Core Viewpoint - The company, Jinhui Liquor Co., Ltd., will hold an investor briefing on October 27, 2025, to discuss its third-quarter performance and financial results, allowing for interactive communication with investors [2][3]. Group 1: Meeting Details - The investor briefing is scheduled for October 27, 2025, from 15:00 to 16:00 [4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The format of the meeting will be an online interactive session, enabling real-time communication with investors [3]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [5]. - A pre-question submission period is available from October 20 to October 24, 2025, allowing investors to submit questions via the website or email [5]. - The company will address commonly asked questions during the briefing [5]. Group 3: Attendees - Key attendees will include Chairman and President Mr. Zhou Zhigang, Independent Director Ms. Li Haige, Vice President Mr. Shi Shaojun, Chief Financial Officer Mr. Xie Xiaoqiang, and Secretary of the Board Mr. Ren Suqiang [4].

Core Insights - Jinhuijiu (603919) has been recognized as a respected enterprise for the 2024-2025 period by Economic Observer, showcasing excellence in quality operations, innovative breakthroughs, and social contributions [1] Financial Performance - The company has achieved positive growth in key financial metrics, including operating revenue, total assets, and R&D expenses for three consecutive years [1]

Core Viewpoint - The company reported a decrease in sales expenses for the first half of 2025, attributed to more precise marketing strategies and reduced promotional costs [1] Sales Expenses - In the first half of 2025, the company's sales expense ratio was 18.96%, a year-on-year decrease of 0.20 percentage points [1] Inventory Management - The company has established a comprehensive dealer management system, including sales target management, inventory management, pricing management, channel management, training management, and assessment management [1] - The management employs regular on-site checks, random inspections, and digital methods to assess, train, and manage dealers, enhancing their operational capabilities [1] - Currently, dealer inventory is developing positively, with strict inventory management stabilizing the company's pricing and reflecting the product's value [1] Contract Liabilities - As of the first half of 2025, the company's contract liabilities amounted to 598 million yuan, representing a year-on-year increase of 23.88% [1] - Contract liabilities are viewed as a "water reservoir" for the company's performance, indicating that dealers are optimistic about the company and willing to make advance payments, serving as a "ballast" and "leading indicator" for performance growth [1]

Group 1 - The core idea of the article is to enhance investor relations management quality and effectiveness for listed companies, promoting rational, value, and long-term investment in the market [1] - The event "I am a Shareholder" organized by Jinhui Wine Co., Ltd. and Guotai Junan Securities Gansu Branch took place from September 12 to 14, 2025, attracting professional investors and institutional representatives [1][5] - The theme of the event was "Understanding Quality Brewing," allowing participants to gain insights into Jinhui Wine's production processes and quality control standards [1][3] Group 2 - During the event, the company's board secretary and staff provided detailed explanations, showcasing the traditional brewing techniques and modern production management [3] - Investors were impressed by the integration of traditional craftsmanship and modern quality control, enhancing their understanding of the company's strength and future prospects [5] - Jinhui Wine aims to continue hosting such exchange activities to promote rational, value, and long-term investment concepts, fostering collaboration with investors [7]

Group 1 - The manufacturing industry is undergoing a strategic transformation from scale expansion to quality and efficiency, driven by the implementation of "dual carbon" goals and the conclusion of the 14th Five-Year Plan [1] - Jinhuijiu, a well-known brand in the Chinese liquor industry, is participating as a strategic sponsor in the "2025 Sustainable Development Innovation Summit for Manufacturing" to promote industry communication and value co-creation [1][2] - Jinhuijiu aims to become one of the top ten Chinese liquor brands and establish a large-scale liquor production base in China, following a development path of "layout nationwide, deepening in the northwest, and key breakthroughs" [2] Group 2 - Jinhuijiu has a mission of "brewing ecological liquor and conveying positive energy," adhering to the corporate spirit of "being honest and doing things seriously" [2] - The company emphasizes quality through its unique "three low methods" in the brewing process, ensuring that each bottle reflects a commitment to quality [2] - At the summit, Jinhuijiu will provide high-quality beverage services and create communication bridges through its products and cultural presentations [2]

Core Viewpoint - Jinhuijiu leverages its unique geographical advantages and ecological endowments in the Qinling Mountains to produce high-quality liquor, integrating expert quality control and traditional brewing techniques [1][10]. Group 1: Geographical and Environmental Advantages - The Qinling Mountains serve as a natural barrier, creating a unique climate that supports the growth of rare animals and protected plant species, contributing to the ecological environment of Jinhuijiu [3]. - Jinhuijiu's production facility is located in the ecological region of Longnan Huixian, covering over 3,000 acres and surrounded by 150 square kilometers of lush forest, which has been recognized as a "World Famous Wine Specialty Region" by the China Liquor Association in 2024 [3][6]. Group 2: Brewing Techniques - The average annual temperature in the region is 15.8°C, providing an ideal environment for brewing microorganisms, allowing for year-round production [6]. - Jinhuijiu employs a "Three Low" brewing technique, which includes low-temperature fermentation and distillation, resulting in a unique flavor profile characterized by a sweet aftertaste and a smooth drinking experience [6][10]. Group 3: Expert Team - Jinhuijiu boasts a professional team consisting of one chief liquor taster, seven national-level liquor judges, and over 1,000 brewing technicians, ensuring high standards in product quality [8][10]. - The selection process for top liquor tasters in China is rigorous, with a low pass rate, highlighting the expertise and quality of the team behind Jinhuijiu [8].

Core Viewpoint - The transformation of Huixian County demonstrates that ecological preservation and economic development can coexist, as the "Green Mountains and Clear Water" concept has been successfully integrated into local development strategies [2][8]. Environmental Management - Huixian County faced a dilemma between development and ecological preservation due to its natural conditions, which include rich mineral resources and ecological challenges [2]. - The implementation of comprehensive river management practices, including dredging, pollution interception, and ecological protection, has revitalized local waterways [2][3]. - The establishment of a river chief system ensures that every river has dedicated guardians, promoting regular and standardized environmental actions [2][3]. Tourism Development - The county has embraced full-scale tourism development, transforming natural landscapes into attractions, such as the ancient ginkgo tree village, which has become a popular tourist destination [3][6]. - Infrastructure improvements, including circular roads and visitor service centers, have enhanced the tourism experience, attracting hundreds of thousands of visitors annually [3][6]. - Local residents have capitalized on tourism by opening guesthouses and selling local products, leading to economic benefits while preserving the environment [3][6]. Agricultural and Industrial Transformation - Huixian County has successfully branded local agricultural products, with several items receiving national recognition and certification, thus increasing their market reach [6]. - The transformation of traditional industries, such as Jin Hui Wine and Jin Hui Mining, into eco-friendly operations showcases the potential for economic and ecological benefits [6][7]. - The county's commitment to green development is evident in its efforts to create a harmonious relationship between industry and nature [6][7]. Collaborative Ecological Protection - Huixian County has taken on upstream responsibilities for ecological protection, collaborating with neighboring regions to implement large-scale afforestation and environmental restoration initiatives [7]. - This collaborative approach reflects a broader commitment to maintaining water quality and ecological integrity across the region [7]. Conclusion - Over the past two decades, Huixian County has exemplified that ecological and economic goals can be achieved simultaneously, reinforcing the "Green Mountains and Clear Water" philosophy as a guiding principle for sustainable development [8].

Core Points - The company is planning to hold a shareholders' meeting on September 10, 2025, to discuss the cancellation of the supervisory board and amendments to the company's articles of association [1][2][3] - The meeting will include both on-site and online voting methods, with specific time slots for voting [2][3] - The company aims to enhance governance and compliance with the latest legal regulations by abolishing the supervisory board, transferring its responsibilities to the audit committee of the board of directors [4][5] Group 1: Meeting Procedures - The legal affairs department is responsible for the procedures of the shareholders' meeting [1] - Shareholders must register in advance to ensure proper attendance and representation of shares [1][2] - The meeting will be presided over by the chairman, and shareholders have the right to speak, inquire, and vote [1][2] Group 2: Proposed Changes - The proposal includes the cancellation of the supervisory board and the revision of the company's articles of association to align with new legal requirements [3][4] - The current supervisory board will be dissolved upon approval of the proposal, and the existing supervisors will be relieved of their duties [4] - The amendments to the articles of association will be disclosed on the Shanghai Stock Exchange website [4][5] Group 3: Voting and Legal Oversight - Voting will be conducted through a combination of on-site and online methods, with specific guidelines for casting votes [2][3] - A law firm will be present to witness the meeting and provide legal opinions [2] - Shareholders are encouraged to submit questions in advance to ensure they are addressed during the meeting [2]

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].

Core Viewpoint - The company reported a slight increase in revenue and net profit for the first half of 2025, indicating stable financial performance amidst a competitive market environment [1] Financial Performance - The company achieved operating revenue of 1.759 billion yuan, representing a year-on-year growth of 0.31% [1] - The net profit attributable to shareholders was 298 million yuan, showing a year-on-year increase of 1.12% [1] Brand and Cultural Strategy - The company is focused on reinforcing its brand culture by promoting the "Good Person Culture" and "Social Justice" through various initiatives [1] - It aims to enhance brand image and market competitiveness by deeply exploring its historical and cultural heritage and promoting it through multiple channels [1] Marketing and Sponsorship - The company is actively sponsoring various sports events, including cycling, basketball, football, and badminton, to build its sports IP and promote the concept of "Green Health and National Health" [1] - It is enhancing brand influence through the integration of cultural and sports activities [1] Consumer Engagement - The company is advancing the construction of experience centers to create interactive brand experiences, thereby deepening consumer perception of the quality and culture of its products [1]