Core Viewpoint - The final ruling in the trademark dispute case has resulted in *ST Yanshi being ordered to pay over 4.18 million yuan and to cease using the name "Guijiu" [1][2]. Legal Proceedings - The case involves a trademark infringement dispute where the plaintiff, Guizhou Guijiu Group Co., Ltd., sued *ST Yanshi and other companies for violating trademark rights [2][3]. - The Jiangsu Provincial High People's Court issued a final judgment, ordering *ST Yanshi to compensate Guizhou Guijiu a total of 4.18847 million yuan for economic losses and reasonable legal fees [3]. Financial Impact - The ruling will lead to a reduction in *ST Yanshi's current profits as the company will account for the compensation [4]. - The company reported a significant decline in revenue, with a 85.22% year-on-year drop in the first half of 2025, amounting to 28.25 million yuan [8]. Company Background - *ST Yanshi, previously known as Shanghai Yanshi Co., Ltd., has undergone multiple name changes since its establishment in 1989 and has been involved in the liquor industry [6]. - The company has faced ongoing financial difficulties, including a risk of delisting due to failing to meet revenue and profit thresholds set by the Shanghai Stock Exchange [7]. Market Performance - As of October 10, *ST Yanshi's stock closed at 5.81 yuan per share, reflecting a year-to-date decline of 52.76% [9].

Core Viewpoint - The final ruling in the trademark dispute case involving *ST Yanshi has resulted in the company being ordered to pay over 4.18 million yuan and to cease using the name "Guijiu" [1][2][3] Legal Proceedings - The case originated from a trademark infringement lawsuit filed by Guizhou Guijiu Group against multiple parties, including *ST Yanshi, with the initial ruling made by the Nanjing Intermediate People's Court in July 2021 [2][3] - The Jiangsu High Court overturned the initial ruling in May 2022, leading to a retrial, and ultimately issued a final judgment requiring *ST Yanshi to stop using the "Guijiu" name and pay damages [2][3] Financial Impact - The company has indicated that the ruling will lead to a reduction in its current profits due to the financial penalties imposed [4] - The total compensation amount ordered is 4.18847 million yuan, which includes economic losses and reasonable legal fees [3] Company Background - Guizhou Guijiu is a significant liquor producer in Guizhou Province, with a history dating back to the state-owned Guiyang Distillery, and has been under the ownership of Yanghe Brewery since 2016 [5] - *ST Yanshi, originally established in 1989, has undergone multiple name changes and was rebranded in December 2019 to incorporate "Guijiu" into its corporate identity, which led to the trademark dispute [6] Current Financial Situation - *ST Yanshi is facing significant financial challenges, with a reported revenue drop of over 85% in the first half of 2025, amounting to 28.25 million yuan [8] - The company has been under pressure to maintain its listing status, with potential delisting risks if financial performance does not improve [7][8] Stock Performance - As of October 10, *ST Yanshi's stock closed at 5.81 yuan per share, reflecting a year-to-date decline of 52.76% [9]

Core Viewpoint - The trademark dispute between *ST Rock and Guizhou Guijiu Group has concluded with *ST Rock losing the case, resulting in a fine and the loss of the "Guijiu" name, which poses significant risks to its brand and financial stability [1][3]. Group 1: Legal Outcome - *ST Rock was ordered to pay a total of 418.85 million yuan in damages and legal fees due to trademark infringement and unfair competition [1][2]. - The court mandated *ST Rock to cease using the "Guijiu" name and related trademarks immediately [2][5]. Group 2: Financial Impact - The company announced that the legal ruling will lead to a reduction in its current profits due to the financial penalties imposed [3]. - The loss of the "Guijiu" name necessitates a complete rebranding, which includes changes to product packaging, advertising, and distribution channels, incurring high costs and potential consumer confusion [3][4]. Group 3: Historical Context - The trademark dispute dates back to December 2019 when Guizhou Guijiu filed a lawsuit against *ST Rock for using the "Guijiu" name [4]. - Previous court rulings had varied, with initial judgments favoring *ST Rock before the case was ultimately overturned in favor of Guizhou Guijiu [4][5].

原告贵州贵酒集团有限公司诉被告上海贵酒酒业销售有限公司、贵州贵酿酒业 有限公司、上海贵酒股份有限公司、苏宁易购集团股份有限公司侵害商标权纠纷一 案，江苏省南京市中级人民法院于 2021 年 7 月 13 日作出一审判决。后贵州贵酒集 团有限公司不服判决上诉至江苏省高级人民法院，江苏省高级人民法院于 2022 年 5 月 17 日裁定撤销一审判决，发回江苏省南京市中级人民法院重审，具体请见《上海 贵酒股份有限公司关于诉讼进展的公告》（2022-025）。后公司收到江苏省南京市中 级人民法院下发的《民事判决书》（（2022）苏 01 民初 2135 号），具体请见《上海贵 酒股份有限公司关于诉讼进展的公告》（2023-036）。贵州贵酒集团有限公司不服该 判决上诉至江苏省高级人民法院，公司于近日收到江苏省高级人民法院下发的《民 事判决书》（（2023）苏民终 1069 号）。 二、民事判决书的主要内容 1、撤销江苏省南京市中级人民法院（2022）苏 01 民初 2135 号民事判决； 2、上海贵酒股份有限公司、贵州贵酿酒业有限公司、上海贵酒酒业销售有限公 司、上海贵酒云电子商务有限公司立即停止侵害贵州贵酒集团有限 ...

Market Overview - The liquor sector experienced a decline of 0.72% on September 24, with Luzhou Laojiao leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Luzhou Laojiao (code: 000568) closed at 131.91, down 0.53%, with a trading volume of 62,600 and a transaction value of 826 million [2] - Kweichow Moutai (code: 600519) closed at 1442.00, down 0.37%, with a trading volume of 30,700 and a transaction value of 4.443 billion [2] - Yanghe Brewery (code: 002304) closed at 69.11, down 0.30%, with a trading volume of 31,300 and a transaction value of 217 million [2] - Wuliangye (code: 000858) closed at 122.37, up 0.15%, with a trading volume of 130,600 and a transaction value of 1.598 billion [2] Capital Flow Analysis - The liquor sector saw a net outflow of 394 million from institutional investors, while retail investors contributed a net inflow of 93.998 million [2] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with some stocks like Jinhuijiu (code: 600809) showing a net inflow of 369.30 million from retail investors [3]

Market Overview - On September 22, the liquor sector declined by 1.19% compared to the previous trading day, with *ST Rock leading the decline [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - The following table summarizes the closing prices, percentage changes, trading volumes, and transaction amounts for key liquor stocks: - *ST Rock: Closed at 6.06, down 3.50%, with a trading volume of 60,500 and a transaction amount of 37.40 million [1] - Shede Liquor: Closed at 63.25, down 3.44%, with a trading volume of 91,500 and a transaction amount of 583 million [1] - Zhi Si Cha: Closed at 66.98, down 3.32%, with a trading volume of 121,700 and a transaction amount of 819 million [1] - Jin Shi Yuan: Closed at 40.10, down 2.81%, with a trading volume of 84,000 and a transaction amount of 340 million [1] - Si Xi Fen Jiu: Closed at 196.00, down 2.00%, with a trading volume of 62,700 and a transaction amount of 1.23 billion [1] Fund Flow Analysis - The liquor sector experienced a net outflow of 1.313 billion from institutional investors, while retail investors saw a net inflow of 982 million [1] - The following table details the fund flow for specific liquor stocks: - Tian You De Jiu: Institutional net inflow of 1.6124 million, retail net outflow of 828,900 [2] - Yang He Co.: Institutional net inflow of 291,500, retail net outflow of 8.5975 million [2] - Yi Li Te: Institutional net outflow of 3.4372 million, retail net inflow of 3.1047 million [2] - *ST Rock: Institutional net outflow of 4.3305 million, retail net inflow of 5.0205 million [2]

Market Overview - On September 19, the liquor sector rose by 0.08% compared to the previous trading day, with *ST Rock leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Individual Stock Performance - *ST Rock (600696) closed at 6.28, up 5.02% with a trading volume of 73,200 shares and a turnover of 44.78 million yuan [1] - Other notable performers include: - Shede Liquor (600702) at 65.50, up 1.99% with a turnover of 670 million yuan [1] - Si Gu Dian (000799) at 69.28, up 1.96% with a turnover of 1.327 billion yuan [1] - Yilite (600197) at 15.62, up 1.69% with a turnover of 7.51 million yuan [1] - Luzhou Laojiao (000568) at 134.85, up 0.86% with a turnover of 1.139 billion yuan [1] Capital Flow Analysis - The liquor sector experienced a net outflow of 312 million yuan from institutional investors, while retail investors saw a net inflow of 445 million yuan [2] - The capital flow for individual stocks shows: - Jiu Gu Dian (000799) had a net inflow of 25.85 million yuan from institutional investors [3] - Yanghe Distillery (002304) had a net inflow of 17.60 million yuan from institutional investors [3] - *ST Rock (600696) had a net inflow of 8.87 million yuan from institutional investors [3] Summary of Trading Activity - The trading activity indicates a mixed sentiment in the liquor sector, with some stocks gaining while others faced declines [2][3] - The overall market trend reflects cautious investor behavior, with significant capital movements between institutional and retail investors [2][3]

Core Insights - The liquor sector experienced a slight increase of 0.53% on September 10, with *ST Yanshi leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Liquor Sector Performance - The following companies showed notable performance: - *ST Yanshi: Closed at 6.54, up 1.87% with a trading volume of 59,000 shares and a transaction value of 38.78 million [1] - Yingjia Gongjiu: Closed at 45.93, up 1.50% with a trading volume of 145,300 shares and a transaction value of 670 million [1] - Gujing Gongjiu: Closed at 174.37, up 1.40% with a trading volume of 51,700 shares and a transaction value of 900 million [1] - Jiu Gui Jiu: Closed at 69.47, up 1.14% with a trading volume of 125,110 shares and a transaction value of 1.741 billion [1] - Kweichow Moutai: Closed at 1522.01, up 1.13% with a trading volume of 49,700 shares and a transaction value of 7.541 billion [1] Capital Flow Analysis - The liquor sector saw a net inflow of 896 million from main funds, while retail funds experienced a net outflow of 148 million [2] - The following companies had significant capital flow: - Kweichow Moutai: Main fund net inflow of 827 million, retail fund net outflow of 372,700 [3] - Jiu Gui Jiu: Main fund net inflow of 54.21 million, retail fund net outflow of 91.93 million [3] - Yingjia Gongjiu: Main fund net inflow of 31.79 million, retail fund net outflow of 31.19 million [3]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][34]. Core Views - The report suggests that the broad housing demand in China has bottomed out, but the volume and price have not yet entered a positive cycle. It anticipates that the overall real estate market will continue to stabilize, with policies aimed at stopping the decline expected to be introduced further [2][34]. - The report highlights that the real estate market in core cities is at a turning point and will lead the recovery. It emphasizes the potential of new policies to create a "new product, new pricing, and new model" development track, which will enhance the market in core cities [2][34]. Industry Data Summary New Housing Transaction Volume - In the week of August 30 to September 5, 2025, 34 key cities recorded a total new housing transaction of 220.5 million square meters, a week-on-week decrease of 3.3%. The transaction volume in first and second-tier cities decreased by 1.5%, while third and fourth-tier cities saw a decline of 25.4% [3][4]. - For September, the cumulative transaction volume in 34 cities was 154 million square meters, showing a year-on-year increase of 11.6% and a month-on-month increase of 44.1% [4][10]. Second-Hand Housing Transaction Volume - In the same week, 13 cities recorded a total second-hand housing transaction of 94.7 million square meters, a week-on-week decrease of 16%. However, the cumulative transaction for September showed a year-on-year increase of 28.3% [10][12]. Inventory and Sales - In the week of August 30 to September 5, 2025, 15 cities launched 90 million square meters of new housing, with a total transaction of 86 million square meters, resulting in a transaction-to-launch ratio of 0.96. The available residential area in these cities was 89.31 million square meters, with a month-on-month increase of 0.04% [17][19]. Policy and News Tracking - On September 5, 2025, Shenzhen announced further optimization of real estate policies, allowing residents to purchase unlimited units in specific areas, while non-residents are limited to two units. The report also notes changes in personal housing loan interest rate mechanisms and public housing fund policies [27][28]. - The report mentions that several real estate companies are actively distributing dividends and maintaining growth despite market challenges. For instance, China Jinmao announced a dividend of HKD 0.03 per share, while Huafa announced a dividend of CNY 0.02 per share [34][35]. Company Dynamics - The report tracks the performance of major real estate companies, noting that leading firms are actively engaging in share buybacks and dividend distributions. For example, China Jinmao and Huafa have announced significant dividends, while companies like Huafa and China Merchants Shekou have also engaged in share repurchase activities [34][37].

Core Viewpoint - The company, Shanghai Gui Jiu Co., Ltd., will hold a performance briefing on September 12, 2025, to discuss its 2025 semi-annual results and financial status with investors [1][2]. Group 1: Meeting Details - The performance briefing is scheduled for September 12, 2025, from 15:00 to 16:00 [1][2]. - The meeting will be conducted online via the "Yue Diao Yan" platform [1][2]. - Investors can submit questions from September 9 to September 11, 2025, and the company will address common inquiries during the briefing [1][2]. Group 2: Participants - Key participants include the General Manager, Mr. Zhu Nuo, Independent Director, Mr. Ge Junjie, Financial Officer, Ms. Zhou Miao, and the Chairman and Secretary of the Board, Mr. Chen Qi [2]. Group 3: Participation Methods - Investors can join the meeting through the "Yue Diao Yan" platform or by scanning a provided QR code [3]. - Contact information for the company's Securities Affairs Department is provided for further inquiries [3]. Group 4: Additional Information - After the briefing, investors can access the meeting's details and main content on the "Yue Diao Yan" platform [3]. - All information is subject to the disclosures made by the company on designated media and the Shanghai Stock Exchange website [3].