[年报]古井贡Ｂ(200596):2025年年度报告摘要（英文版）
ANNUALREPORT2025(SUMMARY) PartIImportantNotes ThisSummaryisbasedonthefullAnnualReportofAnhuiGujingDistilleryCompanyLimited(togetherwithitsconsolidated subsidiaries,the“Company”,exceptwherethecontextotherwiserequires).InorderforafullunderstandingoftheCompany’s operatingresults,financialpositionandfuturedevelopmentplans,investorsshouldcarefullyreadtheaforesaidfulltext,whichhas beendisclosedtogetherwiththisSummaryonthemediadesignatedbytheChinaSecuritiesRegulatoryCommission(the“CSRC”). AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary.Independentauditor’smodifiedopinion: □Applicable ?Notapplicable Board-reviewedfinalcashand/orstockdividendplanforordinaryshareholdersorplanforbonusissuefromcapitalreservesforthe ReportingPeriod: ?Applicable □Notapplicable Bonusissuefromcapitalreserves: □Yes ?No TheBoardhasapprovedafinaldividendplanfortheordinaryshareholdersasfollows:BasedontheCompany’stotalsharecapitalof 528,600,000shares,acashdividendofRMB34.00(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonus issuefromeitherprofitorcapitalreserves. Board-approvedfinalcashand/orstockdividendplanforpreferredshareholdersfortheReportingPeriod:□Applicable ?Notapplicable PartIIKeyCorporateInformation 1.StockProfile
(I)PrincipalActivityoftheCompany TheCompanyprimarilyproducesandmarketsbaijiu.AccordingtotheIndustryCategorizationGuide forListedCompanies (Revisedin2012)issuedbytheCSRC,baijiumakingbelongstothe“liquor,beverageandrefinedteamakingindustry”(C15).The Company’sprincipaloperationsremainedunchangedintheReportingPeriod.(II)StatusoftheIndustryandPositionoftheCompanyintheIndustry (1)StatusoftheBaijiuIndustry Thebaijiuindustryisatacrucialturningpointinitsdeepadjustmentperiod.In2025,theindustryfundamentalsareunderpressure, AccordingtodatafromtheNationalBureauofStatistics,fromJanuarytoDecember2025,theoutputofbaijiuenterprisesabove designated size (converted to 65 degrees) was 3,549,000 kiloliters, a year-on-year decline of 12.10%, marking the seventh consecutiveyearofdeclinesince2019.Theterminalmarkethassluggishsales,highchannelinventory,widespreadphenomenonof invertedprices,reduceddemandforbusinessbanquets,withbanquetsandmassconsumptionscenariosrelativelystable,theindustry hasenteredastageofstockcompetition,andthemid-to-lowpricebandhasbecomethemainforceforde-stocking.In2026,theindustrywillacceleratedifferentiationinthe“stockcompetition”pattern.Intermsofmarketstructure,theMatthew effectintensifies,withleadingcompaniesfurthersqueezingthespaceforsmallandmedium-sizedbaijiucompaniesbyrelyingon brandmomentumandchannelcontrol.Intermsofconsumptionstructure,thereisanobvious“dumbbell-shaped”distribution:the growthrateofthehigh-endmarket(above1,000yuan)isslowing,themassmarket(50-200yuanpricerange)hasbecomethe fastest-growingballast,andthesub-high-endrange(300-800yuan)iscaughtinthemostintensepricecompetition.Intermsof consumerbehavior,rationalandpragmaticconsumptionbecomesmainstream,theconsensusof“drinkinglessbutdrinkingbetter”is strengthened,andtheconsumptionsceneshiftsfromgovernmentandbusiness-ledtodiversifiedmodessuchasfamilygatherings, self-drinking,andsocialcircles.Intermsofproductinnovation,trendsoflow-alcohol,lightweight,andhealth-consciousproductsare prominent,withstrongdemandforlightbottlewineandsmallpackaging,andnewcategorieslikefruitandherbwinesbreaking throughagainstthetrend.Intermsofchannelreform,digitalconstructionhasupgradedfromanefficiencytooltoasurvival infrastructure,andthescaleoftheinstantretailmarketcontinuestorise.Intermsofthepolicyenvironment,thebrewingindustryhas beenexplicitlyincludedinthecategoryof“historicalclassicindustries,”gainingpolicydividendswhilefacingstricterindustry regulation,promotingthemarkettodeveloptowardsstandardizationandcentralization.(2)PositionoftheCompanyintheIndustry Chinahasalonghistoryofbaijiu.Therearealargenumberofbaijiuproductionenterprisesinthecountry,buttheregional distributionofbaijiuconsumersisparticularlyevident.Thebaijiuindustryischaracterizedbyfullcompetition,withahighdegreeof marketization.Themarketcompetitionisfierce,andtheindustryadjustmentsareconstantlydeepening.Inthenationalmarket,the competitiveedgesoftheenterprisescomefromtheirbrandinfluence,productstyleandmarketing&operationmodels.Inasingle regionalmarket,thecompetitivestrengthsoftheenterprisesdependontheirbrandinfluenceintheregion,therecognitionofthe companiesbyregionalconsumersandcomprehensivemarketingcapacity.AsoneofChina’straditionaltopeightliquorbrands,theCompanyisthefirstlistedbaijiucompanywithbothAandBstocks.Itis locatedinBozhouCity,AnhuiProvinceinChina,thehometownofhistoricfiguresCaoCaoandHuaTuo,aswellasoneofthe world’stop10liquor-producingareas.NochangeshaveoccurredtothemainbusinessoftheCompanyintheReportingPeriod.As themainproductoftheCompany,theGujingspiritoriginatedasa“JiuYunChunSpirit”,togetherwithitsmakingsecrets,being presentedasahometownspecialtybyCaoCao,afamouswarlordinChina’shistory,toEmperorHanXiandi(name:LiuXie)inA.D. 196,andwascontinuallypresentedtotheroyalhousesincethen.Withcrystallineliquid,richaroma,afineflavorandalingering aftertaste,theGujingspirithashelpedtheCompanywinfournationalbaijiugoldenawards,agoldenawardatthe13thSIALParis, thetitleofChina’s“GeographicalIndicationProduct”,therecognitionasa“KeyCulturalRelicsSiteundertheStateProtection”,the recognition with a “National Intangible Cultural Heritage Protection Project”, a Quality Award from the Anhui provincial government,atitleof“NationalQualityBenchmark”,amongotherhonors.InApril2016,GujingDistillerysignedastrategiccooperationagreementwithYellowCraneTowerDistillery,openinganeweraof cooperationinChina’sfamousbaijiuindustry.YellowCraneTowerBaijiuistheonlyfamousChinesebaijiuinHubei.Itsunique styleis“soft,mellow,elegantandcool,andhasalonglingeringfragrance”.ItwonthetwoChinagoldmedalinbaijiuappreciation in1984and1989.Atpresent,YellowCraneTowerDistilleryhasthreebases:Wuhan,XianningandSuizhou.Amongthem,Yellow CraneTowerBaijiuCultureExpoParkinWuhanbasehasbeenapprovedasnationalAAAscenicspot,andYellowCraneTower ForestBaijiuTowninXianningbasehasbeenapprovedasnationalAAAAscenicspot.InJanuary2021,GujingDistilleryandMingguangsignedastrategiccooperationagreement.Theuniquemungbeanflavoraddsto thefamousbaijiufamilyofGuJing.TheprimaryproductsofMingguangDistilleryincludeMingguangJianiang,MingguangDaqu, MingguangYouye,MingguangTequ,and53%volMingluye.InDecember2021,theOldMingguangBrewingTechniquewasselectedforthesixthbatchofprovincialintangibleculturalheritagelist.3.KeyFinancialInformationandIndicators (1)KeyFinancialInformationandIndicatorsofthePastThreeYears Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.Yes ?No □ Unit:RMB
Unit:RMB
havebeendisclosedintheCompany’squarterlyorinterimreports. □Yes ?No 4.ShareCapitalandShareholderInformationatthePeriod-End （1）NumbersofOrdinaryShareholdersandPreferredShareholderswithResumedVotingRightsaswellasHoldingsofTop10Shareholders Unit:share
PartIIISignificantEvents None. 中财网
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