在质量管控方面，该公司建立从原料入厂到成品出厂的全流程质量管理与HACCP体系，斩获"国家地理 标志保护产品""绿色工厂"等多项国家级权威认证；在创新驱动上，依托行业领先的技术研发平台，以 物联网窖池测温、大数据管控等科技赋能传统酿造，实现品质精准提升；在价值创造上，累计纳税超60 亿元，年带动就业近4000人，同时通过公益基金会投入数十亿元践行社会责任，成为甘肃经济与社会发 展的重要支撑。 面向未来，金徽酒将珍视荣誉，砥砺前行，持续发挥质量标杆引领作用，弘扬工匠精神，筑牢创新与品 质根基。以改革创新为动力，积极响应"标准强省、质量强省、品牌强省"号召，完善质量管理体系，营 造"人人关心质量，人人创造质量，人人享受质量"的良好氛围。围绕"布局全国、深耕西北、重点突 破"战略，加快推进"跻身中国白酒十强、打造中国知名白酒品牌、建成中国大型白酒酿造基地"的战略 目标，矢志成为行业高质量发展排头兵，为全省发展贡献更大力量。（兰之） 金徽酒作为中华老字号品牌，始终以"质量就是企业的生命"为核心理念，以"中华老字号"品牌底蕴为根 基，构建起全方位高质量发展体系。 12月2日，甘肃省人民政府质量奖评审结果正式公布，金徽酒 ...

新华网海南博鳌12月3日电（记者 王忻 杨登媛）12月2日至5日，2025企业家博鳌论坛系列活动在海南博鳌举办。作为论坛的重要活动之一，国民共"拾"光 ——2025新消费发展论坛于3日举办。政府人士、专家学者、企业代表齐聚一堂，共同探讨新消费的发展趋势、共商产业升级路径、共话品牌成长未来。 来源：新华网 新消费驱动新动力：洞察趋势、提升品质、引领升级 消费一头连着民生福祉、一头连着经济发展，是促进民生改善的重要支撑，也是推动经济高质量发展的重要内生动力。 新华网党委书记、董事长储学军 新华网党委书记、董事长储学军表示，中国消费市场正经历由技术创新、品质升级和文化自信驱动的深刻变革，企业唯有洞察大势、积极作为，方能立于潮 头。企业必须将科技创新深植于发展基因，以前沿技术推动产品迭代与场景革新，让消费体验更智能、更便捷、更富想象力；深耕实体经济主阵地，推进产 业高端化、智能化、绿色化升级，在现代化产业体系中构筑核心竞争优势；坚守长期主义，以品质铸就品牌基石，以文化塑造品牌温度，在满足人民对美好 生活向往的同时，讲好中国品牌的精彩故事。 国家市场监督管理总局特殊食品安 全管理司副司长李晓瑜 国家市场监督管理总局特殊 ...

Core Insights - The "2024-2025 Annual Respectable Enterprises Conference" was held in Beijing, focusing on how Chinese companies can innovate and adapt to the digital economy and new production forces [1] - Jinhui Liquor was recognized as a "Leading Enterprise in Social Responsibility" for its commitment to creating a "Five Good Company" culture and its mission of producing ecological liquor [1] - The company emphasizes ESG principles as a core strategic guideline, aiming for sustainable development and effective communication of ESG management information to investors [1] Group 1: Environmental Responsibility - Jinhui Liquor employs the "Three Low Techniques" in its production process, integrating traditional brewing skills with ecological practices [2] - The company has invested over 40 million yuan in advanced pollution control and energy-saving technologies over the past four years, significantly reducing resource consumption and emissions [2] - A partnership with the Gansu Provincial Academy of Ecological Environment Science aims to enhance ecological and environmental cooperation through cutting-edge technology [2] Group 2: Social Responsibility - Since 2009, Jinhui Liquor has been involved in educational support activities, helping over 35,000 students across 180 counties in Northwest China [3] - The company’s mission of "brewing ecological liquor and transmitting positive energy" is reflected in its long-term commitment to social initiatives [3] Group 3: Financial Performance - In the first three quarters of 2025, Jinhui Liquor achieved a revenue of 2.306 billion yuan and a profit of 423 million yuan, marking a year-on-year increase of 5.48% [3] - The gross profit margin improved by 0.51 percentage points to 64.65%, indicating a successful product upgrade and market expansion strategy [3] - The company's contract liabilities, reflecting prepayments from distributors, reached 632 million yuan, a 32.73% increase, showcasing strong confidence from partners [3] Group 4: Future Outlook - Jinhui Liquor aims to navigate through market cycles and establish itself as a century-old brand by maintaining strategic focus and stability [4]

Group 1 - The core viewpoint of the news is that Jinhui Liquor's stock price increased by 5.01% to 20.76 CNY per share, with a trading volume of 169 million CNY and a turnover rate of 1.65%, resulting in a total market capitalization of 10.531 billion CNY [1] - Jinhui Liquor Co., Ltd. is located in Huixian, Longnan City, Gansu Province, established on December 23, 2009, and listed on March 10, 2016. The company's main business involves the production and sales of liquor [1] - The revenue composition of Jinhui Liquor is as follows: 55.10% from products priced between 100-300 CNY, 21.62% from products priced above 300 CNY, 20.82% from products priced below 100 CNY, and 2.47% from other supplementary sources [1] Group 2 - From the perspective of fund holdings, Tianhong Fund has one fund heavily invested in Jinhui Liquor. Tianhong Selected Food and Beverage A (009875) held 256,500 shares in the third quarter, accounting for 3.88% of the fund's net value, making it the sixth-largest holding [2] - The Tianhong Selected Food and Beverage A fund was established on August 20, 2020, with a latest scale of 47.9334 million CNY. It has experienced a loss of 0.47% this year, ranking 4158 out of 4217 in its category, and a loss of 5.49% over the past year, ranking 3762 out of 3918 [2] - The fund manager of Tianhong Selected Food and Beverage A is Yu Yang, who has been in the position for 6 years and 88 days, with a total asset scale of 226 million CNY. The best fund return during his tenure is 26.56%, while the worst return is -38.04% [2]

Core Viewpoint - The recent appointment of ten technical experts from Jinhui Liquor Co., Ltd. as national-level liquor judges signifies a new milestone in the company's quality control and technical research capabilities [1][2] Group 1: National-Level Judges Appointment - The China Alcoholic Drinks Association announced the list of national-level liquor judges for 2025, with Jinhui Liquor having ten of its technical staff appointed, bringing the total to eleven judges [1] - The selection process for national-level judges is highly competitive, requiring candidates to pass through provincial and national-level tasting competitions [1] - This achievement reflects Jinhui Liquor's commitment to quality control and innovation in the liquor industry [1] Group 2: Talent Development and Technical Strength - Jinhui Liquor emphasizes a robust technical foundation and talent cultivation, promoting a philosophy of "everyone has opportunities and stages" [2] - The company has implemented an innovative "apprentice + technician + craftsman" training system, fostering core skills through practical training and competitions [2] - A comprehensive talent selection and evaluation mechanism has been established, focusing on performance in production [2] Group 3: Future Development and Industry Impact - The R&D team at Jinhui Liquor aims to integrate craftsmanship into the entire value chain of research, brewing, and quality control [2] - The company is committed to enhancing its product quality and market appeal, contributing to the revitalization of the liquor industry in Gansu Province and the overall prosperity of Chinese liquor [2]

Core Insights - The 2025 China High-Quality Wine Export Exhibition and the 35th China (Guangzhou) International Famous Wine Exhibition were held in Guangzhou, showcasing the image of Jinhuijiu Co., Ltd and its selection in multiple honor lists [1][2] - The exhibition aims to create a high-end platform for Chinese wines to engage with the world, promoting the internationalization of the Chinese liquor industry [1] Company Highlights - Jinhuijiu showcased its full range of products, including various series such as Nianfen Jinhuijiu, Jinhuijiu Laojiao, and others, reflecting the company's systematic layout for diverse consumer needs and scenarios [1] - The company received significant attention during the exhibition due to its smooth and rich flavor, with many buyers inquiring about its products [2] - Jinhuijiu was recognized as an outstanding representative in the "2025 World Distilled Spirits Brand List" and included in the "2025 China Liquor Industry International Market Competitiveness Brand List," highlighting its competitiveness and brand influence in the global market [2] Industry Trends - The exhibition serves as a platform for Chinese liquor brands to enhance their global presence and competitiveness, with Jinhuijiu leveraging cultural empowerment to expand its overseas market [2] - The company plans to continue its development path of "layout nationwide, deepening in the northwest, and focusing on breakthroughs," actively participating in international industry events to contribute to the prosperity of the Chinese liquor industry [2]

Core Insights - The report from Zheshang Securities indicates that Jinhui Liquor's net profit attributable to shareholders for Q1-Q3 of 2025 is 324 million yuan, a year-on-year decrease of 2.78% [1] - In Q3 of 2025, the net profit attributable to shareholders is 25 million yuan, reflecting a significant year-on-year decline of 33.02% [1] - The report highlights that only the internet channel maintained growth in Q3, with a year-on-year increase of 12.53%, while both distribution and direct sales channels experienced declines [1] Financial Performance - For the first three quarters of 2025, the number of provincial distributors increased by 30, while the number of out-of-province distributors decreased by 82 [1] - The average scale of single distributors grew by 5.36% year-on-year during the first three quarters [1] - Due to external pressures affecting liquor sales, the company has revised its previous profit forecasts downward [1] Future Projections - Revenue growth rates for the company are projected to be -0.99%, 6.20%, and 8.35% for the years 2025 to 2027, respectively [1] - Net profit growth rates are expected to be -3.13%, 7.77%, and 11.46% for the same period [1] - Earnings per share (EPS) are forecasted to be 0.74, 0.80, and 0.89 yuan for 2025, 2026, and 2027, respectively [1] - The price-to-earnings (PE) ratio for 2025 is estimated at 27.06 times, with a maintained "buy" rating [1]

Core Viewpoint - Jinhuijiu has a rich history dating back to the Western Han Dynasty, evolving through various historical periods to become a modern enterprise with significant production capacity and brand heritage [1][2]. Group 1: Company History and Development - Jinhuijiu's brewing history can be traced back to the Western Han Dynasty, with significant development during the Tang and Song Dynasties, leading to the establishment of a strong industry in the Ming and Qing Dynasties [1]. - The company was formed in 1951 by consolidating several well-known local distilleries and registered the "Jinhuijiu" brand in 1960, eventually going public in 2016 [1]. - Today, Jinhuijiu operates a national AAAA-level ecological brewing park with an annual production capacity of tens of thousands of tons, combining historical depth with modern operational capabilities [1]. Group 2: Production and Quality - The core production area of Jinhuijiu, located in Longnan Huixian, benefits from a unique microclimate ideal for brewing, surrounded by 150 square kilometers of original forest [2]. - The water source, "Haiyan Shenquan," is weakly acidic, providing an excellent base for high-quality liquor production, while the century-old fermentation pits contain over 160 types of microorganisms that contribute to the unique flavor profile of Jinhuijiu [2]. - The company employs a traditional "three low" brewing method, which preserves flavor compounds, and has integrated modern technology to enhance fermentation control, winning a national award for technological progress [2]. Group 3: Financial Performance - In the third quarter of 2025, Jinhuijiu reported revenues of 2.306 billion yuan and a net profit of 324 million yuan, demonstrating resilience amid industry adjustments [3]. - The company has seen a 13.75% year-on-year increase in revenue from high-end products priced above 300 yuan, while products priced between 100-300 yuan grew by 2.36% [3]. - The sales proportion of products priced above 100 yuan increased by 5.79 percentage points compared to the previous year, indicating a shift towards higher-margin products [3]. Group 4: Market Strategy and Digital Transformation - Jinhuijiu's market strategy focuses on national expansion while deepening its presence in the Northwest, achieving 1.689 billion yuan in revenue from the provincial market in the first three quarters of 2025 [3]. - The company has established regional marketing centers in key cities like Xining and Urumqi, enhancing its market reach in the Northwest [3]. - The digital transformation strategy has led to a 25.22% year-on-year increase in online channel revenue, supported by a model that integrates online and offline consumer experiences [4]. Group 5: Brand and Recognition - Jinhuijiu has received multiple prestigious awards, including gold medals at the 2025 IWSC China Spirits Competition, reflecting the industry's recognition of its product quality [5]. - The company was also recognized as a "2025 Annual Integrity and Business Model Case" by the Gansu Provincial Department of Commerce and included in the "2024-2025 Annual Respected Enterprises" list by Economic Observer [5]. Group 6: Industry Trends - The white liquor industry is expected to enter a mild recovery phase in the fourth quarter, driven by stabilizing terminal prices and improving consumer confidence due to macroeconomic recovery [6]. - Jinhuijiu is well-positioned to leverage its cultural heritage, product upgrades, diversified channels, and efficient management to capitalize on the anticipated industry recovery [6].

Group 1 - The core viewpoint of the article highlights the recognition of Jinhui Liquor Co., Ltd. as a model case in the "Integrity and Business Promotion Month" in Gansu Province, emphasizing its commitment to integrity, industry collaboration, and social responsibility [1][3][4] - Jinhui Liquor's selection as a provincial model case is seen as an affirmation of its past integrity practices and a recognition of the high-quality development path of the liquor industry in Gansu [3][4] - The company, as one of the earliest Chinese time-honored liquor manufacturers in Gansu and a publicly listed liquor company, adheres to the corporate spirit of "being honest and doing things seriously," viewing integrity as fundamental to its survival and development [4] Group 2 - Gansu Province has been actively promoting the construction of a business credit system, facilitating cooperation through initiatives like "Integrity and Business" bank-enterprise connections, which have supported 8,384 commercial enterprises with bank credit of 69.5 billion yuan in 2023 [4]

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].