Core Viewpoint - Wuliangye, as one of China's earliest national brands to go global, showcases its commitment to sustainable development through its "Harmony and Beauty" culture, contributing a Chinese solution on the international stage [1][5]. Group 1: Awards and Recognition - Wuliangye received the highest score ever awarded to a Chinese company at the EFQM Global Award, achieving the highest level of recognition (seven diamonds) and winning the "UN Sustainable Development Goals Implementation and Corporate Performance Excellence Award" [2]. - The company has been recognized for its global excellence in sustainable development across economic, environmental, and social dimensions [2]. Group 2: Cultural and Philosophical Approach - The "Harmony and Beauty" philosophy is central to Wuliangye's identity, emphasizing a harmonious relationship between nature and humanity, which is reflected in its production processes [7]. - Wuliangye's production adheres to traditional methods, utilizing a unique five-grain formula that harmonizes various flavors and nutrients, showcasing the pinnacle of Chinese strong aroma liquor [9]. Group 3: Global Expansion and Events - Wuliangye's "Harmony Global Tour" has reached 17 countries and regions, including Spain, marking a significant step in its globalization journey [17]. - The "Wuliangye Barcelona Wonderful Night" event featured a cultural feast that highlighted the quality and brand charm of Chinese liquor, integrating Eastern and Western aesthetics [19]. Group 4: Product Innovation - The launch of the low-alcohol, fashionable product "29° Wuliangye: One Glance and Fall in Love" in Europe caters to modern drinking preferences, receiving positive feedback for its smooth and light taste [20]. - The event also showcased a range of products, including the classic Wuliangye series and innovative designs that reflect the company's commitment to quality and sustainability [22]. Group 5: Future Vision - Wuliangye aims to continue promoting its "Harmony and Beauty" values, focusing on sustainable practices and cultural confidence while telling the story of Chinese brands globally [26].

Core Viewpoint - Major liquor companies, including Moutai and Wuliangye, are urging consumers to purchase from official channels ahead of the "Double 11" shopping festival to combat issues like price chaos and counterfeit products [1][5][6]. Group 1: Company Actions - Wuliangye has issued its fourth consumer notice since November 2024, directly naming 46 unauthorized stores across six platforms, including Douyin and JD.com [1][6]. - Moutai has also released consumer reminders and listed its official sales channels, emphasizing the importance of purchasing from authorized sources [6][8]. - Guizhou Guotai Liquor has joined the initiative by advising consumers to choose official channels to protect their rights [8]. Group 2: Market Conditions - The current market is under pressure, with online prices for premium liquors like Moutai and Wuliangye dropping significantly, with Moutai priced as low as 1650 yuan per bottle and Wuliangye at 769 yuan [2][9]. - The price drop is attributed to aggressive promotional strategies on e-commerce platforms, which are impacting the pricing structure of premium liquor brands [9][11]. Group 3: Consumer Risks - Unauthorized sales channels pose risks to consumers, including the inability to verify product authenticity, quality assurance issues, and lack of official after-sales service [7][11]. - Wuliangye reported that 16.65% of the products it authenticated from e-commerce platforms were counterfeit, highlighting the prevalence of fake products [6][7]. Group 4: Industry Implications - The actions taken by leading liquor companies are seen as necessary defensive measures to maintain brand value and stabilize pricing amid market challenges [1][11]. - Industry analysts suggest that the focus on official channels is not an attempt to eliminate e-commerce but rather to clarify boundaries and protect both consumers and authorized distributors [11].

Core Viewpoint - Major liquor companies, including Moutai and Wuliangye, are urging consumers to purchase from official channels ahead of the "Double 11" shopping festival, highlighting concerns over unauthorized sales [1] Group 1: Company Actions - Wuliangye has issued its fourth consumer notice since November 2024, detailing authorized sales channels and naming 46 unauthorized stores across six major platforms [1] - The unauthorized stores include 17 on Douyin, 4 on JD.com, 9 on Kuaishou, 3 on Meituan, 8 on Pinduoduo, and 5 on Tmall/Taobao [1] - Moutai has also released consumer alerts and disclosed its online and offline sales channels [1] Group 2: Industry Context - The issuance of consumer notices by Wuliangye and Moutai reflects a broader industry effort to combat unauthorized sales and protect brand integrity during major shopping events [1] - The trend of issuing consumer alerts during promotional periods like "Double 11" and "618" indicates a proactive approach by liquor companies to safeguard their market position [1]

Core Viewpoint - The A-share market is experiencing a collective rise, with foreign investors expressing optimism about China's market, particularly highlighting the potential for growth in the A-share index compared to other emerging markets like India [1][3]. Group 1: Market Performance and Investor Sentiment - The A-share indices collectively rose on the 21st, with the Shanghai Composite Index reclaiming the 3900-point mark [1]. - UBS has maintained an "overweight" rating on China within emerging markets, citing faster revenue and earnings growth compared to India, and improvements in capital return rates for the MSCI China Index [1][3]. - Since October, A-shares have shifted from a "technology growth" style to a "value dividend" style, influenced by factors such as renewed US-China trade tensions and profit-taking by investors [1][3]. Group 2: Foreign Investment Trends - Foreign investors have been actively targeting leading A-share stocks, with significant holdings in companies like Siyuan Electric, Huaming Equipment, and Hongfa Technology, each having over 24% foreign ownership [2][6]. - As of the end of September, major foreign-favored stocks included Kweichow Moutai, Ping An Insurance, and Wuliangye, with foreign institutional holdings reaching 85, 83, and 81 respectively [6]. - The banking sector remains a strong focus for foreign investors, with seven of the top ten A-share companies by foreign holdings being banks [6][7]. Group 3: Market Outlook and Strategic Focus - UBS believes that the A-share market will continue to perform well in the medium term, with growth styles likely to outperform value styles [9]. - Investors are encouraged to focus on companies with strong fundamentals and pricing power to navigate uncertainties in the trade environment [10]. - The upcoming "14th Five-Year Plan" is expected to provide investment opportunities, particularly in areas like "anti-involution" and service consumption, which may drive cyclical improvements in various industries [10][11].

Core Viewpoint - The report from GF Securities predicts a significant decline in the third-quarter performance of Wuliangye, forecasting a 30% drop in revenue and a 45% drop in net profit year-on-year, which contrasts sharply with predictions from other leading brokerages [2][3][6]. Industry Overview - The white liquor industry is experiencing a period of adjustment, with overall demand under pressure despite some month-on-month improvements in August due to better policy execution [3][6]. - High-end liquor brands like Moutai are expected to show resilience, while mid-tier brands are struggling, particularly in business demand [3]. Company Performance Predictions - Wuliangye's third-quarter revenue is estimated at 120.9 billion yuan, down 30% year-on-year, with net profit expected to be 32.3 billion yuan, down 45% [4][6]. - Other companies in the industry, such as Moutai and Luzhou Laojiao, are projected to perform better, with Moutai's revenue expected to grow by 5% [4][11]. Price Trends and Market Dynamics - Wuliangye's average price for its flagship product has decreased to approximately 820 yuan per bottle, down 100 yuan since the beginning of the year, indicating weak demand [6][9]. - The report suggests that Wuliangye may need to adjust its strategy to stabilize product prices and maintain dealer confidence amid declining sales [6][9]. Competitive Landscape - GF Securities posits a potential shift in market positioning, suggesting that Wuliangye and Luzhou Laojiao may be "switching places" in terms of market performance, with Luzhou Laojiao gaining ground due to effective strategies [7][9]. - The report highlights that since 2021, the white liquor industry has faced challenges, with price declines affecting both Wuliangye and Luzhou Laojiao, but the latter has managed to leverage its digital capabilities and market presence to improve its standing [9][10]. Long-term Outlook - GF Securities anticipates that Wuliangye's net profit will continue to decline in the coming years, projecting a drop to 236.5 billion yuan by 2026, while other top brands are expected to see profit growth [11][12].

Core Viewpoint - Wuliangye Group has publicly exposed a list of 46 unauthorized online stores selling its products, raising consumer awareness about potential risks associated with purchasing from these channels [2][3] Group 1: Unauthorized Sales Channels - The unauthorized stores are selling Wuliangye products without official permission, disrupting online sales order and posing multiple risks to consumers [2] - Notable unauthorized sellers include well-known platforms such as Douyin, JD.com, Kuaishou, Meituan, Pinduoduo, and Taobao [2][3] Group 2: Consumer Risks - Purchasing from unauthorized channels may lead to four main issues: inability to verify product authenticity, lack of quality assurance, no access to official after-sales service, and difficulties in subsequent rights protection [3] - The list of unauthorized sellers includes popular liquor sales stores like Waimasongjiu and 1919 Liquor Supply [3] Group 3: Authorized Sales Channels - Wuliangye has released a list of 55 authorized e-commerce channels to help consumers identify legitimate sources, including official flagship stores on JD.com, Tmall, Douyin, and the Wuliangye official mall on WeChat [3] - Third-party authorized stores include Jiuxian.com and GeDe Old Wine Shop, covering various platforms and retail channels [3] Group 4: Brand Initiatives - The brand will continue to offer free product authentication services and encourages consumers to report any suspected infringement by calling the official customer service hotline [3] - This initiative coincides with the upcoming "Double Eleven" shopping festival, aiming to combat online counterfeiting and provide consumers with important shopping references [3]

Core Insights - The liquor sector experienced a slight increase of 0.14% on October 21, with *ST Rock leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance Summary - *ST Rock (600696) closed at 5.84, with a rise of 5.04% and a trading volume of 47,600 shares, totaling 27.11 million yuan [1] - Other notable performers include Tianyoude Liquor (002646) at 9.80, up 1.34%, and Qingdao Wenzhou (000995) at 13.97, up 1.31% [1] - Major stocks like Luzhou Laojiao (000568) and Kweichow Moutai (600519) saw minor increases of 0.80% and 0.30%, respectively, with Moutai's closing price at 1462.26 and a trading volume of 25,400 shares, totaling 3.73 billion yuan [1] Capital Flow Analysis - The liquor sector saw a net inflow of 12.19 million yuan from major funds, while retail investors contributed a net inflow of 15.9 million yuan [2] - Conversely, speculative funds experienced a net outflow of 172 million yuan [2] Individual Stock Capital Flow - Kweichow Moutai (600519) had a significant net inflow of 1.26 billion yuan from major funds, while it faced a net outflow of 1.26 billion yuan from speculative funds [3] - Wuliangye (000858) reported a net inflow of 29.16 million yuan from major funds, but a net outflow of 39.27 million yuan from retail investors [3] - *ST Rock (600696) showed a net inflow of 6.38 million yuan from major funds, while retail investors withdrew 5.52 million yuan [3]

Core Viewpoint - The recent performance of the liquor sector, particularly the white liquor stocks, indicates a potential recovery as valuations have significantly declined and market expectations are low, suggesting a favorable environment for quality assets to rebound [1] Market Performance - On October 21, the three major indices collectively rose, with the Shanghai Composite Index closing at 3916.33 points, up 1.36% [1] - The white liquor sector closed at 2298.72, with a slight increase of 0.90%, and 14 out of the white liquor stocks experienced gains [1] Individual Stock Performance - Kweichow Moutai closed at 1462.26 CNY per share, up 0.30% [1] - Wuliangye closed at 120.52 CNY per share, up 0.05% [1] - Shanxi Fenjiu closed at 189.72 CNY per share, down 0.97% [1] - Luzhou Laojiao closed at 134.21 CNY per share, up 0.80% [1] - Yanghe Brewery closed at 69.95 CNY per share, down 0.33% [1] Industry Insights - According to a report from Founder Securities, the 113th Autumn Sugar and Wine Fair was held in Nanjing [1] - The white liquor sector has undergone a prolonged correction, leading to a significant drop in valuations, with a clear bottoming logic for quality assets [1] - In the context of renewed external disturbances and the increasing importance of domestic demand, the sector is expected to experience a valuation switch and recovery trend [1]

Group 1 - Huang Zitao's sanitary napkin brand has established an e-commerce company named Hangzhou Duozi E-commerce Co., Ltd. with a registered capital of 1 million RMB, focusing on internet live streaming services and sales of maternal and infant products [1] - The company is wholly owned by Zhejiang Duowei Nursing Products Co., Ltd., which is jointly held by Hangzhou Hengyan Technology Co., Ltd., Hangzhou Longzelin Network Technology Co., Ltd., and Huang Zitao [1] Group 2 - A short video platform account "Xuelianhua18133" was found to have posted false disaster videos, leading to a warning from the Xining Internet Information Office [3][5] - The account's actions violated regulations related to the dissemination of rumors and false information, resulting in administrative penalties and a requirement to delete the false video [5] Group 3 - Wuliangye Group has published a notice identifying 46 unauthorized stores selling its products on various e-commerce platforms, warning consumers about potential risks [6][8] - The notice emphasizes the importance of purchasing Wuliangye products through official channels to ensure product authenticity and consumer rights [8] Group 4 - From January to September, China's online retail sales reached 1,128.3 billion RMB, marking a year-on-year growth of 9.8%, with physical goods online retail sales at 915.3 billion RMB, a 6.5% increase [8] - Guizhou Xijiu Co., Ltd. issued a notice to consumers regarding unauthorized stores selling its products online, listing 215 official e-commerce channels and authorized stores [10] Group 5 - Douyin's live streaming sales on October 20 saw "Yuhui Tongxing" achieving over 75 million RMB in sales with more than 30 million viewers, while iQOO's new phone launch also generated over 50 million RMB in sales [12]

Core Viewpoint - During the "Double 11" promotional period, Wuliangye issued a warning regarding unauthorized sales of its products on various online platforms, highlighting potential risks for consumers [1][4]. Group 1: Unauthorized Sales and Risks - Wuliangye identified 46 unauthorized online stores selling its products, including well-known platforms like Douyin and Meituan [4]. - The company emphasized that products from unauthorized channels lack verification of authenticity, quality assurance, official after-sales service, and legal rights protection for consumers [4][10]. Group 2: Market Context and Pricing Issues - The rise of e-commerce in the liquor industry has led to rampant issues such as low pricing, false advertising, and counterfeit products, which infringe on consumer rights [4]. - Since 2025, wholesale prices of liquor have been declining, putting pressure on the pricing structure of the entire industry, especially with the upcoming "Double 11" shopping festival [8]. Group 3: Authorized Sales Channels - Wuliangye announced 55 authorized e-commerce sales channels, including major platforms like JD.com, Tmall, and Pinduoduo, to ensure consumers purchase genuine products [9]. - Consumers are encouraged to verify authorized stores through Wuliangye's official website and to request invoices for traceability [10].