Core Points - The "2025 Phoenix Star Listed Company Awards" ceremony was held in Guangzhou, recognizing companies in various key areas such as innovation, shareholder returns, social responsibility, and growth [1][2] - The "Best Shareholder Return Listed Company" award emphasizes sustainable profitability and shareholder equity growth, integrating financial metrics with ESG performance [2][6] Group 1: Award Winners - The winners of the "Best Shareholder Return Listed Company" award include COSCO Shipping Holdings, Orient Overseas International, Industrial and Commercial Bank of China, Gujing Distillery, and Bosideng [2][4] - Orient Overseas International has distributed over $14.4 billion in dividends over the past four years, maintaining a stable dividend payout ratio of 50% [5][6] - COSCO Shipping Holdings has distributed cash dividends totaling 113.6 billion yuan over the past four years, with a dividend payout ratio of 50% in the last three years [9][10] - Industrial and Commercial Bank of China has maintained a dividend payout ratio of over 30% since its listing in 2006, with a total cash dividend exceeding 1.5 trillion yuan [12][13] - Gujing Distillery plans to distribute 3.172 billion yuan in cash dividends for 2024, maintaining a high dividend payout ratio [15][16] - Bosideng achieved a revenue of 25.902 billion yuan in the 2025 fiscal year, with a net profit of 3.514 billion yuan, and a high dividend payout ratio of 84.1% [18][19] Group 2: Company Performance - Orient Overseas International reported a net profit of $2.577 billion for 2024, with a basic earnings per share of $3.90 [6][10] - COSCO Shipping Holdings achieved a revenue of 233.859 billion yuan in 2024, with a net profit of 49.172 billion yuan, reflecting a year-on-year increase of 105.78% [10] - Industrial and Commercial Bank of China has maintained a stable net interest margin and steady growth in intermediary business income, with a non-performing loan ratio better than the industry average [13] - Gujing Distillery's revenue for the first half of 2025 was 13.880 billion yuan, with a net profit margin of 27.22% [16] - Bosideng's revenue growth of 11.6% in a challenging industry environment demonstrates its resilience and commitment to shareholder returns [19]

从亳州曹操献酒的千年回响，到合肥"科里科气" 的节拍，一场古今交融的贡酒文化盛宴已经启幕。 在内陈列古井贡酒、黄鹤楼酒、明光酒的古井名酒大家庭，年份原浆轻度古20、神力酒等热销新品，古井贡酒"白酒+大健康"产业系列产品等"心选"好 物。 作为古井贡酒的四大重要品牌IP之一，秋酿活动首次开创了2025第十二届古井贡酒·年份原浆秋季开酿美酒文化周。9月19日至23日，"亳州古井酒神广 场"与"合肥世界制造业大会专场"的双城联动开启。 世界制造业大会作为秋酿活动的专场之一，向广大消费者呈现秋日的醉美酒香。这场跨越千年的美酒文化之旅，在酒香中读懂传承，在智造中遇见未来。 古井贡酒作为中国制造业企业500强，再次荣登今年的榜单，位列第413位。 以特约生态伙伴和战略合作品牌的身份，深度融入大会筹备与运营全流程，助力安徽制造业转型升级，开启与世界制造业大会第八年的携手同行。 这场具有重要国际影响力的制造业盛会，以"智造世界·创造美好"为主题，开展开幕式暨主旨演讲、重大项目对接、重点产业链供应链供需对接、大会发 布等，4场重大活动，6场项目对接活动，23场专项活动。 此次大会特别开设了10个综合展区，全方位、多维度呈现制造 ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Insights - The report highlights that the sales of liquor are expected to face pressure during the upcoming Mid-Autumn Festival and National Day, but there are opportunities for bottom recovery in the sector [5] - The overall performance of the food and beverage sector has lagged behind the Shanghai Composite Index, with a decline of 1.48% over the past two weeks [14] - The report emphasizes the importance of monitoring the recovery of the liquor market and suggests that the worst phase for the industry has passed [5] Summary by Sections Recent Trends - In August, the retail sales of tobacco and liquor fell by 2.3% year-on-year, while restaurant income increased by 2.1%, indicating a gradual recovery in dining consumption [5] - The price of Feitian liquor has shown weakness, with a decline in wholesale prices [5] Market Performance - The food and beverage sector's performance over the last month was 1.3%, 4.6% over three months, and 20.8% over the past year, compared to the Shanghai Composite Index's performance of 6.6%, 17.1%, and 40.9% respectively [3] Key Recommendations - The report recommends several liquor companies for investment, including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, among others [5][25] - For consumer goods, it suggests focusing on companies like Bai Run Co., Wei Long, and Salted Fish [8][25] Valuation Insights - As of September 19, 2025, the dynamic price-to-earnings (PE) ratio for the food and beverage sector is 21.1x, indicating a relatively low valuation compared to other sectors [22] - The report notes that the liquor sub-sector has the highest valuation at 50.42x [22] Focused Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, including Kweichow Moutai with an expected EPS of 74.19 yuan for 2025 and a PE ratio of 19.79 [28]

Group 1 - The food and beverage sector is experiencing a pullback, with the Food ETF (515710) showing a significant decline of 1.43% at the close, and individual stocks like Dongpeng Beverage and Shede Liquor dropping over 3% [1][3] - Despite the recent downturn, the Food ETF has seen net inflows of 69.18 million yuan over the last five trading days, indicating continued investor interest [3][4] - The white liquor sector is under demand pressure, but there are signs of improvement in sales performance as the Mid-Autumn Festival and National Day approach, suggesting a potential recovery in the market [3][5] Group 2 - The current valuation of the food and beverage sector is at a low point, with the food index's price-to-earnings ratio at 20.74, which is in the 7.06% percentile of the last decade, indicating a good time for long-term investment [4][5] - The government’s advocacy for reducing competition is expected to stabilize prices and support high-quality development, which may lead to a recovery in the liquor sector [5][6] - The white liquor sector is entering a peak season, with signs of improved sales and inventory reduction, suggesting that the bottoming out of the sector may present investment opportunities [6][7]

Investment Rating - The report maintains a "Positive" investment rating for the liquor industry [10] Core Insights - The liquor inventory cycle is gradually turning, with expectations of a demand recovery driven by ongoing economic policies and improved consumer confidence. The industry is entering a critical phase for left-side layout [2][8] - Current valuations and fund holdings in the liquor industry are at historical lows, indicating a favorable time for allocation. Leading liquor companies are showing strong dividend support [2][8] Summary by Sections Inventory Management - The liquor industry has clear inventory cycle fluctuations, with different phases affecting stock performance. The current phase indicates a shift from passive inventory accumulation to active inventory reduction, suggesting a more scientific and rational management approach by manufacturers [6][20][24] Demand Recovery - The demand for liquor is closely tied to macroeconomic conditions. Historical data shows that liquor industry revenue growth aligns with GDP growth, indicating potential for gradual recovery as the economy improves [36][39] Head Brand Concentration - The trend of market share concentration towards leading brands continues, with top companies maintaining stable growth despite overall market slowdowns. In 2024, listed liquor companies accounted for 28% of the total production, a historical high [42][44] Mid-Autumn Festival Performance Review - Historical performance around the Mid-Autumn Festival shows varying results for liquor stocks compared to the CSI 300 index. The fundamental performance remains the decisive factor for excess returns during this period [49][52]

出火 E 打目 B 中国制造业 TEE 中国 歌 INTEN YUAN JE 古20 工量分 lik 源自国保 安 池 . BREADERS 622 17 274 古井贡酒作为中国制造业企业500强，再次荣登今年的榜单，位列第413位。 告位展 · 訓信美好 025世界制造业大会 025 WORLD MANUFACTURING CONVENTION 兹授予 HEREBY AWARD 从亳州曹操献酒的千年回响，到合肥 "科里科气" 的时代节拍，一场古今交融的贡酒文化盛宴已经启 幕！ 作为古井贡酒的四大重要品牌IP之一，秋酿活动首次开创了2025第十二届古井贡酒·年份原浆秋季开酿 美酒文化周。9月19日至23日，"亳州古井酒神广场"与"合肥世界制造业大会专场"的双城联动就此开 启！ 世界制造业大会作为秋酿活动的专场之一，向广大消费者呈现秋日的醉美酒香。诚邀您共赴这场跨越千 年的美酒文化之旅，在酒香中读懂传承，在智造中遇见未来！ 安徽古井贡酒股份有限公司 为2025世界制造业大会 As 2025 World Manufacturing Convention Special Invited Ecological Pa ...

Summary of the Conference Call on the Baijiu Industry Industry Overview - The overall sales volume in the baijiu industry has declined, with distributors expecting a 20%-30% drop in sales during the upcoming double festival period. Sales volume decreased by 40%-50% in July and August [1][2] - High-end baijiu wholesale prices are weak, with Feitian Moutai priced around 1,780 RMB. Demand for baijiu in banquet scenarios remains stable, while mid-range products perform more consistently [1][4] Key Points and Arguments - **Sales Performance**: The baijiu industry is facing significant sales pressure, with actual sales declines exceeding previous market expectations. Most regions, except for Henan, are experiencing sales drops greater than anticipated [2] - **Inventory Levels**: From June to August, the average sales volume decreased by 50%, leading to a slight increase in inventory levels compared to last year. Most distributors have higher inventory levels than the same period last year [3] - **Price Trends**: High-end baijiu products like Feitian Moutai and Wuliangye are experiencing weak wholesale prices. Feitian Moutai's price is expected to fluctuate between 1,700 and 1,800 RMB during the double festival period [4][8] - **Company Performance Adjustments**: Guizhou Moutai has lowered its annual growth target but maintains a steady collection rate compared to last year. Wuliangye is also expected to adjust its growth target due to market conditions [6][9] Company-Specific Insights - **Guizhou Moutai**: The company is increasing promotional activities for its series of products and expects a slight downward adjustment in annual growth targets, which may benefit investors by releasing risks [8] - **Wuliangye**: The company is shifting its focus from absolute growth to long-term competitiveness, with a return rate of approximately 60%-70% [9][10] - **Luzhou Laojiao**: The company is implementing a price stabilization strategy and focusing on expanding its terminal market through targeted promotions [11] - **Shanxi Fenjiu**: The company is facing significant sales declines but is maintaining a stable price point due to good relationships with distributors [13] Investment Recommendations - The report suggests focusing on companies with potential for policy-driven growth and those that can adapt to market changes, such as Jiu Gui, She De, and Shui Jing Fang. Mid-range products like Gu Qing Gong and Ying Jia Gong are also highlighted for their recovery potential [5][7] - The overall sentiment is that the baijiu industry is currently at a low point, but there are opportunities for recovery and growth in specific segments and companies [27] Additional Considerations - The impact of external factors, such as government inspections and coal supply pressures, has affected consumption patterns in various regions [12][14] - The performance of next-tier baijiu products is weaker compared to high-end and mid-range products, indicating a need for careful monitoring of new product launches [21] This summary encapsulates the key insights and trends discussed in the conference call regarding the baijiu industry, highlighting both challenges and potential investment opportunities.

Group 1 - The 2025 12th Gujinggongjiu Autumn Brewing Cultural Week is taking place from September 19 to 23, featuring a dual-city event in "Bozhou Gujing Wine God Square" and "Hefei World Manufacturing Conference Special Session" [1] - Anhui Gujinggongjiu Co., Ltd. is a strategic partner for the event, showcasing its transformation towards "high-end, intelligent, and green" manufacturing at the Hefei World Manufacturing Conference [3] - The event includes immersive experiences for consumers, such as engaging with traditional brewing techniques and participating in interactive activities [3] Group 2 - The "Yearly Original Light Gu20: Meet Hefei" tasting night on September 20 offers consumers a city tour and an immersive experience of "urban culture" and "innovative cocktail mixing" [4] - The event features cultural exchanges and discussions on the development opportunities for Chinese liquor, with participation from representatives of the Chinese Liquor Association [4][5] - Gujing Health is launching a new market for health-oriented products, integrating instant health drinks and cultural liquor experiences, emphasizing the company's commitment to health and wellness [5]

Core Viewpoint - The 12th Gujinggongjiu Autumn Brewing Ceremony emphasizes the brand's commitment to traditional brewing techniques while creating a cultural consumption scene that strengthens emotional connections with consumers [2][4]. Cultural Foundation - Gujinggongjiu adheres to seasonal brewing methods, with September marking the optimal brewing period due to the fermentation of the mash [5]. - The Autumn Brewing Ceremony is rooted in deep cultural heritage, featuring traditional rituals such as honoring the wine god Cao Cao and expressing gratitude to employees' parents [5][7]. Breakthroughs - This year's ceremony upgraded from three locations to four, including Gujinggongjiu, Huangheloujiu, Mingguangjiuye, and Jiuyunjiuye, enhancing brand presence and standardizing craftsmanship [8][9]. - The event is integrated with the World Manufacturing Conference, expanding its influence and reinforcing Gujinggongjiu's cultural significance as a representative of high-quality Chinese manufacturing [9]. Emotional Connection - The Autumn Brewing Ceremony transforms a traditional brewing event into an engaging cultural consumption experience, fostering deep emotional ties between consumers and the brand [10]. - New products, such as the 2025 commemorative wine, were launched during the ceremony, enhancing the consumer experience and extending emotional connections through collectible items [10][12]. Daily Engagement - Gujinggongjiu recognizes the need for ongoing emotional connections beyond annual events, launching the "Gujing Light Care Society" to create a new consumption ecosystem focused on health and lifestyle [10][12]. - The introduction of lighter products like "Light Gu 20" caters to evolving consumer preferences, particularly among younger demographics, redefining the role of traditional liquor in modern consumption [12].

Core Insights - The report highlights the performance pressure in the liquor industry, particularly in the first half of 2025, with a focus on the upcoming festive season as a potential opportunity for investment [1][2][3] Performance Summary - In the first half of 2025, the liquor industry experienced a revenue decline of 0.8% year-on-year, totaling 241.42 billion yuan, with the second quarter seeing a more significant drop of 4.9% to 88.06 billion yuan due to policy impacts [9][10] - High-end liquor maintained growth with a revenue increase of 6.2% in the first half and 3.4% in the second quarter, while mid-tier and regional brands faced substantial declines, with some experiencing drops as severe as 31.1% [10][12] - The overall net profit for the liquor industry decreased by 1.18% in the first half and 7.5% in the second quarter, indicating a challenging environment for profitability [20][28] Short-term Strategy - The report suggests focusing on the upcoming festive season, with expectations of improved sales performance despite ongoing pressures [2][3] - It emphasizes the need for liquor companies to balance market share and structural upgrades while managing pricing and sales dynamics [2][3] Long-term Outlook - The liquor index shows a strong correlation with the Producer Price Index (PPI), with a potential turning point noted in August 2025, which could signal a recovery phase for the industry [2][3] - The report indicates that the liquor sector possesses high return on equity (ROE) and dividend characteristics, with valuations currently positioned in the mid-to-lower range of the industry [2][3] Investment Recommendations - The report recommends focusing on brands that are expected to perform well during the festive season, including high-end brands like Guizhou Moutai and Shanxi Fenjiu, as well as mid-tier brands like Zhenjiu Lidong and Luzhou Laojiao [3][4] - It suggests that the current market conditions may present a buying opportunity as the industry approaches a potential bottom in performance expectations [3][4]