Core Viewpoint - Diageo is considering various measures to divest its assets in China, including the potential sale of its stake in Sichuan Shui Jing Fang, as part of a strategy to streamline its global business portfolio [2][3][4]. Group 1: Asset Disposal Strategy - Diageo has engaged Goldman Sachs and UBS to evaluate its operations in China, particularly its over 63% stake in Sichuan Shui Jing Fang, and has begun exploratory discussions with local strategic investors and private equity firms [3][4]. - The discussions regarding the potential sale of Shui Jing Fang are still in the early stages, and no final decision has been made by Diageo [4]. Group 2: Market Context and Performance - Diageo has been in an asset divestment mode since last year, with its former CEO initiating a cost-saving acceleration plan, which has led to speculation about Shui Jing Fang's future [5]. - The Chinese white liquor market has faced significant challenges, impacting Shui Jing Fang's sales, as noted in Diageo's recent financial reports [5]. Group 3: Recent Transactions and Market Reactions - Over the past year, Diageo has been active in selling assets primarily in Europe, Africa, and Latin America, with notable transactions including the sale of a majority stake in its Ghana brewery for $81 million and a $2.3 billion deal with Asahi Group for East African breweries [6]. - In December, rumors surfaced about Jian Nan Chun potentially acquiring Shui Jing Fang, leading to a rapid increase in Shui Jing Fang's stock price, although the company later denied these reports [6]. Group 4: Leadership Changes - The appointment of new CEO Dave Lewis, known for decisive and aggressive decision-making, has kept market speculation alive regarding the future of Shui Jing Fang [7]. - Lewis has not yet publicly outlined his strategic plans, with expectations for more clarity during the mid-term financial report in February [7].

Core Viewpoint - Diageo is considering divesting its Chinese assets, including shares in Shui Jing Fang, to streamline its asset portfolio. The discussions are in preliminary stages, and no final decision has been made regarding any potential transactions [1]. Group 1 - Diageo is exploring options for the disposal of its Chinese assets, indicating a strategic move to simplify its asset portfolio [1]. - The consideration of asset divestiture is still in the early stages, with no guarantees that Diageo will proceed with any transactions [1]. - Representatives from Diageo, Goldman Sachs, and UBS have declined to comment on the matter [1]. Group 2 - A representative from Shui Jing Fang stated that the company has not received any information regarding a potential equity transfer [1]. - As of the time of reporting, there has been no response from Shui Jing Fang to inquiries made by the media regarding the situation [1].

对于上述情况，新浪财经《酒业内参》问询了水井坊方面，截至发稿前未获回应。 知情人士还表示，目前该公司的考虑处于初步阶段，尚无最终决定，而且不保证帝亚吉欧会决定推进任 何交易。帝亚吉欧、高盛和瑞银的代表均拒绝置评。水井坊的一位代表表示，该公司尚未收到任何有关 股权转让的消息。 1月13日，有知情人士称，帝亚吉欧正考虑其中国资产的处置方案，可能对包括水井坊在内的股份进行 剥离，以达到精简资产组合的目的。 ...

据知情人士透露，帝亚吉欧正与高盛集团和瑞银集团一起评估旗下业务，其中包括其在水井坊的逾63% 持股。他们还表示，这些顾问一直在试探本土战略买家和私募股权公司的初步意向。知情人士表示，目 前该公司处于考虑初步阶段，尚无最终决定，而且不保证帝亚吉欧会决定推进任何交易。帝亚吉欧、高 盛和瑞银的代表均拒绝置评。水井坊的一位代表表示，该公司尚未收到任何有关股权转让的消息。 ...

Core Viewpoint - The stock price of Shui Jing Fang has experienced fluctuations, with a recent decline of 2.01%, reflecting a total market capitalization of 19.252 billion yuan and significant net outflows of capital [1]. Group 1: Stock Performance - Since the beginning of the year, Shui Jing Fang's stock price has increased by 2.68%, with a 0.69% rise over the last five trading days and a 6.16% increase over the past 20 days, while it has decreased by 6.20% over the last 60 days [2]. - As of January 13, the stock was trading at 39.49 yuan per share, with a trading volume of 2.14 billion yuan and a turnover rate of 1.10% [1]. Group 2: Financial Performance - For the period from January to September 2025, Shui Jing Fang reported an operating income of 2.348 billion yuan, representing a year-on-year decrease of 38.01%, and a net profit attributable to shareholders of 326 million yuan, down 71.02% year-on-year [2]. - The company has distributed a total of 5.378 billion yuan in dividends since its A-share listing, with 1.28 billion yuan distributed over the last three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders of Shui Jing Fang was 80,500, a decrease of 5.58% from the previous period, with an average of 6,053 circulating shares per shareholder, an increase of 5.91% [2]. - The top ten circulating shareholders include notable entities such as the China Securities White Wine Index A and Hong Kong Central Clearing Limited, with varying changes in their holdings [3].

Group 1 - The core viewpoint of the article highlights a decline in A-share market for liquor stocks, particularly with major brands like Moutai planning to lower the prices of several products [1] - Major liquor stocks such as Shui Jing Fang, Gu Jing Gong Jiu, and others fell over 1%, while Moutai experienced a slight decline of 0.7% [1] - Moutai has reportedly confirmed a price reduction for certain products, including premium Moutai and Moutai 1935, affecting the contract prices for distributors [1]

Core Viewpoint - The liquor sector experienced a rise of 0.79% on January 12, with *ST Rock leading the gains, while the Shanghai Composite Index rose by 1.09% and the Shenzhen Component Index increased by 1.75% [1] Group 1: Market Performance - The closing price of *ST Rock was 3.20, with a gain of 4.92% and a trading volume of 132,400 shares, amounting to 41.70 million yuan [1] - Gujing Gongjiu closed at 141.73, up 2.94%, with a trading volume of 48,000 shares and a transaction value of 675 million yuan [1] - Luzhou Laojiao closed at 119.29, increasing by 2.08%, with a trading volume of 129,600 shares and a transaction value of 1.54 billion yuan [1] Group 2: Capital Flow - The liquor sector saw a net inflow of 403 million yuan from main funds, while retail investors experienced a net outflow of 29.32 million yuan [1] - Wuliangye had a main fund net inflow of 267 million yuan, but retail funds saw a net outflow of 87.06 million yuan [2] - Luzhou Laojiao recorded a main fund net inflow of 85.62 million yuan, with retail funds experiencing a net outflow of 34.07 million yuan [2]

Core Viewpoint - The liquor sector experienced a decline of 0.47% on January 7, with *ST Rock leading the drop, while the Shanghai Composite Index rose by 0.05% and the Shenzhen Component Index increased by 0.06% [1]. Group 1: Market Performance - The closing prices and performance of key liquor stocks showed mixed results, with Guizhou Moutai at 1423.36 yuan (-0.33%), and Wuliangye at 107.52 yuan (-0.60%) [1][2]. - The total net outflow of main funds from the liquor sector was 244 million yuan, while retail investors saw a net inflow of 437.07 thousand yuan [2]. Group 2: Trading Volume and Value - Guizhou Moutai had a trading volume of 29,700 hands and a transaction value of 4.234 billion yuan, while Wuliangye had a trading volume of 123,100 hands and a transaction value of 1.326 billion yuan [1][2]. - The trading volume for the liquor sector was highlighted, with notable transactions including Luzhou Laojiao at 93,700 hands and a transaction value of 1.102 billion yuan [2]. Group 3: Fund Flow Analysis - Guizhou Moutai saw a main fund inflow of 76.40 million yuan, while *ST Rock experienced a main fund outflow of 4.17 million yuan [3]. - The fund flow analysis indicated that retail investors contributed positively to some stocks, such as Tianyoude Liquor, which had a retail net inflow of 121.59 thousand yuan [3].

Core Viewpoint - The stock price of Shui Jing Fang has shown a modest increase of 4.21% year-to-date, with recent trading activity indicating a mixed performance in terms of trading volume and net capital flow [2][1]. Group 1: Stock Performance - As of January 7, Shui Jing Fang's stock price rose by 2.19% to 40.08 CNY per share, with a trading volume of 2.17 billion CNY and a turnover rate of 1.13%, resulting in a total market capitalization of 195.39 billion CNY [1]. - Year-to-date, the stock has increased by 4.21%, with a 3.51% rise over the last five trading days and a 4.38% increase over the last 20 days, while it has decreased by 4.68% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Shui Jing Fang reported a revenue of 2.348 billion CNY, representing a year-on-year decrease of 38.01%, and a net profit attributable to shareholders of 326 million CNY, down 71.02% year-on-year [2]. - The company has distributed a total of 5.378 billion CNY in dividends since its A-share listing, with 1.28 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Shui Jing Fang was 80,500, a decrease of 5.58% from the previous period, with an average of 6,053 circulating shares per shareholder, an increase of 5.91% [2]. - Among the top ten circulating shareholders, the China Securities White Wine Index A (161725) holds 17.73 million shares, an increase of 1.6367 million shares from the previous period, while the Hong Kong Central Clearing Limited holds 9.069 million shares, a decrease of 1.8537 million shares [3].

Core Viewpoint - The liquor sector experienced a slight increase of 0.39% on January 6, with Yanghe Co. leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4083.67, up by 1.5% [1] - The Shenzhen Component Index closed at 14022.55, up by 1.4% [1] - Yanghe Co. saw a closing price of 63.38, with a rise of 2.92% [1] Group 2: Liquor Sector Stock Performance - The following stocks in the liquor sector showed notable performance: - Yanghe Co.: 63.38, +2.92%, volume 49,300, turnover 306 million [1] - ST Yanshi: 2.81, +1.81%, volume 118,900, turnover 32.83 million [1] - Quan Huijiu: 20.92, +1.31%, volume 47,200, turnover 98.63 million [1] - Shede Liquor: 57.55, +1.25%, volume 71,900, turnover 411 million [1] - Shui Jing Fang: 39.22, +1.24%, volume 56,800, turnover 221 million [1] - Shanxi Fenjiu: 179.09, +1.19%, volume 51,900, turnover 923 million [1] - Jisi Xing: 56.32, +0.99%, volume 96,800, turnover 541 million [1] - Shunxin Agriculture: 14.85, +0.75%, volume 68,400, turnover 10.1 million [1] - Jinshiyuan: 35.28, +0.63%, volume 67,300, turnover 23.6 million [1] - Tianyoude Liquor: 8.80, +0.57%, volume 48,000, turnover 42.16 million [1] Group 3: Capital Flow Analysis - The liquor sector experienced a net outflow of 37.01 million from main funds, while retail funds saw a net inflow of 128 million [1] - The following stocks had significant capital flow: - Shanxi Fenjiu: main net inflow 80.70 million, retail net outflow 48.88 million [2] - Luzhou Laojiao: main net inflow 64.98 million, retail net outflow 11.30 million [2] - Yanghe Co.: main net inflow 19.22 million, retail net outflow 7.69 million [2] - Jinshiyuan: main net inflow 11.97 million, retail net outflow 6.72 million [2] - Shui Jing Fang: main net inflow 11.36 million, retail net outflow 6.97 million [2]