山西杏花村汾酒厂股份有限公司 第八届监事会第二十三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 公司于2024年12月19日以书面方式向全体监事发出关于召开第八届 监事会第二十三次会议的通知。会议于2024年12月24日以会签方式召开， 应出席监事4人，实际出席监事4人。会议的召开、表决程序符合《公司 法》、公司《章程》和《监事会议事规则》的规定，合法有效。 二、监事会会议审议情况 证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-032 1.审议通过《关于实施2024年中期利润分配的议案》；（此议案尚 需股东大会审议，详见公司临2024-034公告） 监事会认为：公司《关于实施2024年中期利润分配的议案》符合公 司经营现状，有利于公司持续稳定发展，同意本次利润分配方案。 同意票4票，反对票0票，弃权票0票。 特此公告 山西杏花村汾酒厂股份有限公司 监事会 2024年12月25日 1 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024- 031 山西杏花村汾酒厂股份有限公司 第八届董事会第六十二次会议决议公告 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。 一、董事会会议召开情况 公司于2024年12月19日以书面和电子邮件方式向全体董事发出关于 召开第八届董事会第六十二次会议的通知。会议于2024年12月24日以会 签方式召开，应出席董事8人，实际出席董事8人。会议的召开、表决程序 符合《公司法》、公司《章程》和《董事会议事规则》的规定，合法有效。 二、董事会会议审议情况 1.审议通过《关于实施2024年中期利润分配的议案》；（此议案尚需 股东大会审议，详见公司临2024-034公告） 会议同意以实施权益分派股权登记日登记的总股本为基数，向全体 股东每10股派发现金红利24.6元（含税）。 同意票8票，反对票0票，弃权票0票。 2 2.审议通过《关于确定召开 2025 年第一次临时股东大会相关事宜 的议案》； 会议决定于 2025 年 1 月 9 日召开公司 2025 年第一次临时股东大 ...

Investment Rating - The investment rating for Shanxi Fenjiu is maintained at "Accumulate" [2] Core Views - The report emphasizes the company's commitment to high-quality development and strategic marketing initiatives, including a focus on premium products and expanding market share both domestically and internationally [4][5] - The company aims to achieve significant revenue growth, with projected revenues of 370.6 billion, 415.1 billion, and 469.0 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 16.1%, 12.0%, and 13.0% [5][10] - The report highlights the successful performance of various product lines, with the Qinghua series and others achieving full-year revenue targets by October 2023 [4] Summary by Sections Market Performance - The stock price of Shanxi Fenjiu is currently at 198.77 yuan, with a market performance comparison showing a decline of 23% against the CSI 300 index [2] Financial Data and Forecast - The projected operating income for 2024 is 37,060 million yuan, with a net profit forecast of 12,339 million yuan, indicating a year-on-year growth of 18.2% [10] - The gross margin is expected to remain stable at around 75.5% for the next few years, with a slight increase to 76.0% by 2026 [10] Strategic Initiatives - The company is focusing on a "123" revival program, with specific phases aimed at consolidating achievements and enhancing production efficiency from 2025 to 2030 [4] - Shanxi Fenjiu plans to implement a controlled volume strategy in its home market while expanding its dealer network in other regions to enhance overall market presence [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company is consolidating its achievements and is on a path of revitalization, with a focus on national channel consolidation and marketing innovation. The company has introduced a new product priced at 600 yuan, the "Qinghua Fenjiu 26·Revival Edition," with a suggested retail price of 718 yuan [2][3] - The company aims to achieve a revenue of 36.32 billion yuan in 2024, with a year-on-year growth of 13.75%. The net profit attributable to the parent company is projected to be 12.20 billion yuan, reflecting a year-on-year increase of 16.91% [1][12] Summary by Sections Revenue and Profit Forecast - Total revenue for 2022 was 26.21 billion yuan, with projections of 31.93 billion yuan for 2023, 36.32 billion yuan for 2024, 40.71 billion yuan for 2025, and 46.75 billion yuan for 2026. The year-on-year growth rates are 31.26%, 21.80%, 13.75%, 12.10%, and 14.83% respectively [1] - The net profit attributable to the parent company was 8.10 billion yuan in 2022, expected to rise to 10.44 billion yuan in 2023, 12.20 billion yuan in 2024, 13.68 billion yuan in 2025, and 15.79 billion yuan in 2026, with year-on-year growth rates of 52.36%, 28.93%, 16.91%, 12.06%, and 15.49% respectively [1] Product Strategy - The company is focusing on a four-pronged product strategy with its brands: Fenjiu, Zhuyeqing, and Xinghuacun. The Fenjiu brand includes strategic products like Glass Fenjiu and Laobai Fenjiu, which are aimed at achieving a scale of 10 billion yuan each. The company is also targeting the health wine market with Zhuyeqing and plans to expand Xinghuacun nationally by 2025-2026 [4][5] Market Expansion - The company is advancing its national expansion strategy, with a revenue distribution of 40% from the home province and 60% from outside. The average revenue in provincial markets exceeds 600 million yuan. The company plans to enhance its market presence in provinces like Henan and Shandong, leveraging its brand advantages to stimulate demand [5][12]

Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu (600809.SH) [1] Core Views - The company is entering the second phase of its revitalization program, focusing on comprehensive development and management upgrades, with the first phase successfully completed [1] - The company aims to establish itself as a globally influential liquor brand, with strategic initiatives centered around fairness, scientific management, and enhancing brand value [1][3] - The company plans to enhance its product matrix and has launched the Qinghua 26 revitalization version, priced at 718 RMB per bottle, to meet consumer demand [1] Summary by Sections Company Overview - As of December 3, 2024, the current stock price is 200.16 RMB, with a total market capitalization of 244.2 billion RMB and a total share capital of 1.22 billion shares [1] - The company has completed its 2023 annual revenue targets for its key product lines, including Qinghua, Laobai Fen, and Glass Fen [1] Financial Performance - The company forecasts a revenue of 36.77 billion RMB for 2024, with a growth rate of 15.2% [5] - The projected net profit for 2024 is 12.26 billion RMB, reflecting a growth rate of 17.4% [5] - The expected EPS for 2024 is 10.05 RMB, with corresponding PE ratios of 20, 18, and 16 for 2024, 2025, and 2026 respectively [3][5] Strategic Focus - The company is focusing on three main areas: national expansion, targeting younger consumers, and internationalization [1] - The nationalization strategy aims to achieve a revenue ratio of 4:6 between Shanxi and other provinces by 2025 [1] - The company plans to evolve its marketing strategy to attract younger consumers, with over 50% of Glass Fen's consumption coming from those born in the 1980s and 1990s [1] Product Development - The company is set to break through the 10 billion RMB target for several product lines, including the Glass Fen series and the Laobai Fen series [1] - The product structure is being adjusted to maintain stable growth across all price segments [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [6]. Core Views - The company achieved a revenue of 31.358 billion yuan, representing a year-on-year growth of 17.25%, and a net profit of 11.350 billion yuan, up 20.34% [1]. - The company is focusing on a diversified product strategy to enhance revenue streams amid market pressures, emphasizing the "Qinghua" series and strengthening mid-range products [2]. - The company is expanding its market presence both domestically and in provinces outside its home base, with sales from provincial and non-provincial markets accounting for 38% and 62% of total revenue, respectively [3]. - The company is expected to achieve revenues of 37.6 billion yuan, 43.5 billion yuan, and 50 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 12.4 billion yuan, 14.3 billion yuan, and 16.5 billion yuan [4]. Summary by Sections Financial Performance - The company reported a gross margin of 76.03%, a slight increase of 0.10 percentage points year-on-year, and a net profit margin of 36.23%, up 0.89 percentage points [1]. - The sales growth of high-end liquor accounted for 72.36% of total sales, with a growth rate of 14.26%, while other liquor categories saw a growth of 26.87% [1]. Product Strategy - The company is implementing a product strategy that focuses on high-end "Qinghua" products, strengthening mid-range offerings, and maintaining the popularity of "Glass Fen" products [2]. Market Expansion - The company is actively expanding its market presence outside of its home province, with a sales revenue growth of 11.58% in the domestic market and 21.44% in the provincial market [3]. Earnings Forecast - The company is projected to achieve a revenue growth of 17.7%, 15.8%, and 15% for the years 2024, 2025, and 2026, respectively, with net profit growth rates of 18.5%, 15.3%, and 15.9% [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrates strong operational resilience and good growth momentum, with a high certainty of achieving quality results for the year [2] - Revenue and net profit for the first three quarters of 2024 show significant year-on-year growth, with revenue at 31.36 billion yuan, up 17.25%, and net profit at 11.35 billion yuan, up 20.34% [2] - The company continues to expand its national presence, with strong performance in mid-to-high-end products and a notable increase in the number of distributors [2] Summary by Sections Financial Performance - For Q3 2024, revenue reached 8.61 billion yuan, a year-on-year increase of 11.35%, while net profit was 2.94 billion yuan, up 10.36% [2] - The gross margin for Q3 2024 was 74.29%, slightly down by 0.75 percentage points year-on-year, indicating a slight shift in product mix [2] - Cash flow from operating activities showed strong performance, with a net cash flow of 3.50 billion yuan, up 67.22% year-on-year [2] Product and Market Strategy - The company focuses on a product strategy of enhancing the "Qinghua" series, strengthening mid-tier products, and stabilizing "Bofan" products, which has effectively improved its risk resistance [2] - The number of distributors increased to 4,368 by the end of Q3 2024, with significant growth in the number of distributors outside the province [2] - The company has successfully engaged consumers through marketing activities, particularly during the Mid-Autumn Festival, enhancing product sales [2] Future Outlook - The profit forecast for 2024, 2025, and 2026 is adjusted to 12.35 billion yuan, 14.29 billion yuan, and 16.45 billion yuan respectively, with year-on-year growth rates of 18%, 16%, and 15% [2] - The current stock price corresponds to a price-to-earnings ratio of 22, 19, and 17 for the years 2024, 2025, and 2026 respectively [2]

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-029 山西杏花村汾酒厂股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 投资者可于 2024 年 11 月 15 日(星期五) 至 11 月 21 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 sxfj@fenjiu.com.cn 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 山西杏花村汾酒厂股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计 划于 2024 年 11 月 22 日上午 10:00-11:00 举行 2024 年第三季度业绩 说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三 季度的经营成果及财务指标 ...

Investment Rating - The investment rating for Shanxi Fenjiu is "Buy" and is maintained [7]. Core Views - The company's total revenue for the first three quarters of 2024 reached 31.358 billion yuan, representing a year-on-year increase of 17.25%. The net profit attributable to the parent company was 11.35 billion yuan, up 20.34% year-on-year [4][5]. - In Q3 2024, the total revenue was 8.611 billion yuan, with a year-on-year growth of 11.35%, and the net profit attributable to the parent company was 2.94 billion yuan, reflecting a year-on-year increase of 10.36% [4][5]. - The performance of high-end products improved sequentially, with high-priced liquor sales reaching 22.614 billion yuan in the first three quarters, up 14.26% year-on-year, while other liquor categories saw a revenue increase of 26.87% [4][5][6]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company's revenue plus contract liabilities amounted to 29.809 billion yuan, a year-on-year increase of 19.2%. In Q3 alone, this figure was 8.36 billion yuan, up 16.89% [5]. - Cash flow from sales of goods and services for Q1-Q3 2024 was 30.155 billion yuan, an increase of 24.34% year-on-year, with Q3 cash flow reaching 8.56 billion yuan, up 30.77% [5]. - The company maintained a good cash flow performance, benefiting from proactive inventory control in Q2 2024 [5]. Market Expansion - The company experienced rapid growth outside its home province, with revenue from the provincial market at 11.9 billion yuan (up 11.58% year-on-year) and from outside the province at 19.353 billion yuan (up 21.44% year-on-year) for Q1-Q3 2024 [5][6]. - The company is steadily advancing its national expansion strategy, establishing a solid market foundation in Shanxi [6]. Long-term Outlook - The dual product strategy of "Glass Fen" and "Qinghua" is taking shape, with the former maintaining its competitive advantage and the latter establishing a foothold in the mid-range market. The company is expected to benefit from the gradual recovery of industry demand [6]. - EPS forecasts for 2024 and 2025 are 10.15 yuan and 11.34 yuan, respectively, with current stock prices corresponding to PE ratios of 20 and 18 times [6].