Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].

Investment Rating - The industry rating is maintained as "Positive" [4] Core Views - The report emphasizes the importance of the Mid-Autumn Festival and National Day performance for the liquor industry, recommending strong brand leaders in the liquor sector, particularly in the white liquor category [1][10] - The new consumption trend is expected to continue despite a short-term adjustment, with opportunities for investment in brands that align with rational quality consumption and emotional value [2][24] - The white liquor sector is advised to focus on potential policy catalysts and low-level rebounds, with a cautious assumption of profit bottoms for leading companies [10] Summary by Sections White Liquor Sector - Recommended brands include Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao, with a focus on strong brand momentum and high ROE, dividends, and share buybacks [1][10] - The white liquor sector experienced a decline of 2.40% during the trading period from July 28 to August 1, with specific companies like Zhenjiu Lidu and Gujing Gongjiu facing significant drops [3][30] Consumer Goods Sector - The new consumption sector is undergoing a structural adjustment but remains a key area for investment, with recommended stocks including Weidong Meishi, Wancheng Group, and Yili Group [2][24] - The consumer goods sector saw a mixed performance, with meat products gaining slightly while non-dairy beverages and white liquor faced declines [11][30] Company Updates - Guizhou Moutai is expanding its market presence through partnerships with platforms like Meituan, indicating a strategic move to enhance distribution channels [5] - Jinshiyuan is focusing on national expansion, with a clear three-step plan to establish itself as a leading brand in the high-end liquor market [6][7] Market Data - The report notes that the white liquor price for Moutai remains stable at 1860 RMB per bottle, with similar stability observed in other leading brands [9][47] - The overall valuation for the food and beverage industry is reported at 20.66 times, with the white liquor sector showing a valuation of 18.06 times [35]

Core Viewpoint - The company, Yingjia Gongjiu, reported a decline in both revenue and net profit for the first quarter of 2025, marking the first time in five years that both metrics have decreased simultaneously [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of approximately 2.047 billion yuan, a year-on-year decrease of 12.35% [4]. - The net profit attributable to shareholders was about 828.5 million yuan, down 9.54% year-on-year [4]. - For Q4 2024, the revenue was around 1.830 billion yuan, reflecting a 5.00% decline compared to the previous year [3]. Earnings Per Share and Cash Flow - The diluted earnings per share for Q1 2025 was 1.04 yuan, compared to 1.14 yuan in Q1 2024 [4]. - The operating cash flow per share was 0.6197 yuan in Q1 2025, down from 0.7744 yuan in Q1 2024 [4]. Management Insights - The decline in performance was attributed to a slowdown in economic growth leading to weak consumer demand and insufficient purchasing power [5]. - The company has implemented a "control quantity and stabilize price" strategy to alleviate channel inventory pressure [5]. - The strategic plan includes stabilizing core markets in the short term, leveraging differentiated competition and regional focus for market expansion in the medium term, and promoting a "Cultural Yingjia Strategy" to enhance brand value in the long term [5].

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others [1]. Core Insights - The report highlights that most baijiu wholesale prices have stabilized, with specific price changes noted for various brands. For instance, the price of Feitian Moutai (case) is 1915 yuan, down by 35 yuan from the previous month, and down 665 yuan year-on-year [3][9]. - Discounts on liquid milk and beer have decreased compared to previous months, indicating a shift in pricing strategies within the consumer goods market [5][22]. Summary by Sections Baijiu Pricing - Guizhou Moutai's prices for different products have shown a decline, with Feitian Moutai (case) at 1915 yuan, down 35 yuan month-on-month and 665 yuan year-on-year [3][9]. - Wuliangye's eighth-generation price is 930 yuan, stable compared to last month and unchanged year-on-year [4][9]. - Luzhou Laojiao's Guojiao 1573 remains at 860 yuan, unchanged from last month and down 40 yuan year-on-year [4][9]. Consumer Goods Discounts - The average discount rate for liquid milk has decreased to 79.1% from 73.8% at the end of June, while the median discount rate increased to 80.3% [5][22]. - Beer discounts have also seen a slight increase, with average and median rates at 83.6% and 87.0%, respectively, compared to 81.1% and 84.6% in late June [5][22]. - Discounts for infant formula and instant foods have remained stable, with average rates at 93.0% and 94.3%, respectively [7][22].

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 710,000 yuan, indicating a significant financial commitment to this role [1] Salary Overview - In the liquor industry, the total salary for company secretaries in 2024 was 14.797 million yuan, with an average salary of 924,800 yuan, which is considerably higher than the market average [1] - The highest-paid company secretary, Zhu Jiafeng from Gujing Gongjiu, earned 2.2169 million yuan, despite a slight year-on-year decrease of 1.5% [1] - Xu Qinxiang from Kouzi Jiu followed with a salary of 1.8996 million yuan, remaining stable compared to the previous year [1] - Zhang Wei from Shede Jiuye experienced the largest salary drop of 67.12%, with a salary of 1.3063 million yuan [1] Performance Metrics - The report indicates that 2024 saw a total of 7 company secretaries with salary increases, while the majority of the 16 liquor companies reported a decline in stock prices [1] - The largest stock price drop was recorded by Shede Jiuye at 46.2%, followed by Jinzizijiu and Gujing Gongjiu with declines of 43.68% and 41.11% respectively [1] Demographics - The age distribution of company secretaries in the liquor industry ranges from 35 to 60 years, with over half aged between 40 and 50 [1] - The educational background shows that over 40% hold a bachelor's degree, while only one has an associate degree [1]

董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，白酒行业（根据申万二级行业分类）上市公司中，2024年度董秘薪酬总额为1479.7万元 （仅统计2024年度完整任期董秘），平均薪酬达92.48万元，远高于市场平均值。 古井贡酒董秘朱家峰以221.69万元年薪蝉联行业薪酬榜首，虽同比微降1.5%，但仍为唯一一位年薪突破 200万元董秘。口子窖董秘徐钦祥以189.96万元紧随其后，薪酬与上年持平。今世缘董秘王卫东以175.06 万元位列第三，年薪增长9.51%，增幅显著。 舍得酒业董秘张伟虽以130.63万元居第四，但其薪酬同比大幅下滑67.12%，成为行业最大降幅。泸州老 窖董秘李勇薪酬107.05万元，同比增长11.85%，跻身前五。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 从薪酬涨跌幅来看，2024年有完整任期的董秘中，有7位董秘薪酬上涨，皇台酒业董秘成志坚因2023年 任期不满一年而涨薪最多，达18. ...

通过天眼查大数据分析，安徽迎驾贡酒股份有限公司共对外投资了17家企业，参与招投标项目106次， 知识产权方面有商标信息155条，专利信息285条，此外企业还拥有行政许可55个。 资金流向方面，今日主力资金净流出6177.71万元，占比成交额14.63%。其中，超大单净流出3377.29万 元、占成交额8.0%，大单净流出2800.42万元、占成交额6.63%，中单净流出流入894.62万元、占成交额 2.12%，小单净流入5283.09万元、占成交额12.51%。 来源：金融界 金融界消息 截至2025年7月31日收盘，迎驾贡酒（603198）报收于41.06元，下跌3.37%，换手率 1.27%，成交量10.15万手，成交金额4.22亿元。 天眼查商业履历信息显示，安徽迎驾贡酒股份有限公司，成立于2003年，位于六安市，是一家以从事 酒、饮料和精制茶制造业为主的企业。企业注册资本80000万人民币，实缴资本72000万人民币。公司法 定代表人为倪永培。 迎驾贡酒最新一期业绩显示，截至2025一季报，公司营业总收入20.47亿元、同比减少12.35%，归属净 利润8.29亿元，同比减少9.54%，扣非净利润8 ...

天眼查商业履历信息显示，安徽迎驾贡酒股份有限公司，成立于2003年，位于六安市，是一家以从事 酒、饮料和精制茶制造业为主的企业。企业注册资本80000万人民币，实缴资本72000万人民币。公司法 定代表人为倪永培。 金融界消息 截至2025年7月30日收盘，迎驾贡酒（603198）报收于42.49元，下跌0.09%，换手率 1.72%，成交量13.75万手，成交金额5.93亿元。 通过天眼查大数据分析，安徽迎驾贡酒股份有限公司共对外投资了17家企业，参与招投标项目106次， 知识产权方面有商标信息155条，专利信息285条，此外企业还拥有行政许可55个。 资金流向方面，今日主力资金净流入4236.89万元，占比成交额7.14%。其中，超大单净流入2911.01万 元、占成交额4.91%，大单净流入1325.88万元、占成交额2.23%，中单净流出流出976.38万元、占成交 额1.65%，小单净流出3260.51万元、占成交额5.49%。 迎驾贡酒最新一期业绩显示，截至2025一季报，公司营业总收入20.47亿元、同比减少12.35%，归属净 利润8.29亿元，同比减少9.54%，扣非净利润8.16亿元，同比 ...

Group 1 - The A-share market saw a general rise in liquor stocks, with notable increases in stocks such as JiuGuiJiu and LuZhouLaoJiao, which rose over 2% [1] - Other companies like YingJiaGongJiu, YangHe股份, ShunXin Agriculture, GuJingGongJiu, and JinShiYuan experienced increases of over 1%, while Moutai, KouZiJiao, and WuLiangYe rose nearly 1% [1] Group 2 - Specific stock performance includes LuZhouLaoJiao with a rise of 2.17% and a total market value of 186.9 billion, while JiuGuiJiu increased by 2.07% with a market value of 16.1 billion [2] - YingJiaGongJiu rose by 1.48% with a market value of 34.5 billion, and YangHe股份 increased by 1.46% with a market value of 103.8 billion [2] - Other notable performances include GuJingGongJiu up by 1.42% (market value 75.7 billion), and ShanXiFenJiu up by 1.25% (market value 226.1 billion) [2]

| 代码 | 名称 | | 涨幅% ↓ | 总市値 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 000568 | 泸州老窖 | 来 | 2.17 | 1869亿 | 2.64 | | 000799 | 酒鬼酒 | 4 | 2.07 | 161亿 | -10.64 | | 603198 | 迎驾贡酒 | 1 | 1.48 | 345亿 | -16.97 | | 002304 | 洋河股份 | -06- | 1.46 | 1038亿 | -11.98 | | 000596 | 古井贡酒 | 来 | 1.42 | 757亿 | -13.74 | | 600809 | 山西汾酒 | 来 | 1.25 | 2261亿 | 4.15 | | 000860 | 顺鑫农业 | 张 | 1.19 | 119亿 | -16.46 | | 603369 | 今世缘 | | 1.10 | 505亿 | -7.98 | | 600519 | 贵州茅台 | 1 | 0.94 | 18247亿 | -2.82 | | 603589 | 口子窖 | -306- | 0.89 | ...