金徽酒股份有限公司 二零二五年九月 会议须知 为维护投资者合法权益，确保股东大会正常秩序和议事效率，根据《公司法》 《证券法》《金徽酒股份有限公司章程》和《金徽酒股份有限公司股东大会议事 规则》相关规定，特制定如下会议须知，望出席股东大会的全体人员严格遵守。 一、公司证券法务部具体负责本次股东大会有关程序方面事宜。 二、为能及时统计出席会议的股东（股东代理人）所代表持股总数，做好会 务接待工作，请拟参加本次股东大会现场会议的各位股东提前做好登记工作，并 准时出席会议。 三、公司董事、监事在股东大会召开过程中，应以维护股东合法权益，确保 股东大会正常秩序和议事效率为原则，认真履行职责。 四、股东享有发言权、质询权、表决权等权利，并认真履行法定义务，不得 侵犯其他股东权益，不得扰乱股东大会正常秩序。 五、股东在股东大会上要求发言，需在会议召开前向公司证券法务部登记， 发言顺序根据持股数量多少和登记顺序确定，发言内容应围绕本次股东大会议案， 每位股东发言时间不超过五分钟。 六、除涉及公司商业秘密、未披露信息不能在股东大会公开外，公司董事会、 监事会成员均有义务认真回答股东提问。超出议案范围的公司具体情况，股东可 在 ...

Investment Rating - The report maintains a strong buy recommendation for leading companies in the liquor sector, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, while suggesting a hold for Yingjia Gongjiu and Jinhuijiu [10][9]. Core Insights - The liquor industry is undergoing a significant clearing phase due to the impact of the "ban on alcohol" policy, with second and third-tier companies facing substantial challenges, while leading firms show resilience [1][9]. - The report anticipates that the financial statements of leading liquor companies will signal an industry turning point, potentially reshaping market expectations and indicating a gradual emergence of the industry bottom [9][1]. - The demand for liquor is expected to continue recovering, driven by a positive price index in 2026, which may lead to inflation and increased corporate profitability [1][9]. Revenue and Net Profit - In Q2 2025, the liquor industry reported revenues of 881 billion yuan, a year-on-year decrease of 5.0%, and a net profit of 312 billion yuan, down 7.5% [2][13]. - For the first half of 2025, the industry generated revenues of 2,415 billion yuan, with a slight year-on-year decline of 0.9% in revenue and 1.2% in net profit [2][13]. - Excluding Moutai, the industry's revenue in Q2 2025 was 484 billion yuan, reflecting a more significant decline of 13.1% [2][13]. Profitability - The overall gross margin of the liquor sector is under pressure due to declining prices and structural changes, with high-end liquor experiencing a slight decrease in gross margin [4][28]. - Many companies have increased their expense ratios to cope with price declines and intensified competition, although some have managed to reduce costs through digitalization and refined channel management [4][28]. Investment Recommendations - The report suggests focusing on strong leading companies and those that have cleared their market burdens first, such as Shanxi Fenjiu and Luzhou Laojiao, while also monitoring companies like Yingjia Gongjiu and Jinhuijiu for potential growth contributions in the second half of 2025 [9][10]. - The anticipated recovery in liquor demand and the potential for improved profitability in 2026 present a favorable investment landscape for the sector [9][1].

格隆汇8月22日丨金徽酒(603919.SH)公布半年度报告，2025年上半年，公司实现营业收入17.59亿元，同 比增长0.31%；实现归属于上市公司股东的净利润2.98亿元，同比增长1.12%。通过品牌IP和主题活动， 夯实"践行好人文化、弘扬社会正气"，打造五好公司的正能量品牌文化理念；深度挖掘品牌历史文化底 蕴，多维度、多形式、多平台协同推广，向消费者生动传递品牌文化，提升品牌形象和市场竞争力，增 强品牌文化内涵，以品牌引领，文化赋能企业发展；持续赞助自行车、篮球、足球、羽毛球比赛等体育 赛事，打造金徽体育IP，大力弘扬"绿色大健康，全民大健康"理念，通过文体融合的方式全面提升品牌 影响力；推进金徽酒体验馆建设，通过场景化、互动化的品牌体验空间，增强消费者对金徽酒品质与文 化的深度感知，持续提升品牌影响力。 ...

证券代码：603919 证券简称：金徽酒 公告编号：临 2025-032 金徽酒股份有限公司 关于召开2025年第一次临时股东大会的通知 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、准确性和完整性承担法律责任。 重要内容提示： ? 股东大会召开日期：2025年9月10日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、召开会议的基本情况 (一)股东大会类型和届次：2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 10 日 14 点 00 分 召开地点：甘肃省陇南市徽县伏家镇金徽酒股份有限公司会议室 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投票， 应按照《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定 执行。 (七)涉及公开征集股东投票权：无 二、会议审议事项 本次股东大会审议议案及投票股东类型 投票股东类型 序号 议 ...

Core Points - The 17th phase of the Jinhuijiu Positive Energy Scholarship program was held on August 13, 2023, where 20 outstanding high school graduates received scholarships [2] - This year, the Jinhuijiu Scholarship program aims to support 100 high school graduates across multiple cities in Qinghai, providing each student with 2,000 yuan in cash assistance to help them enter university [2] - The company has been committed to educational development and youth growth since establishing the scholarship program in 2009, which has now been running for 17 years [2] - In July 2023, the Jinhuijiu Positive Energy Scholarship program announced a donation of 12.6 million yuan to support students from seven provinces, including Gansu, Shaanxi, Ningxia, Inner Mongolia, Qinghai, Jiangsu, and Henan [2] - The local education bureau representative highlighted that Jinhuijiu's actions reflect its social responsibility, providing not only financial support but also care for education and youth development [2]

Key Points - The controlling shareholder of Jinhui Liquor, Gansu Yate Investment Group, holds 117,726,623 shares, accounting for 23.21% of the total share capital [1] - After the recent pledge and release of shares, Yate Group has pledged a total of 88,723,000 shares, which is 75.36% of its holdings and 17.49% of the total share capital [1] - Yate Group and its concerted party, Longnan Kelite Investment Management Center, collectively hold 143,089,623 shares, representing 28.21% of the total share capital [1] - The recent pledge involves 10,000,000 shares to Gansu Bank, with a financing period from July 25, 2025, to July 25, 2028 [2] - There are no significant asset restructuring or performance compensation guarantees associated with this pledge [3] - Yate Group and its concerted party have no pledged shares maturing in the next six months to one year, indicating good repayment capability [4] - The pledge will not lead to a change in the actual control of the company and will not affect its main business, financing costs, or operational capabilities [5]

Group 1 - The core viewpoint of the articles highlights the strategic partnership between Jinhui Liquor and the 2025 24th International Road Cycling Race in Qinghai, emphasizing the brand's commitment to high-altitude sports and ecological values [1][2] - Jinhui Liquor not only sponsored the event but also integrated its brand spirit into the race, showcasing its commitment to promoting a healthy lifestyle and ecological awareness through various promotional activities [1][2] - The event, known for being the highest and most challenging road cycling competition globally, featured a total distance of 1,400 kilometers over eight days, culminating in the victory of the Kazakhstan team [1] Group 2 - The collaboration between Jinhui Liquor and the cycling race reflects a deep resonance with sustainable development principles, aligning with the ecological achievements showcased during the event [2] - Jinhui Liquor's focus on ecological brewing and its promotion of a lifestyle characterized by "noble taste, excellent quality, and organic health" were effectively communicated through this partnership [2] - The participation in the cycling race is a crucial step in Jinhui Liquor's strategy to expand its market presence in Qinghai, enhancing its brand influence and solidifying its foundation in the region [2]

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]

Group 1 - The 2025 Qinghai International Road Cycling Race, now named "环大美青海国际公路自行车赛," aims to enhance Qinghai's international influence and showcase its ecological achievements [3][9] - The event has evolved into a significant platform for promoting ecological civilization and sports development, being recognized as the top cycling event in China for sponsorship value [9] - The race will take place from July 5 to July 13, covering a total distance of 1400 kilometers, with participation from 22 teams and 154 athletes from 11 countries [11] Group 2 - Jinhui Wine Co., Ltd. has been a strategic partner for the event for the third time, aligning its brand values of "noble taste, excellent quality, and organic health" with the race's green and healthy philosophy [13] - The company is committed to promoting sports events across the country, using the race as a platform to expand its market presence in Qinghai, which is a key area for its growth strategy [14] - Jinhui Wine aims to enhance its brand recognition and reputation among consumers through its involvement in the cycling race [14]

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]