Core Viewpoint - The liquor industry is entering a deep adjustment period, prompting liquor companies to collaborate strategically with "traffic channel merchants" to launch new products, exemplified by the partnership between Pang Donglai and Baofeng Liquor, which is expected to generate approximately 1 billion yuan in revenue within the year [1][3][4]. Group 1: Industry Trends - The collaboration between liquor companies and traffic channel merchants is not an isolated case, with multiple instances of co-branded products emerging, such as "Free Love" by Pang Donglai and Baofeng Liquor, and "Yanghe Daqu" by JD and Yanghe Co. [3][4]. - The "liquor company + traffic channel merchant" model has become a significant strategy for addressing inventory pressure and sales challenges in the industry [3][5]. - The partnership model has shown promising short-term results, with "Free Love" projected to achieve 1 billion yuan in revenue and Yanghe Daqu selling over 10,000 bottles within 48 hours on JD [4][8]. Group 2: Market Dynamics - The collaboration aims to leverage the terminal control and user assets of traffic channel merchants to enhance product sales and reduce customer acquisition costs [5][6]. - The liquor industry faces a critical challenge of high channel inventory and weak terminal sales, necessitating a shift from traditional distribution models to more direct sales approaches [6][7]. - Data from the China Alcoholic Drinks Association indicates that 58.1% of distributors reported increasing inventory levels in the first half of 2025, highlighting the ongoing inventory pressure in the market [6]. Group 3: Future Prospects - The increasing collaboration between liquor companies and traffic channel merchants is expected to evolve, with a focus on creating differentiated products and transitioning from "channel-driven" to "brand-driven" strategies [8][9]. - The historical evolution of this collaboration model reflects a shift from simple supply relationships to strategic partnerships, emphasizing the need for liquor companies to understand consumer demands and develop unique products to stand out in a competitive market [9][10].

证券代码：000799 证券简称：酒鬼酒 公告编号：2025-16 二、对公司的影响 公司已连续多年向援扶对象捐赠帮扶资金，此次捐赠事项是公司 持续积极履行社会责任、回馈社会的举措，有利于彰显公司服务国家 战略的使命担当，有利于提升公司品牌形象和社会影响力。本次对外 捐赠事项不会对公司经营产生重大影响。 特此公告 酒鬼酒股份有限公司董事会 2025年7月11日 酒鬼酒股份有限公司 关于对外捐赠的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、捐赠事项概述 酒鬼酒股份有限公司（以下简称"公司"）为切实履行公司的社 会责任，提升公司品牌形象，拟向西藏洛扎县捐赠帮扶资金人民币 200 万元，用于当地教育、医疗、科技、文化等帮扶项目。根据《深 圳证券交易所股票上市规则》及《公司章程》等相关规定，本事项无 须提交董事会及股东会审议。本次对外捐赠事项不构成关联交易。 ...

酒鬼酒：拟向西藏洛扎县捐赠帮扶资金200万元 智通财经7月10日电，酒鬼酒(000799.SZ)公告称，公司拟向西藏洛扎县捐赠帮扶资金200万元，用于当 地教育、医疗、科技、文化等帮扶项目。此次捐赠是公司持续积极履行社会责任、回馈社会的举措，不 会对公司经营产生重大影响。 ...

酒鬼酒（000799）公告，公司拟向西藏洛扎县捐赠帮扶资金200万元，用于当地教育、医疗、科技、文 化等帮扶项目。此次捐赠不构成关联交易，且不会对公司经营产生重大影响。 ...

Group 1 - Fenggu Liquor Industry has appointed Chen Chao as the chairman candidate, indicating a positive change in the industry after its bankruptcy restructuring [1] - Chen Chao, born in June 1989, has extensive experience in the liquor industry and management, which may enhance market confidence in Fenggu's recovery [1] Group 2 - Fat Donglai's founder Yu Donglai announced that the "Free·Love" product line is expected to generate around 1 billion yuan in revenue this year, showcasing the brand's ambition to achieve international quality standards [2] - The collaboration between Fat Donglai and Baofeng Distillery to launch "Free·Love" reflects an innovative approach in the retail sector, potentially opening new sales channels for traditional liquor companies [2] Group 3 - Moutai and Xijiu have donated a total of 20 million yuan for disaster recovery efforts in Qiandongnan Prefecture, demonstrating corporate social responsibility and strengthening their brand image [3] - The donations include 10 million yuan from Moutai and 3 million yuan from Xijiu, highlighting the close relationship between local liquor companies and regional development [3]

Group 1 - The food and beverage sector continues to show upward momentum, with the Food ETF (515710) experiencing a peak intraday increase of 1.34% before closing up 0.67% [1][3] - The Food ETF (515710) exhibited a notable premium at the close, with a closing premium rate of 0.28%, indicating strong buying interest [3] - Key stocks in the sector, such as Yanjing Beer, Shanxi Fenjiu, and Wuliangye, showed significant gains, with Yanjing Beer rising by 2.22% and several others increasing by over 1% [3] Group 2 - After a significant prior correction, the food and beverage sector is stabilizing, with Guangfa Securities suggesting that the liquor industry may see a "valuation-earnings" double bottom by 2025, indicating a potential mid-cycle buying point [3][4] - The current dividend yield of the sector compared to the ten-year government bond yield suggests attractive value for investors, especially as the sector's valuation has reached a near 10-year low [3][4] - As of July 8, the price-to-earnings ratio of the Food ETF's underlying index was 19.83, placing it in the 2.94% percentile of the past decade, highlighting its long-term investment appeal [3] Group 3 - Looking ahead, Guosen Securities notes that since September 24, 2024, macro policies have increasingly focused on boosting consumption, with a special action plan aimed at expanding domestic demand [4] - The food and beverage sector is expected to benefit from these consumption-boosting policies, with a gradual recovery in consumer demand anticipated [4] - Hu Long Securities predicts that the revenue and net profit growth rates for the food and beverage industry will slow in the first quarter of 2025, with significant performance differentiation among sub-sectors [4] Group 4 - The Food ETF (515710) tracks the CSI segmented food and beverage industry theme index, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in beverages, dairy, and seasoning stocks [5] - The top ten weighted stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili, indicating a strong focus on core assets within the sector [5]

Investment Rating - The investment rating for the industry is "Outperform the Market" [5][6]. Core Views - The report highlights that the liquor sector, particularly Moutai, is stabilizing in price, and attention should be paid to the second-quarter performance of the sector [3][12]. - The food and beverage sector saw a slight increase of 0.74% this week, underperforming the Shanghai Composite Index by 0.67 percentage points [2][22]. - The report emphasizes the importance of consumer demand and market health, with companies focusing on destocking and promoting sales in the short term while nurturing consumer engagement and internationalization in the long term [14][21]. Summary by Sections Liquor Sector - Moutai's stock buyback reached 3.3821 million shares, accounting for 0.27% of total shares, with a total expenditure of 5.202 billion yuan [3][12]. - The liquor index increased by 1.2%, indicating a potential valuation recovery driven by incremental policies [14]. - Recommended stocks include Moutai, Shanxi Fenjiu, and Wuliangye, which have demonstrated resilience through multiple cycles [14][21]. Consumer Goods - The report notes that the recent warm weather is favorable for beer consumption, with expectations for slight sales growth among major beer brands [15]. - The snack sector is experiencing a trend of differentiation, with recommendations for companies that are innovating in products and channels [16][17]. - The report suggests focusing on leading companies in the seasoning industry, such as Yihai International and Haitian Flavoring, as they show resilience [18]. Frozen Foods - The frozen food sector is stable, with companies actively developing new products despite the off-season [19]. - Anji Food's recent IPO on the Hong Kong Stock Exchange raised 2.302 billion HKD, which will be used to enhance sales networks and optimize supply chains [19]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with supply pressures easing and potential policy catalysts on the horizon [20]. - The report recommends focusing on leading dairy companies that are well-positioned for upward elasticity in 2025 [20]. Beverages - The beverage industry is entering a peak season, with expectations for continued growth in segments like sugar-free tea and energy drinks [21]. - The report recommends East Peak Beverage, which is accelerating its national and platform expansion [21].

Core Viewpoint - The Chinese liquor industry is currently in a period of adjustment, with leading companies focusing on "steady development" as their primary strategy amidst challenges such as slowing consumer demand and intensified competition [2][3][6]. Group 1: Financial Performance and Dividends - Major liquor companies like Moutai, Wuliangye, and Yanghe are showing a trend of increasing dividend amounts and ratios, reflecting their strong financial performance and commitment to shareholder returns [7][8]. - Moutai plans to distribute a total cash dividend of 646.72 billion yuan for 2024, with a distribution rate of around 80% [7]. - Wuliangye announced a record high total dividend of 223 billion yuan for 2024, with a dividend yield of 4.9%, and committed to maintaining a dividend ratio of no less than 70% from 2024 to 2026 [7][8]. - Luzhou Laojiao has also set a three-year cash dividend plan, with rates increasing from 65% to 75% over the next three years [8]. Group 2: Strategic Focus and Market Positioning - The keyword for the liquor industry in 2025 is "stability," as companies prioritize maintaining market share and quality over rapid growth [3][6]. - Wuliangye reported a revenue growth of 7.09% and a net profit growth of 5.44% for 2024, continuing its trend of steady growth for ten consecutive years [5]. - Shanxi Fenjiu emphasized the shift in competition from speed to quality, focusing on stabilizing markets, channels, and prices [5]. Group 3: International Expansion - Moutai's international revenue reached 5.189 billion yuan in 2024, marking a significant milestone in its global strategy, which includes transitioning from product export to brand and cultural promotion [9]. - Wuliangye has successfully opened 21 new overseas markets and established 29 new distributors, enhancing its international presence [10]. - Fenjiu is implementing a differentiated international strategy, successfully filling market gaps in 11 countries and increasing its overseas revenue by over 50% [10]. Group 4: Product Innovation and Market Trends - The trend towards lower alcohol content beverages is gaining traction, with several leading companies, including Moutai and Wuliangye, planning to launch low-alcohol products to cater to younger consumers [13][16]. - Moutai has introduced a blueberry sparkling wine and is actively recruiting distributors to capture more market share in the low-alcohol segment [16]. - The industry is recognizing the need to adapt to changing consumer preferences, with companies exploring new product lines to meet diverse market demands [16].

Group 1: Industry Overview - Moutai's batch price stabilizes and rebounds, indicating potential improvement in sentiment within the liquor sector [1][11] - Short-term demand fluctuations are expected to lead to a quarter-on-quarter slowdown in the liquor sector for Q2 2025, but leading liquor companies are working to maintain price stability [1][11] - The snack sector shows stability in traditional channels and rapid growth in membership supermarket channels, with new products expected to launch in the second half of 2025 [1][11] Group 2: Company-Specific Insights - Luzhou Laojiao is actively embracing new consumption trends, improving market inventory, and planning to expand its terminal count to 4 million over the next five years [2] - Yanghe's new leadership is expected to drive organizational adjustments and enhance operational dynamics, with new products launched to target younger consumers [3] - Jiu Gui Jiu is focusing on brand education and product strategies, including low-end and low-alcohol products, while optimizing its channel structure [4] - New Dairy is experiencing double-digit growth in low-temperature milk, with cost advantages expected to enhance profit release capabilities [5] - Jin Zai Foods is in a cautious operational phase, with stable performance in traditional and snack channels, while exploring new product launches [6] - Youyi Foods is seeing strong sales performance and successful new product launches, particularly in membership channels [7] - Zhongchong's self-owned brands are growing, with stable domestic market performance and increased overseas factory output [8] - Petty's domestic market is expanding into staple food areas, with a focus on low-sensitivity, high-nutrition products [9] - Anjiu Foods has successfully listed its H-shares, raising approximately 2.302 billion HKD from the global offering [10]

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for structural growth opportunities [20][21]. Core Insights - The report highlights a stabilization in the price of Moutai, suggesting a potential improvement in sentiment within the liquor sector. It notes that while short-term demand fluctuations may lead to a slowdown in the liquor sector in Q2 2025, leading companies are working to maintain price stability, and smaller companies are adapting to consumer trends [20][21]. - The snack segment is experiencing stable performance in traditional channels, with rapid growth in membership supermarket channels. New products are expected to be launched in the second half of 2025, and the pet food sector is also showing good growth [20][21]. - The report emphasizes the importance of product quality enhancement, channel expansion, and innovative marketing strategies as key methods for companies to navigate current market challenges [20][21]. Summary by Sections Core Company Tracking - Luzhou Laojiao is improving market inventory and plans to expand its distribution network to four million terminals over the next five years. The company is also developing lower-alcohol products [11][12]. - Yanghe Co. has appointed new leadership, which is expected to drive organizational adjustments and enhance operational dynamics. The company continues to innovate its product line [12]. - Jiugui Liquor is focusing on channel adjustments and has partnered with a retail chain to explore new growth avenues [13]. - New Dairy is benefiting from cost advantages, leading to stronger profit release capabilities, with a focus on low-temperature milk products [14]. - Jinzai Food is in a cautious operational phase, with stable performance in traditional and snack channels [15][16]. - Zhongchong Co. is seeing continued growth in its self-owned brands, despite some export challenges [17]. - Petty Co. is expanding its product offerings in both snacks and staple foods, with a focus on New Zealand's production capacity [18]. - Anji Food has successfully listed its H shares, raising approximately 2.302 billion HKD [19]. Investment Recommendations - The report suggests focusing on growth sectors influenced by changing consumer trends, with specific recommendations for companies like Zhongchong Co., Guobao Pet Food, and Nongfu Spring [21]. - It also highlights structural growth opportunities in the restaurant chain recovery, recommending companies such as Zhujiang Beer and Yanjing Beer [21]. - For traditional consumer goods, it advises investing in leading liquor companies and dairy products, with a focus on companies like Yili and New Dairy [21]. Industry Overview - The food and beverage industry is characterized by a total of 143 listed companies with a total market capitalization of 478.1 billion RMB [4]. - The industry has shown a mixed performance, with a 1-month absolute performance of -4.7% and a 12-month performance of 28.2% [6].