Core Viewpoint - The liquor industry is experiencing a phase of performance clearing, with expectations of a weak recovery in demand as companies have disclosed their Q3 results [1] Industry Summary - The Shanghai Composite Index closed at 3946.74 points, up 0.18%, while the liquor sector index fell to 2310.86 points, down 0.69% [1] - A total of 20 liquor stocks declined, with notable drops in major companies: - Kweichow Moutai (600519) closed at 1471.01 CNY/share, down 0.34% - Wuliangye (000858) closed at 119.89 CNY/share, down 0.39% - Shanxi Fenjiu (600809) closed at 195.29 CNY/share, down 0.82% - Luzhou Laojiao (000568) closed at 137.14 CNY/share, down 1.87% - Yanghe Brewery (002304) closed at 68.48 CNY/share, down 0.74% [1] Company Summary - Aijian Securities noted that the liquor industry is currently at a low valuation, with pessimistic expectations fully priced in, suggesting that the direction of industry clearing will become clearer and the bottom will be increasingly defined [1]

Core Viewpoint - The white liquor industry is experiencing a phase of bottoming out, which aligns with market expectations and is seen as a foundation for future recovery [1] Industry Summary - The Shanghai Composite Index closed at 3972.03 points, down 0.46% on November 17, while the white liquor sector closed at 2351.84 points, up 0.21% [1] - The performance of individual white liquor stocks varied, with Kweichow Moutai closing at 1471.00 CNY per share, up 0.99%, and Wuliangye closing at 120.15 CNY per share, down 0.05% [1] - Shanxi Fenjiu closed at 198.99 CNY per share, up 1.23%, while Luzhou Laojiao closed at 140.00 CNY per share, up 0.27% [1] - Yanghe Brewery closed at 68.46 CNY per share, down 2.03% [1] Company Summary - Dongwu Securities released a report indicating that the white liquor industry is accelerating its bottoming process, which is expected by the market [1] - The current stage of the white liquor market is beneficial for alleviating previous overly pessimistic sentiments, laying the groundwork for future recovery [1]

Core Viewpoint - The company emphasizes the importance of understanding the current market situation and maintaining confidence in development, leveraging its strong cultural heritage and product quality to achieve higher quality growth through market transformation and consumer-centric strategies [1] Group 1: Market Strategy - The company aims to accurately grasp the current market situation while maintaining confidence and determination [1] - It plans to innovate consumption scenarios and identify target consumer groups to achieve higher quality development during the transformation and upgrading process [1] - The focus will be on strengthening market management and improving the scientific distribution system driven by terminal sales [1] Group 2: Channel Development - The company intends to enhance its channel system by increasing both the breadth and depth of coverage, creating a network that integrates online and offline channels as well as traditional and modern approaches [1] - Product development will align with consumer demands, ensuring precise positioning of product functionality and launching more culturally rich and market-recognized products [1] Group 3: Service Quality and Team Building - There will be a comprehensive enhancement of service quality, with improvements to service standards and systems to gain consumer trust and recognition [1] - The company will strengthen its market team, enhancing the capabilities of marketing personnel and distributors to ensure a robust sales system [1] Group 4: Political Leadership and Integrity - The company emphasizes the importance of strengthening political leadership and integrating party building with business operations [1] - It aims to uphold integrity and create a clean marketing environment to collectively advance sales efforts and contribute to high-quality development [1]

Core Insights - The chairman of Moutai Group, Chen Hua, conducted a research visit to the Moutai liquor sales company to understand the current market situation and sales progress, while gathering suggestions for future work [1] Group 1: Market Strategy - Chen emphasized the importance of recognizing the development situation and maintaining confidence in growth, highlighting Moutai's strong cultural heritage and product quality, as well as its robust brand image and channel resilience [2] - The company aims to accurately grasp the current market landscape, maintain confidence, and actively deepen market transformation by focusing on market orientation and consumer-centric approaches [2] - Moutai plans to innovate consumption scenarios and identify target consumer groups to achieve higher quality development during the transformation and upgrade process [2] Group 2: Operational Focus - The company will focus on market challenges and solidify its development foundation by enhancing market management and improving a scientific distribution system driven by end sales [2] - Strengthening the channel system to enhance coverage and building an integrated online and offline channel network is a priority [2] - Moutai intends to align product development with consumer demands, accurately position product functionality, and launch more culturally rich and market-recognized products [2] Group 3: Service and Team Development - The company aims to comprehensively improve service quality by refining service standards and systems to gain consumer trust and recognition [2] - Strengthening the market team and enhancing the capabilities of marketing personnel and distributors to ensure a vigorous sales system is crucial [2] Group 4: Political and Ethical Leadership - Chen highlighted the need for strong political leadership and the integration of party leadership with business operations, emphasizing the importance of maintaining integrity and creating a clean marketing environment [2] - The goal is to elevate sales efforts to new heights and contribute significantly to Moutai's high-quality development [2]

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [3][8]. Core Insights - The food and beverage industry experienced a slight revenue increase of 0.17% year-on-year in the first three quarters of 2025, but the net profit attributable to shareholders declined by 4.58% [3][15]. - The third quarter of 2025 saw a significant decline in both revenue and profit, with revenues dropping by 4.75% year-on-year and net profits decreasing by 14.61% [3][15]. - The report highlights that the macroeconomic policies aimed at boosting domestic demand are expected to lead to a recovery in performance and valuation for the food and beverage sector [16]. Summary by Sections 1. Industry Overview - The food and beverage sector's overall revenue for the first three quarters of 2025 was CNY 8309.16 billion, with a net profit of CNY 1711.64 billion [3][15]. - The third quarter alone generated revenue of CNY 2500.62 billion, with a net profit of CNY 434.96 billion [3][15]. 2. Subsector Performance 2.1 Baijiu (Chinese liquor) - The baijiu sector faced significant pressure, with revenues and net profits declining in the third quarter of 2025 [24]. - Major brands like Moutai and Fenjiu performed relatively well despite the overall downturn [24]. - The report notes a 20%-30% decline in sales during traditional festive periods, with regional variations in performance [24]. 2.2 Beer - The beer sector maintained steady demand, achieving a revenue of CNY 620.52 billion in the first three quarters, up 2.02% year-on-year, and a net profit of CNY 94.84 billion, up 11.82% [29]. - The third quarter saw revenues of CNY 203.20 billion, with a net profit increase of 11.30% [29]. 2.3 Snacks - The snack sector showed positive growth, with revenues and net profits increasing in the third quarter [3][29]. 2.4 Soft Drinks - The soft drink sector experienced a strong performance, particularly in the third quarter, with leading companies showing significant growth [3][29]. 2.5 Dairy Products - The dairy sector continued to face demand challenges, but there were signs of marginal improvement as raw milk prices stabilized [4][29]. 2.6 Condiments - The condiment sector is undergoing intense competition, but leading companies are outperforming the overall market [4][29]. 3. Investment Recommendations - The report suggests focusing on resilient companies with strong growth potential, such as Dongpeng Beverage, Yili, and Moutai, among others [8][24].

贵 州 茅 台 酒 股 份 有 限 公 司 2025 年第一次临时股东大会 会议资料 2025 年 11 月 28 日 茅台 | | | 一、日程安排······················································2 二、会议议案 （一）《关于选举董事的议案》··················· 4 （二）《2025 年中期利润分配方案》··················8 （三）《关于以集中竞价交易方式回购公司股份的方案》·9 （四）《关于修订公司<章程>及附件的议案》········17 （五）《关于修订公司<关联交易决策制度>的议案》··19 （六）《关于撤销监事会的议案》···················21 1 日程安排 一、会议时间 现场会议召开时间：2025 年 11 月 28 日（星期五）14:30 网络投票起止时间：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 2025 年 11 月 28 日公司股东 大 会 召 开 当 日 的 交 易 时 间 段 ， 即 9:15-9:25 ， 9:30-11:30 ， 13:00- ...

Core Viewpoint - The article discusses the recent price trends of Moutai liquor, highlighting a recovery in prices post "Double Eleven" sales, while also noting the ongoing normalization of promotional activities on e-commerce platforms [3][4]. Price Recovery of Moutai - After the "Double Eleven" sales, the price of 53-degree 500ml Moutai has increased, with online prices on platforms like Taobao and Pinduoduo rising to 1670 yuan per bottle, up by 30 yuan from previous days and nearly 80 yuan from the lowest during the sales [5][6]. - Offline, the retail price of Moutai is around 1700 yuan per bottle across various regions, with some authorized stores charging slightly more. The market demand remains stable, and price adjustments are primarily market-driven [5][6]. Profit Margins and Market Dynamics - Despite the price recovery, profit margins for various stakeholders in the Moutai supply chain are shrinking. Current buyback prices for Moutai are around 1600 yuan per bottle, with minimal profit margins for resellers [9]. - The article notes that the e-commerce price pressures are affecting offline sales channels, leading to a complex pricing environment [9]. E-commerce Trends - E-commerce promotions for Moutai have become a regular occurrence, with prices on some platforms remaining lower than offline wholesale prices even after the "Double Eleven" event [9][10]. - Analysts suggest that the low pricing strategies on e-commerce platforms are part of a broader inventory management strategy rather than a sustainable market trend [10]. Industry Shifts - The article indicates a shift in the white liquor industry from a high-volume growth model to a focus on quality and consumer attributes, necessitating adjustments from both liquor companies and e-commerce platforms [10]. - The increasing reliance on e-commerce for sales is evident, with some companies reporting that online sales have grown from 10% to 40% of their revenue, indicating a significant trend towards digital sales channels [10].

Core Insights - The average stock price of A-shares is 13.75 yuan, with 150 stocks priced over 100 yuan, indicating market interest in high-priced stocks [1] - The Shanghai Composite Index closed at 3946.74 points, up 0.18%, while stocks over 100 yuan averaged a decline of 0.56%, underperforming the index by 0.74 percentage points [1] - In the past month, stocks priced over 100 yuan have seen an average increase of 5.91%, outperforming the Shanghai Composite Index's 2.79% increase [2] Stock Performance - The highest closing price among stocks over 100 yuan is Kweichow Moutai at 1471.01 yuan, down 0.34% [1] - Other notable high-priced stocks include Cambricon Technologies at 1332.00 yuan and Yuanjie Technology at 573.43 yuan [1] - Among the 150 stocks over 100 yuan, 44 stocks increased in price today, with the largest gainers being LianTe Technology and Spring Power [1] Industry Distribution - The electronics sector has the highest representation among stocks over 100 yuan, with 56 stocks, accounting for 37.33% of the total [2] - Other significant sectors include computer and power equipment, with 18 and 15 stocks respectively [2] - The majority of high-priced stocks are listed on the ChiNext board, with 49 stocks, while the main board has 31 stocks [2] Institutional Ratings - Four stocks priced over 100 yuan received "buy" ratings from institutions today, including Yuanjie Technology and Mindray Medical [2]

Core Insights - The consumption trend during the Double Eleven shopping festival highlights the strong performance of the liquor sector, particularly Moutai, with significant online sales growth and stable pricing in physical markets [1][3][4] Group 1: Sales Performance - Moutai's transaction volume on Meituan's flash purchase platform increased by 612% year-on-year, while Douyin's sales exceeded 100 million [1] - The average retail price of Moutai remained stable across various regions, typically ranging from 1900 to 2400 RMB per bottle [1][3] Group 2: Price Stability - Nationwide data indicates that Moutai's prices are showing "narrow fluctuations and controllable ranges," signaling stability during the liquor industry's adjustment period [3] - In key markets like Jiangsu and Zhejiang, Moutai's prices are holding firm, with original cases priced at 1800 RMB and scattered bottles at 1770 RMB [3] Group 3: Market Dynamics - Moutai's price resilience is attributed to multiple factors, including optimized quota management and adjusted payment cycles, fostering a long-term symbiotic relationship with distributors [4] - The control over low-priced "traffic-generating" products is helping Moutai's prices return to rational expectations, reflecting the company's long-term market strategy [4] Group 4: Investor Sentiment - The capital market shows a long-term optimistic view on Moutai, with the company ranking first in popularity on the A-share market as of November 18 [5] - Investors recognize Moutai's stable performance over the years, which contributes to its long-term value proposition [5] Group 5: Brand Strength - Moutai has been ranked first in the 2025 World Distilled Spirits Brand List, marking its transition from a "Chinese famous liquor" to a "world brand" [5] - The opening of the first Moutai cultural experience center in Guangzhou enhances the brand's cultural premium and consumer trust [5]

Core Insights - The recent price increase of Moutai reflects a shift in the market dynamics, with e-commerce promotions normalizing and a potential oversupply situation in the liquor industry [1][4] Price Trends - After the "Double Eleven" sales event, the price of Moutai has rebounded, with online prices for 53-degree 500ml Moutai reaching approximately 1670 yuan per bottle, an increase of 30 yuan compared to previous days and nearly 80 yuan higher than the lowest price during the sales [2] - Offline retail prices for Moutai are also around 1700 yuan per bottle, with some wholesalers reporting a price increase to 1695 yuan per bottle, reflecting a rise of about 45 yuan [2][3] Supply and Demand Dynamics - The overall market demand for Moutai has not significantly changed, but the retail prices are adjusting based on market conditions [2][3] - The current cost price for distributors is around 1700 yuan per bottle, despite the factory price being 1169 yuan, indicating that additional costs are incurred through various product offerings [3] E-commerce Impact - E-commerce platforms have established a trend of regular promotions for Moutai, which has led to reduced profit margins for various stakeholders in the supply chain [4] - Despite the price recovery, the profit margins for resellers remain low, with some resellers only marking up prices by 10 to 20 yuan per bottle [4] Industry Trends - The liquor industry is experiencing a shift from a high-volume growth model to a focus on quality, with companies needing to adapt to changing consumer behaviors and market conditions [8] - The trend towards e-commerce in the liquor sector is becoming increasingly prominent, with online sales accounting for a growing percentage of revenue for traditional liquor companies [8]