Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a revenue growth of 8.5% in 2024, with a total revenue of 73.4 billion RMB and a net profit of 25.9 billion RMB, reflecting a 13.4% increase [7] - The company is experiencing a slowdown in mid-to-low-end liquor sales, while the "Dingcang" series continues to show strong growth potential [7] - The report highlights a proactive approach to managing cash flow and inventory, ensuring healthy channel profits and turnover [7] Financial Summary - Total revenue projections for the company are as follows: 2023A: 6,771 million RMB, 2024A: 7,344 million RMB, 2025E: 7,378 million RMB, 2026E: 7,862 million RMB, 2027E: 8,685 million RMB [1] - Net profit forecasts are: 2023A: 2,282 million RMB, 2024A: 2,589 million RMB, 2025E: 2,617 million RMB, 2026E: 2,842 million RMB, 2027E: 3,205 million RMB [1] - The earnings per share (EPS) estimates are: 2023A: 2.85 RMB, 2024A: 3.24 RMB, 2025E: 3.27 RMB, 2026E: 3.55 RMB, 2027E: 4.01 RMB [1] - The price-to-earnings (P/E) ratios for the years 2025-2027 are projected to be 14.9, 13.7, and 12.2 respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company reported a revenue of 7.34 billion RMB for 2024, representing a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 2.59 billion RMB, up 13.4% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 2.05 billion RMB, down 12.3% year-on-year, with a net profit of 830 million RMB, down 9.5% year-on-year, indicating a decline in performance compared to market expectations [2]. - The revenue structure shows that the underperformance is mainly due to low-priced products and challenges in expanding outside the province [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 73.4 billion RMB, with a year-on-year growth of 8.5%, and a net profit of 25.9 billion RMB, reflecting a growth of 13.4% [2]. - In Q1 2025, the revenue was 20.5 billion RMB, a decrease of 12.3% year-on-year, and the net profit was 8.3 billion RMB, down 9.5% year-on-year [2]. Operational Analysis - By product, the revenue for mid-to-high-end and regular liquor in 2024 was 57.1 billion RMB and 12.9 billion RMB, respectively, with year-on-year changes of +13.8% and -6.5% [3]. - The revenue from mid-to-high-end liquor in Q1 2025 was 17.2 billion RMB, down 8.6% year-on-year, while regular liquor revenue fell by 32.1% [3]. - Regionally, the company reported revenues of 50.9 billion RMB from within the province and 19.1 billion RMB from outside the province in 2024, with year-on-year growth of 12.8% and 1.3%, respectively [3]. Financial Quality - The net profit margin for 2024 increased by 1.5 percentage points to 35.3%, with a gross margin increase of 2.9 percentage points [4]. - In Q1 2025, the net profit margin was 40.5%, up 1.3 percentage points year-on-year, with a gross margin increase of 1.5 percentage points [4]. - The company is focusing on marketing for its cave-aged series, indicating a sustained upward potential in product structure [4]. Profit Forecast, Valuation, and Rating - The report adjusts the net profit forecasts for 2025 and 2026 down by 10% and 14%, respectively, with expected revenues growing by 3.4% in 2025 and 5.1% in 2026 [5]. - The projected net profits for 2025, 2026, and 2027 are 2.72 billion RMB, 2.90 billion RMB, and 3.26 billion RMB, respectively [5]. - The earnings per share (EPS) are forecasted to be 3.40 RMB, 3.62 RMB, and 4.07 RMB for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 14.4, 13.5, and 12.0 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company reported a revenue of 7.34 billion RMB for 2024, representing a year-on-year growth of 8.5%, and a net profit attributable to shareholders of 2.59 billion RMB, up 13.4% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 2.05 billion RMB, down 12.3% year-on-year, with a net profit of 830 million RMB, a decrease of 9.5% year-on-year [2]. - The overall performance for Q4 2024 and Q1 2025 shows a revenue decline of 9% and a net profit decline of 8% compared to the previous year, which was below market expectations [2]. Revenue Analysis - In terms of product revenue, mid-to-high-end and regular liquor generated 5.71 billion RMB and 1.29 billion RMB in 2024, with year-on-year growth of 13.8% and a decline of 6.5% respectively [3]. - For Q1 2025, mid-to-high-end and regular liquor revenues were 1.72 billion RMB and 240 million RMB, reflecting a year-on-year decrease of 8.6% and 32.1% respectively [3]. - The revenue from provincial and out-of-province sales in 2024 was 5.09 billion RMB and 1.91 billion RMB, with year-on-year growth of 12.8% and 1.3% respectively [3]. Profitability and Financial Metrics - The net profit margin for 2024 increased by 1.5 percentage points to 35.3%, with a gross margin increase of 2.9 percentage points [4]. - In Q1 2025, the net profit margin rose by 1.3 percentage points to 40.5%, with a gross margin increase of 1.5 percentage points [4]. - The report forecasts net profits of 2.72 billion RMB, 2.90 billion RMB, and 3.26 billion RMB for 2025, 2026, and 2027 respectively, with corresponding growth rates of 4.9%, 6.6%, and 12.3% [5]. Valuation Metrics - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.40 RMB, 3.62 RMB, and 4.07 RMB respectively [5]. - The current stock price corresponds to price-to-earnings (PE) ratios of 14.4, 13.5, and 12.0 for the years 2025, 2026, and 2027 [5].

证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-008 安徽迎驾贡酒股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 (一)股东大会类型和届次 2024年年度股东大会 (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 召开的日期时间：2025 年 5 月 28 日 14 点 30 分 召开地点：安徽省六安市霍山县迎驾金陵大酒店会议室 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年5月28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 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 28 日 至2025 年 5 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15 ...

证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-002 安徽迎驾贡酒股份有限公司 第五届监事会第七次会议决议公告 二、监事会会议审议情况 经审议，本次监事会表决通过以下事项： 1、审议通过《公司 2024 年度监事会工作报告》 表决结果：同意 5 票；反对 0 票；弃权 0 票。议案获得通过。 《公司 2024 年度监事会工作报告》就 2024 年董事会、经理层经营行为及业 绩作出了基本评价、发表了对 2024 年度公司运作的独立意见，并说明了监事会 2024 年度工作情况和 2025 年度工作计划。 本议案需提交公司股东大会审议。 2、审议通过《公司 2024 年年度报告全文及其摘要》 表决结果：同意 5 票；反对 0 票；弃权 0 票。议案获得通过。 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个别及连带责任。 一、监事会会议召开情况 安徽迎驾贡酒股份有限公司（以下简称"本公司"或"公司"）于 2025 年 4 月 18 日以电话、电子邮件等方式发出会议通知，并于 2025 年 4 月 28 日在公司 会议室以现场 ...

证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-001 安徽迎驾贡酒股份有限公司 第五届董事会第八次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 安徽迎驾贡酒股份有限公司（以下简称"本公司"或"公司"）第五届董事 会第八次会议于 2025 年 4 月 28 日在公司会议室以现场结合通讯表决方式召开， 会议通知于 2025 年 4 月 18 日以电话、电子邮件等方式送达各位董事。会议应到 董事 9 人，实到董事 9 人（其中以通讯表决方式出席 2 人），公司监事及高级管 理人员列席了会议。会议由董事长倪永培先生主持。本次会议的召集、召开和表 决程序符合《公司法》等法律法规和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 经审议，本次董事会表决通过以下事项： 1、审议通过《公司 2024 年度董事会工作报告》 表决结果：同意 9 票；反对 0 票；弃权 0 票。议案获得通过。 本议案需提交公司股东大会审议。 2、审议通过《公司 2024 年度总经理工作报 ...

证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-003 安徽迎驾贡酒股份有限公司 2024 年年度利润分配方案公告 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个别及连带责任。 （一）利润分配方案的具体内容 截至 2024 年 12 月 31 日，公司母公司报表中期末未分配利润为人民币 5,127,206,061.71 元。经董事会决议，公司 2024 年年度拟以实施权益分派股权 登记日登记的总股本为基数分配利润。本次利润分配方案如下： 1．公司拟向全体股东每股派发现金红利 1.5 元（含税）。截至 2024 年 12 月 31 日，公司总股本 800,000,000 股，以此计算合计拟派发现金红利 12 亿元（含 税）。本年度公司现金分红总额 12 亿元，占本年度归属于上市公司股东净利润 的比例 46.35%。 如在本公告披露之日起至实施权益分派股权登记日期间，公司总股本发生变 动的，公司拟维持每股分配比例不变，相应调整分配总额。如后续总股本发生变 化，将另行公告具体调整情况。 本次利润分配方案尚需提交公司 2024 ...

（一）个人基本情况 安徽迎驾贡酒股份有限公司 2024 年度独立董事述职报告 本人刘振国作为安徽迎驾贡酒股份有限公司（以下简称"公司"）第五届独 立董事，在任职期间严格按照《公司法》《证券法》《上市公司治理准则》《上海 证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》《上市公司独立董事管理办法》等法律法规、规范性文件和《公司章 程》《公司独立董事制度》等规定，本着恪尽职守的工作态度，独立、认真地行 使职权，诚信勤勉、尽责忠实地履行职责，充分发挥自身行业方面的专业优势和 独立作用，保持同管理层的密切沟通，关注公司经营发展动态，参加公司组织召 开的各项会议，认真审阅、研读和讨论议案，积极发挥个人专业能力，对公司重 大事项发表客观、公正、独立的专业意见，切实维护了公司和股东尤其是中小股 东的合法权益。现将本人 2024 年度的工作情况汇报如下： 一、独立董事基本情况 刘振国，男，1967 年 12 月生，中国国籍，无境外永久居留权，中共党员， 研究生学历，高级工程师、国家级葡萄酒评委。曾任万达集团秦皇岛万达酒业有 限公司常务副总经理，五粮液控股邯郸永不分梨酒业副总经理（主管销售 ...

Financial Performance - The company's operating revenue for 2024 is projected to be approximately ¥7.34 billion, an increase of 8.46% compared to ¥6.77 billion in 2023[25]. - Net profit attributable to shareholders for 2024 is expected to reach around ¥2.59 billion, reflecting a growth of 13.45% from ¥2.28 billion in 2023[25]. - Basic earnings per share for 2024 increased to CNY 3.24, a 13.68% rise compared to CNY 2.85 in 2023[27]. - The overall gross profit margin improved to 73.94%, an increase of 2.92 percentage points compared to the previous year[45]. - The company achieved operating revenue of 7.34 billion RMB, a year-on-year increase of 8.46%[46]. - Net profit attributable to shareholders reached 2.59 billion RMB, up 13.45% year-on-year[45]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a year-over-year growth of 15%[110]. Assets and Liabilities - Total assets at the end of 2024 are estimated to be ¥13.39 billion, a 12.70% increase from ¥11.88 billion at the end of 2023[26]. - The company's net assets attributable to shareholders are expected to be around ¥9.84 billion, up 15.77% from ¥8.50 billion at the end of 2023[26]. - The company reported a significant increase in long-term borrowings by 423.71% to ¥131,249,650.00, reflecting new financing for fixed assets[64]. - The total amount of entrusted financial management is approximately CNY 3.88 billion, with an overdue amount of CNY 20 million[170]. Cash Flow - The net cash flow from operating activities for 2024 is projected to be approximately ¥1.91 billion, a decrease of 12.89% compared to ¥2.19 billion in 2023[25]. - Cash flow from operating activities decreased by 12.89% to ¥1,907,085,267.82 compared to the same period last year, primarily due to increased tax payments[60]. - The net cash flow from operating activities for the first quarter was CNY 647,992,352.80, with negative cash flow of CNY -35,482,690.94 in the second quarter[30]. Dividends - The company plans to distribute a cash dividend of ¥15 per 10 shares, totaling approximately ¥1.2 billion based on a total share capital of 800 million shares[6]. - The cash dividend amount represents 46.35% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which was approximately 2.59 billion CNY[136]. - Over the last three accounting years, the cumulative cash dividend amount (including tax) reached 3.12 billion CNY, with an average annual net profit of approximately 2.18 billion CNY, resulting in a cash dividend ratio of 143.14%[138]. Operational Efficiency - The company achieved steady growth in operating income and total profit, maintaining high-quality development amidst a challenging economic environment[36]. - The production of liquor exceeded targets, with improvements in comprehensive yield and quality rates, while production costs per thousand liters decreased[36]. - The company has a complete industrial chain, which helps in controlling product quality and reducing production costs[44]. - The company has implemented a three-level training management mechanism, conducting over 600 training sessions to continuously supply talent for its development[132]. Market Position and Strategy - The company was recognized as one of the top 50 most valuable liquor brands globally and ranked among the top 500 Chinese brands in 2024[37]. - The marketing strategy focused on enhancing brand awareness and loyalty through cultural events and experiences, significantly boosting brand reputation[37]. - The company plans to enhance brand and channel strength to increase market share in the mid-to-high-end segment[73]. - The company is positioned in a favorable market with significant growth potential in major provinces such as Jiangsu, Hubei, and Shandong[44]. Research and Development - The company’s research and development expenses were 81.26 million RMB, a slight decrease of 0.24% year-on-year[46]. - The total R&D expenditure for the period was ¥81,258,211.53, accounting for 1.11% of the operating revenue[56]. - The company employed 594 R&D personnel, representing 7.42% of the total workforce[58]. Governance and Compliance - The company emphasizes transparency in information disclosure, ensuring timely and accurate communication with all stakeholders[106]. - The company has established a clear internal control system, continuously improving governance standards[106]. - The company has not engaged in any related party transactions that would affect its independence[107]. - The company held one shareholders' meeting during the reporting period, adhering to all legal and regulatory requirements[104]. Environmental Responsibility - The company has invested 28.16 million CNY in environmental protection during the reporting period[144]. - The company has implemented pollution control facilities that ensure all pollutants are discharged within regulatory standards, with no environmental violations reported[147]. - The company is committed to ecological brewing practices, promoting sustainable development and environmental responsibility[151]. Shareholder Information - The top shareholder, Anhui Yingjia Group Co., Ltd., holds 577,765,850 shares, representing 72.22% of the total shares[185]. - The top ten shareholders collectively hold a significant portion of the company's shares, indicating concentrated ownership[186]. - There are no other shareholders holding more than 10% of the company's shares[196].

安徽迎驾贡酒股份有限公司2025 年第一季度报告 证券代码：603198 证券简称：迎驾贡酒 安徽迎驾贡酒股份有限公司 2025 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 上年同期 | | 本报告期比 上年同期增 减变动幅度 | | --- | --- | --- | --- | --- | | | | | | (%) | | | | 调整前 | 调整后 | 调整后 | | 营业收入 | 2,047,364,860.02 | 2,324,673,220.84 | 2,335,775,405.73 | ...