四川省宜宾五粮液股份有限公司是以五粮液及其系列酒的生产、销售为主要产

业,同时生产经营精密塑胶制品、大中小高精尖注射和冲压模具现代制造产业,
以及生物工程为发展产业,药业工业、印刷业、电子器件产业、物流运输和相关
的服务业的具有深厚企业文化的现代化企业集团。主要从事"五粮液"及其系列
白酒的生产和销售。

Sichuan Yibin Wuliangye Co., Ltd. is mainly engaged in the production

and sales of Wuliangye and its series of wines. At the same time, it
also produces and operates precision plastic products, modern
manufacturing industries of large, medium and small high-precision
injection and stamping molds, as well as bioengineering,
pharmaceutical industry, printing industry, electronic device
industry. A modern enterprise group with profound corporate culture
in logistics, transportation and related service industries. Mainly
engaged in the production and sale of Wuliangye and its series of
Baijiu.

泸州老窖是中国四大名酒之一，浓香型白酒的鼻祖。泸州老窖位于四川泸州，
始建于 1950 年，是在整合了明清 36 家古老酿酒作坊群的基础上发展起来，酿
酒历史可以追溯到十六世纪，公司拥有始建于公元 1573 年的 1619 口老窖池，
自明清时期沿用至今，连续 400 多年从未间断过酿酒生产，窖泥微生物不断驯
化富集，形成庞大的微生物体系且不可再生与复制，是中国历史最悠久、保存
最为完整、连续使用时间最长的酿酒窖池。主要经营活动：“国窖 1573”、
“泸州老窖”等系列白酒的研发、生产和销售。

Luzhou LaoJiao is one of China's four famous liquor, The originator of Luzhou flavor Baijiu.
Luzhou LaoJiao is located in Luzhou, Sichuan Province. It was built in 1950 and developed on the
basis of integrating 36 ancient brewing workshops in the Ming and Qing Dynasties. The brewing
history can be traced back to the 16th century. The company has 1619 old cellars built in 1573 AD
since the Ming and Qing Dynasties, it has never stopped brewing production for more than 400
years, and pit mud microorganisms have been domesticated and enriched. It forms a huge
microbial system and is non renewable and reproducible. It is the wine cellar with the longest
history, the most complete preservation and the longest continuous use in China. Main business
Luzhou LaoJiao and "1573 old Baijiu" series of research and development, production and sales.
白酒作为世界主要蒸馏酒品种之一，也是我国特有的传统酒种，我国也是世界上最早酿酒
的国家之一。
中国白酒具有以酯类为主体的复合香味，以曲类、酒母为糖化发酵剂，利用淀粉质(糖质)
原料，经蒸煮、糖化、发酵、蒸馏、陈酿和勾兑而酿制而成的各类酒。白酒主集中在长江
上游和赤水河流域的贵州仁怀、四川宜宾、四川泸州三角地带有着全球规模最大、质量最
优的蒸馏酒产区，分别为中国三大名酒的茅五泸，其白酒产业集群扛起中国白酒产业的半
壁河山。
白酒行业属于完全竞争性行业，行业的市场化程度高，市场竞争激烈。
尽管全国白酒企业数量较多，但近几年以茅台、五粮液为代表的全国性知名酒企业绩的快
速增长都在一定程度上显示出中国白酒市场日益明晰的集中化趋势。
戈登模型揭示了股票价格、预期基期股息、 贴现率和股息固定增长率之间的关系，又称为
不变增长模型，是股息贴现模型的一个特例。该模型有三个假定条件：1.股息的支付在时
间上是永久性的；2.股息的增长速度是一个常数；3.模型中的贴现率大于股息增长率。
Gordon model reveals the relationship between stock price, expected base dividend,
discount rate and fixed dividend growth rate, also known as constant growth model,
which is a special case of dividend discount model. The model has three assumptions: 1
The payment of dividends is permanent in time; 2. The growth rate of dividends is a
constant; 3. The discount rate in the model is greater than the dividend growth rate.

戈登模型是一个被广泛接受和运用的股票估价模型，该模型通过计算公司预期未来支付给
股东的股利现值，来确定股票的内在价值，它相当于未来股利的永续流入。
Gordon model is a widely accepted and used stock valuation model. The model
determines the internal value of stocks by calculating the present value of dividends
expected to be paid to shareholders in the future. It is equivalent to the sustainable inflow
of future dividends.

P0=D1/ (rs – g)根据这个模型，公司的股利政策会对股票价值产生影响。它使投资者可以确

定一个不受当前股市状况影响的公司的绝对价值或“内在价值”。戈登模型对未来的股利
(不是盈余)进行计量，关注投资者预期可以获得的实际现金流量，有助于不同行业之间进
行比较。
P0 = D1 / (RS – g) according to this model, the company's dividend policy will
have an impact on the stock value. It enables investors to determine the
absolute value or "intrinsic value" of a company that is not affected by the
current stock market situation. Gordon model measures future dividends (not
earnings) and pays attention to the actual cash flow expected by investors,
which is helpful for comparison between different industries.
股息增长率等于后一年总股息减去前一年总股息之差除以前一年总股息乘以 100%。最后
再将六年内的五个年增长率用算术平均数的方法求和除以 5 计算得出平均年增长率。
Growth rate of the dividend is equal to the difference between the total
dividends of the latter year and the total dividends of the former year divided
by the total dividends of the former year multiplied by 100%. Finally, the five
annual growth rates in six years are summed by the arithmetic average and
divided by 5 to calculate the average annual growth rate.

通过以上数据来源找到两家公司的 AB，计算出 C。

戈登模型根据未来以恒定速率增长的一系列股息来确定股票的内在价值.

我们可以使用它来估计股票的公允价值，并确定投资的可行性。

The Gordon model determines the intrinsic value of stocks based on a series
of dividends that will grow at a constant rate in the future. We can use it to
estimate the fair value of stocks and determine the feasibility of investment.