Group 1 - Luzhou Laojiao's director Qian Xu has resigned for personal reasons, effective immediately, and will not hold any positions in the company or its subsidiaries [1] - The company confirmed that Qian Xu's resignation does not affect the minimum number of board members and will not disrupt normal operations [1] - The company will proceed with the legal process to elect a new director [1] Group 2 - Kuaijishan's stock price has hit the limit up for three consecutive trading days, with a cumulative increase of over 33%, and a closing price of 25.81 yuan [2] - The company's static P/E ratio is 63.08, significantly higher than the industry average of 20.51 [2] - The company has issued a risk warning due to the significant short-term price increase, advising investors to be cautious [2][3] Group 3 - Jiu Gui Jiu's revenue for the high-end brand Neican has dropped by 67%, with overall revenue for 2024 down 49.7% to 1.423 billion yuan [4] - The company is focusing on price stability rather than volume growth in response to increased competition and a weak industry cycle [4] - The overall white liquor industry is facing dual pressures from demand and competition, indicating potential adjustments in the sector [4] Group 4 - From January to April, the revenue of the liquor, beverage, and refined tea manufacturing industry increased by 3.7% year-on-year, reaching 548.96 billion yuan [6] - The total profit for this sector was 98.33 billion yuan, reflecting a 3.5% year-on-year growth [6] - The performance of this sector is stronger than the overall industrial growth, indicating resilience and providing confidence to related sectors [6]

泸州老窖股份有限公司（以下简称"公司"）董事会于近日收到 公司董事钱旭先生递交的书面辞职报告。钱旭先生因个人原因申请 辞去公司第十一届董事会董事及审计委员会委员职务。钱旭先生原 定任期至公司第十一届董事会届满时止。钱旭先生辞职后不在公司 及控股子公司担任任何职务。 证券代码：000568 证券简称：泸州老窖 公告编号：2025-23 泸州老窖股份有限公司 关于公司董事离任的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 一、董事离任情况 根据《公司法》和公司《章程》的相关规定，钱旭先生的辞职 未导致公司董事会成员人数低于法定最低人数，不会影响董事会的 正常运作，其辞职自辞职报告送达公司董事会之日起生效。公司将 按照法定程序及时补选董事。 截至本公告日，钱旭先生未持有公司股份。钱旭先生在公司任职 期间恪尽职守、勤勉尽责，在提升公司规范运作、科学决策水平，推 动公司高质量发展等方面发挥了重要作用，公司董事会对钱旭先生履 职期间为公司做出的贡献表示衷心感谢！ 二、备查文件 2025年5月29日 2.深交所要求的其他文件。 泸州老窖股份有限公司 董事会 1.钱旭 ...

金十数据5月28日讯，泸州老窖公告，公司董事钱旭因个人原因申请辞去公司第十一届董事会董事及审 计委员会委员职务。钱旭先生原定任期至公司第十一届董事会届满时止。钱旭先生辞职后不在公司及控 股子公司担任任何职务。截至本公告日，钱旭先生未持有公司股份。 泸州老窖：董事钱旭因个人原因辞职 ...

Core Viewpoint - The top six listed liquor companies in China are transitioning to a low-speed growth model, reflecting a structural change in the industry due to external economic pressures, market transformation, and inventory adjustments [1][3][4] Industry Performance - In Q1 2023, the total revenue of large-scale liquor enterprises in China was 196.3 billion, a slight increase of 0.38% year-on-year, while total profit decreased by 0.73% [3] - The production of liquor in China from January to April 2025 was 1.308 million kiloliters, a year-on-year decrease of 7.8%, indicating a potential eighth consecutive year of declining production if the trend continues [1] Strategic Adjustments - Major liquor companies are adopting more pragmatic and quality-focused growth strategies, with Moutai setting a revenue growth target of around 9% for 2023 [4][6] - Companies like Wuliangye and Luzhou Laojiao emphasize stability and gradual progress in their development goals, reflecting a shift from rapid growth to high-quality development [4][6] Market and Channel Strategies - Companies are focusing on enhancing channel operation efficiency and quality, with Yanghe implementing product optimization and inventory control measures [8][10] - Luzhou Laojiao is adjusting sales targets and market policies based on consumer behavior, while Gujing Gongjiu is optimizing resource allocation for better effectiveness [10] Product Innovation - The industry is seeing a trend towards low-alcohol products, with Luzhou Laojiao's 38-degree Guojiao 1573 achieving over 10 billion in revenue [18][20] - The low-alcohol market is projected to grow significantly, with a compound annual growth rate of around 30% from 2021 to 2024, indicating a promising opportunity for smaller enterprises [20][21] Youth Engagement - The liquor industry recognizes the importance of engaging younger consumers, with companies like Wuliangye and Fenjiu launching targeted products and marketing strategies to attract this demographic [14][16] - The younger consumer segment (ages 25-40) accounted for 38% of liquor consumers in the first half of 2023, highlighting the need for brands to adapt to changing preferences [14] Conclusion - The liquor industry is undergoing a significant transformation, moving from rapid expansion to a focus on value creation and quality development, with both large and small enterprises needing to adapt to these changes to thrive in the evolving market landscape [21]

在以数字化为核心的新一轮全球贸易变革中，传统企业如何重塑增长引擎？在5月22日于北京召开的 2025年全球贸易投资促进峰会上，泸州老窖分享了其在数字化战略和全球化实践中的探索与成果，展现 出传统制造行业在新时代实现转型升级、迈向国际的可行路径。 本次峰会由中国贸促会主办，以"拥抱数智时代，携手共同发展"为主题，汇聚了来自48个国家和地区的 政府部门、贸促机构和商协会及企业代表，共话数智时代全球贸易投资合作新机遇。泸州老窖股份有限 公司首席数字官、泸州老窖国际发展(香港)有限公司董事长苏王辉应邀出席并作主题分享。 自2022年创办以来，全球贸易投资促进峰会已经连续举办三届，逐渐成为全球工商界对话交流、深化互 信、共谋合作、共话发展的重要机制性平台。本次峰会发布了《2025年全球贸易投资促进峰会北京倡 议》，倡议全球工商界携手探索新形式新领域合作，推动实现更加强劲、绿色、健康的全球发展。 "三大行动"构建数智化转型样本 数智技术快速发展为世界带来了广阔机遇，也深刻改写着传统产业竞争规则。作为行业内率先布局数字 化的白酒企业之一，泸州老窖自2015年起全面推进数智转型升级，大力实施"数智泸州老窖"战略，在智 改数转 ...

香飘飘Meco杯装果茶官宣时代少年团为全新品牌代言人 5月27日，茶咖日报的主要内容有： 茶饮股集体走强，蜜雪集团市值超越泸州老窖 5月27日消息，港股三大指数震荡走高，截至收盘，恒生指数(23381.99, 99.66, 0.43%)涨0.43%，报 23381.99点，恒生科技指数(5182.6, 24.95, 0.48%)涨0.48%，国企指数涨0.38%。 盘面上，科网股普涨，美团涨超2%，网易涨超1%，京东集团跌1%；CXO概念股齐涨，维亚生物(1.86, 0.21, 12.73%)涨超12%；啤酒股集体上涨，青岛啤酒股份(55.2, 2.10, 3.96%)涨近4%；茶饮股走强，蜜雪 集团涨近10%，股价飙升至 579 港元创历史新高，总市值突破2198亿港元，反超泸州老窖，达洋河股份 两倍。目前蜜雪集团市盈率高达45倍，已远超多家一线白酒品牌。作为港股"新贵"，蜜雪集团3月3日上 市后，至今累计涨超160%，均远超恒生指数同期涨幅。 参考灼识咨询，2025年现制茶饮市场规模约3109亿元，2023-2028年复合增速约19.7% 维持高速成长。 2023年CR5为49%（GMV口径），蜜雪冰城份 ...

Core Viewpoint - The stock price of Mixue Group surged to 579 HKD, reaching a historical high and surpassing the market capitalization of traditional liquor giants like Luzhou Laojiao and Yanghe, indicating a significant shift in valuation within the consumer goods sector [1][3][4]. Group 1: Stock Performance - Since its listing on March 3, Mixue Group's stock has increased by over 160%, significantly outperforming the Hang Seng Index during the same period [2]. - As of May 27, Mixue Group's market capitalization exceeded 219.8 billion HKD, with a price-to-earnings (P/E) ratio of 45, which is considerably higher than many leading liquor brands [1][4]. Group 2: Market Dynamics - The recent rise in Mixue Group's stock price is attributed to a competitive subsidy war initiated by major delivery platforms like JD.com, which has boosted same-store sales [5][7]. - The average daily retail sales per store for Mixue Group showed a slight decline in growth rates, indicating potential challenges in maintaining momentum in a saturated market [7]. Group 3: Ownership Structure - The actual controllers of Mixue Group, Zhang Hongchao and Zhang Hongfu, hold approximately 82% of the company's shares, resulting in a limited float in the market, which can lead to significant price volatility [8][9]. - The company has established a strong operational "moat," with over 46,479 stores globally, making it the largest chain brand in the world, surpassing Starbucks [8].

随着白酒产量的持续下滑，行业整体踏入存量竞争阶段。有白酒上市公司5月就公开表示：酒类消费供 需结构出现了转移和分化，酒类消费市场进入到存量期；舍得酒业（600702.SH）也在近期提及"行业挤 压式存量竞争不断加剧"。 国家统计局最新数据显示，2025年1-4月，全国规模以上企业白酒（折65度，商品量）产量130.8万千 升，同比下降7.8%。其中，4月产量28.1万千升，同比下降13.8%。 记者注意到，2016年以来，白酒产量逐年下滑。据国家统计局数据，我国白酒产量在2016年达到1358.4 万千升的高点，此后便开启逐年下滑模式，2024年我国白酒产量为414.5万千升。 一位白酒上市公司高管表示："行业调整短期会增加企业经营难度，导致行业竞争加剧，但对于行业健 康度提升也有积极作用。" 白酒产量逐年下滑，中小酒企"存量厮杀"加剧 国家统计局数据显示，2024年，全国规模以上企业累计白酒产量（折65度，商品量）414.5万千升,同比 下降1.8%；2024年12月,规模以上企业白酒（折65度）产量47.4万千升,同比下降7.6%。 来源于东莞证券研究所 这是白酒产量持续下滑的第八个年头。产量收缩的原因， ...

但是，当前酒业正在深度调整，价格倒挂、库存积压、产品动销困难等现象像扎入骨肉中的尖刺，时刻 刺痛着酒企紧绷的神经。 为此，从年初开始，江苏、贵州、仁怀、遵义、宜宾、泸州、吕梁、亳州等多地省、市级领导密集到酒 企调研。 随着系列产业振兴政策落地，酒业也找到了新的发展方向。 5月12日-13日，贵州省委副书记、省长李炳军在遵义市、仁怀市、习水县、赤水市调研时强调，"十四 五"即将收官，要结合"十五五"规划编制，围绕"卖酒向卖生活方式转变"，深入研究谋划贵州白酒产业 转型发展。 省市级领导密集调研，激发酒业创新活力 目前，各省市领导走进一线酒企，开展调研、召开座谈会等，为2025年各地酒业发展工作作出战略性部 署。 | 日期 | 曲区 | 动态 | | --- | --- | --- | | 1月4日 | 湖南省 | 湖南省委副书记、省长毛伟明到常德调研,在湖南 | | | | 武陵酒有限公司调研时 | | 1月15日 | 江苏省 | 江苏省省长许昆林到淮安今世缘酒厂调研 | | | | 宜宾市委书记方存好、市长廖文彬、市人大常委会 | | 1月15日 | 四川省宜宾市 | 主任陈政、市政协主席谢杰出席五粮液集团( ...

Group 1 - The main consumption index (000932) has shown a slight increase of 0.14% as of May 27, 2025, with notable gains in stocks such as Yanjing Beer (2.89%) and Angel Yeast (2.85%) [1] - The major consumption ETF (159672) has risen by 4.04% over the past three months, indicating a positive trend in consumer sector investments [1] - Huatai Securities expresses optimism regarding the food and beverage industry during the economic transition towards consumption, supported by clear policies and steady growth in retail sales [1] Group 2 - The major consumption ETF closely tracks the main consumption index and is categorized into 11 primary and 35 secondary industries, providing a comprehensive analysis tool for investors [2] - Since its inception, the major consumption ETF has achieved a maximum monthly return of 24.35% and an average monthly return of 5.36% [2] - The current price-to-earnings ratio (PE-TTM) of the major consumption index is 19.75, indicating a valuation lower than 95.63% of the past year, suggesting historical low valuations [2] Group 3 - As of April 30, 2025, the top ten weighted stocks in the main consumption index account for 67.16% of the total index, with Yili (10.39%) and Kweichow Moutai (10.39%) being the largest contributors [3] - The top ten stocks include notable companies such as Wuliangye and Moutai, reflecting the concentration of market weight in a few key players [3][5]