本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 舍得酒业股份有限公司（以下简称"公司"）2023 年员工持股计划第二次持有人 会议于 2025 年 10 月 28 日以现场结合通讯方式召开。本次会议由公司 2023 年员工 持股计划管理委员会主任赵鹏先生召集和主持，出席本次会议的持有人共计 219 人， 代表公司 2023 年员工持股计划份额 8,715.03 万份，占公司 2023 年员工持股计划持 有人当前所持份额的 92.81%。本次会议的召集、召开和表决程序符合相关法律法规、 规范性文件及《公司 2023 年员工持股计划》的有关规定，会议合法有效。经审议表 决，本次会议形成如下决议： 一、审议通过《关于补选公司 2023 年员工持股计划管理委员会委员的议案》。 因公司 2023 年员工持股计划管理委员会原委员邹庆利先生已离职，本次持有人 会议选举钟龄瑶女士为公司 2023 年员工持股计划管理委员会委员，与赵鹏先生、张 伟先生共同组成公司 2023 年员工持股计划管理委员会，任期与公司 2023 年员工持 股计划的存续期 ...

Core Viewpoint - The recent trend in the Chinese liquor industry is a shift towards low-alcohol white spirits, with major brands launching products with alcohol content below 30 degrees, aiming to attract younger consumers and adapt to changing consumption preferences [1][3][5]. Group 1: Market Trends - Numerous brands showcased low-alcohol white spirits at recent trade fairs, reigniting discussions on the trend of lower alcohol content in white liquor [1][3]. - The market for low-alcohol white spirits is significant, with approximately 450 billion yuan in market size, accounting for nearly half of the total white liquor consumption [7]. - The penetration rate of low-alcohol spirits is increasing, with regions like Hebei and Shandong showing over 80% and 70% penetration rates, respectively [7]. Group 2: Consumer Preferences - Younger consumers prefer low-alcohol options for their comfort and drinking experience, moving away from traditional drinking cultures [5][11]. - The perception that higher alcohol content equates to better quality is fading, with consumers now prioritizing flavor and overall drinking experience [11][12]. - The trend towards low-alcohol spirits is seen as a response to the lifestyle changes of younger generations, who favor casual drinking and home cocktail preparation [5][11]. Group 3: Industry Response - Major liquor companies are actively developing low-alcohol products, with brands like Wuliangye and Gujinggong launching new offerings specifically targeting younger demographics [4][10]. - The industry is undergoing a transformation, with a focus on creating products that emphasize flavor and experience rather than just alcohol content [10][12]. - The introduction of new standards for low-alcohol spirits aims to address quality concerns and align with consumer demand for diverse and personalized products [9][10]. Group 4: Challenges and Future Outlook - The transition to low-alcohol products requires time and successful market examples to educate consumers [12][13]. - Companies must not only adjust alcohol content but also enhance brand positioning and marketing strategies to resonate with younger consumers [13]. - The future of the industry may see a complete redefinition of quality metrics, moving away from alcohol content as the primary indicator of product value [10][12].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [10] Core Views - The report highlights significant personnel changes at Kweichow Moutai, with Chen Hua, the director of the Guizhou Provincial Energy Bureau, appointed as the new chairman [6] - The white liquor sector is experiencing a mixed demand landscape, with consumption scenarios and price bands showing divergence, particularly in banquet and self-drinking contexts [6] - The overall demand for white liquor is still in a bottoming phase, with a focus on high-dividend leaders like Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, as well as more elastic stocks like Jiu Gui Jiu and Shede Liquor [6][58] Summary by Sections Industry News - Major liquor companies, including Luzhou Laojiao and Yanghe, are increasing investments in AI technology [18] - A new 50,000-ton craft beer project has been launched in Guangyuan, and the beer production in Sichuan province has increased by 4.9% from January to September [18] Company News - Kweichow Moutai has appointed a new chairman and has denied rumors of opening 650 new specialty stores [19] - Wuliangye is actively constructing a smart factory project in its industrial park [19] Key Company Feedback - The report provides insights into the performance of key companies, indicating that the white liquor sector is under pressure with high inventory levels, while consumer goods are showing signs of recovery [7][9] Industry Data Trends - The cumulative production of white liquor in 2024 is reported at 4.145 million tons, a decrease of 7.72% year-on-year, while the industry revenue reached 796.4 billion yuan, an increase of 5.3% [34] - The seasoning industry is projected to grow significantly, with market size expected to increase from 259.5 billion yuan in 2014 to 687.1 billion yuan by 2024, reflecting a CAGR of 10.23% [37] Investment Strategy - The report suggests focusing on companies with long-term value and high dividends in the white liquor sector, while also considering companies that have shown resilience and potential for recovery [58]

Core Insights - The annual Double Eleven shopping festival has begun, but the liquor industry is experiencing a "cooling period" with mixed price movements across online and offline channels [2][12] - High-end liquor prices have remained stable despite promotional activities, while some mid-to-high-end products are seeing slight price declines [2][12] Price Trends - In the Greater Bay Area, online platforms are using subsidies to lower high-end liquor prices, while offline channels are mostly observing the market [2][12] - In Guangzhou, over half of the sampled products saw price increases, with high-end products like Wuliangye and Guojiao 1573 experiencing minor price hikes [3][4] - Conversely, some products, including Moutai, saw price reductions due to adjustments by instant retail platforms [4][6] Regional Variations - In Shenzhen, liquor prices showed stability, with some products like Moutai and Guojiao 1573 experiencing slight declines, while others like Wuliangye saw price increases [5][6] - In Foshan, liquor prices remained stable, with Moutai showing a slight increase, while other products experienced minor fluctuations [8][9] - Dongguan reported significant price drops for Moutai, with online channels driving the decline, while mid-range products displayed mixed price movements [10][11] Market Dynamics - The Double Eleven promotions have intensified price competition among high-end liquors, with leading brands like Moutai facing downward pressure on prices [12] - The cautious attitude of distributors towards seasonal sales is reflected in the limited follow-up promotions in offline channels [12] - Despite overall pressure, some brands like Fenjiu and Xijiu have shown resilience with slight price increases, indicating consumer demand for specific products [12]

Group 1 - The food and beverage sector experienced a decline on October 24, with the Food ETF (515710) closing down 1.13% after fluctuating near the surface at the opening [1] - Key stocks in the sector, particularly in the liquor category, saw significant drops, with Zhujiang Beer down 5.23%, and both Luzhou Laojiao and Shede Distillery falling over 4% [1] - The overall performance of the sector was negatively impacted by declines in several stocks, including Miaokelando and New Dairy, which dropped over 3% and 2% respectively [1] Group 2 - Guosen Securities noted that as the impact of second-quarter consumption policies weakens, the restaurant supply chain is gradually recovering, with positive signals from the supply side, such as frequent mergers among leading companies [2] - The food and beverage sector is currently at a low valuation, with the food ETF's price-to-earnings ratio at 20.49, which is at the 7.06% percentile of the past decade, indicating a favorable configuration opportunity [2] - Historical trends suggest that any changes in supply and demand could catalyze stock price increases, especially in the fourth quarter when macro policies are expected to be active [2] Group 3 - Future outlook indicates that the food and beverage industry will focus on growth, with beverage leaders maintaining structural prosperity driven by major products, while companies in food raw materials and health products are expected to see accelerated performance [3] - The white liquor industry is currently in a "low expectation, weak reality" state, with the third-quarter reports being a crucial observation window as external factors diminish and liquor companies adjust strategies [3] - There is a mixed performance in consumer goods, with snacks, beverages, and health products showing good demand, while traditional products like dairy and beer are experiencing flat demand [3] Group 4 - Major liquor brands such as Luzhou Laojiao and Yanghe have launched new products recently, indicating ongoing innovation in the sector [4] - Luzhou Laojiao's new product was launched on Douyin, while Yanghe's new offering was showcased during the Nanjing Autumn Sugar event [4] Group 5 - The Food ETF (515710) focuses on core assets in the food and beverage sector, with approximately 60% of its portfolio allocated to high-end and mid-range liquor leaders, and nearly 40% to leading stocks in beverages, dairy, and condiments [5] - The top ten weighted stocks in the ETF include well-known brands such as Moutai, Wuliangye, and Yili [5] - Investors can also access the core assets of the food and beverage sector through the Food ETF linked funds [5]

Group 1 - The food and beverage sector is experiencing a downturn, with the Food ETF (515710) down by 0.81% as of the latest report [1][2] - Key stocks in the sector, including Zhujiang Beer and Shede Liquor, have seen significant declines, with Zhujiang Beer dropping over 5% and several others falling more than 3% [1][3] - The overall market sentiment indicates a cautious outlook, with a focus on improving domestic consumption and investment as part of a broader economic strategy [1][3] Group 2 - Recent data shows a strong performance in the liquor industry, with Douyin's liquor sales up 58% month-on-month and JD's sales during the holiday period increasing by 109% year-on-year [3] - The white liquor sector is currently at a low valuation, with the Shennan White Liquor Index PE-TTM at a near 10-year low, suggesting potential for recovery [3][4] - The food and beverage sector is viewed as a good investment opportunity due to its low valuation, with the Food ETF's underlying index PE at 20.4 times, placing it in the lower 6.85% percentile over the past decade [3][4] Group 3 - Future outlook suggests that the white liquor sector is at a valuation bottom, with a recommendation to monitor Q3 earnings reports [4][5] - The food and beverage industry is expected to gradually improve, supported by macroeconomic policies and a recovering supply chain [5] - The Food ETF (515710) is highlighted as a core asset for investment, with a significant portion of its holdings in leading high-end liquor stocks and other beverage segments [5][6]

Core Viewpoint - The article discusses the issue of "greenwashing" in the context of Shede Distillery's ESG reports, highlighting the discrepancies between the company's public disclosures and the actual social and environmental impacts of its expansion projects [5][15][19]. Group 1: ESG Reporting and Transparency - Shede Distillery has been accused of "greenwashing" due to its selective disclosure in ESG reports, which fail to address significant issues such as land acquisition disputes arising from its expansion projects [5][7][19]. - The company's ESG reports from 2022 to 2024 have been criticized for only briefly mentioning community issues while focusing on positive achievements and data [8][15]. - The Shanghai Stock Exchange has raised concerns about Shede's declining capacity utilization rates and the significant gap between funding and project progress, questioning the rationale behind large investments amid declining revenues [13][14]. Group 2: Broader ESG Challenges - The article points out that the issue of selective transparency is not unique to Shede Distillery, as many manufacturing companies often highlight positive contributions to employment and community development while neglecting critical data on labor disputes and safety incidents [20]. - The article emphasizes that the social dimension of ESG reporting, particularly regarding labor rights and community relations, is often overlooked, leading to a disconnect between reported data and actual practices [19][20]. - Internationally, regulatory frameworks are evolving to address "greenwashing," with examples from Europe where strict penalties are imposed for misleading ESG claims, contrasting with the current state of ESG regulation in China [22][24]. Group 3: Recommendations for Improvement - To mitigate the risk of "greenwashing," the article suggests that China should implement three key adjustments: clarify the regulatory nature of ESG reports, establish a unified set of indicators and auditing standards, and set minimum disclosure requirements for social dimensions, especially in sensitive areas like land acquisition and labor [25][26]. - The article argues that for ESG to transition from a public relations tool to a reliable market information source, it must be treated as a system rather than a mere concept, requiring transparency in risk disclosure [27][26].

Investment Rating - The industry rating is maintained as "Outperform the Market" [6] Core Views - The food and beverage sector showed a slight increase of +0.86% from October 13 to October 17, outperforming the Shanghai Composite Index, which decreased by -1.47%, and the CSI 300 Index, which fell by -2.22% [21] - The report highlights a mixed performance across sub-sectors, with other alcoholic beverages leading with a +3.62% increase, while soft drinks experienced a significant decline of -5.19% [21] - The report emphasizes the importance of performance catalysts in the liquor sector, particularly in the context of the recent Autumn Sugar and Wine Fair, where feedback was relatively subdued [2][13] Summary by Sections Weekly Market Review - The liquor sector, particularly baijiu, showed a +1.78% increase, outperforming the overall food and beverage sector [2][13] - The report notes a cautious sentiment among distributors, with a focus on cost-effective products gaining attention [2][13] Investment Recommendations - For the baijiu sector, three main lines of recommendation include strong beta stocks like JiuGuiJiu and Shuidao, value recovery concepts like YingJiaGongJiu, and strong alpha stocks like Shanxi Fenjiu and Guizhou Moutai [20] - In the broader consumer goods sector, recommended stocks include DongPeng Beverage and NongFu Spring, focusing on performance elasticity and potential cost benefits [20] Sector Performance - The report details the performance of various sub-sectors, with notable increases in other alcoholic beverages and health products, while soft drinks and meat products faced declines [21] - The report also provides insights into the valuation metrics, indicating that the baijiu sector's PE-TTM is at 18.94X, which is considered low compared to historical averages [13][30]

Core Insights - The liquor sector experienced a 0.73% increase on October 23, with Luzhou Laojiao leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Liquor Sector Performance - Luzhou Laojiao closed at 136.58, up 1.42%, with a trading volume of 77,700 shares and a transaction value of 1.051 billion [1] - Other notable performers included: - Quan Wei Jiu at 20.11, up 1.06%, with a transaction value of 51.932 million [1] - Gujing Gong Jiu at 155.31, up 1.05%, with a transaction value of 2.906 billion [1] - Wuliangye at 121.33, up 1.02%, with a transaction value of 1.879 billion [1] - Moutai at 1467.98, up 0.64%, with a transaction value of 4.275 billion [1] Capital Flow Analysis - The liquor sector saw a net outflow of 166 million from institutional investors, while retail investors contributed a net inflow of 1.61 billion [2] - The main capital flow for key stocks included: - Wuliangye with a net inflow of 123 million from main funds, but a net outflow of 67.745 million from speculative funds [3] - Luzhou Laojiao with a net inflow of 95.116 million from main funds, but a net outflow of 73.015 million from speculative funds [3] - Other stocks like ST Yanshi and Quan Wei Jiu also experienced varying degrees of net outflows from main and speculative funds [3]

Core Viewpoint - The Chinese liquor industry is experiencing a decline in production, with a significant drop in output expected in 2025, indicating potential challenges for major companies in the sector [1] Industry Summary - According to the National Bureau of Statistics, the production of Chinese liquor (converted to 65 degrees, in commodity volume) is projected to be 281,000 kiloliters in April 2025, representing a year-on-year decrease of 13.8% [1] - From January to April 2025, the cumulative production of Chinese liquor (converted to 65 degrees, in commodity volume) is expected to reach 1,308,000 kiloliters, reflecting a cumulative decline of 7.8% [1] - The report by Zhiyan Consulting provides an analysis of the market status and investment prospects for the Chinese liquor industry from 2025 to 2031, highlighting the ongoing challenges and potential shifts in the market landscape [1] Company Summary - Major listed companies in the Chinese liquor industry include Kweichow Moutai (600519), Wuliangye (000858), Yanghe Brewery (002304), Luzhou Laojiao (000568), Shanxi Fenjiu (600809), Gujing Gongjiu (000596), Shui Jing Fang (600779), Shede Liquor (600702), Jiu Gui Jiu (000799), and Lao Bai Gan Jiu (600559) [1]