十年相思情，寻香四月天。4月11日-13日，由泸州老窖·国窖1573研究院主办的中欧国际工商学院飞鸿班毕业10周年活动走进泸州老窖。中欧国际工商学 院教授、复旦大学教授、国际问题研究院前常务副院长、上海美国学会前副会长沈丁立以及来自中欧国际工商学院2013年深圳1班的30余位师生嘉宾一行 走进泸州老窖，探秘浓香圣地，再话同窗情谊，共同探寻浓香鼻祖泸州老窖的企业发展之道。 中欧国际工商学院飞鸿班嘉宾一行先后走进1573国宝窖池群、泸州老窖博物馆、泸州老窖三大天然藏酒洞之纯阳洞、乾坤酒堡，全方位沉浸式体验泸州老 窖"浓香鼻祖""浓香正宗"的文化魅力和白酒行业"活态双国宝"——泸州老窖酒传统酿制技艺和1573国宝窖池群的历史底蕴。 在1573国宝窖池群，嘉宾们近距离感受老窖池历经数百年的岁月沉淀，现场品味新酿出的浓香佳酿。泸州老窖博物馆内的丰富展品与详实史料，生动讲述 了泸州老窖从历史走来、迈向现代创新发展的故事，让嘉宾对泸州老窖的品牌内涵有了更深刻的认知。纯阳洞与乾坤酒堡中，弥漫在空气中的醇厚酒香及 亲手参与调制专属佳酿，更让嘉宾们沉浸式感受到泸州老窖洞藏陈酿与定制文化的独特魅力。 泸州老窖作为在明清36家酿酒作 ...

4月10日，由中国酒业协会主办、江苏洋河酒厂股份有限公司承办，以"强基 重构 立新"为主题的第十四 届中国白酒T9峰会在南京召开。茅台、五粮液、洋河、汾酒、泸州老窖、古井贡酒、习酒、郎酒、剑 南春等头部白酒企业齐聚，共同探讨全球经济变局下中国白酒产业的结构性变化及产业发展未来趋势与 挑战，共同推动"行业共创、生态共建、价值共赢"发展，携手开启中国白酒新征程。 峰会期间，T9企业领导围绕峰会主题，分享对产业趋势的研判与实践经验。泸州老窖集团(股份)公司党 委书记、董事长刘淼以《新周期 新机遇 新路径 "五大主义"引领中国白酒高质量发展》为题发表主题演 讲。 刘淼指出，当下要以"五大主义"引领中国白酒高质量发展。一是要保持"乐观主义"，坚定发展信心。当 前白酒产业进入新一轮调整转型期，既要看到内外部环境变化带来的不确定性和风险挑战，更要坚定看 到中国经济基础稳、优势多、韧性强、潜力大，依旧保持着长期向好的态势。一是党和政府坚持发展经 济、深化改革的决心没有变；二是中国经济发展坚实基础没有变；三是中国拥有超大规模市场没有变。 二是要坚持"长期主义"，穿越发展周期。中国白酒经历了数千年的技术发展与文化积淀，未来依旧具 ...

廖俊详细介绍了泸州老窖集团多元化、跨越式发展的成果。他表示，此次战略合作框架协议的签署，为 双方深度合作奠定了良好基础，希望双方紧密协作，探索灵活高效的体制机制，共同推动优质项目落 地，开辟更为广阔的赛道，为产业发展注入新活力。希望双方积极履行国企社会责任，在开展市场化投 资的同时，探索通过"以投引产"等形式，引进优质项目落地泸州，为地方经济发展作出积极贡献。 近日，四川振兴集团党委副书记、副董事长、总经理曾显斌率队赴泸州老窖集团座谈交流，泸州老窖集 团党委副书记、副董事长、总裁廖俊出席座谈会。会上，双方共同见证了四川创新发展投资管理有限公 司与四川璞信产融投资有限责任公司的战略合作协议签约仪式。 川创投公司与璞信投资公司双方代表签署了战略合作协议，约定建立互利共赢且可持续的战略伙伴关 系，推动双方实现高质量发展。(马力贤) 曾显斌详细介绍了四川振兴集团近年来转型发展的成果及产业布局。他表示，泸州老窖具有强有力的品 牌价值和综合实力，此次与璞信投资达成战略合作，是双方强强联合、共谋发展的重要举措，是双方基 于共同理念和发展目标的重要选择，希望双方充分发挥各自在行业研究、项目储备和产融结合方面的优 势，携手挖掘 ...

Core Insights - The discussion at the China International Wine Industry Development Conference focused on the theme "Seeking Change Amid Stability" and aimed to explore new paths for high-quality development in the Chinese liquor industry [1] Group 1: Industry Trends - The younger demographic is identified as a key strategic focus for growth in the liquor industry, particularly in the context of generational consumption shifts [2] - Companies are shifting from a supply-driven model to a consumer-centric approach, recognizing that younger consumers are now entering the market [3] Group 2: Company Strategies - Luzhou Laojiao's General Manager Lin Feng highlighted the importance of targeting younger consumers, noting that the brand has successfully entered the 20 billion yuan market by focusing on the 25 to 35 age group [3] - Luzhou Laojiao has initiated the "Jiao Master Festival" to enhance brand culture and innovate consumer experiences, covering various fields such as tasting, arts, and sports [3] - The company reported a significant increase in revenue from emerging channels, growing from 754 million yuan in 2020 to 1.42 billion yuan in 2023, indicating a near doubling of growth [4] Group 3: Differentiation Strategies - Kingway's President Wang Nanbo emphasized the importance of health value in the beverage industry, focusing on herbal and health-oriented products to differentiate from traditional liquor brands [6] - China Resources Beer is implementing a "Beer + White" dual empowerment strategy after acquiring Jinsha Liquor, leveraging shared resources and seasonal sales strategies to enhance market efficiency [8]

Group 1 - Luzhou Laojiao's overall product QR code scanning rate has reached 40%, indicating effective digital transformation and inventory management, with positive growth in sales and opening volume during the Spring Festival [1] - The establishment of a consumer data model will enable the company to better understand market demand and optimize products and services, potentially boosting confidence in the liquor industry [1] Group 2 - Wang Bowei announced the upgrade of five strategic products for Langjiu, including the ultra-high-end "Hongyun Lang" and classic "Langpai Lang," reflecting the company's strategy to enhance product matrix and brand value [2] - The product upgrades are expected to improve consumer recognition and optimize product structure, positively impacting the company's market positioning and long-term development [2] - Langjiu's actions may stimulate innovation and upgrades within the liquor sector, promoting a shift towards higher quality and added value [2] Group 3 - Hainan Yedao appointed new executives, Wang Zhiming as the board secretary and Wang Feiyan as the financial director, both bringing extensive management experience [3] - The personnel changes suggest an optimization of the company's governance structure and financial strategy, which may enhance strategic execution and market competitiveness [3]

Investment Rating - The report maintains a "Strong Buy" rating for Luzhou Laojiao (000568) with a target price of 206 CNY [1]. Core Insights - The report highlights that the company has reached a turning point in its fundamentals, with digitalization becoming a key operational focus. The management's strategies have proven effective in stabilizing prices and reducing inventory levels, which are now at a historically low point. The company aims for healthy growth in 2025, primarily focusing on inventory digestion in the second quarter [7]. Financial Performance Summary - **Revenue Forecast**: - Total revenue is projected to grow from 30,233 million CNY in 2023 to 36,326 million CNY in 2026, with a compound annual growth rate (CAGR) of approximately 12.1% [3]. - **Net Profit Forecast**: - Net profit attributable to shareholders is expected to increase from 13,246 million CNY in 2023 to 15,860 million CNY in 2026, reflecting a CAGR of about 12.9% [3]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 9.00 CNY in 2023 to 10.77 CNY in 2026 [3]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 15 in 2023 to 12 in 2026, while the price-to-book (P/B) ratio is expected to decline from 4.7 to 3.2 over the same period [3]. Operational Highlights - **Digitalization**: - The company has achieved a leading position in digitalization within the liquor industry, implementing digital solutions across production, packaging, management, and marketing. This includes a fully automated packaging line and a comprehensive marketing system that enhances consumer engagement and inventory management [7]. - **Inventory Management**: - The company has effectively reduced channel inventory to a manageable level of 2-3 months, indicating a strong focus on maintaining market order and pricing stability [7]. Market Position - **Competitive Advantage**: - Luzhou Laojiao's management has demonstrated flexibility and pragmatism in its strategies, which have helped maintain price stability and improve sales quality. The company is well-positioned to capitalize on potential demand recovery in the future [7].

Market Performance - On March 25, the food and beverage sector declined by 0.2%, underperforming the CSI 300 index by approximately 0.1 percentage points, ranking 17th among 31 sub-industries in the Shenwan classification [1] - Within the food and beverage sector, dairy (+1.5%), beer (+1.3%), and meat products (+0.9%) showed relatively strong performance, with companies like Beiningmei, Huangshi Group, and Western Pastoral leading the gains [2][3] Important Announcements - Yuanzi Co. reported a total operating income of 2.314 billion yuan for 2024, a year-on-year decrease of 12.99%; total profit reached 321 million yuan, down 9.3%; and net profit attributable to shareholders was 249 million yuan, a decline of 9.98% [4] - Xianle Health announced an adjustment to the conversion price of its convertible bonds, changing from 42.13 yuan/share to 41.96 yuan/share [4] - Shuanghui Development reported a total operating income of 59.561 billion yuan for 2024, a decrease of 0.64%; net profit attributable to shareholders was 4.989 billion yuan, down 1.26%; and net profit excluding non-recurring items was 4.813 billion yuan, also down 1.26% [4] Industry News - Luzhou Laojiao launched its Green Bean Daqu X15 on March 22, during a grand event in Luzhou, highlighting the health elements of the product [4] - The first high-end yellow wine forum and the launch of Kuaijishan Lanting·Xu took place on March 23 in Chengdu, gathering industry elites and experts to discuss the future of yellow wine [4] - On March 24, the "Constructing Guotai·Tongzhi Business Road" event was held in Chengdu, where Guotai officially launched several new products, emphasizing differentiation in the market [4]

Group 1: Sales Performance and Planning - During the Spring Festival, the company's main products achieved positive year-on-year growth in sales and opening rates, with inventory well-controlled [1] - The annual business plan has been disclosed after board approval [1] - The company utilizes digital tools for accurate monitoring of sales and inventory across regions, transitioning from distributor quota to terminal quota based on consumer data [2] Group 2: Digital Transformation - The company is implementing a comprehensive digital transformation across management, production, and marketing systems to reduce costs and improve efficiency [1] - Current overall product scanning rate stands at 40%, with a focus on consumer data modeling to enhance consumer engagement [1] Group 3: Market Strategy and Product Development - The company aims to enhance product quality, cultural significance, brand promotion, and talent acquisition to stand out in an increasingly concentrated industry [1] - Low-alcohol products are expected to become a trend, with the company leveraging its technical advantages in this area and adapting product offerings based on local consumer habits [1][2] - The company plans to maintain its position as one of China's top three high-end liquor brands while expanding its product matrix to cover all price ranges and exploring innovative product lines [2] Group 4: Consumer Engagement and Future Growth - Consumer cultivation is a long-term process, with a focus on understanding the needs of new-generation consumers while enhancing public relations in emerging industries [2]

Core Viewpoint - Luzhou Laojiao's controlling shareholder plans to increase its stake in the company, reflecting confidence in its future development and long-term investment value [1][2] Group 1: Shareholding Increase Plan - Luzhou Laojiao Group intends to increase its shareholding by no less than 150 million yuan and no more than 300 million yuan within six months [1] - The funding for this increase will come from a special loan from China Construction Bank, which will cover up to 90% of the increase amount, equating to a maximum of 270 million yuan [2] - As of the announcement date, Luzhou Laojiao Group and its affiliates hold a total of 748 million shares, representing 50.83% of the company [2] Group 2: Market Performance and Analyst Insights - The liquor sector showed strong performance on the day of the announcement, with Luzhou Laojiao's stock price rising by 6.35% to 143.61 yuan per share, marking a new high for the year [3] - Analysts believe the shareholding increase signals that the controlling shareholder views the current stock price as undervalued, which could enhance the brand's market appeal and capital credibility [3][7] - Luzhou Laojiao has established itself as a key player in the premium liquor market, with its flagship product, Guojiao 1573, achieving significant brand recognition [3] Group 3: Financial Performance and Future Outlook - For the first three quarters of 2024, Luzhou Laojiao reported revenue of 24.304 billion yuan and net profit of 11.593 billion yuan, reflecting year-on-year growth of 10.76% and 9.72%, respectively [6] - The company anticipates that its major indicators will reach historical highs in 2024, despite facing challenges in the industry [5][6] - Luzhou Laojiao is focusing on a dual-brand strategy to strengthen its market position and is expected to leverage digital marketing and product innovation to capture emerging consumer trends [7]

证券代码：000568 证券简称：泸州老窖 公告编号：2025-11 泸州老窖股份有限公司 关于控股股东以增持专项贷款和自有资金增持公司 股份计划的公告 本公司控股股东泸州老窖集团有限责任公司保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 特别提示： 1.泸州老窖股份有限公司（以下简称"公司"）控股股东泸州老窖 集团有限责任公司（以下简称"老窖集团"）计划自本公告披露之日 起的 6 个月内，以增持专项贷款及自有资金通过集中竞价交易的方式 增持公司股份，增持金额不低于 15,000 万元，不超过 30,000 万元。 本次增持计划不设定价格区间，老窖集团将根据资本市场整体趋势及 对公司股票价值的合理判断，逐步实施。 2.增持专项贷款承诺函情况：中国建设银行泸州分行承诺为老窖 集团提供不高于 27,000 万元且贷款比例不超过增持金额 90%的增持 专项贷款，贷款期限不超过 36 个月。 3.本次增持计划存在可能因资本市场发生变化以及目前尚无法 预判的因素导致本次增持计划无法达到预期的风险。如增持计划实施 ...