Core Viewpoint - The article highlights the risks associated with purchasing liquor, particularly famous brands like Wuliangye, from unauthorized online retailers during major shopping events like Double 11 and 618. It emphasizes the importance of verifying the authenticity of products and the potential dangers of counterfeit goods in the e-commerce space [1][4]. Group 1: Company Actions - Wuliangye issued a consumer notice on October 19, warning about the risks of purchasing from unauthorized stores, stating that products from these sources may lack verification, quality assurance, and proper after-sales service [1][4]. - This is the fourth time Wuliangye has released such a notice during an e-commerce promotional period, indicating a persistent issue with counterfeit products [1]. - The notice included a list of 46 unauthorized stores across various e-commerce platforms, highlighting the presence of both third-party and official channels that may not guarantee product authenticity [1][2]. Group 2: Market Dynamics - The article discusses how e-commerce platforms' promotional strategies, such as "hundred billion subsidies," have led to price disruptions for premium liquor brands, particularly in a weak demand environment [5][6]. - It notes that many e-commerce platforms do not source products directly from liquor companies but rather from market suppliers, complicating the supply chain and increasing the risk of counterfeit products [5][6]. - A market survey revealed that a significant percentage of liquor purchased through instant retail channels was counterfeit, with one case showing 29 out of 31 purchases being fake [7]. Group 3: Industry Trends - The rise of instant retail has made the sourcing of products more complex, with many platforms relying on third-party suppliers for their inventory [6]. - Other liquor brands, such as Moutai and Xijiu, have also begun to disclose their authorized channels in response to the counterfeit issue, indicating a broader industry concern [6]. - Wuliangye reported that in the first five months of the year, 16.65% of the products it authenticated from e-commerce platforms were counterfeit, highlighting the scale of the problem [7].

Core Insights - Wuliangye has achieved the highest score for a Chinese company in the history of the EFQM Global Award, receiving the highest level certification (Seven Diamonds) at the recent EFQM Sustainable Performance Conference and 2025 Global Award Ceremony held in Spain [1][2] Group 1: Quality Management and Recognition - The EFQM Global Award, alongside the Deming Prize and the Baldrige Award, is recognized as one of the "three major quality awards" globally, representing the highest honor in quality management [1] - Wuliangye has implemented comprehensive quality management since the 1980s, integrating quality management concepts deeply into its corporate strategy and operations [2] - This year, over 200 companies globally participated in the EFQM Global Award evaluation, with only 14 companies recognized for their outstanding performance, highlighting Wuliangye's exceptional management level [2] Group 2: Sustainable Development and Economic Impact - Wuliangye has been awarded the "United Nations Sustainable Development Goals Practice and Corporate Performance Excellence Award," indicating international recognition of its sustainable development practices [4] - The company adheres to the development philosophy of "industrial support for agriculture," integrating its supply chain with rural revitalization and employment stability, generating over 300 billion yuan in output value and stabilizing 300,000 jobs [4] - Wuliangye's performance at the EFQM conference reflects its role in merging Chinese "harmonious" wisdom with global modernization concepts, promoting the international expression of Chinese liquor culture [4][6] Group 3: Cultural Integration and Future Outlook - The core of Wuliangye's "harmonious" culture is the pursuit of harmonious coexistence among people, nature, society, material, and spirit, aligning with the global excellence performance model [6] - The company actively participates in high-level international platforms, such as the Boao Forum for Asia and the APEC Business Leaders Summit, to promote sustainable business practices [6] - Looking ahead, Wuliangye aims to continue fulfilling its responsibilities as a leading enterprise, driving management innovation and industry upgrades to elevate the Chinese liquor industry towards higher quality and sustainability [6]

Core Insights - Wuliangye has achieved the EFQM Global Award (Seven Stars) certification, a prestigious recognition in quality management, highlighting its commitment to quality and innovation in the liquor industry [2][4][6] - The company integrates its "He Mei" culture into its operations, which has resonated globally, particularly during its recent events in Spain [6][8] - The EFQM certification serves as a significant endorsement for Wuliangye's international market penetration, enhancing its competitiveness in high-end markets [10] Group 1: EFQM Global Award - The EFQM Global Award is one of the three major quality awards globally, alongside the Deming Prize and the Baldrige Award, and is known for its rigorous evaluation standards [4] - Wuliangye's achievement of the Seven Stars certification reflects its deep integration of quality management principles and its commitment to continuous performance improvement [6] - The award ceremony took place at the EFQM Sustainable Performance Conference in Spain, symbolizing a blend of Chinese liquor culture with global recognition [2][8] Group 2: Quality Management and Innovation - Wuliangye emphasizes a quality-first approach, incorporating "guarding tradition and innovating" into its entire quality management chain [6] - The company has established standardized processes from grain selection to production, ensuring high-quality output that reflects centuries of brewing wisdom [6] - Wuliangye's commitment to ESG principles and zero-carbon goals is evident in its sustainable practices, which include ecological brewing and circular economy initiatives [6][10] Group 3: Cultural Resonance and Global Expansion - The "He Mei" cultural framework is a core driver of Wuliangye's success, fostering a strong organizational culture that is recognized by the EFQM evaluation team [6][8] - Wuliangye has launched a series of global events, including the "He Mei Global Tour" in Spain, to promote cultural exchange and brand philosophy [8] - The company has established international marketing centers in Hong Kong, Germany, and the United States, facilitating its global outreach and brand presence [10]

Core Insights - Wuliangye has achieved the highest level of EFQM Global Award (Seven Diamonds) certification, marking a significant milestone for Chinese enterprises in global performance management [9][11] - The company emphasizes a dual approach of "quality + culture" to establish a strong international brand image and promote the globalization of Chinese brands [9][10] Group 1: Award Recognition - Wuliangye received the EFQM Global Award (Seven Diamonds) at the Sustainable Performance Conference in Spain, achieving the highest score for a Chinese company [9] - The EFQM Global Award is recognized as one of the three major quality awards globally, alongside the Deming Prize and the Baldrige Award, with a focus on sustainable value and performance [9][11] Group 2: Key Practices Highlighted - The award feedback highlighted five exemplary practices: 1. Cultivating a corporate culture based on the "Harmony and Beauty" philosophy, deeply integrated into operations [9] 2. Leading ecosystem innovation aligned with UN Sustainable Development Goals, setting industry standards [9][11] 3. Ensuring alignment between strategy and performance indicators through a clear transmission mechanism [9] 4. Balancing tradition and innovation by enhancing traditional brewing techniques with scientific methods [9] 5. Promoting ESG-driven scalable development across the value chain [9][11] Group 3: Cultural Exchange and Global Outreach - The "Harmony Global Tour" in Spain featured events like the "Barcelona Wonderful Night" and a themed forum, showcasing Wuliangye's commitment to cultural exchange [10] - The company has expanded its global presence, having reached 17 countries since the launch of the "Harmony Global Tour" in 2023 [10] Group 4: Future Directions - Wuliangye aims to continue leveraging its award-winning status to drive management innovation and share Chinese liquor culture on the global stage [11] - The company is positioned to lead the internationalization of Chinese liquor, with a focus on quality and cultural representation [11]

Core Viewpoint - Wuliangye has achieved the highest level of EFQM Global Award (Seven Stars) certification, marking a significant recognition of its sustainable performance and quality management on the global stage [11][13][19]. Group 1: Award Recognition - Wuliangye received the EFQM Global Award (Seven Stars) at the EFQM Sustainable Performance Conference, achieving the highest score for a Chinese company participating in the evaluation [11][13]. - The company also won the "United Nations Sustainable Development Goals Practice and Corporate Performance Excellence Award" as a single award [11][19]. - Only 14 out of over 200 companies received awards in 2025, with Wuliangye being the only one to achieve the highest certification within a year of implementing the EFQM model [13][14]. Group 2: Sustainable Practices - The EFQM evaluation highlighted five exemplary practices, including the establishment of a corporate culture based on the "Harmony and Beauty" concept, which is deeply integrated into the organization [13][14]. - Wuliangye is recognized for leading ecological system development and aligning its strategies with the United Nations Sustainable Development Goals [14]. - The company emphasizes balancing tradition and innovation, ensuring harmony with the environment, employees, and suppliers while maintaining traditional brewing techniques [14][19]. Group 3: Cultural Exchange and Globalization - The "Harmony Global Tour" in Spain featured events like the "Wuliangye Barcelona Wonderful Night," showcasing the fusion of Chinese liquor culture with Mediterranean charm [12][15]. - The launch of the 29-degree Wuliangye product in Europe was well-received, highlighting its market potential and alignment with European consumer preferences [16][19]. - The "Harmony and Terroir: Brewing Sustainable Excellence" forum facilitated discussions on the concept of "terroir," aligning with Wuliangye's philosophy of harmony and sustainable development [16][17]. Group 4: Future Directions - Wuliangye aims to continue its global expansion and cultural outreach, having already reached 17 countries since the launch of the "Harmony Global Tour" in 2023 [17][19]. - The company is committed to integrating its traditional practices with modern management to provide a "Chinese solution" for global high-quality development [19]. - Wuliangye's achievements are seen as a new starting point for sharing Chinese liquor culture and the "Harmony" concept with the world [19].

Summary of Conference Call Records Industry: Baijiu (Chinese Liquor) Key Points and Arguments 1. **Emerging Channels and Consumer Trends** The live streaming phenomenon at the Nanjing Sugar and Wine Fair highlights the penetration of new channels like instant retail in the baijiu industry. The popularity of light bottle liquor priced under 100 yuan indicates robust consumer spending and a trend towards consumption upgrades [1][3]. 2. **Performance During Mid-Autumn and National Day** The baijiu industry performed slightly better than expected during the Mid-Autumn and National Day holidays. Notably, the sales of Yanghe Jinshuiyuan exceeded company expectations, with significant year-on-year growth in sales volume and banquet sessions. However, the overall banquet sales growth was modest due to a decline in the number of bottles opened per banquet [4][5]. 3. **Consensus on Industry Bottoming** There is an increasing consensus that the baijiu industry has reached its bottom, but expectations for recovery remain cautious. Demand is currently affected by alcohol bans and economic downturns, while supply is entering a destocking phase. Moutai's prices have stabilized, and distributor inventories are low [6]. 4. **Price Trends and Distributor Conditions** Moutai's post-holiday prices exceeded expectations, with stable original box prices around 1,780 yuan. Distributors' inventory levels are healthy, with a turnover rate of about one month. In contrast, Wuliangye faces price inversion and subsidy pressures, leading to a challenging situation for both Wuliangye and Luzhou Laojiao [7][8]. 5. **Projected Performance for Q3 2025** For Q3 2025, Moutai is expected to maintain mid-to-high single-digit growth, while Wuliangye may see double-digit revenue growth but with larger profit margins. Luzhou Laojiao is also projected to achieve double-digit growth in both revenue and profit, while Fenjiu and Gujing Gongjiu are expected to decline significantly [9][10]. 6. **Future Outlook and Recommendations** The baijiu industry is currently at a fundamental bottom, with a potential adjustment period from Q2 to Q1 of the following year. The valuation appears attractive. Recommended stocks include leading brands like Moutai, Fenjiu, Gujing Gongjiu, and Jiansu Yuer, as well as dividend-paying companies like Wuliangye, Luzhou Laojiao, and Yanghe. Attention is also drawn to flexible stocks like Zhenjiu Lidu [10][11]. Industry: Beverage Key Points and Arguments 1. **Steady Growth in Beverage Sector** The beverage industry is experiencing steady growth in Q3 2025, with standout performances from tea drinks, traditional health waters, electrolyte waters, and coconut water. Companies like Nongfu Spring and Dongpeng Special Drink are seeing rapid revenue growth, with profit margins expected to improve [2][12]. 2. **Differentiated Performance of Major Brands** In Q3 2025, Master Kong benefited from price increases, while Uni-President faced challenges due to delivery subsidies. Master Kong's instant noodle business returned to low single-digit growth, while its beverage segment experienced a mid-single-digit decline [13][14]. 3. **Emerging Categories and Competitive Landscape** New categories such as tea drinks and health-oriented beverages are showing significant potential for growth. The competitive landscape is intensifying due to declining raw material prices and increased subsidies from delivery platforms [12][16]. 4. **Long-term Growth Potential** Companies like Nongfu Spring and Dongpeng Special Drink are recommended for their strong brand power and growth potential, with expectations for continued performance above industry averages in the coming years [15]. Industry: Dairy Products Key Points and Arguments 1. **Dairy Sector Challenges** The dairy sector is facing a decline in supply and weak downstream demand. The number of dairy cows has decreased, while milk prices have risen slightly. Companies like Yili are expected to see modest revenue growth, while Mengniu may experience a decline due to previous high bases [18]. 2. **Market Dynamics and Future Outlook** The overall dairy market is expected to stabilize in 2026, with potential improvements in competition dynamics as raw milk prices balance out. Companies like New Dairy, Mengniu, and Yili are seen as having certain investment value [18]. Industry: Snack and Frozen Food Key Points and Arguments 1. **Snack Industry Performance** The snack industry is developing steadily, with franchisees favoring larger stores. Despite a slight decline in average transaction prices, new product categories are expected to drive growth. Companies like Wancheng are projected to achieve significant revenue growth [19][20]. 2. **Frozen Food Sector Trends** The frozen food sector is experiencing flat performance, with slight revenue growth but ongoing profit pressures. Companies like Anjijia and Qianwei Central Kitchen are seeing modest revenue increases, while others like Baobi are benefiting from lower pork costs [22][23]. 3. **Future Growth Expectations** The snack sector is anticipated to perform better in 2026, with cost pressures easing and new channel opportunities emerging. Companies are encouraged to adapt to market changes and explore new distribution channels [21]. Industry: Beer Key Points and Arguments 1. **Beer Industry Performance** The beer industry is facing moderate demand, with on-premise channels underperforming. However, off-premise channels are showing resilience, with moderate sales growth. Companies like China Resources Beer and Qingdao Beer are expected to see slight revenue increases [24][25]. 2. **Cost and Profitability Trends** The cost of beer production is expected to stabilize, with key variables focusing on ASP (average selling price) increases and cost-saving measures. Companies with strong operational capabilities, such as China Resources Beer and Yanjing Beer, are recommended for investment [25][26].

Summary of Key Points from Conference Call Records Industry Overview 1. Baijiu Industry - The Baijiu industry experienced a seasonal sales decline of approximately 20% during the Mid-Autumn Festival, with high-end brands like Moutai, Wuliangye, and Fenjiu performing relatively well. Inventory levels have not significantly decreased, and a slight upward trend is expected in the future [1][3][4] - Strong brand power and good sales performance are crucial for companies in this sector, with companies like Moutai and Wuliangye maintaining advantages. Companies with flexible operations, such as Zhenjiu and Laojiao, are also worth monitoring [5] 2. Consumer Goods - The consumer goods sector saw a slowdown in growth during Q3 2025, with beverage and dairy products showing improvement from a low base, while condiments maintained steady growth. Leading companies like Dongpeng, Nongfu Spring, and Yanjing Beer performed well and are recommended for investment [1][6] 3. Beauty Industry - The beauty industry showed overall good performance with no significant slowdown in growth. Some companies even exceeded their Q2 growth rates. High-growth companies like Ruoyuchen and Shanghai Jahwa are recommended for investment [1][7] 4. Gold and Jewelry Sector - Leading companies in the gold and jewelry sector continued to grow rapidly, benefiting from rising gold prices and price increase strategies. Companies like Laofengxiang and Zhouliufu reported impressive growth, with Laofengxiang's single-store revenue reaching up to 200% growth in September [1][8] 5. Trendy Toys and Supermarket Reform - In the trendy toy sector, Pop Mart remains in a high growth phase, while Miniso's Q3 report showed promising data. In the supermarket reform sector, companies like Bubugao and Huijia Times are experiencing performance releases, and ATO's rapid growth in bedding products is noteworthy [1][9] 6. Pork Industry - Pork prices saw a slight decline this week, but demand for secondary fattening is increasing, stabilizing prices at the bottom. Companies with cost advantages, such as Wens Foodstuffs and Muyuan, are expected to seize more opportunities as breeding sow capacity continues to decrease [1][18][17] Home Appliance Sector - The home appliance sector faced challenges in Q3 due to the gradual withdrawal of subsidies, leading to a less optimistic outlook for domestic demand. However, white goods showed stable performance, with leading companies like Haier and Midea expected to achieve near double-digit revenue growth [2][13] Other Notable Trends - The light industry, particularly the paper industry, is expected to see a turning point in Q4, with potential price increases in packaging and cultural paper [14] - The agricultural sector is focusing on the pork industry, with ongoing capacity reduction impacting future supply and price trends [17] - The pet sector is showing strong growth, with companies like Zhongchong and Guibao Pet expected to perform well [20] This summary encapsulates the key insights and trends across various industries as discussed in the conference call records, highlighting potential investment opportunities and risks.

Core Viewpoint - Wuliangye has issued a consumer notice regarding unauthorized sales of its products on various online platforms, highlighting the risks to consumers and urging them to purchase through official channels [1][4]. Group 1: Unauthorized Sales and Risks - Wuliangye's notice indicates that unauthorized stores are selling its products online, disrupting sales order and posing multiple risks to consumers [1]. - This is the fourth notice issued by Wuliangye since November of the previous year, with the current notice being the first to disclose a blacklist of unauthorized stores [4]. - A total of 46 unauthorized stores were listed, with 17 on Douyin, 4 on JD, 9 on Kuaishou, 3 on Meituan, 8 on Pinduoduo, and 5 on Tmall/Taobao [4][6]. Group 2: Official Channels and Consumer Protection - Wuliangye has published a list of over 50 authorized online sales channels, including official self-operated stores and stores on platforms like JD, Tmall, and Douyin [8]. - The company emphasizes that products sold by unauthorized stores lack traceability and quality assurance, leading to potential issues such as unverifiable authenticity, poor product quality, lack of official after-sales service, and difficulties in protecting consumer rights [6][8]. - In a previous notice from June, Wuliangye reported that from January to May, 16.65% of the 1,610 products authenticated were found to be counterfeit [7].

一年一度"双十一"促销临近，继茅台、习酒之后，五粮液也发布了消费者告知书。 10月19日晚间，五粮液发布《致五粮液消费者的告知书（四）》称，通过市场监测发现，部分网络平台存在非授权门店销售"五粮液"品牌产品的情况，此 类行为不仅扰乱了正常的线上销售秩序，更可能为消费者带来多重权益风险。 对此，五粮液建议消费者通过五粮液官网公布的销售渠道购买，并主动索要发票等购买凭证，便于后续溯源验证，并公布了正规渠道。 《每日经济新闻·将进酒》记者注意到，这是去年11月以来，五粮液第四次针对线上假货发声。而相比于前几次，这次五粮液首次直接公布了部分非授权 店铺名单。 据了解，这并非五粮液首次针对线上假货等乱象发布声明，但却是首次曝光线上非授权店铺"黑名单"。 《每日经济新闻·将进酒》记者注意到，在此次五粮液公布的部分非授权店铺名单中，共有46家店铺。其中，抖音有17家，京东有4家，快手有9家，美团3 家，拼多多有8家，天猫淘宝有5家。 附件:部分非授权店铺名单 | 序号 | 平台 | 店铺 | | --- | --- | --- | | 1 | | 御茗湾酒类专营店 | | 2 | | 酒之家专营店 | | 3 | | 醇源 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [10][59]. Core Insights - The feedback from the recent Nanjing Autumn Sugar Fair was relatively flat, with major liquor companies showing low enthusiasm for participation. The focus is shifting towards consumer engagement through live streaming and other sales models [6][57]. - The white liquor sector is experiencing a demand bottoming phase, with inventory levels still relatively high. The report suggests focusing on high-dividend leaders like Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as well as flexible stocks that have corrected to appropriate levels [6][57]. - The consumer sector is rebounding, driven by market sentiment towards domestic demand policies amid U.S.-China tariff impacts. Companies in the snack food sector, such as Yanjin and Weidong, are benefiting from increased market penetration and revenue growth [7][58]. Summary by Sections Industry News - From January to August, the export value of Zunyi liquor increased by 776.17% year-on-year. In September, liquor prices fell by 1.3% year-on-year, and the Hubei liquor market reached a scale of 35 billion yuan [5][17][19]. Company News - Kweichow Moutai reported a significant recovery in terminal sales for its sauce-flavored liquor in September. Luzhou Laojiao held a 110th anniversary event, continuing to lead the vintage liquor market [19]. Key Company Feedback - The report highlights the performance of key companies, with a focus on their stock price movements and earnings forecasts. For instance, Kweichow Moutai's stock price is at 1455.00 yuan, with an EPS forecast of 68.64 for 2024 [60]. Industry Data Trends - The white liquor industry saw a cumulative production of 4.145 million tons in 2024, a decrease of 7.72% year-on-year, while industry revenue reached 796.4 billion yuan, an increase of 5.3% year-on-year [34][36]. Investment Strategy - The report emphasizes the importance of focusing on companies with long-term value and high dividends in the white liquor sector, while also highlighting the potential in the snack food and beverage sectors due to changing consumer preferences and market dynamics [58][59].