本公司及其董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000799 证券简称：酒鬼酒 公告编号：2025-30 酒鬼酒股份有限公司 第九届董事会第十一次会议决议公告 一、董事会会议召开情况 酒鬼酒股份有限公司（以下简称"公司"或"本公司"）第九届董事会第十一次会议通知于2025年12月16日 前以电子邮件或短信息等书面方式发出，会议于2025年12月25日以通讯表决方式召开。会议应出席董事 9人，实际出席会议董事9人。会议召开的时间、地点及方式均符合《公司法》《公司章程》及《公司董 事会议事规则》的有关规定。 二、董事会审议议案情况 表决结果：同意9票，反对0票，弃权0票。 （二）审议并通过《关于修改董事会授权管理办法及授权决策方案的议案》 参照国务院国资委有关央企董事会建设的相关文件，为进一步规范公司董事会授权管理行为，促进公司 经理层依法行权履职，提高公司经营决策效率，公司修订了董事会授权管理办法及授权决策方案。 表决结果：同意9票，反对0票， ...

Group 1 - The company, Qunxing Toys, confirmed that its online platform sells alcoholic beverages, specifically brands such as Wuliangye, Moutai, and Jiu Gui Jiu [1] - Investors inquired about the specific name of the company's online store for selling liquor [1] - The company responded to investor questions on an interactive platform regarding its liquor sales [1]

Core Viewpoint - The liquor sector is experiencing a partial rally, with notable gains in various companies, indicating a potential recovery in the market [1]. Group 1: Stock Performance - Zhongrui Co., Ltd. (002374.SZ) achieved a consecutive two-day increase, with a price of 4.04 and a rise of 10.08%, reaching a market cap of 4.38 billion [2]. - Huangtai Liquor Industry (000995.SZ) saw its stock hit the limit up, with a price of 13.50 and an increase of 10.02%, resulting in a market cap of 2.4 billion [2]. - Jiugui Liquor (000799.SZ) reported a price of 58.35, up by 4.68%, with a market cap of 18.96 billion [2]. - Jinhui Liquor (603919.SS) recorded a price of 20.42, increasing by 4.02%, with a market cap of 10.36 billion [2]. - Jinzongzi Liquor (600199.SS) had a price of 10.11, up by 3.91%, with a market cap of 6.65 billion [2]. Group 2: Industry Drivers - Guizhou Moutai announced a volume control policy, halting product distribution to dealers until January 1, 2026, and plans to significantly reduce non-standard product quotas in the medium to long term [3]. - The price of Feitian Moutai has been rising, with the highest price for loose bottles reaching 1580 yuan and original boxes exceeding 1600 yuan, marking a daily increase of 40-80 yuan [4]. - The Central Economic Work Conference emphasized fostering domestic demand and removing unreasonable restrictions in the consumption sector [5]. - Leading liquor companies are implementing supply-side control measures, with Wuliangye offering price concessions to stabilize terminal prices, while Yanghe and Shanxi Fenjiu have paused some product supplies to control volume and maintain prices [6]. Group 3: Institutional Insights - The liquor industry is in a challenging phase, with the China Securities White Liquor Index at a PE ratio of 18.85, close to a 10-year low, indicating a potential investment opportunity in leading companies [7]. - Moutai's clear volume and price control strategy aims to alleviate pressure on wholesale prices and focus on core products, while also enhancing channel profitability [7]. - In a weak demand environment, actions from leading liquor companies are crucial catalysts for market recovery, with inventory levels decreasing and consumer confidence improving [7].

Group 1: Stock Market Activity - 35 stocks were listed on the institutional leaderboard today, with 15 stocks seeing net buying and 20 stocks experiencing net selling [1] - The top three stocks with the highest net buying by institutions were Yongtai Technology (CNY 438 million), Tianji Shares (CNY 210 million), and Wanrun Technology (CNY 163 million) [1] Group 2: Storage Industry Insights - NAND flash contract prices surged by 50% in November, driven by SanDisk's price increase, causing disruptions in the storage supply chain [3] - Major manufacturers like Transcend and Apacer have paused shipments to reassess pricing due to expectations of further price increases [3] - The global NAND Flash bit demand is projected to exceed 200EB by 2026, with AI driving increased storage needs across various data types [3] Group 3: Consumer Sector Trends - The popularity of "milk skin candy hawthorn" has surged, leading to long queues and high prices in cities like Shanghai, indicating a trend in consumer behavior [5] - The National Bureau of Statistics reported a 0.2% year-on-year increase in CPI for October, with core CPI rising to its highest level since March 2024 [5] - Analysts suggest that the need to expand domestic demand is becoming more critical, with expectations for increased fiscal measures to boost consumption and investment in 2026 [5]

Group 1 - The event "Nanjing Autumn Sugar" will take place from October 16 to 18 at the Nanjing International Expo Center, featuring numerous brands such as COFCO, Mengniu, and others showcasing new products [1] - The "Suo Chao" viewing carnival attracted a large crowd, with approximately 2,500 visitors at the event, and low-temperature product sales exceeding 1,000 yuan [1] - The carnival provided an engaging experience for attendees, combining sports excitement with food and beverage tasting, enhancing the overall enjoyment of the event [1] Group 2 - The "pre-experience + data feedback" model allows companies to leverage the foot traffic from the "Suo Chao" event to enhance brand exposure, promote immediate sales, and gather real-time consumer feedback on new products [2] - This approach is seen as an efficient pathway for converting traffic into sales, optimizing strategies for the upcoming "Nanjing Autumn Sugar" exhibition [2]

Group 1 - The stock of Jiu Gui Jiu Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over two consecutive trading days on August 19 and August 20, 2025 [1] - The company's board of directors conducted a verification regarding the abnormal stock trading, confirming that there are no undisclosed significant information or major matters in planning that could impact the stock price [1][1] - The board also stated that there are no matters that should have been disclosed according to the Shenzhen Stock Exchange's listing rules that have not been disclosed, and previous disclosures do not require correction or supplementation [1][1]

Investment Rating - The investment rating for the industry is "Outperform the Market" [5][6]. Core Views - The report highlights that the liquor sector, particularly Moutai, is stabilizing in price, and attention should be paid to the second-quarter performance of the sector [3][12]. - The food and beverage sector saw a slight increase of 0.74% this week, underperforming the Shanghai Composite Index by 0.67 percentage points [2][22]. - The report emphasizes the importance of consumer demand and market health, with companies focusing on destocking and promoting sales in the short term while nurturing consumer engagement and internationalization in the long term [14][21]. Summary by Sections Liquor Sector - Moutai's stock buyback reached 3.3821 million shares, accounting for 0.27% of total shares, with a total expenditure of 5.202 billion yuan [3][12]. - The liquor index increased by 1.2%, indicating a potential valuation recovery driven by incremental policies [14]. - Recommended stocks include Moutai, Shanxi Fenjiu, and Wuliangye, which have demonstrated resilience through multiple cycles [14][21]. Consumer Goods - The report notes that the recent warm weather is favorable for beer consumption, with expectations for slight sales growth among major beer brands [15]. - The snack sector is experiencing a trend of differentiation, with recommendations for companies that are innovating in products and channels [16][17]. - The report suggests focusing on leading companies in the seasoning industry, such as Yihai International and Haitian Flavoring, as they show resilience [18]. Frozen Foods - The frozen food sector is stable, with companies actively developing new products despite the off-season [19]. - Anji Food's recent IPO on the Hong Kong Stock Exchange raised 2.302 billion HKD, which will be used to enhance sales networks and optimize supply chains [19]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with supply pressures easing and potential policy catalysts on the horizon [20]. - The report recommends focusing on leading dairy companies that are well-positioned for upward elasticity in 2025 [20]. Beverages - The beverage industry is entering a peak season, with expectations for continued growth in segments like sugar-free tea and energy drinks [21]. - The report recommends East Peak Beverage, which is accelerating its national and platform expansion [21].

Core Insights - The Chinese liquor industry is currently undergoing a significant adjustment period, with a focus on stabilizing performance and exploring differentiated paths for growth [1][3][5] Group 1: Industry Dynamics - The G50 conference highlighted the urgent need for the liquor industry to adapt to changing market conditions, including reduced traditional consumption scenarios such as banquets and gatherings, which have led to significant pressure on market movement and pricing [5][7] - Industry experts emphasized that the relationship between manufacturers and distributors is a critical issue that must be addressed to stabilize the supply chain and enhance value growth [7][8] Group 2: Company Strategy - The chairman of China National Grain and Oils Group Corporation and JiuGui Jiu Company, Gao Feng, outlined five areas of confidence for the company, including confidence in development fundamentals, regional advantages, cultural identity, product quality, and overall industry growth [8][10] - JiuGui Jiu aims to leverage its three core differentiated advantages—regional uniqueness, aromatic quality, and cultural heritage—to create a premium liquor brand that fosters collaboration among stakeholders [10][12] Group 3: Recommendations and Future Outlook - Recommendations for the industry include fostering integrated relationships between manufacturers and distributors, optimizing supply chains to be more consumer-centric, and expanding value chains to include diverse elements such as technology and information [7][8] - Distributors expressed confidence in JiuGui Jiu's unique production techniques and cultural significance, suggesting that further exploration of regional culture could unlock new growth opportunities [12]