证券代码：000568 证券简称：泸州老窖 公告编号：2024-46 泸州老窖股份有限公司 本公司于2019年8月27日发行了第一期2,500.00万张5年期公司债 券，每张面值100元，票面利率3.58%，发行总额250,000.00万元，扣 除发行费用1,000.00万元后收到实际募集资金金额249,000.00万元，债 券简称"19老窖01"。本公司于2020年3月17日发行了2020年第一期公 司债1,500.00万张5年期公司债券，每张面值100元，票面利率3.50%， 发行总额150,000.00万元，扣除发行费用600.00万元后收到实际募集 资金金额149,400.00万元，债券简称"20老窖01"。 根据中国证券登记结算有限责任公司深圳分公司提供的数据，截 关于 2024 年上半年募集资金存放与使用情况的专项 报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 2019 年和 2020 年面向合格投资者公开发行公司债券募集资金 2019年7月18日，经中国证监会"证监许可〔2019 ...

债券代码:149062 债券简称:20老窖 01 中国国际金融股份有限公司(以下简称"中金公司"或"受托管理 人"）作为泸州老窖股份有限公司（以下简称"发行人"或"公司"） 2020 年面向合格投资者公开发行公司债券(第一期) (债券简称"20 老窖 01",债券代码 149062)的受托管理人,持续密切关注对债券持 有人权益有重大影响的事项。根据《公司债券发行与交易管理办法》、 《公司债券受托管理人执业行为准则》等相关规定及上述债券《受托 管理协议》的约定,现将发行人涉及重大诉讼相关事项报告如下: 一、事项基本情况 (一) 股东大会审议通过利润分配方案的情况 1、发行人 2023 年度分配方案为:以发行人现有总股本 1,471,987,769 股为基数,向全体股东每 10 股派 54.00 元人民币现金 (含税),现金分红金额为 7,948,733,952.60 元(含税),若在分配 方案实施前发行人总股本发生变化,将按照分配总额不变的原则相应 调整。2023年度发行人不送红股,不进行资本公积金转增股本。 2、自分配方案披露至实施期间,发行人股本总额因限制性股票 回购注销减少 21,266股,本次权益分派以 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2024-42 泸州老窖股份有限公司 2023 年度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 泸州老窖股份有限公司（以下简称"公司"或"我公司"）2023 年度分红派息实施方案已获 2024 年 6 月 27 日召开的 2023 年度股东 大会审议通过，现将分红派息事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1.公司2023年度分配方案为：以公司现有总股本1,471,987,769股 为基数，向全体股东每10股派54.00元人民币现金（含税），现金分 红金额为7,948,733,952.60元（含税），若在分配方案实施前公司总 股本发生变化，将按照分配总额不变的原则相应调整。2023年度公 司不送红股，不进行资本公积金转增股本。 2.自分配方案披露至实施期间，公司股本总额因限制性股票回 购注销减少21,266股，本次权益分派以股权登记日的总股本为基 数，采取按分配总额不变的原则进行调整。公司总股本由 1,471,987,769股变动至1,471,966,503股，分配比例 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2024-41 债券代码：149062 债券简称：20 老窖 01 3.2021 年 12 月 24 日，公司监事会出具核查意见《关于 2021 年 限制性股票激励计划激励对象名单的核查意见及公示情况说明》。 泸州老窖股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次回购注销的限制性股票数量为 21,266 股，占回购注销前公 司股份总数的 0.0014%，回购价格为 85.241 元/股，涉及 4 名激励对 象，回购资金总额为 1,828,275.81 元（其中股份回购金额 1,812,735.11 元，利息 15,540.70 元）。 2.截至本公告披露日，经中国登记结算有限责任公司深圳分公司 审核确认，本次限制性股票回购注销事宜已办理完成，公司股份总数 由 1,471,987,769 股减少至 1,471,966,503 股。 根据泸州老窖股份有限公司（以下简称"公司"）第十届董事会三 十八次会议、第十届董事会四十次会议及第十届监事 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2024-40 泸州老窖股份有限公司 第十一届董事会二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 泸州老窖股份有限公司（以下简称"公司"）第十一届董事会二次 会议于2024年8月2日以通讯表决的方式召开。召开本次会议的通知已 于2024年7月30日以邮件方式发出，截止会议表决时间2024年8月2日， 共收回11名董事的有效表决票11张。本次董事会会议的召开符合有关 法律、行政法规、部门规章、规范性文件和公司《章程》的规定。 二、董事会会议审议情况 同意公司管理团队成员 2023-2025 年考核执行方案。 1.审议通过了《关于聘任高级管理人员的议案》。 表决结果：11 票同意，0 票反对，0 票弃权。 决定聘任赵丙坤先生为公司副总经理，任期与第十一届董事会任 期一致。赵丙坤先生简历附后。 2.审议通过了《关于修订<泸州老窖股份有限公司管理团队成员 薪酬管理细则>及<泸州老窖股份有限公司管理团队成员绩效考核管 理细则>的议案》。 表决结果：11 票同意，0 票反对， ...

会议要点 1、公司天津市场基本情况 公司在天津市场主要以三个大单品为主:国窖 1573、百年窖龄和老字号特区。国窖 1573 在天津的销售模式是通过平台公司进行,由原始股东和三级合伙人组成。2023 年国窖 1573 在天津的销售额约为 9 亿元,2024 年的目标为 10 亿元,目前打款完成进度约为 90%。 较好,2023 年完成销售额 2 亿元,2024 年预计也能完成任务。 百年窖龄在天津的销售情况较为不理想,2023 年完成销售额 1.5 亿元,2024 年目标为 2 亿 元,但截至目前仅完成约 8000 万元,预计难以达到全年目标。老字号特区的销售情况相对 2、产品价格及库存情况 国窖 1573 的低度产品价格在天津市场有所上涨,从之前的 630 元涨至 640-650 元,高度产 品价格也有所上升,从 880 元涨至 890 元。平台公司合伙人的打款价约为 730 元。 百年窖龄的主要产品为 30 年、60 年和 90 年,售价分别为 180 元、260-270 元和 370-380 元。渠道库存约为 4000 万元,占全年销售的 20%左右。 版主要通过团购商销售,不招渠道商。 3、渠道及库存 ...

Financial Data and Key Metrics Changes - In Tianjin, the sales of Guojiao 1573 reached approximately 900 million yuan in 2023, with a target of 1 billion yuan for 2024, and the payment completion rate is about 90% [1][3] - The sales of Bai Nian Jiao Ling were disappointing, achieving only 80 million yuan out of a 200 million yuan target for 2024, indicating a struggle to meet the annual goal [1][3] - The sales of Lao Zi Hao Te Qu were relatively strong, completing 200 million yuan in 2023, with expectations to meet the same target in 2024 [1] Business Line Data and Key Metrics Changes - Guojiao 1573's low-end product price increased from 630 yuan to 640-650 yuan, while the high-end product price rose from 880 yuan to 890 yuan [1][3] - Bai Nian Jiao Ling's main products are priced at 180 yuan, 260-270 yuan, and 370-380 yuan for 30-year, 60-year, and 90-year products respectively, with channel inventory around 40 million yuan, accounting for about 20% of annual sales [1] - Lao Zi Hao Te Qu's main products are priced at 250 yuan and 420 yuan, with stable performance in core markets [4] Market Data and Key Metrics Changes - The overall market growth rate in Tianjin for 2023 was approximately 12%, with Guojiao's sales increasing from 800 million yuan in 2022 to 900 million yuan in 2023 [6] - The inventory in Tianjin is currently around 30%, the highest level in the past four years, primarily due to economic downturns and market conditions [6][5] - The competition in Tianjin is significant, with Wuliangye as the main competitor, targeting 800 million yuan in sales with a payment completion rate of about 75% [5] Company Strategy and Development Direction - The company plans to reform its sales model in Tianjin from a large platform company to smaller regional platform companies to address distribution and inventory issues [2] - Future expense allocations will be more precise and reasonable, with no significant increase in total expenses but adjustments in specific areas to better support the market [2][9] - The company aims to enhance market management by establishing new partnerships and refining distribution strategies [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Tianjin market despite high inventory levels, citing good past dividend performance and high market turnover rates [2] - The demand in the banquet market is expected to decline, particularly for wedding banquets, which may impact overall sales growth [6] - The company anticipates a slight increase in high-end product sales during the Mid-Autumn Festival and National Day, but overall sales performance may not match last year's figures [6] Other Important Information - The company is facing challenges with its distribution policies, which have caused confusion among traditional distributors, impacting their confidence in payments and shipments [8] - The digital promotion strategy is seen as beneficial for long-term market health, although some distributors may resist changes in the short term [9] Q&A Session Summary Question: What is the overall situation of Luzhou Laojiao in Tianjin, including major product series prices, inventory, sales, and payment rhythm? - The main product series include Guojiao 1573, Bai Nian Jiao Ling, and Lao Zi Hao Te Qu, with Guojiao 1573's sales target for this year set at 1 billion yuan, currently at 90% payment completion [3] Question: What is the current price and inventory level of Guojiao 1573? - The low-end product price has increased to 640-650 yuan, and the high-end product price is around 890 yuan, with inventory levels at approximately 2-3 billion yuan [3] Question: How is the sales performance of the Te Qu series in Tianjin? - The Te Qu series is performing better than the Jiao Ling series, with stable performance in core markets [4] Question: What are the expectations for the Tianjin market in the second half of the year? - The market performance is expected to be less favorable than last year, particularly in the wedding banquet segment, which may see a decline in demand [6]

Financial Data and Key Metrics Changes - The sales revenue of Guojiao 1573 in Tianjin for 2023 is approximately 900 million yuan, with a target of 1 billion yuan for 2024, achieving a payment completion rate of about 90% [1][2] - The sales of Bai Nian Jiao Ling in Tianjin for 2023 is 150 million yuan, with a target of 200 million yuan for 2024, but currently only 80 million yuan has been completed, indicating a struggle to meet the target [1][2] - The sales of Lao Zi Hao Te Qu in Tianjin for 2023 is 200 million yuan, with expectations to meet the target for 2024 [1] Business Line Data and Key Metrics Changes - The price of low-degree Guojiao products in Tianjin has increased from 630 yuan to between 640-650 yuan, while high-degree products have risen from 880 yuan to 890 yuan [1][2] - The inventory for Guojiao 1573 is approximately 200-300 million yuan, accounting for about 10%-15% of the market [2][3] - The social inventory of Jiao Ling series products is around 40 million yuan, representing 10%-25% of annual sales [2] Market Data and Key Metrics Changes - The overall inventory in Tianjin is at its highest level in four years, approximately 30% [3] - The market for low-degree products is experiencing a stable demand, particularly in the banquet market, despite overall economic pressures [1][3] - The competition in Tianjin is significant, with Wuliangye being a major competitor, targeting sales of 800 million yuan and achieving a payment completion rate of about 75% [1][3] Company Strategy and Development Direction - The company plans to reform its distribution model in Tianjin from a large platform company to smaller regional platform companies to address distribution depth and inventory issues [1][2] - Future investments in Tianjin will be more precise and reasonable, with no significant increase in total expenses but adjustments in specific areas to better support the market [1][5] - The company aims to enhance its digital promotion strategy to ensure healthy market returns, despite potential short-term resistance from some distributors [5] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the overall economic environment has impacted sales, particularly in the banquet market, with expectations of a decline in demand for wedding banquets [1][2] - Despite inventory pressures, distributors maintain confidence in the future market due to good dividend performance in recent years [1][2] - The company expects a slight increase in high-end product sales during the Mid-Autumn Festival and National Day, but overall market demand is anticipated to decline [4] Other Important Information - The company has introduced new policies in distribution that have caused confusion among traditional distributors, impacting their confidence in payment and shipment [4] - The company is focusing on refining its marketing strategies to improve sales efficiency and brand promotion [4][5] Q&A Session Summary Question: What is the overall situation of Luzhou Laojiao in Tianjin, including major product series prices, inventory, and sales? - The main product series includes Guojiao 1573, Bai Nian Jiao Ling, and Lao Zi Hao Te Qu, with Guojiao 1573 achieving sales of 900 million yuan last year and a target of 1 billion yuan this year, with a payment completion rate of about 90% [1][2] Question: What is the current price and inventory level of Guojiao 1573? - The low-degree product price has risen to between 640-650 yuan, while the high-degree product price is around 890 yuan [2] Question: How is the sales situation of the Jiao Ling series products? - The sales situation is not optimistic, with an expected completion of only 100 million yuan this year [2] Question: What is the market performance of the Te Qu series in Tianjin? - The Te Qu series is performing better than the Jiao Ling series, with stable performance in core markets [2] Question: How does the company evaluate its market actions this year? - The company acknowledges market pressures but believes the Tianjin market remains relatively healthy compared to other regions [2] Question: What is the current inventory situation in Tianjin? - The inventory includes about 1 billion yuan from last year and some unsold inventory from this year, totaling around 30% [3]

泸州老窖(000568.SZ) 坚持长期主义,数字化工程驱动管理变革 公司研究·公司快评 食品饮料·白酒Ⅱ 投资评级:优于大市(维持) 证券分析师: 张向伟 zhangxiangwei@guosen.com.cn 执证编码:S0980523090001 联系人: 张未艾 021-61761031 zhangweiai@guosen.com.cn 事项: 事件:2024 年 6 月 27 日,泸州老窖 2023 年股东大会在泸州老窖指挥中心召开,会议上公司就白酒行业的 现状与展望、公司自身经营情况和战略规划等问题,与投资者进行了充分交流。 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年07月02日 国信食饮观点:1)公司组织优势明显,坚持短期增长和长期发展的平衡,保证市场价盘稳定、渠道库存 良性的基础上,力争 2024 年收入增速 15%的目标;2)行业下行周期中市场份额进一步向头部酒企和大单 品集中,老窖品牌韧性突出;3)长期随着新消费群体的崛起,白酒高端化趋势不变,公司战略定力充足, 积极推进供应链战略和生态链战略,夯实管理优势;4)公司自去年对全品系上线五码系统,今年进一步 加 ...

股 票 研 究 | | | | 食品饮料 / 必需消费 | |------------------------------------|--------------------------------------------------------------------------|-------------------------------|----------------------------| | 泸州老窖 (000568) | | 评级: | 增持 | | | 立足长远发展,稳步提效升级 | 目标价格: | 上次评级 : 增持 218.00 | | | ——泸州老窖( 000568.SZ | [ 当前价格: Table_CurPrice] | 上次预测 : 290.61 143.00 | | [table_Authors 訾猛 ] ( 分析师 ) | 李美仪 ( 研究助理 ) | | | | 021-38676442 zimeng@gtjas.com | 021-38038667 limeiyi026738@gtjas.com | | 2024.07.02 | | 登记编号 S088051312 ...