Core Insights - The 23rd China International Wine Expo focuses on high-quality development in the liquor industry, aiming to explore new consumption markets and innovative opportunities for growth [2] - Wuliangye showcased its brand with a theme of "Harmony and Beauty," featuring a youthful design and interactive tasting experiences to attract younger consumers [1][2] - The launch of the "Wuliangye/Wine Expo Series: Years of Golden Flow" co-branded liquor has become a highlight, emphasizing the brand's heritage and innovation [1] Company Highlights - Wuliangye's exhibition at the Wine Expo is a tribute to its thousand-year heritage and a forward-looking exploration of the industry's future development paths [1] - The company emphasizes its commitment to ecological and green development, having been recognized in the 2024 ESG list for its outstanding contributions to environmental governance [1] - Wuliangye aims to upgrade product categories, consumer experiences, and quality standards, bridging traditional practices with modern trends [1] Industry Developments - The event serves as a platform for discussing the liquor industry's high-quality development goals and directions [2] - The launch of the 2025 National Rational Drinking Promotion Week and the 2025 China Liquor Industry ESG Forum highlights the industry's focus on sustainability and responsible consumption [1]

Investment Rating - The report maintains a cautious outlook on the industry, suggesting that the liquor sector is in a bottoming process while food companies should seek structural opportunities from the bottom up [6][8]. Core Views - The liquor industry is expected to experience a prolonged period of inventory digestion, with pressure on third-quarter reports anticipated to continue into the first quarter of 2026. The report emphasizes that stock price recovery may precede fundamental improvements [6][7]. - For consumer goods, the report highlights the potential for structural growth driven by new consumption trends, recommending companies with strong long-term competitive advantages [6][8]. Summary by Sections 1. Weekly Industry Insights - The food and beverage sector outperformed the market, with a weekly increase of 0.86%, while the liquor segment rose by 1.78%. The sector ranked third among 31 sub-industries [5][29]. - Key stocks that performed well included Kweichow Moutai and Qingdao Beer, while stocks like Jinzi Ham faced significant declines [5]. 2. Market Performance by Sector - The report indicates that the liquor sector is facing significant adjustment pressures, with high channel inventories and weak demand expected to persist into the next year. The report anticipates that the sales performance during the 2026 Spring Festival will be under pressure due to high base effects from 2025 [7][29]. - The consumer goods sector is viewed positively, particularly in dairy and beer, with recommendations for stocks like Yili and Yanjing Beer, while also noting potential competition in the snack and beverage segments [8][29]. 3. Key Company Updates - Moutai's bottle price is reported at 1750 RMB, down 15 RMB week-on-week, while Wuliangye's price remains stable at approximately 830 RMB. The report notes that the autumn sugar and wine fair had a subdued atmosphere, reflecting ongoing market challenges [7][19]. - The report highlights significant profit growth for companies like Chenguang Biotech, with a projected net profit increase of 344.05% to 401.55% year-on-year for the first three quarters of 2025 [9][10]. 4. Valuation Metrics - As of October 17, 2025, the food and beverage sector's dynamic PE is reported at 19.74x, with a premium rate of 24%. The liquor sector's dynamic PE stands at 18.33x, with a premium rate of 15% [19][28]. 5. Sectoral Excess Returns - The food and beverage industry outperformed the Shenwan A index by 4.44 percentage points during the period from October 13 to October 17, 2025, with various sub-sectors showing different levels of performance [29][30].

Core Insights - Wuliangye has been awarded the highest level certification of "Seven Diamonds" at the 2025 EFQM Global Award, recognizing its excellence in performance management and sustainable development [1] - The company also received the "United Nations Sustainable Development Goals Implementation and Corporate Performance Excellence Award," highlighting its commitment to sustainability [1] - This recognition positions Wuliangye as a benchmark for sustainable performance among Chinese enterprises, providing a model for others to follow [1] Summary by Categories - **Awards and Recognition** - Wuliangye received the "Seven Diamonds" certification at the EFQM Global Award [1] - The company was also honored with a specific award for its efforts in sustainable development [1] - **Sustainability and Performance Management** - The awards signify Wuliangye's outstanding performance in sustainability and management practices [1] - The recognition serves as a demonstration of best practices for other Chinese companies aiming for sustainable performance [1]

Core Viewpoint - The 23rd China International Wine Expo, hosted by the China Alcoholic Drinks Association, showcased Wuliangye's core products, highlighting its ancient brewing techniques and the unique charm of "Great Nation's Strong Aroma" [1][2]. Group 1: Event Overview - The expo, themed "World Famous Wines, Shared Glory," featured over 500 enterprises from 28 countries and regions, integrating product trading, information services, technical exchanges, investment promotion, and comprehensive services across the entire industry chain [2]. - Wuliangye launched the co-branded product "Wuliangye·Years of Golden Flow" during the event, which received positive consumer feedback [12][15]. - The event served as a significant platform for global wine industry exchange and cooperation, focusing on promoting consumption and benefiting people's livelihoods [11]. Group 2: Wuliangye's Presentation - Wuliangye's exhibition showcased its rich historical heritage and brand vitality, with a high-end, stylish booth that reflected both tradition and innovation [5][9]. - The exhibition featured a variety of core products, including the first to eighth generations of Wuliangye, classic series, and cultural creative products, attracting significant attention from attendees [7][9]. - The booth design included engaging elements like 3D visuals and tasting stations for low-alcohol products, enhancing consumer interaction and experience [9][10]. Group 3: Awards and Recognition - Wuliangye's products received accolades at the "Heaven and Man in Harmony: World Fine Wine Cultural and Creative Product Competition," winning gold and bronze awards in various categories [2][5]. Group 4: Market Impact - The expo provided a convenient channel for consumers to access high-quality alcoholic products, meeting the demand for premium white wines and injecting new vitality into the liquor market [15].

Core Insights - Wuliangye has achieved the highest score in the history of Chinese enterprises at the EFQM Global Award, receiving the prestigious "Seven Diamonds" certification, which represents the highest honor in the EFQM excellence recognition system [1][4][10] - The award signifies international recognition of the quality management and sustainable development practices of Chinese liquor companies, enhancing Wuliangye's global brand image [3][4] Group 1: Award Significance - The EFQM Global Award is one of the three major quality awards globally, alongside the Deming Prize and the Baldrige Award, and is recognized for its rigorous evaluation framework [4] - Only 14 out of over 200 participating companies received awards this year, highlighting Wuliangye's exceptional management level [4] Group 2: Excellence Practices - Wuliangye's success is attributed to its outstanding practices across five dimensions: corporate culture, strategic alignment, ecosystem leadership, balance of tradition and innovation, and ESG-oriented development [5] - The company has integrated a "Harmony" culture into its operations, which is deeply embedded in its organizational DNA [5] - Wuliangye actively promotes sustainable practices aligned with the United Nations Sustainable Development Goals (UNSDGs), establishing itself as a leader in the industry [5][6] Group 3: Sustainable Development Initiatives - The company has implemented initiatives for green production, energy conservation, pollution reduction, and carbon neutrality, becoming the first in the industry to create a national green factory [6][7] - Wuliangye emphasizes the interdependence of environmental, economic, and social factors in achieving sustainable development [7] Group 4: International Expansion and Cultural Promotion - During its recent event in Spain, Wuliangye showcased its "Harmony" culture and engaged in cultural exchanges, enhancing its brand presence in the European market [9][10] - The company launched the "Harmony·Terroir Initiative," calling for global cooperation in ecological protection and sustainable practices within the brewing industry [9] Group 5: Future Outlook - Wuliangye aims to continue its commitment to quality and innovation, driving management and industry upgrades while enhancing the global presence of Chinese brands [10]

Core Viewpoint - The forum emphasizes the importance of responsibility and sustainable development in the Chinese liquor industry, highlighting the commitment of leading companies like Wuliangye to promote rational drinking culture and environmental governance [1][3][14] Group 1: Industry Responsibility and Rational Drinking - The "National Rational Drinking Promotion Week" serves as a core platform for promoting responsible drinking, focusing on three main missions: "Rational and Civilized Drinking, Rejecting Drunk Driving," "Caring for Growth, No Drinking for Minors," and "Moderate Drinking, Happy Living" [4][6] - Wuliangye's commitment to responsible consumption is integral to its corporate philosophy of "Harmony and Coexistence," aiming to establish rational drinking as a social norm and a symbol of civilization [6][7] Group 2: ESG Practices and Environmental Governance - Wuliangye was recognized as a "Prominent Case in Environmental Governance" in the 2024 ESG list for its systematic achievements in environmental management, reflecting its long-term commitment to green and low-carbon practices [3][8][10] - The company prioritizes ecological protection and sustainable development, actively engaging in circular economy initiatives and improving the ecological environment of its operational areas [10][14] Group 3: Social Contributions and Stakeholder Engagement - Wuliangye's social responsibility initiatives focus on education, healthcare, and rural revitalization, significantly impacting over 100 villages through various support programs [13] - The company has established a comprehensive care platform for employees, ensuring their rights and development, while also committing to high returns for shareholders, with a cash dividend of 22.3 billion in 2024, marking a historical high [13][14] Group 4: Future Outlook and Industry Impact - The forum marks a new beginning for the Chinese liquor industry, with Wuliangye aiming for higher performance in environmental protection, stronger social responsibility, and improved corporate governance [14] - The company's ongoing efforts are expected to inspire the entire liquor industry and broader commercial sectors to engage in sustainable development [14]

Core Insights - Wuliangye has been awarded the EFQM Global Award with the highest "Seven Diamonds" certification, marking a significant recognition of its management excellence and positioning Chinese enterprises as leaders in global quality management and sustainable development [1][2][3] Group 1: Award Recognition - The EFQM Global Award is a prestigious recognition established by the European Foundation for Quality Management, alongside the Deming Prize and the Baldrige Award, representing the highest honor in quality management [2] - The award utilizes the 2025 version of the EFQM model as its evaluation framework, which includes seven criteria such as "Purpose, Vision and Strategy" and "Organizational Culture and Leadership" [3] Group 2: Management Practices - Wuliangye has integrated the EFQM model with Chinese cultural wisdom, creating a unique management approach that emphasizes the "Harmony and Beauty" concept throughout its operations [4][5] - The company has established a clear transmission mechanism from mission to strategy, ensuring alignment between strategic goals and performance across all levels [5] Group 3: Sustainable Development Initiatives - Wuliangye actively engages in practices aligned with the United Nations Sustainable Development Goals, positioning itself as a leader in ecological system construction and sustainability within the industry [5] - The company focuses on ESG (Environmental, Social, and Governance) principles, promoting sustainable practices throughout its entire value chain, from raw material procurement to logistics [5][6] Group 4: Future Outlook - Wuliangye aims to continue showcasing the sustainable development path of Chinese enterprises on the global stage, driven by its commitment to quality and management innovation [6]

Core Viewpoint - The company acknowledges the changing consumer preferences, distribution channels, and competitive landscape, and emphasizes the importance of adapting to the evolving tastes of different generations in the alcohol market [1] Group 1 - The company is aware of the shifts in consumer behavior and is actively seeking to adapt to these changes [1] - There is a focus on enhancing employee capabilities to better meet the demands of the market [1] - The company is addressing the diverse drinking preferences of older, middle-aged, and younger consumers, particularly in relation to health-oriented products like "health-preserving" liquor [1]

Group 1 - The company, Wuliangye (000858.SZ), clarified on an interactive platform that it is not involved in any tea-related business [1]

（UNSDGs）的实践，为行业及生态系统提供可持续发展范式。同时，五粮液不仅聚焦于自身的废水处 理、生物质发电、土壤保护与社会责任行动，还积极推动提升供应商零碳排放与ESG意识，展现了卓越 的行业领导力。 EFQM全球奖（原欧洲质量奖）由1991年10月欧洲质量管理基金会（EFQM）与欧盟委员会和欧洲质量 组织合作创设，与日本戴明奖（Deming Prize）、美国波多里奇奖（Malcolm Baldrige National Quality Award）并称世界三大质量奖。该奖项采用全球公认的卓越绩效管理框架，自1992年起每年颁发一次， 旨在帮助企业高效管理变革并实现持续绩效提升，以表彰全球范围内杰出组织，代表了质量领域的最高 荣誉之一。EFQM全球奖评选从三钻到七钻不等，此次五粮液获得EFQM全球奖"七钻"认证是EFQM卓 越认可体系中的最高荣誉。 据EFQM首席执行官罗素介绍，今年全球共200余家企业接受了EFOM全球奖评审，最终仅评选出了表 现卓越的14家企业，分别来自土耳其、西班牙、中国、新加坡、墨西哥、希腊、哥伦比亚、印度、美 国、沙特阿拉伯等国家，这些企业均代表了全球最高管理水平。尤为值得一提 ...