Core Points - Luzhou Laojiao announced the repurchase and cancellation of 9,540 restricted stocks, which accounts for 0.001% of the company's total shares before the repurchase [2] - The repurchase price was set at 73.891 yuan per share, totaling 704,920.14 yuan for the three incentive recipients involved [2] - Following the completion of this repurchase, the total number of shares decreased from 1,471,951,503 to 1,471,941,963 [2]

Core Insights - The liquor sector experienced a decline of 0.42% on November 21, with the leading stock, Jiu Gui Jiu, falling the most [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance Summary - Guizhou Moutai closed at 1466.60, with a slight decrease of 0.03% and a trading volume of 42,600 shares, amounting to 6.26 billion [1] - Wuliangye closed at 119.68, down 0.47%, with a trading volume of 205,100 shares, totaling 2.468 billion [1] - Luzhou Laojiao saw a decline of 1.94%, closing at 134.20, with a trading volume of 101,800 shares, amounting to 1.385 billion [1] Capital Flow Analysis - The liquor sector saw a net outflow of 438 million from institutional investors, while retail investors contributed a net inflow of 112 million [2] - The main stocks with significant capital flow included Shanxi Fenjiu, which had a net inflow of 12.5 million from institutional investors, but a net outflow of 23.5 million from retail investors [3] - Tianyoude Liquor experienced a net outflow of 8.74 million from institutional investors, while retail investors contributed a net inflow of 5.63 million [3]

证券代码：000568 证券简称：泸州老窖 公告编号：2025-45 泸州老窖股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次回购注销的限制性股票数量为 9,540 股，占回购注销前公 司股份总数的 0.001%，回购价格为 73.891 元/股，涉及 3 名激励对象， 回购资金总额为 704,920.14 元。 2.截至本公告披露日，经中国登记结算有限责任公司深圳分公司 审核确认，本次限制性股票回购注销事宜已办理完成，公司股份总数 由 1,471,951,503 股减少至 1,471,941,963 股。 根据泸州老窖股份有限公司（以下简称"公司"）第十一届董事会 十五次会议审议通过的《关于回购注销部分限制性股票及调整回购价 格的议案》，公司已对 3 名激励对象持有的限制性股票实施了回购注 销工作。现将有关情况公告如下： 一、2021 年限制性股票激励计划已履行的程序 1.2021 年 9 月 26 日，公司召开第十届董事会七次会议及第十届 监事会三次会议，分别审议通过了《关于<泸州老窖 ...

Core Viewpoint - The article discusses the recent developments in the Chinese liquor market, particularly focusing on the dividend plans of leading companies like Guizhou Moutai and Wuliangye, and the response from Luzhou Laojiao regarding its dividend strategy and performance pressures [1]. Group 1: Company Responses - Luzhou Laojiao has disclosed its shareholder dividend return plan for 2024-2026, stating that the total cash dividend each year will account for no less than a certain percentage of the net profit attributable to shareholders [1]. Group 2: Industry Context - The article highlights the competitive landscape among top liquor companies in China, with Guizhou Moutai and Wuliangye already announcing their mid-term profit dividend plans, indicating a trend in the industry towards rewarding shareholders despite performance pressures [1].

Core Insights - The retail prices of major Chinese liquor brands have shown a slight decline, indicating a market adjustment phase following the Double Eleven shopping festival and platform governance changes [1][6] - The overall average price for a packaged set of ten major liquor products is 9,246 yuan, down by 8 yuan from the previous day [1] - Notable price movements include an increase in the price of Qinghua Lang by 3 yuan per bottle, while Guizhou Moutai and other brands experienced minor declines [1][3] Price Movements - Guizhou Moutai (Feitian) price is 1,839 yuan per bottle, down by 1 yuan [3] - Guizhou Moutai (Jingpin) price is 2,384 yuan per bottle, down by 3 yuan [3] - Wuliangye (Pu 58) price is 861 yuan per bottle, up by 1 yuan [3] - Qinghua Fen 20 price is 393 yuan per bottle, up by 2 yuan [3] - Gujing Gong (Gu 20) price is 510 yuan per bottle, down by 5 yuan [4] - Xijiu Junpin price is 666 yuan per bottle, down by 570 yuan [4] - Qinghua Lang price is 710 yuan per bottle, up by 3 yuan [4] - Shuijing Jian Nan Chun price is 412 yuan per bottle, up by 2 yuan [4] Market Trends - The market is currently in a narrow consolidation phase, reflecting adjustments in supply and demand dynamics [1] - The data collection for liquor prices is sourced from approximately 200 points across major regions, ensuring a comprehensive representation of market conditions [6][7] - The price table aims to provide an objective and traceable overview of the Chinese liquor market, promoting sustainable industry development [6]

Core Viewpoint - The white liquor industry is experiencing a "volume increase and price decline" trend during the 2025 "Double 11" shopping festival, driven by inventory pressure and promotional strategies from e-commerce platforms [1] Industry Summary - On November 20, the Shanghai Composite Index closed at 3931.05 points, down 0.4%, while the white liquor sector closed at 2292.87 points, down 0.78% [1] - Among individual stocks, Kweichow Moutai closed at 1467.11 CNY per share, down 0.27%; Wuliangye closed at 120.25 CNY per share, up 0.3%; Shanxi Fenjiu closed at 193.4 CNY per share, down 0.97%; Luzhou Laojiao closed at 136.85 CNY per share, down [1] Company Summary - Tianfeng Securities reported that the price of famous liquor brands on traditional e-commerce platforms has fallen below the bottom line due to the pressure of dealer inventory and promotional activities [1]

Core Viewpoint - The Chinese liquor industry is experiencing a "volume increase and price decline" trend during the 2025 "Double 11" shopping festival, with traditional e-commerce platforms facing significant price drops due to inventory pressures and promotional strategies from distributors [1] Industry Summary - The Shanghai Composite Index closed at 3931.05 points, down 0.4%, with the liquor sector closing at 2292.87 points, down 0.78%, and 11 liquor stocks declining [1] - Major liquor companies showed mixed performance: Kweichow Moutai closed at 1467.11 CNY per share, down 0.27%; Wuliangye closed at 120.25 CNY per share, up 0.3%; Shanxi Fenjiu closed at 193.4 CNY per share, down 0.97%; Luzhou Laojiao closed at 136.85 CNY per share, down 0.21%; Yanghe Brewery closed at 68.26 CNY per share, down 0.32% [1] Market Dynamics - Traditional e-commerce platforms are seeing prices for famous liquor brands drop below acceptable levels due to the pressure from distributor inventory and platform subsidies aimed at attracting customers [1] - Emerging channels like instant retail and Douyin are experiencing growth, indicating a shift in consumer behavior towards "buy now, drink now" scenarios [1] - Liquor companies are actively launching anti-counterfeiting measures by publishing authorized "white lists" and unauthorized "black lists" to stabilize prices and balance online traffic with offline channel interests [1] - The industry is expected to shift from price wars to value reconstruction, focusing on high-quality price-performance products and refined channel operations in the medium to long term [1]

Core Insights - The retail prices of major Chinese liquor brands have shown a slight decline recently, with the overall price for a package of ten top products dropping to 9,254 yuan, a decrease of 7 yuan from the previous day [1] - Notably, the prices of Guizhou Moutai's Feitian and premium liquor have both increased by 1 yuan per bottle, while the leading price increase was observed in Guojiao 1573, which rose by 5 yuan per bottle for the second consecutive day [1][3] - Conversely, significant price drops were noted for Wuliangye's Pu 58 and Guqingong Gu 20, both decreasing by 5 yuan per bottle, with Qinghualang also seeing a decline of 3 yuan per bottle [1][4] Price Changes Summary - Guizhou Moutai (Feitian): 1 yuan increase, priced at 1,840 yuan per bottle [3] - Guizhou Moutai (Premium): 1 yuan increase, priced at 2,387 yuan per bottle [3] - Wuliangye Pu 58: 570 yuan decrease, priced at 860 yuan per bottle [3] - Qinghualang 20: 1 yuan decrease, priced at 391 yuan per bottle [3] - Guojiao 1573: 5 yuan increase, priced at 885 yuan per bottle [3] - Yanghe Dream Blue M6+: 170 yuan increase, priced at 588 yuan per bottle [3] - Guqingong Gu 20: 570 yuan decrease, priced at 515 yuan per bottle [3] Market Analysis - The data indicates a mixed trend in the liquor market, with some brands experiencing price increases while others face declines, suggesting potential volatility in consumer demand and supply chain issues [1][6] - The price tracking system aims to provide accurate and traceable data to promote healthy development in the liquor industry, with a focus on major brands recognized for their market presence and consumer awareness [6][7]

Core Viewpoint - The white liquor industry is experiencing a phase of bottoming out, which aligns with market expectations and is seen as a foundation for future recovery [1] Industry Summary - The Shanghai Composite Index closed at 3972.03 points, down 0.46% on November 17, while the white liquor sector closed at 2351.84 points, up 0.21% [1] - The performance of individual white liquor stocks varied, with Kweichow Moutai closing at 1471.00 CNY per share, up 0.99%, and Wuliangye closing at 120.15 CNY per share, down 0.05% [1] - Shanxi Fenjiu closed at 198.99 CNY per share, up 1.23%, while Luzhou Laojiao closed at 140.00 CNY per share, up 0.27% [1] - Yanghe Brewery closed at 68.46 CNY per share, down 2.03% [1] Company Summary - Dongwu Securities released a report indicating that the white liquor industry is accelerating its bottoming process, which is expected by the market [1] - The current stage of the white liquor market is beneficial for alleviating previous overly pessimistic sentiments, laying the groundwork for future recovery [1]

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [3][8]. Core Insights - The food and beverage industry experienced a slight revenue increase of 0.17% year-on-year in the first three quarters of 2025, but the net profit attributable to shareholders declined by 4.58% [3][15]. - The third quarter of 2025 saw a significant decline in both revenue and profit, with revenues dropping by 4.75% year-on-year and net profits decreasing by 14.61% [3][15]. - The report highlights that the macroeconomic policies aimed at boosting domestic demand are expected to lead to a recovery in performance and valuation for the food and beverage sector [16]. Summary by Sections 1. Industry Overview - The food and beverage sector's overall revenue for the first three quarters of 2025 was CNY 8309.16 billion, with a net profit of CNY 1711.64 billion [3][15]. - The third quarter alone generated revenue of CNY 2500.62 billion, with a net profit of CNY 434.96 billion [3][15]. 2. Subsector Performance 2.1 Baijiu (Chinese liquor) - The baijiu sector faced significant pressure, with revenues and net profits declining in the third quarter of 2025 [24]. - Major brands like Moutai and Fenjiu performed relatively well despite the overall downturn [24]. - The report notes a 20%-30% decline in sales during traditional festive periods, with regional variations in performance [24]. 2.2 Beer - The beer sector maintained steady demand, achieving a revenue of CNY 620.52 billion in the first three quarters, up 2.02% year-on-year, and a net profit of CNY 94.84 billion, up 11.82% [29]. - The third quarter saw revenues of CNY 203.20 billion, with a net profit increase of 11.30% [29]. 2.3 Snacks - The snack sector showed positive growth, with revenues and net profits increasing in the third quarter [3][29]. 2.4 Soft Drinks - The soft drink sector experienced a strong performance, particularly in the third quarter, with leading companies showing significant growth [3][29]. 2.5 Dairy Products - The dairy sector continued to face demand challenges, but there were signs of marginal improvement as raw milk prices stabilized [4][29]. 2.6 Condiments - The condiment sector is undergoing intense competition, but leading companies are outperforming the overall market [4][29]. 3. Investment Recommendations - The report suggests focusing on resilient companies with strong growth potential, such as Dongpeng Beverage, Yili, and Moutai, among others [8][24].