Core Insights - The recognition of Zhang Zhiliang and Guo Taohong as "Chief Wine Body Designers" highlights the scientific and quality control capabilities of Jinhui Wine Co., Ltd, as well as its talent cultivation system [1][3][4] - The title of "Chief Wine Body Designer" is a prestigious position in the liquor industry, emphasizing the importance of innovation and quality stability in product development [3][4] Group 1: Recognition and Achievements - Zhang Zhiliang has over 40 years of experience in the liquor industry, recognized for creating the northern sweet and rich style of liquor and has received multiple honors including "China's Chief Taster" and "Gansu Province May Day Labor Medal" [3][4] - Guo Taohong, as the head of the R&D center, holds multiple prestigious titles and has significant experience in technical research and quality control [4] Group 2: Industry Context - The "Chief Wine Body Designer" role is crucial in leading design teams, formulating core design plans, and ensuring product quality and style stability, especially in the context of consumer upgrades and industry transformation [3] - The China Food Industry Association is known for its authoritative and rigorous evaluation process in the liquor industry, awarding significant honors such as the "China Liquor Body Design Award" since 2012 [3]

6月10日，备受瞩目的2025第二十四届环大美青海国际公路自行车赛（以下简称：环青赛）新闻发 布会在西宁举行。青海省体育局、环青赛组委会、各承办地政府、赞助商代表及媒体朋友200多人出席 活动。金徽酒股份有限公司（以下简称：金徽酒）三度作为战略合作伙伴代表受邀参加。 环青赛组委会副主任、省体育局副局长刘兴海发布赛事新闻。他表示，赛事自2002年创办以来，已 发展成为国内历史最久、海拔最高、难度最大的公路自行车标杆赛事。本届赛事作为更好服务青海高质 量发展和高水平对外开放的重要平台，将以品牌战略升级的全新姿态，持续将赛事打造成为展示青海生 态文明建设成果的"绿色窗口"，提升青海国际影响力的"金色名片"。 承办地代表西宁市人民政府副市长赵淑兰致辞，她表示，环青赛已经成为一张代表"山宗水源 大美 青海"的金色名片，也是西宁在世界舞台上展现城市形象的重要窗口，盛情邀请各界朋友沿着环青赛的 车轮欣赏西宁美景、品味古城美食、感受河湟文化。 发布会上公布了环青赛的路线图、参赛车队、赛事领骑衫，战略合作伙伴亮相并签约。 据悉，本届环青赛将于7月5日在西宁市开幕，7月13日在海晏县闭幕，历时8天，设置8个赛段，总 赛程1400 ...

Company Overview - Jinwei Liquor Co., Ltd. was listed on the Shanghai Stock Exchange A-shares on March 10, 2016, with stock code 603919 [1] IPO and Fundraising - The IPO price was set at 10.94 yuan per share, with a total issuance of 70 million shares, raising approximately 766 million yuan [2][3] Subsequent Financing - In 2019, the company raised 367 million yuan through a private placement for technological upgrades and supporting center construction [4] Current Performance - As of May 30, 2025, the company's total market capitalization is approximately 9.166 billion yuan, with a price-to-earnings ratio of 22.86 [5] Governance and Related Party Transactions - The company faces scrutiny over a 669 million yuan project awarded to a construction firm controlled by the controlling shareholder's nephew, raising concerns about potential related party transactions [6][7][8] - The company claims compliance with public bidding processes, but historical records indicate a pattern of related party engagements [8] Financial Anomalies - A significant increase in "other receivables" by nearly 100 million yuan for land acquisition costs has raised questions about the transparency of fund flows [9][10] - The company's cash flow decreased by 21.56% in Q1 2025, despite a 5.77% increase in net profit, suggesting potential cash flow issues [10] Strategic Challenges - The company reported a 31.7% decline in revenue from products priced below 100 yuan, indicating a collapse in the low-end market, while high-end products saw a 28.14% increase [12] - The gross margin has been declining, with 2024 figures at 62.39%, below the industry average [12] Profitability Issues - Despite revenue growth of 18.59% in 2024, net profit only increased by 18.03%, leading to a net profit margin around 13%, significantly lower than competitors [13][14] Governance Failures - The company exemplifies governance failures typical of family-controlled listed companies, with institutionalized related party transactions and a lack of transparency in financial dealings [15][16]

Core Points - The company announced a cash dividend of 0.5 CNY per share for its A shares [1] - The dividend distribution plan was approved at the annual general meeting on April 25, 2025 [1] - The record date for the dividend is May 21, 2025, with the ex-dividend date on May 22, 2025 [2] Dividend Distribution Plan - The total cash dividend to be distributed is 248,415,527 CNY (including tax), based on 496,831,054 shares [1] - The cash dividend per share is calculated as approximately 0.49 CNY after considering the total share capital [2] - The company will not distribute dividends for shares held in the repurchase account [1][2] Taxation on Dividends - Individual shareholders holding shares for less than one month will incur a 20% tax on dividends, while those holding for more than one month but less than one year will incur a 10% tax [4] - For foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.45 CNY per share [5] - Hong Kong investors will also receive a net dividend of 0.45 CNY per share after a 10% withholding tax [6] Implementation of Dividend Distribution - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch [2] - Shareholders who have not completed designated transactions will have their dividends held until the transaction is completed [2] - The company provides contact information for inquiries regarding the dividend distribution [6]

Group 1 - The Gansu Provincial Private Enterprise Symposium was held in Lanzhou, signaling strong support for the development of the private economy, which boosts entrepreneurs' morale and confidence, injecting new momentum into Gansu's high-quality economic development [1] - Jinhuijiu Co., Ltd., the largest and most well-known liquor company in Gansu, is accelerating its market expansion with a strategy focused on "layout nationwide, deepening in Northwest, and key breakthroughs" to build a well-known Chinese liquor brand [1][2] - Jinhuijiu has become the largest, most recognized, and highest tax-paying liquor enterprise in Gansu, aiming to rank among the top ten Chinese liquor brands and establish a large-scale liquor production base [2] Group 2 - As of 2024, Jinhuijiu has achieved cumulative sales of 26.9 billion yuan, paid 6.3 billion yuan in taxes, and provided over 3,000 direct jobs, indirectly boosting employment for 20,000 people [2] - In 2024, Jinhuijiu reported operating income of 3.021 billion yuan and a net profit of 388 million yuan, ranking 14th among the 20 listed liquor companies in terms of revenue and 25th in the national liquor industry [2] - Jinhuijiu has invested hundreds of millions in social responsibility initiatives, benefiting thousands through various public welfare projects, including education and poverty alleviation [3] Group 3 - Since 2009, Jinhuijiu has consistently conducted charitable educational activities, donating over 10 million yuan annually, totaling more than 150 million yuan to help students achieve their university dreams [3] - The company aims to create a "five-good" company by providing quality products to customers, good mechanisms for employees, good business for partners, good contributions to society, and good returns for shareholders [3] - Since 2013, Jinhuijiu has maintained annual dividends exceeding 1.2 billion yuan, with a payout ratio consistently above 30% of net profit, reaching 64% in 2024 [3]