Core Viewpoint - The article discusses the ongoing price protection battle among major liquor companies in response to aggressive discounting on e-commerce platforms ahead of the "Double 11" shopping festival, highlighting the need for a new cooperative model between liquor companies and e-commerce platforms [1][6]. Group 1: Industry Actions - Major liquor companies, including Guizhou Moutai, Wuliangye, and Shui Jing Fang, have issued lists of authorized sales channels and identified unauthorized sellers in a bid to protect their pricing structures [1][2]. - Guizhou Moutai initiated the campaign by releasing a list of official online and offline sales channels, including its own app and major e-commerce platforms like Tmall and JD [2]. - Following Moutai, other companies like Guizhou Xijiu and Wuliangye have also published their authorized channel lists, with Xijiu listing 215 authorized stores [2][3]. Group 2: Market Dynamics - The aggressive pricing strategies employed by e-commerce platforms have led to lower transaction prices for liquor online compared to offline markets, creating pressure on traditional distributors [6]. - The price war initiated by e-commerce platforms has resulted in significant profit erosion for liquor companies, leading to concerns over product quality and service standards [6][4]. Group 3: Consumer Protection and Brand Integrity - The publication of authorized and unauthorized seller lists aims to protect consumers from counterfeit products while stabilizing price expectations among distributors [7]. - The actions taken by these leading liquor companies are seen as necessary to maintain brand reputation and ensure a fair competitive environment in the market [7]. Group 4: Future Strategies - The ultimate goal for liquor companies is to establish a balanced ecosystem that benefits brands, channels, and consumers, integrating supply chain resources effectively [8]. - The rise of instant retail is viewed as a key strategy for liquor companies to enhance consumer engagement and streamline inventory sales [9].

Core Viewpoint - Wuliangye reported a significant decline in both revenue and net profit for the third quarter of 2025, attributed to a deep adjustment period in the liquor industry and insufficient recovery in effective demand [1][4]. Financial Performance - The third quarter revenue was 8.174 billion yuan, a year-on-year decrease of 52.66% [1][4]. - Net profit for the third quarter was 2.019 billion yuan, down 65.62% year-on-year [1][4]. - For the first three quarters, total revenue reached 60.945 billion yuan, reflecting a 10.26% decline compared to the previous year [1][4]. - Net profit for the first three quarters was 21.511 billion yuan, a decrease of 13.72% year-on-year [1][4]. Earnings and Cash Flow - The basic and diluted earnings per share for the third quarter were both 0.520 yuan, down 65.63% year-on-year [4]. - The cash flow from operating activities showed a slight decrease of 5.19% year-on-year, totaling approximately 28.247 billion yuan [4]. Asset and Equity Position - Total assets at the end of the reporting period were approximately 181.073 billion yuan, down 3.81% from the end of the previous year [4]. - Shareholder equity increased by 6.91% year-on-year, amounting to approximately 142.496 billion yuan [4].

Core Viewpoint - Wuliangye reported its Q3 2025 financial results, showing significant revenue and profit figures for the first three quarters and the third quarter alone [1] Financial Performance - For the first three quarters of 2025, Wuliangye achieved a revenue of 60.945 billion yuan and a net profit attributable to shareholders of 21.511 billion yuan [1] - In the third quarter of 2025, the company recorded a revenue of 8.174 billion yuan and a net profit attributable to shareholders of 2.019 billion yuan [1]

格隆汇10月30日丨五粮液(000858.SZ)公布三季度报告，前三季营业收入609.45亿元，同比下降10.26%， 归属于上市公司股东的净利润215.11亿元，同比下降13.72%，归属于上市公司股东的扣除非经常性损益 的净利润214.9亿元，同比下降13.44%。 ...

Core Viewpoint - The white liquor industry is experiencing a significant downturn, with many companies reporting their worst third-quarter performance due to insufficient market demand [4][8]. Group 1: Performance of Regional Liquor Companies - Most regional liquor companies have reported accelerated declines in their third-quarter performance, with some experiencing nearly triple-digit drops in net profit [4][5]. - Kouzi Jiao (口子窖) reported a 46.2% year-on-year decline in revenue for the third quarter, with net profit dropping by 92.6% [5]. - Laobai Gan Jiu (老白干酒) saw a 47.6% drop in revenue and a 68.5% decline in net profit for the same period [5]. - Jinshiyuan (今世缘) reported a 26.8% decrease in revenue and a 48.7% drop in net profit [5]. Group 2: Performance of Leading Liquor Companies - Leading liquor companies showed a mixed performance, but overall results were better than regional companies [6]. - Shanxi Fen Jiu (山西汾酒) achieved a revenue of 8.96 billion, a 4.1% increase year-on-year, although net profit decreased by 1.4% [6]. - Luzhou Laojiao (泸州老窖) reported a revenue of 6.67 billion, down 9.8%, with net profit declining by 13.1% [7]. - Wuliangye (五粮液) and Yanghe (洋河股份) also experienced revenue declines of 52.7% and 29.1%, respectively [7]. Group 3: Reasons for Performance Decline - The decline in performance is attributed to weak consumer demand, particularly affecting mid-to-high-end liquor sales reliant on business banquets [8]. - The industry faces challenges such as high inventory levels, price inversions, and overall market oversupply, leading to pressure on company performance [8]. - Recent surveys indicated that the demand for liquor during the Mid-Autumn Festival and National Day was down approximately 25% year-on-year, reflecting a broader trend of reduced banquet occasions [8][9].

Core Viewpoint - Wuliangye's Q3 2025 performance reflects the broader challenges faced by the liquor industry, with revenue and net profit showing fluctuations due to market adjustments, yet the company is actively optimizing its strategies to maintain long-term growth resilience [1][2][5]. Financial Performance - For the first three quarters of 2025, Wuliangye reported total revenue of 60.945 billion yuan and a net profit attributable to shareholders of 21.511 billion yuan [1]. - The company plans to distribute a cash dividend of 25.78 yuan per 10 shares (tax included) [1]. Industry Context - The liquor industry is undergoing a significant adjustment, with a reported 15% year-on-year decline in white liquor production in September 2025 [2]. - The overall production from January to September 2025 reached 2.655 million kiloliters, also reflecting a year-on-year decrease [2]. Strategic Response - Wuliangye is focusing on optimizing channel inventory, stabilizing product prices, and enhancing marketing reforms to navigate the current industry challenges [1][2]. - The company is launching new products aimed at younger consumers and expanding its market presence through both traditional and emerging channels [4][5]. Market Expansion - Wuliangye is actively expanding its domestic market while also increasing its international presence through initiatives like "He Mei Global Tour," targeting markets in Japan, Germany, Seychelles, Spain, and South Korea [5]. - The company has added over 10,000 new terminals and is enhancing its direct sales channels through platforms like Tmall and JD [5]. Long-term Outlook - Despite short-term performance pressures, Wuliangye's brand value and comprehensive strength remain strong, positioning it well for future growth [6]. - The company's dividend policy is stable, with plans to distribute at least 70% of net profit as dividends from 2024 to 2026, ensuring continued cash flow for investors [6].

Core Viewpoint - The company, Wuliangye, reported its Q3 2025 earnings, showing resilience amid industry challenges, with a total revenue of 60.945 billion yuan and a net profit of 21.511 billion yuan for the first three quarters [1][2]. Financial Performance - For the first three quarters of 2025, Wuliangye achieved total revenue of 60.945 billion yuan and a net profit attributable to shareholders of 21.511 billion yuan [1]. - The company plans to distribute a cash dividend of 25.78 yuan per 10 shares, totaling 10.007 billion yuan, reflecting a commitment to return value to shareholders [1]. Industry Context - The white liquor industry is experiencing a significant adjustment, with a reported 15% decline in production in September and a 9.9% decrease in production from January to September 2025 [2]. - Wuliangye's performance is influenced by these industry-wide challenges, but its brand strength and proactive channel reforms position it better than smaller competitors [2][9]. Strategic Initiatives - Wuliangye is focusing on optimizing channel inventory, stabilizing product prices, and innovating its product matrix to maintain market share and brand value [1][2]. - The company is launching new products targeting various consumer scenarios, including low-alcohol options and products aimed at younger consumers [5][6]. Market Expansion - Wuliangye is expanding its market presence by increasing the number of retail outlets and enhancing its online sales channels, with a reported 8% growth in online sales revenue from January to September 2025 [6]. - The company is also pursuing international expansion through initiatives like "He Mei Global Tour," enhancing its brand recognition in various countries [6]. Long-term Outlook - Despite short-term performance fluctuations, analysts believe Wuliangye's long-term investment value remains strong, supported by a relatively low valuation compared to peers and a stable dividend policy [8]. - The company's brand value is recognized as one of the highest in the industry, with a reported value of 487.657 billion yuan, reflecting an 8.4% increase year-on-year [9]. Conclusion - Wuliangye is expected to leverage its strategic initiatives and strong brand equity to navigate the current industry challenges and emerge with improved performance as the market stabilizes [10].

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [4][5][31]. Core Views - The food and beverage sector maintains an overweight position despite a decrease in the fund's heavy holding ratio, which fell by 1.47 percentage points to 4.73% in Q3 2025, ranking eighth among Shenwan's primary industries [1][11]. - The overall overweight ratio for the food and beverage industry is 0.62%, with a decrease of 0.76 percentage points from the previous quarter [1][11]. Summary by Sections Fund Holdings Analysis - The heavy holding ratio for the food and beverage industry decreased to 4.73% in Q3 2025, with a total heavy holding market value of approximately 131.7 billion yuan [1][11]. - The white liquor sector remains the most heavily held, with a ratio of 3.69%, although it decreased by 0.81 percentage points [2][17]. - Other sub-sectors such as soft drinks, snacks, and condiments also saw a decline in fund holding ratios [2][17]. Individual Stocks - Major stocks like Guizhou Moutai and Wuliangye saw a decrease in heavy holding ratios, while stocks like Yanghe and Nongfu Spring received increased allocations [3][23]. - In Q3 2025, Guizhou Moutai's heavy holding ratio fell to 1.48%, a decrease of 0.41 percentage points, while Yanghe's ratio increased slightly to 0.03% [3][24]. - The top ten stocks by heavy holding in the food and beverage sector include Guizhou Moutai, Shanxi Fenjiu, and Wuliangye, with significant changes in their respective holding ratios [24][27].

宜宾五粮液股份有限公司（以下简称公司）第七届董事会 2025 年第 6 次会议，于 2025 年 10 月 29 日以通讯及传阅方式完成对议案 的审议，应参与审议表决董事 10 人，实际参与审议表决董事 10 人。 会议的召开方式符合《公司法》及《公司章程》的规定。 二、董事会会议审议情况 议案一：2025 年第三季度报告 具体内容详见《2025 年第三季度报告》 证券代码：000858 证券简称：五粮液 公告编号：2025/第 030 号 宜宾五粮液股份有限公司 第七届董事会 2025 年第 6 次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 本议案同意 10 票，反对 0 票，弃权 0 票。表决结果：通过。 议案二：2025 年中期利润分配方案 经审议，公司 2025 年中期利润分配方案为：以公司总股本 3,881,608,005 股为基数，每 10 股派现金 25.78 元（含税），分红 金额为 10,006,785,436.89 元（含税）。 具体内容详见《关于 2025 年中期利润分配预案的公告》。 本议案同意 ...

证券代码：000858 证券简称：五粮液 公告编号：2025/第 032 号 宜宾五粮液股份有限公司 关于 2025 年中期利润分配预案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 截至 2025 年 9 月 30 日，公司未分配利润为 96,867,220,706.83 元。经董事会充分研究，公司拟向全体股东每 10 股派发现金红利 25.78 元（含税）。截至2025 年9 月30 日,公司总股本为 3,881,608,005 1 股,以此计算合计拟派发现金红利 10,006,785,436.89 元（含税）。 ●分配比例：每 10 股派发现金红利 25.78 元（含税）。 ●本次利润分配以实施权益分派股权登记日公司总股本为基数，具体日期 将在分配实施公告中明确。 ●在实施权益分派的股权登记日前公司总股本如发生变动，将维持分配总额 不变，相应调整每股分配比例，并在相关公告中披露。 一、审议程序 本次利润分配预案已经宜宾五粮液股份有限公司（以下简称公司） 第七届董事会 2025 年第 6 次会议审议通过。公司于 2025 年 6 月 ...