Core Viewpoint - The Chinese liquor industry is entering a period of accelerated clearing in 2025, with significant declines in production, profits, and cash flow among many companies [1][2][3]. Industry Overview - In the first half of 2025, the total production of the liquor industry was 1.9159 million kiloliters, a year-on-year decrease of 5.8%. Sales revenue reached 330.42 billion yuan, a slight increase of 0.19%, while profits fell to 87.687 billion yuan, down 10.93% [1]. - 58.1% of distributors reported increased inventory, with over half facing price inversion issues, indicating weak terminal consumption and reduced willingness to collect payments from distributors [1][2]. Company Performance - Among 19 listed liquor companies, 13 experienced revenue declines, accounting for 68% of the total, with a significant slowdown in revenue growth compared to the previous year [1][2]. - The market is increasingly concentrating on leading companies, with the top six liquor firms accounting for 47% of revenue and 62.2% of total profits in 2024, marking a 13 percentage point increase over five years [2]. Cash Flow Analysis - The cash flow from operating activities for 13 companies decreased, representing 68% of the total, while only six companies saw an increase [3][4]. - Notably, Kweichow Moutai's cash flow from operating activities dropped by 23.503 billion yuan to 13.119 billion yuan, a decline of 64.18% [4]. - Eight liquor companies reported negative cash flow from operating activities, primarily among small to medium-sized enterprises with annual revenues below 5 billion yuan [4][5]. Market Trends - The previous growth logic of "volume reduction and price increase" has collapsed, with both volume and price declining in the current market environment [2]. - The wholesale price index for liquor has been continuously declining from September 2024 to August 2025, with notable price drops for major brands [3].

Core Insights - The Chinese liquor industry is entering a period of accelerated market clearing in 2025, with significant declines in production and profits [1][3] - A majority of liquor distributors are facing increased inventory pressures, with over half reporting issues related to price inversions [1][2] - The growth logic of the liquor industry is shifting, with a notable decline in both volume and price, contrasting previous trends of volume reduction coupled with price increases [3][4] Industry Performance - In the first half of 2025, the total production of the liquor industry was 1.9159 million kiloliters, a year-on-year decrease of 5.8%, while sales revenue reached 330.42 billion yuan, a slight increase of 0.19% [1] - Profit for the industry fell to 87.687 billion yuan, down 10.93% year-on-year [1] - 68% of listed liquor companies reported a decline in revenue, with 13 out of 19 companies experiencing this downturn [3] Market Dynamics - The market is increasingly favoring leading companies, with the top six liquor firms accounting for 47% of total revenue in 2024, up 13 percentage points from five years ago [3] - The median revenue growth rate for companies with over 10 billion yuan in revenue was 2.36%, while those below this threshold saw a median decline of 16.89% [3] - The wholesale price index for liquor has been declining, with notable price drops for major brands such as Moutai and others [4] Cash Flow Analysis - 68% of liquor companies reported a decrease in operating cash flow, with only six companies showing an increase [5] - Moutai's operating cash flow net amount decreased by 23.503 billion yuan to 13.119 billion yuan, a decline of 64.18% [5] - Eight liquor companies reported negative operating cash flow, primarily among smaller firms with revenues below 5 billion yuan [7] Cash Flow Ratios - The cash collection ratio for several companies has decreased, with notable declines in companies like Luzhou Laojiao and Shanxi Fenjiu [6][7] - The cash collection ratio for Luzhou Laojiao fell from 119.27% to 109.1%, indicating a worsening cash flow situation despite revenue growth [6] - The cash collection ratio for smaller firms is significantly lower than that of larger firms, highlighting a growing disparity in cash flow management [7]

Core Insights - The Chinese liquor industry is entering a period of accelerated clearing in 2025, with significant declines in production and profits [1] - The overall market is experiencing a slowdown, with a notable increase in inventory pressure among distributors [1][2] - A majority of listed liquor companies are facing revenue declines, indicating a shift in the industry's growth logic [3] Industry Overview - In the first half of 2025, the total production of the liquor industry was 1.9159 million kiloliters, a year-on-year decrease of 5.8%, while sales revenue reached 330.42 billion yuan, a slight increase of 0.19% [1] - The industry's profit was 87.687 billion yuan, down 10.93% year-on-year [1] - 58.1% of distributors reported increased inventory, with over half facing price inversion issues, and the average inventory turnover days reached 900 days, an increase of 10% from the previous year [1] Company Performance - Among 19 listed liquor companies, 13 reported revenue declines, accounting for 68% of the total, with a significant slowdown in revenue growth compared to the previous year [3] - The market is increasingly concentrated among leading companies, with the top six companies accounting for 47% of revenue and 62.2% of total profits in 2024 [3] - The median revenue growth rate for companies with over 10 billion yuan in revenue was 2.36%, while those below 10 billion yuan saw a median decline of 16.89% [3] Price Trends - The growth logic of the liquor industry is changing, with the previous "volume reduction, price increase" model failing, leading to simultaneous declines in both volume and price [3] - The wholesale price index for liquor has been declining from September 2024 to August 2025, affecting even premium brands [3] - Specific price drops include Moutai's batch price falling from 1820 yuan to 980 yuan, and other brands like Wuliangye and Guojiao also experiencing significant price reductions [4] Notable Company Results - In the first half of 2025, the total revenue of the 19 listed liquor companies was 241.48 billion yuan, with Kweichow Moutai leading at 91.094 billion yuan, followed by Wuliangye at 52.771 billion yuan [5] - Companies like Jiangsu Yanghe and Jiu Gui Jiu saw revenue declines of 35.32% and 43.54%, respectively, indicating severe challenges for smaller firms [6][7][8] - The median revenue growth rate for listed liquor companies was -11.85%, with 11 companies experiencing declines over 10% and 4 companies over 20% [5]

Core Viewpoint - The Chinese liquor industry is experiencing a significant divergence, with leading companies showing growth while others, like Zhenjiu Lidu, face substantial declines in revenue and profit [2][4][5]. Group 1: Financial Performance of Liquor Companies - In the first half of 2025, 22 listed liquor companies reported a total revenue of approximately 242.4 billion yuan and a net profit of about 95.1 billion yuan [4]. - Six companies, including Kweichow Moutai and Wuliangye, achieved both revenue and net profit growth, with Kweichow Moutai reporting revenue of 89.389 billion yuan, up 9.1%, and net profit of 45.403 billion yuan, up 8.9% [2]. - Conversely, Zhenjiu Lidu saw a significant decline, with revenue dropping to 2.497 billion yuan, down 39.6%, and adjusted net profit falling to 613 million yuan, down 39.3% [2][6]. Group 2: Industry Challenges - The liquor industry is undergoing a deep adjustment period characterized by high channel inventory, leading companies to adopt inventory control and price stabilization strategies [3]. - Macro-economic pressures and limited consumption scenarios have reduced consumer purchasing willingness, with liquor sales dropping 15% year-on-year during the 2025 Spring Festival, and mid-to-high-end sales declining by 20% [3]. - Intense competition and price wars among companies, particularly among smaller enterprises, are compressing profit margins and reducing overall profitability in the industry [3][5]. Group 3: Zhenjiu Lidu's Struggles - Zhenjiu Lidu is facing severe challenges, including excessive inventory turnover days at 855, far exceeding the healthy range of 450-700 days [6]. - The company relies heavily on its Zhenjiu brand, with other brands contributing minimally to revenue, and has seen a consistent decline in core product sales over the past four years [6][7]. - The decline in sales reflects weakened product competitiveness and shrinking consumption scenarios, with the company struggling to adapt its product structure and marketing strategies [7]. Group 4: Strategic Responses - Zhenjiu Lidu is attempting to navigate its challenges by launching new products, such as the "Da Zhen·Zhenjiu," priced at 600 yuan, targeting middle-class families and small business owners [8]. - The company is also implementing a "Ten Thousand Merchants Alliance" strategy to expand its dealer network and create a broad channel ecosystem [8]. - Additionally, Zhenjiu Lidu is entering the craft beer market with its "Niu Shi" brand, seeking to establish a second growth curve amid the liquor industry's stagnation [9][10]. Group 5: Market Entry Challenges - The craft beer market is highly competitive, dominated by established players like China Resources and Budweiser, posing significant challenges for new entrants like Zhenjiu Lidu [11]. - Transitioning from liquor to beer requires Zhenjiu Lidu to reconfigure its sales channels, as beer distribution is more diverse and includes restaurants and bars, unlike the traditional liquor sales model [12]. - While seeking new growth avenues is a reasonable strategy, the differences in product, channel, and consumer demographics between liquor and beer present substantial hurdles for successful cross-industry expansion [12].

山西杏花村汾酒厂股份有限公司 独立董事候选人声明与承诺 本人李临春，已充分了解并同意由提名人山西杏花村汾酒集团有 限责任公司提名为山西杏花村汾酒厂股份有限公司第九届董事会独 立董事候选人。本人公开声明，本人具备独立董事任职资格，保证不 存在任何影响本人担任山西杏花村汾酒厂股份有限公司独立董事独 立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法 规、部门规章及其他规范性文件，具有 5 年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已于 2017 年 10 月在上海证券交易所学习，并取得独立董事 任职资格证书。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司 规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定； （三）中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件的相 关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去 公职或者退（离）休后担任上市公司、基金管理公司独立董事、 ...

山西杏花村汾酒厂股份有限公司 独立董事提名人声明与承诺 提名人山西杏花村汾酒集团有限责任公司，现提名贺祯为山西杏 花村汾酒厂股份有限公司第九届董事会独立董事候选人，并已充分了 解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重 大失信等不良记录等情况。被提名人已同意出任山西杏花村汾酒厂股 份有限公司第九届董事会独立董事候选人（参见该独立董事候选人声 明）。提名人认为，被提名人具备独立董事任职资格，与山西杏花村 汾酒厂股份有限公司之间不存在任何影响其独立性的关系，具体声明 并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、规章及其他规范性文件，具有 5 年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人于 2014 年 11 月在上海证券交易所学习，并取得独立董 事任职资格证书；2015 年 7 月在上海证券交易所进行风险管理课程 的学习；2016 年 8 月在上海证券交易所进行合规监管课程的学习； 2017 年 8 月在深圳证券交易所进行证券交易相关课程的学习。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要 求： （一） ...

山西杏花村汾酒厂股份有限公司 独立董事候选人声明与承诺 本人周培玉，已充分了解并同意由提名人山西杏花村汾酒集团有 限责任公司提名为山西杏花村汾酒厂股份有限公司第九届董事会独 立董事候选人。本人公开声明，本人具备独立董事任职资格，保证不 存在任何影响本人担任山西杏花村汾酒厂股份有限公司独立董事独 立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法 规、部门规章及其他规范性文件，具有 5 年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 本人于 2015 年 1 月在上海证券交易所学习，并取得独立董事任 职资格证书；于 2018 年 8 月在上海证券交易所进行独立董事后续培 训课程学习。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司 规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定； （三）中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件的相 关规定； （四）中共中央纪委、中共中央组织部《关于规范中 ...

山西杏花村汾酒厂股份有限公司 独立董事提名人声明与承诺 提名人山西杏花村汾酒集团有限责任公司，现提名李临春为山西 杏花村汾酒厂股份有限公司第九届董事会独立董事候选人，并已充分 了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无 重大失信等不良记录等情况。被提名人已同意出任山西杏花村汾酒厂 股份有限公司第九届董事会独立董事候选人（参见该独立董事候选人 声明）。提名人认为，被提名人具备独立董事任职资格，与山西杏花 村汾酒厂股份有限公司之间不存在任何影响其独立性的关系，具体声 明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、规章及其他规范性文件，具有 5 年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人于 2017 年 10 月在上海证券交易所学习，并取得独立董 事任职资格证书。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要 求： （一）《中华人民共和国公司法》关于董事任职资格的规定； 监事的通知》的规定； （五）中共中央组织部《关于进一步规范党政领导干部在企业兼 职（任职）问题的意见》的相关规定； （六）中共中央纪委、 ...

山西杏花村汾酒厂股份有限公司 独立董事候选人声明与承诺 本人贺祯，已充分了解并同意由提名人山西杏花村汾酒集团有限 责任公司提名为山西杏花村汾酒厂股份有限公司第九届董事会独立 董事候选人。本人公开声明，本人具备独立董事任职资格，保证不存 在任何影响本人担任山西杏花村汾酒厂股份有限公司独立董事独立 性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法 规、部门规章及其他规范性文件，具有 5 年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 本人于 2014 年 11 月在上海证券交易所学习，并取得独立董事任 职资格证书；2015 年 7 月在上海证券交易所进行风险管理课程的学 习；2016 年 8 月在上海证券交易所进行合规监管课程的学习；2017 年 8 月在深圳证券交易所进行证券交易相关课程的学习。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司 规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定； （三）中国证监会《上市公司独立董事管理办法》、上海证券交 易 ...

山西杏花村汾酒厂股份有限公司 独立董事提名人声明与承诺 提名人山西杏花村汾酒集团有限责任公司，现提名周培玉为山西 杏花村汾酒厂股份有限公司第九届董事会独立董事候选人，并已充分 了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无 重大失信等不良记录等情况。被提名人已同意出任山西杏花村汾酒厂 股份有限公司第九届董事会独立董事候选人（参见该独立董事候选人 声明）。提名人认为，被提名人具备独立董事任职资格，与山西杏花 村汾酒厂股份有限公司之间不存在任何影响其独立性的关系，具体声 明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、规章及其他规范性文件，具有 5 年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人于 2015 年 1 月在上海证券交易所学习，并取得独立董 事任职资格证书；于 2018 年 8 月在上海证券交易所进行独立董事后 续培训课程学习。 （三）中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件的相 关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去 ...