Group 1 - The core theme of the China Quality Conference is "Quality: Empowering New Quality Productivity," aimed at promoting international cooperation in quality management and sharing experiences from various countries [1] - Wuliangye has been awarded the nomination for the China Quality Award, becoming the only liquor company to receive this honor, showcasing its unique quality management model [1][3] - The company has developed a comprehensive quality management model, "From a Grain of Seed to a Drop of Fine Wine," which integrates quality management across the entire production chain [3][4] Group 2 - Wuliangye has consistently adhered to a core strategy of "Quality as the Foundation" since the 1980s, incorporating advanced management models and achieving significant economic and social benefits [4] - The company ranked 141st in the "2025 China Top 500 Enterprises" list with a revenue of 195.29677 billion yuan, reflecting its strong position in the liquor industry [5] - Wuliangye aims to enhance its core competitiveness in quality management and strives to become a world-class liquor enterprise by focusing on innovation and social responsibility [5]

Investment Rating - The report suggests a recommendation for strong brands such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as Shanxi Fenjiu, which has a clear growth path in a counter-cyclical environment [5]. Core Insights - The industry is currently in a phase of accelerated bottoming, transitioning from "passive clearing" to "active adjustment" due to ongoing pressures from excess supply and demand scenarios [3][5]. - The first half of 2025 saw a negative growth in revenue and net profit for major liquor companies, marking the first negative growth in this cycle [15]. - The report highlights a structural opportunity during the volume adjustment period, with market pricing increasingly favoring dividend yield and market share [3][5]. Summary by Sections Industry Overview - The white liquor industry faced challenges in the first half of 2025, including slow macroeconomic recovery and strict alcohol prohibition policies, leading to a decline in consumption scenarios and continued pressure on demand [5]. - The overall revenue and net profit for 17 major liquor companies were 2368.3 billion and 944.6 billion respectively, with a year-on-year decline of 0.4% and 0.9% [15]. Performance Analysis - In Q2 2025, the revenue and net profit for the industry were 867.2 billion and 313.4 billion respectively, reflecting a year-on-year decline of 4.7% and 7.3%, marking the first negative growth in revenue during this cycle [15]. - High-end liquor maintained positive growth, while the mid-range and regional brands experienced declines [20][22]. Market Dynamics - The report indicates that the market is shifting focus from short-term recovery scenarios to verifying the bottom of demand trends through year-on-year comparisons [3]. - The report anticipates a recovery in the third quarter, driven by seasonal consumption events such as Mid-Autumn Festival and National Day, which may accelerate the bottoming process of the fundamentals [5]. Investment Recommendations - The report recommends focusing on brands with strong market positions and growth potential, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and regional leaders like Guyi Gongjiu and Jinhui Jiu [5].

Core Viewpoint - The white liquor industry is experiencing a "low-degree competition" as several companies, including Wuliangye and Gujinggongjiu, have launched low-degree liquor products to attract younger consumers and adapt to changing market dynamics [1][5]. Industry Trends - Since late August, multiple liquor companies have introduced low-degree white liquor, indicating a shift in consumer preferences and market strategies [1]. - The overall number of large-scale liquor enterprises in China has decreased, with 887 companies reported in mid-2025, down over 100 from the previous year [4]. - The production of white liquor has declined by 5.8% year-on-year, with sales revenue slightly increasing by 0.19% to 330.42 billion yuan, while profits fell by 10.93% to 87.69 billion yuan [4]. Market Response - Retailers have been cautious about stocking new low-degree products, with many still focusing on high-degree liquor, which dominates the market [2][3]. - The current market for low-degree liquor is primarily driven by local brands, with only a small percentage of low-degree options available in stores [2][3]. Consumer Insights - The primary consumer base for liquor remains middle-aged and older individuals, with younger consumers showing a preference for purchasing low-degree liquor through online channels or convenience stores [3]. - A survey indicated that only 19% of young consumers prefer white liquor, while 52% favor beer and 29% prefer foreign or fruit wines [4]. Strategic Initiatives - Major liquor companies are launching low-degree products as a strategy to engage younger consumers and expand into casual drinking scenarios [5]. - Companies like Gujinggongjiu and Wuliangye have recently introduced new low-degree products, indicating a competitive push in this segment [5]. Challenges - The definition of low-degree liquor varies, complicating market positioning and consumer understanding [6]. - The industry faces challenges in establishing consumption habits and market recognition for low-degree liquor, as traditional consumption scenarios remain dominated by high-degree products [7].

Group 1 - The liquor concept sector experienced a decline of 1.19% as of the market close on September 17, ranking among the top declines in concept sectors [1] - Within the liquor sector, stocks such as Yiatong, Kweichow Moutai, and Wuliangye saw significant net outflows of main funds, with Yiatong leading at a net outflow of 3.91 billion yuan [2][3] - Conversely, stocks like Kouzi Jiao and Jihong Co. saw net inflows of main funds, with Kouzi Jiao receiving 98.33 million yuan [2][4] Group 2 - The top gainers in the liquor sector included Jihong Co. with an increase of 4.06%, Kouzi Jiao with 2.98%, and Huachuang Yunxin with 0.92% [1][4] - The main funds saw a net outflow from 39 stocks in the liquor sector, with six stocks experiencing outflows exceeding 100 million yuan [2] - The overall market sentiment in the liquor sector appears negative, as indicated by the significant outflows and the majority of stocks declining in value [2][3]

9月17日，市场全天震荡走强，三大指数探底回升。截至收盘，沪指涨0.37%，深成指涨1.16%，创业板 指涨1.95%。沪深两市成交额2.38万亿，较上一个交易日放量353亿。盘面上，全市场超2500只个股上 涨。 相关ETF方面，食品饮料ETF天弘（159736）截至收盘跌0.67%，成交额超2100万元。据Wind金融终 端，截至收盘，食品饮料ETF天弘（159736）获净申购3400万份。 资金流向方面，据Wind数据，食品饮料ETF天弘（159736）昨日获资金净流入超3700万元，近5个交易 日（9月10日—16日）累计"吸金"4675万元。 食品饮料ETF天弘（159736）紧密跟踪中证食品饮料指数，该指数覆盖酒、饮料、食品三大刚需赛道， 成分股以贵州茅台、五粮液、伊利股份等行业龙头为主。相比纯白酒指数兼顾酒、奶、调味品等多元消 费场景。此外，该指数⾏业相对分散，前⼗⼤成分股集中度较低，⼩盘股占⽐超50%。食品饮料ETF天 弘（159736）还配置了场外联接基金（A:001631；C:001632）。天弘基金表示，中证食品饮料指数弹性 高，抗单一行业波动能力更强，适合长期布局消费升级。 消息面上， ...

Group 1 - The company launched a new product, 29-degree Wuliangye "First Sight," on August 26, which is available for pre-sale across multiple platforms including JD.com, Tmall, Vipshop, and Douyin [2] - The pre-sale phase attracted over 10,000 consumers who placed reservations for the new product [2]

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry [5] Core Insights - The food and beverage sector is experiencing a significant slowdown in performance, with a year-on-year decline in net profit attributable to shareholders. The sector's revenue for H1 2025 reached 580.635 billion yuan, a year-on-year increase of 2.41%, while net profit attributable to shareholders was 127.508 billion yuan, reflecting a year-on-year decrease of 0.56% [2][16] - The report highlights that the growth rates of revenue and net profit have declined compared to H1 2024, with revenue growth down by 1.30 percentage points and net profit growth down by 14.52 percentage points. The sector's gross margin and net margin have also decreased year-on-year [2][16] Summary by Sections Overall Performance - The food and beverage sector's revenue growth has slowed significantly, ranking 14th among 31 sub-industries, while net profit growth ranked 20th [2][16] - The sector's gross margin and net margin have decreased year-on-year, although the expense ratio remains relatively stable [3][21] Sub-sector Performance - Snack foods, soft drinks, and fermented seasonings showed the highest revenue growth rates, with increases of 36.36%, 9.08%, and 4.66% respectively. In terms of net profit growth, beer, fermented seasonings, and soft drinks led with increases of 12.06%, 8.04%, and 4.89% respectively [2][25] - The beer sector achieved positive growth in both revenue and net profit, with revenue increasing by 2.75% and net profit by 12.06% in H1 2025. Major beer companies like Zhujiang Beer and Yanjing Beer performed well, with net profit growth exceeding 22% [8][41] Wine Sector - The wine sector experienced a slight decline in revenue and net profit, with H1 2025 revenue at 241.508 billion yuan, down 0.86% year-on-year, and net profit at 94.561 billion yuan, down 1.18% year-on-year. This marks the first negative growth since H1 2014 [4][28] - High-end wines showed resilience, with revenue growth of 6.17% and net profit growth of 5.49%. The market share of leading brands like Moutai and Wuliangye remained strong [34][35] Investment Recommendations - The report suggests structural investment opportunities in the food and beverage sector, particularly in the beverage, snack, and health food industries. It emphasizes the potential in energy drinks and innovative snack brands [10] - The beer, seasoning, and dairy sectors are identified as areas for marginal improvement, while the wine sector is viewed as being in a bottoming phase, with limited downside risk [10]

Core Viewpoint - Wuliangye, as a senior partner of the China Pavilion at the 2025 Osaka Expo, hosted a "Wuliangye Theme Day" to showcase its unique brewing techniques and cultural heritage, promoting the value concept of "harmony and coexistence" [1][5][21] Group 1: Event Highlights - The "Wuliangye Theme Day" featured a variety of activities that highlighted the international appeal of "Da Guo Nong Xiang" (Great Country's Rich Aroma) [7] - Wuliangye presented a commemorative gift box to the China Pavilion for permanent collection, and also held a ceremony for its second overseas authorized restaurant in Osaka [3][5] - The event included immersive experiences that combined traditional craftsmanship with modern elements, showcasing the brand's confidence and inclusivity on the global stage [9][11] Group 2: Cultural Significance - The 2025 Osaka Expo's China Pavilion aims to demonstrate traditional ecological wisdom and the achievements of green development, with Wuliangye being the first Chinese liquor brand to appear [5][19] - The event utilized elements like the Yangtze River and ancient cellar mud to narrate the story of Wuliangye's heritage and its journey to the world stage [7][15] - Wuliangye's historical significance was highlighted, including its 700-year-old ancient cellar and its recognition as a national liquor, showcasing its cultural depth and global reputation [17][19] Group 3: Marketing and Global Engagement - The "Wuliangye Expo Season" marketing campaign has gained significant traction, featuring promotional activities in Osaka and Tokyo that combine fine liquor with gourmet food [21] - Wuliangye aims to connect with global consumers through various initiatives, including themed exhibitions, customized gifts, and interactive activities, reinforcing its cultural and quality confidence [21] - The brand's participation in the Expo serves as a platform for promoting cultural exchange and the value of "harmony and coexistence" on the world stage [21]

Core Viewpoint - The collaboration between Wuliangye and the Golden Panda Awards represents a strong union of brand and cultural values, showcasing the essence of Chinese liquor and its cultural significance on a global stage [3][10]. Group 1: Event Overview - The second Golden Panda Awards took place in Chengdu on September 12-13, attracting over 2.53 million viewers and featuring participation from numerous celebrities [1][3]. - The awards received submissions from 126 countries and regions, totaling 5,343 works, with foreign entries accounting for 73.2% [5]. Group 2: Wuliangye's Participation - Wuliangye, as a global strategic partner of the Golden Panda Awards, showcased its high-end product range, including classic Wuliangye and the newly launched commemorative liquor designed by renowned sculptor Wu Weishan [7][8]. - The event featured unique cocktails and dishes that highlighted the integration of Chinese liquor culture with local culinary traditions, enhancing the cultural experience for attendees [10]. Group 3: Marketing Innovations - Wuliangye has been actively expanding its marketing reach, participating in high-profile events like the Boao Forum and the APEC Business Leaders Summit, and recently announced a partnership with FIFA for the 2026 World Cup [12][13]. - The brand's value has risen, ranking 73rd in the 2025 Global Brand Value 500 list with a value of $27.778 billion, reflecting its strong market presence and brand strength [13]. Group 4: Product Innovations - Wuliangye introduced a new low-alcohol product, 29° Wuliangye, targeting younger consumers with a modern design and marketing approach, including a partnership with singer G.E.M. [15][16]. - The Chinese liquor industry is experiencing growth, with exports increasing by 7.4% in volume and 30.9% in value in the first half of the year, indicating a positive trend in international demand [16].

Core Viewpoint - The 30th anniversary celebration of Wuliangye specialty stores highlights the brand's journey and commitment to innovation and collaboration with partners in the market [1][5]. Group 1: Historical Development - Wuliangye pioneered the specialty store model in 1995 to address consumer needs for authentic liquor and to create a reliable sales channel, with the first store opening in Changsha, Hunan [3][5]. - The specialty store network has expanded to over 1,700 locations across more than 300 cities in China, serving as a crucial platform for brand image, product integrity, and consumer experience [3][5]. Group 2: Strategic Achievements - Wuliangye has transformed its specialty stores from a single sales point to a national network, evolving from basic service to refined operations and from product delivery to brand co-creation [5][7]. - The company has continuously empowered specialty stores through upgrades and innovations, including the implementation of customer management systems and smart store technologies [5][6]. Group 3: Future Directions - Wuliangye plans to strengthen its specialty store system by focusing on five key areas: brand enhancement, operational upgrades, digital transformation, customer engagement, and marketing innovation [7]. - The company aims to create a new high-quality development phase by fostering a culture of collaboration and shared success with its partners [7].