyang, and improving digital marketing through private traffic pools [2] - The company will continue to strengthen marketing efforts to enhance brand advantages in core regional markets [4] Group 3: Regional Performance - The company achieved double-digit growth in the Hunan market during the first half of the year, primarily driven by Wuling liquor, which maintained a growth rate above the industry average [5] - Wuling liquor employs a direct-to-end-user sales model, avoiding intermediaries, which stabilizes prices and ensures channel enthusiasm [5] Group 4: Shareholder Relations - The company is considering various factors for enhancing dividend rates and share buybacks, aiming to balance short-term interests with long-term sustainable development [5]

Core Points - The Anqing Market Supervision Administration conducted a special food safety inspection, collecting 91 samples from 12 categories of food products based on consumer preferences [2] - Out of the 91 samples tested, 89 were found to be compliant with food safety standards, while 2 samples were deemed non-compliant [2] - The local market supervision authorities have initiated investigations and actions regarding the non-compliant food products [2] Summary of Inspection Results - **Total Samples Collected**: 91 - **Compliant Samples**: 89 - **Non-Compliant Samples**: 2 - **Categories Inspected**: Included edible agricultural products, edible oils, aquatic products, frozen foods, tea and related products, pastries, grain processing products, convenience foods, dairy products, nuts, egg products, and alcoholic beverages [2] Non-Compliant Products - **Product 1**: Banana from Anqing Daguang District Xiaolu Vegetable Shop, detected with pesticide residue (0.082 mg/kg, standard ≤0.02 mg/kg) [2] - **Product 2**: Yellow chili from Qianshan City Nie's Aquatic Products, detected with antibiotic residue (156 µg/kg, standard ≤100 µg/kg) [2] Compliant Products - Various compliant products included: - Qimen Kung Fu Black Tea from Anhui Province Xin Xu Tang Tea Co., Ltd. - Huangshan Green Tea from Anhui Province Tian Xu Tea Co., Ltd. - Various types of peanuts and eggs from different manufacturers [2][3]

公司发布2025 年半年报，25H1 总营收/归母净利/扣非净利24.8/3.2/3.0 亿，同比+0.5%/+5.4%/+6.5%； 25Q2 总营收/归母净利/扣非净利13.1/1.7/1.5亿，同比-1.9%/+0.2%/+0.9%。25Q2 受外部环境影响市场需 求偏弱，公司经营略有承压，但整体来看，公司作为河北省酒龙头，聚焦产品/渠道/品牌改革，持续提 升经营业绩和核心竞争力；随省内竞争格局优化，经营景气度有望稳步向上，利润弹性持续释放。展望 未来，公司省内市场份额提升+武陵酒等分部品牌增量+费效比提升下利润率改善逻辑坚实，维持"买 入"评级。 老白干本部表现稳健，武陵酒增速靠前，多品牌联动赋能 分产品，25H1 公司白酒业务实现营收24.7 亿（同比+0.7%），其中百元以上/百元以下产品同比分别 +5.1%/-3.8%，产品结构进一步优化；25Q2 白酒业务13.1 亿（同比-1.7%），其中百元以上/百元以下产 品同比分别-9.7%/+7.8%。分品牌，25H1 老白干/文王/乾隆醉/武陵/孔府家分别实现营收 12.8/2.4/3.6/5.3/0.9 亿元（同比+2%/-21%/+2%/+7% ...

Core Viewpoint - The company, Lao Baigan Liquor, reported a modest revenue growth of 0.48% year-on-year, achieving 2.481 billion yuan in revenue and a net profit of 321 million yuan, reflecting a 5.42% increase, amidst a challenging environment in the liquor industry [1][2]. Group 1: Financial Performance - The company achieved a revenue of 2.481 billion yuan in the first half of the year, with a year-on-year growth of 0.48% [1]. - The net profit attributable to shareholders reached 321 million yuan, marking a 5.42% increase compared to the previous year [1]. - Operating costs decreased by 5.76%, significantly contributing to the net profit growth [2]. Group 2: Cost Management and Efficiency - The company has been actively conducting cost reduction and efficiency enhancement activities, leading to a decrease in financial expenses [2]. - There has been a continuous optimization of the supply chain through strategic cooperation with core suppliers and dynamic evaluation methods [2]. - The company transferred the equity of three wholly-owned subsidiaries to enhance operational efficiency [2]. Group 3: Brand and Marketing Expansion - Sales expenses increased by 3.14% to 680 million yuan, as the company engaged in diverse activities to enhance brand influence [2]. - The company was recognized as one of the first "Chinese Consumer Famous Brands" by the Ministry of Industry and Information Technology, becoming the only liquor company from Hebei province on the list [2]. Group 4: Subsidiary Performance - The subsidiary Hunan Wuling Liquor generated 526 million yuan in revenue and 183 million yuan in net profit, accounting for 42.56% of the company's total profit [3]. - Anhui Wenwang Liquor reported revenue of 240 million yuan and a net profit of approximately 5.83 million yuan [3]. - Chengde Qianlongzui achieved revenue of 363 million yuan and a net profit of about 2.95 million yuan, while Qufu Kongfu Family Liquor generated 93.2 million yuan in revenue with a net profit of approximately 909,980 yuan [3].

Group 1 - The stock price of Laobai Ganjiu (600559) closed at 16.85 yuan on August 5, 2025, with an increase of 0.42% and a turnover rate of 0.82% [1] - The company reported a total revenue of 1.168 billion yuan for Q1 2025, representing a year-on-year growth of 3.36%, and a net profit attributable to shareholders of 152 million yuan, up 11.91% year-on-year [1] - The company has a current ratio of 1.490, a quick ratio of 0.653, and a debt-to-asset ratio of 44.65% [1] Group 2 - Laobai Ganjiu has made investments in 10 companies and participated in 418 bidding projects [2] - The company holds 180 trademark registrations and 135 patent registrations, along with 112 administrative licenses [2]

Core Viewpoint - The financial performance of Laobai Ganjiu (老白干酒) shows moderate growth in revenue and net profit, indicating a stable business environment despite recent stock price fluctuations [1] Financial Performance - As of the first quarter of 2025, the company reported total revenue of 1.168 billion yuan, a year-on-year increase of 3.36% [1] - The net profit attributable to shareholders was 152 million yuan, reflecting a year-on-year growth of 11.91% [1] - The non-recurring net profit was 142 million yuan, with a year-on-year increase of 13.22% [1] - The current ratio is 1.490, the quick ratio is 0.653, and the debt-to-asset ratio stands at 44.65% [1] Stock Market Activity - As of July 29, 2025, the stock price closed at 16.98 yuan, down 0.24% [1] - The turnover rate was 1.17%, with a trading volume of 106,100 lots and a transaction amount of 179 million yuan [1] - There was a net outflow of main funds amounting to 28.6499 million yuan, accounting for 15.97% of the transaction amount [1] - Large orders saw a net outflow of 15.7178 million yuan (8.76% of transaction amount) and a net outflow of 12.9321 million yuan (7.21% of transaction amount) [1] Company Background - Hebei Hengshui Laobai Ganjiu Co., Ltd. was established in 1999 and is located in Hengshui City, primarily engaged in the manufacturing of liquor, beverages, and refined tea [2] - The company has a registered capital of 914.747444 million yuan and a paid-in capital of 141.48 million yuan [1] - The legal representative of the company is Liu Yanlong [1] Investment and Intellectual Property - The company has made investments in 10 enterprises and participated in 416 bidding projects [2] - It holds 180 trademark registrations and 135 patent registrations, along with 112 administrative licenses [2]

Key Points - The company announced a cash dividend of 0.55 yuan per share for A shares, totaling 503,111,094.20 yuan to be distributed [1] - The record date for the dividend is June 19, 2025, with the ex-dividend date and payment date both set for June 20, 2025 [1] - The profit distribution plan was approved at the annual shareholders' meeting held on May 20, 2025 [1] - The total number of shares for the dividend calculation is based on the company's total share capital of 914,747,444 shares [1] - The company will distribute dividends through China Securities Depository and Clearing Corporation Limited Shanghai Branch [1] - For individual shareholders holding shares for less than one month, a tax of 0.11 yuan per share will be deducted, while those holding for more than one year will be exempt from tax [2][3] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.495 yuan per share [4] - The company provides contact information for shareholders to inquire about the profit distribution implementation [5]

证券代码：600559 证券简称：老白干酒 公告编号：2025-019 河北衡水老白干酒业股份有限公司 关于 2022 年限制性股票激励计划 第二个解除限售期解锁暨上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为5,238,000股。 本次股票上市流通总数为5,238,000股。 ? 本次股票上市流通日期为2025 年 6 月 9 日。 《2022 年限制性股票激励计划管理办法》 （以下简称 "本激励计划"）等其他相关规定和 2021 年度股东大会的授权，公司 董事会认为本激励计划规定的限制性股票第二个解除限售期解除限售 条件已经成就。具体内容请详见 2025 年 5 月 21 日公司在上海证券交 易所网站（www.sse.com.cn）及《中国证券报》、《上海证券报》、《证 券时报》 、《证券日报》的公告。现将本次解除限售有关事项说明如下： 河北衡水老白干酒业股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日 ...