金徽酒股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 证券代码：603919 证券简称：金徽酒 公告编号：临 2025-024 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 25 日 (二)股东大会召开的地点：甘肃省陇南市徽县伏家镇金徽酒股份有限公司会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 357 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 341,067,916 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 67.2372 | (四)本次会议由董事会负责召集，董事长周志刚先生主持会议，本次会议以 现场与通讯相结合的方式召开。会议的召集、召开和表决方式、表决程序符合《公 司法》和《公司章程》的有关规定。 (一)非累积投票议案 1、议案名称：关于审议《金徽酒 ...

北京卓纬律师事务所 关于金徽酒股份有限公司 2024 年年度股东大会 2024年年度股东大会 PM IANCE BRIDGE LAW FIRM 地址:北京市东城区东长安街 1 号东方广场 E2 座 2107-2112 邮政编码:100738 座机:86-010-85870068 传真:86-010-85870079 Add.2107-2112, Office Tower E2 Oriental Plaza, No. 1 East Chang An Avenue, Beijing P.C.100738 Tel. 86-10-85870068 Fax. 86-10-85870079 法律意见书 北京卓纬律师事务所 关于金徽酒股份有限公司 之法律意见书 致:金徽酒股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》以及中国证券监督管理委员会(以下简称"中国证监会")发布 的《上市公司股东会规则》的规定,北京卓纬律师事务所(以下简称"本所") 接受金徽酒股份有限公司(以下简称"公司")的委托,指派本所律师列席公司 2024年年度股东大会(以下简称"本次股东大会"),对本次股 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE of 23.73 times for 2025 [5]. Core Views - The company achieved a revenue of 1.108 billion yuan in Q1 2025, representing a year-on-year increase of 3.04%, and a net profit attributable to shareholders of 234 million yuan, up 5.77% year-on-year [1]. - The product structure is improving, with products priced above 100 yuan accounting for 80% of total sales in Q1 2025, and the proportion of products priced above 300 yuan increasing by 4.43 percentage points to 22.35% [2]. - The company is focusing on consumer cultivation and product structure upgrades in its home province while targeting model market development in other provinces [3]. - Financial indicators show an increase in gross margin to 66.81% and net margin to 20.79%, driven by product structure upgrades [4]. Summary by Sections Performance Overview - In Q1 2025, the company reported revenues of 1.108 billion yuan and a net profit of 234 million yuan, reflecting growth of 3.04% and 5.77% respectively [1]. Product Structure - The product structure is on an upward trend, with high-end products leading sales growth. The revenue from products priced above 300 yuan increased by 28.14% year-on-year [2]. Regional Performance - Revenue from the home province reached 857 million yuan, up 1.05%, while revenue from outside the province grew by 9.48% to 238 million yuan [3]. Financial Metrics - The gross margin improved to 66.81%, and the net margin increased to 20.79%, attributed to product structure upgrades and effective marketing strategies [4]. Earnings Forecast and Valuation - The company is expected to achieve 3.28 billion yuan in revenue and 408 million yuan in net profit for the full year, with projected revenue growth rates of 10.20%, 10.46%, and 10.71% for 2025 to 2027 [5][6].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has shown a strong revenue growth in the premium segment, with a year-on-year increase of 28.14% for products priced above 300 yuan, indicating a rapid upgrade in product structure [1]. - The company is focusing on expanding its market presence outside its home province, with a notable revenue increase of 9.48% in external markets [2]. - The gross margin has improved due to structural upgrades, with a gross margin of 66.81% in Q1 2025, reflecting a 1.41 percentage point increase year-on-year [3]. Summary by Sections Performance - In Q1 2025, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 1.108 billion, 234 million, and 231 million yuan respectively, showing year-on-year growth of 3.04%, 5.77%, and 4.30% [1]. - Revenue from products priced above 300 yuan reached 245 million yuan, contributing to 22.35% of total revenue, an increase of 4.43 percentage points year-on-year [1]. Market and Channel - In Q4 2024, the company's revenue from the domestic market was 857 million yuan, while revenue from external markets was 238 million yuan, with year-on-year growth rates of 1.05% and 9.48% respectively [2]. - The company has increased its number of distributors by 72 to a total of 964, indicating a push for marketing transformation [2]. Financial Metrics - The company reported a gross margin of 66.81% and a net margin of 20.79% in Q1 2025, with both margins showing improvement compared to the previous year [3]. - The company expects net profit attributable to the parent to grow to 410 million, 452 million, and 521 million yuan in 2025, 2026, and 2027 respectively, with corresponding growth rates of 5.72%, 10.23%, and 15.19% [3].

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [1][10] Core Views - In 2024, the company's revenue reached 3.021 billion yuan, representing an 18.59% year-on-year increase, although the growth rate decreased by 8.05 percentage points compared to the previous year [5] - The first quarter of 2025 saw a revenue of 1.108 billion yuan, a 3.04% year-on-year increase, indicating a slowdown in sales growth [5] - The sales of high-end and mid-range liquor products showed significant growth, with high-end products priced above 300 yuan increasing by 41.17% and mid-range products priced between 100 to 300 yuan increasing by 15.38% in 2024 [5] - The product structure has improved, with the sales proportion of high-end liquor (above 300 yuan) increasing to 18.75% in 2024, while the proportion of low-end liquor (below 100 yuan) decreased to 28.1% [5] - The gross margin for all product tiers has declined, primarily due to a decrease in factory prices, with the gross margin for high-end products falling to 75.99% [5] Summary by Sections Revenue and Growth - The company achieved a revenue of 3.021 billion yuan in 2024, with a growth rate of 18.59% [5] - The revenue for Q1 2025 was 1.108 billion yuan, reflecting a slowdown in growth [5] Product Performance - High-end liquor sales increased significantly, with a 41.17% rise for products above 300 yuan [5] - The sales structure has shifted positively, with an increase in the proportion of high-end products [5] Profitability - The gross margin for high-end products decreased to 75.99%, indicating pressure on profitability [5] Market Channels - The dealer channel saw a revenue increase of 15.43% in 2024, contributing significantly to overall sales [7] - The internet channel experienced a high growth rate of 43.36% in 2024 [7] Earnings Forecast - The forecasted earnings per share for 2025, 2026, and 2027 are 0.81 yuan, 0.89 yuan, and 1.09 yuan respectively, with corresponding P/E ratios of 24.29, 22.06, and 18.08 [7]

金徽酒股份有限公司 2024 年年度股东大会会议资料 二零二五年四月 1 / 31 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 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company achieved a revenue of 1.11 billion yuan in Q1 2025, representing a year-on-year increase of 3.0%, and a net profit attributable to the parent company of 230 million yuan, up 5.8% year-on-year. The revenue and profit are in line with expectations, and the forecast for net profit from 2025 to 2027 is maintained at 440 million yuan, 500 million yuan, and 580 million yuan, respectively, with year-on-year growth rates of 12.8%, 14.1%, and 16.7% [4][5][10] Financial Performance - The company's product structure continues to upgrade, with revenue from products priced above 300 yuan reaching 245 million yuan, a year-on-year increase of 28.14%. Revenue from products priced between 100-300 yuan was 630 million yuan, up 14.24%, while revenue from products below 100 yuan dropped significantly by 31.72% to 221 million yuan [5] - The company maintains a high level of advance payments, with 580 million yuan in advance payments at the end of Q1 2025, a slight decrease from the previous quarter but still at a historically high level. Sales receipts were 1.18 billion yuan, down 5% year-on-year, indicating a solid cash flow situation [6] - The gross profit margin for Q1 2025 was 66.81%, an increase of 1.41 percentage points year-on-year, while the net profit margin was 21.09%, up 0.54 percentage points year-on-year. The company is expected to see a release in profitability as the product structure continues to improve [7] Market Outlook - The company is expected to maintain a steady growth trajectory, with a clear trend towards high-quality development. The management and organizational capabilities are continuously improving, contributing to a strong certainty in future growth [4][5]

Core Viewpoint - The performance of the liquor industry, particularly the baijiu sector, is under scrutiny as companies begin to disclose their Q1 2025 earnings, with a focus on the impact of consumer demand and market conditions on financial results [1][2]. Company Performance - Jinhui Liquor (603919) reported Q1 2025 revenue of 1.108 billion yuan, a year-on-year increase of 3.04%, and a net profit attributable to shareholders of 234 million yuan, up 5.77% year-on-year [2][3]. - The company's product structure has improved, with products priced over 100 yuan accounting for 79.82% of total revenue. Sales of products priced above 300 yuan grew by 28.14%, while those priced below 100 yuan saw a decline of 31.72% [2][3]. Industry Trends - The baijiu industry is currently in a bottoming phase, with high-end liquor demand remaining stable while mid-range brands show varied performance [4][5]. - Many liquor companies have adjusted their targets and slowed down their sales pace, with a focus on reducing channel pressure and maintaining stable sales for leading brands [4][5]. - The overall sales performance during the Spring Festival was better than expected, with high-end brands showing resilience while mid-range brands faced challenges [5][6]. Future Outlook - Analysts predict a rational slowdown in the baijiu industry, with potential signs of recovery in Q2 2025 as the market clears [5][6]. - High-end liquor demand is expected to remain stable, with companies focusing on inventory control and price stabilization [5][6]. - The competition in the industry is likely to be led by premium brands such as Moutai and Fenjiu, which are adapting their marketing strategies to expand their consumer base [6].

Core Insights - The company reported a steady growth in revenue and net profit for Q1 2025, achieving operating income and net profit of 1.108 billion and 234 million yuan, respectively, with year-on-year increases of 3.04% and 5.77% [1] - The full-year targets for 2025 are set at 3.280 billion and 408 million yuan for revenue and net profit, reflecting year-on-year growth of 8.57% and 5.15% [1] Marketing Strategy and Sales Performance - The company is optimizing its product structure, with high-end products like the Jin Hui Year Series and Jin Hui Old Cellar Series driving growth [2] - In Q1 2025, products priced above 300 yuan, between 100-300 yuan, and below 100 yuan generated revenues of 245 million, 630 million, and 221 million yuan, showing year-on-year growth of 28.14%, 14.24%, and a decline of 31.72% respectively [2] - The company is enhancing its online sales strategy, with internet sales revenue increasing by 14.57% to 371 million yuan, while traditional sales through distributors and direct sales showed mixed results [2] - The company’s sales revenue from domestic and foreign markets in Q1 2025 was 857 million and 238 million yuan, respectively, with year-on-year growth of 1.05% and 9.48% [2] Cost Management and Profitability - The company achieved a gross margin of 66.81% in Q1 2025, an increase of 1.41 percentage points year-on-year [3] - The sales expense ratio decreased by 1.17 percentage points to 16.81%, while the management expense ratio fell by 0.89 percentage points to 7.02% [3] Investment Outlook - The company is focusing on marketing transformation and implementing refined operational strategies for different products, with expectations for further strengthening in the domestic market and growth in the East China and Northern markets [4] - Revenue projections for 2025-2027 are 3.288 billion, 3.617 billion, and 4.023 billion yuan, with year-on-year growth rates of 8.8%, 10.0%, and 11.2% [4] - Net profit forecasts for the same period are 411 million, 465 million, and 536 million yuan, with growth rates of 5.9%, 13.1%, and 15.2% [4] - The company is rated as a "buy" for the first coverage [4]

Core Viewpoint - The first quarter report of Jinhui Liquor for 2025 shows modest growth in revenue and net profit, indicating a slowdown in performance compared to previous years [1][2]. Financial Performance - In Q1 2025, Jinhui Liquor achieved revenue of 1.11 billion yuan, a year-on-year increase of 3.04% [2]. - The net profit attributable to shareholders was 233.79 million yuan, reflecting a year-on-year growth of 5.77% [2]. - The net profit after deducting non-recurring gains and losses was 231.50 million yuan, up 4.30% from the previous year [2]. - The net cash flow from operating activities was 269.12 million yuan, down 21.56% compared to the same period last year [2]. - Basic and diluted earnings per share were both 0.47 yuan, an increase of 6.82% [2]. - The weighted average return on equity rose to 6.79%, an increase of 0.36 percentage points [2]. - Total assets at the end of the reporting period were approximately 4.72 billion yuan, up 2.44% from the end of the previous year [2]. - Shareholders' equity attributable to the parent company was approximately 3.56 billion yuan, an increase of 7.03% [2]. - Revenue growth rates from Q1 2021 to Q1 2025 were 48.43%, 38.79%, 26.61%, 20.41%, and 3.04%, respectively, indicating a significant slowdown [2]. Investment and Strategic Development - Jinhui Liquor plans to invest in the fourth phase of the Ecological Smart Industrial Park renovation project, with a contract amount of 669 million yuan awarded to the related party, Gansu Maoda Construction Engineering Co., Ltd. [5][6]. - The transaction amount with Maoda Construction in the past 12 months exceeds 5% of the company's latest audited net assets, requiring shareholder approval [5]. - The project aims to enhance the company's production capacity and product quality, aligning with its long-term development strategy [6]. - This is not the first major project awarded to Maoda Construction, as previous contracts include a 19.49 million yuan project for the production and comprehensive supporting center and a 318 million yuan project for the intelligent storage center [6]. - Jinhui Liquor's main business includes the production and sales of liquor, water, beverages, and related products, with key products being Jinhui 28, Jinhui 18, Century Jinhui, and others [6].