Core Insights - The Chinese liquor industry is entering a deep adjustment period in 2025, characterized by declining volume and price, with a significant contraction in consumption scenarios, leading to a challenging market environment [1][2][4] - Looking ahead to 2026, the industry is expected to face intensified competition due to weak demand, but leading companies are shifting their strategies to focus on consumer-centric approaches, targeting younger consumers and low-alcohol products [1][5] Industry Overview 2025 - The year 2025 is described as exceptionally challenging for the Chinese liquor industry, with companies, distributors, and investors facing severe tests [2] - The mid-to-high-end liquor market is projected to have lost 30-40% of its value, with significant sales declines reported during the summer months [4] Industry Outlook 2026 - The liquor industry is anticipated to remain in a weak demand environment, with ongoing adjustments and increased competitive pressure [5][6] - Companies are focusing on consumer-centric strategies to solidify their market positions, with a clear trend towards product differentiation [5] Competitive Landscape - Companies like Wuliangye aim to dominate the 800-1000 yuan price segment and are working to establish their flagship product, Wuliangye 1618, as a billion-yuan product [6][7] - Luzhou Laojiao is pursuing a differentiated competition strategy by promoting low-alcohol products, which have gained popularity among younger consumers [7] - Shanxi Fenjiu is also focusing on younger consumers and expanding its national presence [7] Long-term Opportunities - Despite short-term challenges, the liquor industry holds structural growth opportunities driven by the expansion of the middle class and new consumer scenarios [8] - The Chinese economy is expected to maintain a GDP growth rate of around 5% during the 14th Five-Year Plan, providing a solid foundation for the liquor industry to navigate through the adjustment period [8] - Upcoming supportive policies from the government are anticipated to benefit the liquor industry, with specific measures expected from regions like Sichuan [8][9]

Core Viewpoint - The Chinese liquor industry is entering a deep adjustment period in 2025, characterized by declining volume and price, with a challenging market environment expected to continue into 2026 [1][2][4]. Industry Overview - 2025 is described as an exceptionally difficult year for the Chinese liquor industry, with companies, distributors, and investors facing severe challenges [2]. - Major players like Kweichow Moutai and Wuliangye have acknowledged the industry's severe conditions, indicating widespread issues such as declining sales and shifting consumption patterns [3][4]. Market Performance - The high-end liquor market has seen a significant contraction, with estimates suggesting a 30-40% evaporation in the mid-to-high-end market during the Mid-Autumn Festival [3]. - Sales data indicates a drastic decline, with distributors reporting an average sales drop of 73% during peak months [3]. - Kweichow Moutai's flagship product has seen its price drop from approximately 2300 RMB to about 1580 RMB per bottle [3]. Competitive Landscape - The industry is expected to experience intensified competition due to weak demand, with companies focusing on consumer-centric strategies to maintain market share [4][5]. - Wuliangye aims to dominate the 800-1000 RMB price segment, while other companies are also shifting towards lower-alcohol products to attract younger consumers [7][8]. Strategic Initiatives - Wuliangye plans to develop its 1618 product into a billion-yuan brand to fend off new entrants [7]. - Kweichow Moutai is focusing on maintaining its core product's market position while promoting premium offerings [7]. - Luzhou Laojiao is pursuing a differentiated strategy by emphasizing lower-alcohol products, which have gained popularity among younger consumers [7]. Long-term Outlook - Despite short-term challenges, the industry holds structural opportunities, driven by the expansion of the middle class and new consumption scenarios [9]. - The government is expected to introduce supportive policies for the liquor industry, which could provide a boost in 2026 [9][10]. - Companies are optimistic about the potential for recovery, with expectations that the industry may hit bottom and begin to rebound in 2026 [10].

（文章来源：证券日报） 证券日报网讯 12月30日，泸州老窖发布公告称，泸州老窖第十一届董事会十九次会议以通讯表决方式 召开，11名董事全票通过《关于注销参股公司中旅泸州老窖文化旅游发展有限公司的议案》《关于修订 的议案》。 ...

Core Viewpoint - The Chinese liquor industry is undergoing a significant adjustment, with high-end liquor prices declining and companies shifting their strategies to stabilize prices and adapt to changing consumer behaviors [4][10][11]. Group 1: Market Dynamics - The demand for high-end liquor has decreased, with a shift from traditional gifting consumption to more personal consumption, leading to a reduction in sales of premium products [5][6]. - The price of 53-degree 500ml Flying Moutai has fluctuated significantly, dropping to around 1495 yuan per bottle, prompting the company to implement quantity control measures to stabilize market expectations [3][8]. - The overall liquor market is experiencing a price decline, with major brands like Wuliangye and Fenjiu also seeing price reductions compared to the previous year [9][10]. Group 2: Financial Performance - In the first three quarters of the year, the liquor sector's 19 listed companies reported a total revenue of 317.74 billion yuan, a year-on-year decrease of 5.85%, and a net profit of 122.68 billion yuan, down 6.90% [14]. - The average return on equity (ROE) for the sector fell to 19.77%, a decrease of 2.84 percentage points from the previous year, indicating pressure on profitability [14]. - The stock performance of the liquor sector has been weak, with a cumulative decline of 13.76% for the liquor index in 2025, resulting in a market capitalization reduction of approximately 404 billion yuan [14][15]. Group 3: Strategic Adjustments - Companies are focusing on reducing burdens on distributors and shifting marketing strategies to be more consumer-centric, moving away from traditional distribution methods [17][18]. - Major liquor companies are streamlining their distribution channels, with a net reduction of 1,701 distributors among 20 listed companies in the first half of 2025 [18]. - The concept of a "shared destiny" between manufacturers and distributors is being emphasized, with calls for shared pricing power and responsibilities to ensure sustainable partnerships [18].

Group 1 - Moutai Health Wine aims to consolidate the mass consumer market by launching more herbal-based liquor products and focusing on consumer needs and market demand [1] - The company plans to position its Moutai Chun series as the core product in the price range below 200 yuan, while Taiyuan will supplement the offerings in the price range below 100 yuan [1] - The differentiated brand matrix for sauce-flavored liquor will be led by Moutai's "Not Old Wine," supported by brands like Moutai Yuan, MTC, and Weishu [1] Group 2 - Gujing Gongjiu's Year Original Liquor has partnered with CCTV's Spring Festival Gala for the 11th consecutive year, enhancing its brand visibility [2] Group 3 - The launch event for Guojiao 1573's "Art New Year Wine" saw over 600,000 viewers during the live broadcast, with a GMV exceeding 100,000 yuan [3] - Guojiao 1573 has collaborated with seven art masters to release seven versions of the Art New Year Wine from 2020 to 2026 [3]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the essential consumer goods sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others, indicating a positive outlook for these stocks [1]. Core Insights - Wholesale prices of Baijiu have mostly stabilized, with specific brands showing varied price changes. For instance, the price of Feitian Moutai (case) is 1600 yuan, down by 50 yuan from last month, while the price of Wuliangye has increased by 20 yuan to 820 yuan [3][38]. - Discounts on liquid milk have significantly increased, while discounts on seasoning and soft drink products have narrowed compared to the end of November. The average discount rate for seasonings rose from 85.9% to 87.1%, and for soft drinks from 85.6% to 86.7% [5][17][35]. Summary by Sections Baijiu Pricing - The report details the wholesale prices of key Baijiu brands, noting that Feitian Moutai's prices have decreased by 640 yuan year-to-date compared to the previous year. Other brands like Wuliangye and Luzhou Laojiao have also shown price stability or slight increases [9][38]. Discount Trends - Discounts on liquid milk products have widened, with the average discount rate dropping from 66.0% to 62.8%. In contrast, discounts on convenience foods have decreased from 95.8% to 94.8% [19][21][36]. - The report highlights that infant formula and beer products have maintained stable discount rates, with slight changes observed [18][35]. Company Ratings - The report lists several companies rated as "Outperform," including Guizhou Moutai, Wuliangye, and others, indicating strong expected performance relative to the market [1].

格隆汇12月30日丨泸州老窖(000568.SZ)公布，经与另一出资方香港中旅国际投资有限公司协商一致， 同意注销参股公司中旅泸州老窖文化旅游发展有限公司。 ...

Core Viewpoint - The article highlights the historical significance and innovative journey of Luzhou Laojiao, a leading Chinese liquor brand, particularly focusing on its development of low-alcohol products and the integration of technology in traditional brewing processes [1][3][10]. Group 1: Historical Development - On December 8, 1987, the Economic Reference Daily published an article about Luzhou Laojiao introducing new low-alcohol products, specifically 30-degree and 34-degree varieties, following the successful trial of a 38-degree product in 1984 [1][3][7]. - Luzhou Laojiao has been recognized for its contributions to the low-alcohol segment, receiving high praise for its ability to maintain the unique flavor of its products while reducing alcohol content, which aligns with changing consumer preferences [7][9]. Group 2: Technological Innovation - The company has embraced technological advancements, starting in the 1980s with the development of a computer management system to enhance quality control in brewing processes [11][14]. - Luzhou Laojiao has established a fully automated and intelligent brewing ecosystem, including the construction of a "lighthouse factory" for smart packaging, which significantly improves operational efficiency and reduces costs [14][15]. - The implementation of a digital twin system allows for real-time data analysis, leading to a 45% increase in equipment utilization and a 25% reduction in operational costs [14]. Group 3: Industry Impact - The shift towards low-alcohol products reflects broader trends in the Chinese liquor industry, where consumer demand is moving from high-alcohol content to more palatable options [4][9]. - Luzhou Laojiao's innovations serve as a model for other traditional industries undergoing transformation, showcasing how technology can enhance product quality and operational efficiency [10][15].

泸州老窖股份有限公司 对外担保管理制度 （经公司第十一届董事会十九次会议审议通过） 第一章 总则 第一条 为加强泸州老窖股份有限公司（以下简称"公司"）对 外担保管理，规范对外担保行为，控制经营风险，根据《中华人民共 和国公司法》《中华人民共和国证券法》《中华人民共和国民法典》 《上市公司监管指引第8号-上市公司资金往来、对外担保的监管要求》 《深圳证券交易所上市公司自律监管指引第1号-主板上市公司规范运 作》《深圳证券交易所股票上市规则》等有关法律、行政法规、部门 规章、规范性文件及《泸州老窖股份有限公司章程》（以下简称"公 司《章程》"）的有关规定，制定本制度。 第二条 本制度所称公司是指泸州老窖股份有限公司，子公司是 指本公司拥有实际控制权的子公司。 第三条 对外担保由公司统一管理，未经公司批准，子公司不得 对外提供担保。 公司控股子公司为公司合并报表范围内的法人或者其他组织提供 担保的，公司应当在控股子公司履行审议程序后及时披露。按照深圳 证券交易所《股票上市规则》需要提交公司股东会审议的担保事项除 外。 第四条 公司对外提供担保，除应当经全体董事的过半数审议通 过外，还应当经出席董事会会议的三分之二 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2025-52 泸州老窖股份有限公司 第十一届董事会十九次会议决议公告 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。 一、董事会会议召开情况 泸州老窖股份有限公司（以下简称"公司"）第十一届董事会十九 次会议于2025年12月30日以通讯表决的方式召开。召开本次会议的通 知已于2025年12月25日以邮件方式发出，截止会议表决时间2025年12 月30日，共收回11名董事的有效表决票11张。本次董事会会议的召开 符合有关法律、行政法规、部门规章、规范性文件和公司《章程》的 规定。 二、董事会会议审议情况 表决结果：11 票同意，0 票反对，0 票弃权。 具体内容参见同日发布的《泸州老窖股份有限公司对外担保管理 制度》。 三、备查文件 1.经与会董事签字并加盖董事会印章的董事会决议； 2.深交所要求的其他文件。 泸州老窖股份有限公司 1.审议通过了《关于注销参股公司中旅泸州老窖文化旅游发展有 限公司的议案》。 表决结果：11 票同意，0 票反对，0 票弃权。 经与另一出资方香港中旅国际投资有限公司协商一致， ...