Group 1 - The core theme of the Boao Forum for Asia 2025 is "Co-creating the Future of Asia in a Changing World," emphasizing unity and cooperation for development [1] - Wuliangye, as a strategic partner of the forum, showcases its product quality and cultural philosophy of "Harmony and Beauty" to promote global economic cooperation and cultural exchange [1][2] - The partnership between Wuliangye and the Boao Forum began in 2018, evolving into a significant collaboration that enhances Wuliangye's international presence [2] Group 2 - Wuliangye is implementing international marketing strategies in 2025 to expand its brand presence in global markets, focusing on cultural dissemination [2][4] - The company has set up a unique exhibition at the forum to highlight its international vision and cultural heritage, reinforcing its brand image [2][3] - Wuliangye's marketing activities, such as the "Wuliangye Boao Month," successfully engage a broader audience, enhancing brand recognition and consumer participation [3] Group 3 - China's liquor exports reached $1.9 billion in 2024, with a significant growth rate of 20.4% for baijiu, indicating a rising global demand [4] - Despite the growth, Chinese baijiu still holds a small market share compared to international spirits, suggesting substantial potential for expansion [4] - The free trade port in Hainan is seen as a crucial platform for promoting global economic cooperation, with Wuliangye actively expanding its market presence there [4][5] Group 4 - Wuliangye is enhancing its brand influence in Hainan by opening the world's first duty-free store in September 2024, aiming to solidify its market position [5] - The company plans to continue its channel expansion and marketing efforts to connect with potential consumers and leverage the advantages of the free trade port [5] - Wuliangye aims to use high-profile platforms like the Boao Forum to promote Chinese baijiu globally and contribute to international economic cooperation [5]

Core Viewpoint - The Boao Forum for Asia 2025 Annual Conference, themed "Creating a Future for Asia Together in a Changing World," commenced in Boao, Hainan, with Wuliangye (000858) participating as a strategic partner and designated beverage, showcasing the charm of traditional industries and cultural confidence of Chinese brands through its products [1] Group 1: Event Participation and Brand Promotion - Wuliangye's Vice Chairman and General Manager, Hua Tao, emphasized the alignment of the forum's philosophy of "harmony in diversity" with Wuliangye's value proposition of "harmony and coexistence" during the "Wuliangye Night" welcome dinner [2] - The event featured a tasting experience of Wuliangye's products, highlighting the "Five Steps of Tasting" method, which enhanced guests' appreciation of the brand's quality and cultural significance [2][3] - Wuliangye set up a cocktail bar featuring specially crafted cocktails using its products, showcasing Chinese aesthetics in a familiar Western format, attracting international guests [3] Group 2: Marketing Initiatives - The "Wuliangye Boao Month" theme event was launched, featuring a modern exhibition hall that reflects Wuliangye's international vision and resonates with the forum's ideals, showcasing various core products [4] - Wuliangye collaborated with six key duty-free terminals in Hainan to create brand experience zones, employing a "buy and gift + interaction" strategy to enhance sales conversion rates [5] - The marketing activities during "Wuliangye Boao Month" are expected to result in a sales increase of over 20% compared to previous years, demonstrating the effectiveness of the brand's dual empowerment strategy [5] Group 3: Internationalization Strategy - Wuliangye has been actively participating in international platforms and events, such as the Belt and Road Initiative and various global forums, to enhance the visibility of Chinese liquor on the world stage [10] - The company aims to establish international standards for Chinese liquor and strengthen its global market presence through cross-industry collaborations and cultural exchange activities [10] - Currently, Wuliangye's products are available in 62 countries and regions, with its brand message of "Great Nation's Fragrance and Harmony" gaining recognition globally [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report emphasizes that the company is undergoing significant marketing reforms to enhance operational efficiency and adapt to market changes. The new management is focused on practical execution and performance assessment [7][10] - The establishment of specialized sales companies aims to optimize channel management and improve pricing strategies, which is expected to stabilize sales and enhance market control [7][10] - The report anticipates that these reforms will lead to improved sales performance and profitability in the medium to long term, particularly through innovative direct sales strategies [7][10] Financial Projections - Total revenue is projected to grow from 83,272 million RMB in 2023 to 103,836 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 10.16% [1] - Net profit attributable to the parent company is expected to increase from 30,211 million RMB in 2023 to 38,347 million RMB in 2026, reflecting a CAGR of about 11.85% [1] - The earnings per share (EPS) is forecasted to rise from 7.78 RMB in 2023 to 9.88 RMB in 2026, indicating a positive growth trajectory [1] Market Data - The closing price of the company's stock is 133.90 RMB, with a market capitalization of approximately 519,747.31 million RMB [5] - The price-to-earnings (P/E) ratio is projected to decrease from 17.20 in 2023 to 13.55 in 2026, suggesting an attractive valuation over the forecast period [1][11]

Investment Rating - The report maintains a "Buy" rating for Wuliangye [1] Core Views - Wuliangye is undergoing significant marketing reforms to enhance operational efficiency and adapt to market changes. The company has initiated a series of structural changes, including the establishment of specialized sales companies to improve channel management and optimize pricing strategies [7][10] - The company is expected to achieve revenue growth, with total revenue projected to reach RMB 94.26 billion in 2025, reflecting a year-on-year increase of 6.17% [1] - The net profit attributable to the parent company is forecasted to be RMB 34.29 billion in 2025, with a growth rate of 6.06% [1] Financial Projections - Total revenue (in million RMB) for the years 2022 to 2026 is projected as follows: 73,969 (2022), 83,272 (2023), 88,780 (2024), 94,260 (2025), and 103,836 (2026) [1] - Net profit attributable to the parent company (in million RMB) is expected to be: 26,690 (2022), 30,211 (2023), 32,327 (2024), 34,285 (2025), and 38,347 (2026) [1] - The latest diluted EPS is projected to increase from RMB 6.88 in 2022 to RMB 9.88 in 2026 [1] - The P/E ratio is expected to decrease from 19.47 in 2022 to 13.55 in 2026, indicating a potential increase in valuation attractiveness [1] Market Data - The closing price of Wuliangye is reported at RMB 133.90, with a market capitalization of approximately RMB 519.74 billion [5] - The company has a price-to-book ratio of 3.81 and a net asset value per share of RMB 35.13 [5][6]

Group 1 - The Boao Forum for Asia 2025 Annual Conference was held from March 25 to 28, attracting around 2,000 representatives from over 60 countries and regions [1] - Wuliangye participated as the "Honorary Strategic Partner" and "Designated Wine" of the forum, showcasing its international vision and cultural confidence [1] - The "Wuliangye Night" event highlighted the brand's commitment to global cooperation and cultural exchange, emphasizing the theme "Harmony and Beauty" [1][2] Group 2 - Wuliangye's exhibition at the forum featured modern design elements, showcasing its heritage and innovation through three main display areas [1] - The company has been collaborating with the Boao Forum for seven years, enhancing its global presence and influence [2] - Wuliangye has established strategic partnerships with international beverage giants, launching innovative products that blend Chinese liquor with global flavors [2]

Core Viewpoint - The 112th National Sugar and Wine Products Trade Fair showcased Wuliangye's diverse product matrix and innovative online-offline integration to enhance consumer experience and stimulate market potential [1][5][8] Group 1: Event Overview - The trade fair took place from March 25 to 27 in Chengdu, featuring Wuliangye as a leading representative of Chinese liquor [1] - Wuliangye presented a cultural exhibition hall that highlighted the unique charm of "Great Nation's Strong Aroma" [2][3] Group 2: Product Presentation - The exhibition hall featured a time-axis design that narrates Wuliangye's historical legacy, showcasing products like the eighth generation Wuliangye and the classic series [4][5] - The cultural significance of Wuliangye is emphasized, with its traditional brewing techniques recognized as a national intangible cultural heritage [4] Group 3: Consumer Engagement - Wuliangye set up a live streaming room during the fair to interact with online consumers, promoting key products with various incentives [6][8] - The company aims to enhance consumer willingness to purchase through a well-crafted product matrix and improved service offerings [8] Group 4: Industry Impact - The trade fair aims to facilitate industry upgrades and promote economic exchanges, marking its 70th anniversary and evolving into the "2025 Spring Sugar Season" [7] - Wuliangye is committed to protecting intellectual property and consumer rights, establishing a new governance model for industry challenges [9]

金融界3月26日消息，上证指数低开震荡，中证中华联合优质成长指数 (中华联合优质成长，931725)上 涨0.16%，报6974.98点，成交额2302.62亿元。 数据统计显示，中证中华联合优质成长指数近一个月上涨0.36%，近三个月上涨0.01%，年至今上涨 1.42%。 中证中华联合优质成长指数上涨0.16%，前十大权 重包含五粮液等 从中证中华联合优质成长指数持仓样本的行业来看，主要消费占比18.60%、工业占比18.38%、信息技 术占比10.98%、金融占比10.54%、可选消费占比10.07%、医药卫生占比9.58%、原材料占比9.43%、通 信服务占比4.99%、公用事业占比3.62%、能源占比3.34%、房地产占比0.47%。 资料显示，指数样本每年调整四次，样本调整实施时间分别为每年3月、5月、9月和11月的第二个星期 五的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下 一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其 从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从中 ...

3月25日，第112届全国糖酒商品交易会（以下简称"糖酒会"）在成都正式开幕，位于世纪城国际展览中心四号馆核心位置的五粮液展位，通过多样新潮的展陈融合，充分展现 了"大国浓香"的魅力。 作为糖酒会的深度参与者，今年的五粮液首次将"直播间"搭进了糖酒会展位现场，并在展会期间每天9-18点进行不间断直播。期间还为观看直播的粉丝准备了丰富多样的礼品和 赠品，包括随机抽奖的福袋、限时买赠的礼品、全场满赠的茶礼以及特价秒杀产品等等。 "这样展示+直播的组合，为传统的静态展示增添了更多的互动体验感。"五粮液相关负责人表示，五粮液始终践行"为消费者创造美好"的企业使命，通过更多的形式和载体与消费 者面对面，点对点的交流与互动。 落地"为消费者创造美好" 五粮液将直播间搭进春糖展厅 "这是小礼品么，挺精致的""怎样才能得到？" 展馆入口处的礼盒陈列区，几款设计精巧的伴手礼静静陈列却不断引起客人的关注。"对的，这是给直播间的网友特别准备的随机礼 品，欢迎大家扫码进入。"展位前的工作人员认真进行着解释和引流。 和直播间这个"新元素"相比较，五粮液在这类大型展会上的绝对杀手锏依然还是丰富产品矩阵带来的冲击感。记者在现场看到，展厅现 ...

除了精心设计的展厅布局，吸引来往客商的还有五粮液多元创新的产品矩阵。第八代五粮液、经典 五粮液系列、五粮液·1618等核心产品，五粮液·和美中国系列、五粮液生肖酒系列、五粮液本草牌露 酒、仙林牌青梅酒等产品多元专业、富有文化内涵。此外，五粮液与世博会、APEC、博鳌亚洲论坛、 进博会等国际化平台合作推出的联名纪念酒更是极具收藏价值，也是五粮液引领中国酒企探索国际化进 程的有力见证。 随着"春日经济"不断升温，3月25日-27日，第112届全国糖酒商品交易会（简称"糖酒会"）在成都 以"一城双馆"的形式举行。今年恰逢糖酒会70周年，五粮液作为中国白酒典型代表及名优酒企代表携多 元创新产品矩阵精彩亮相，展现"和美"文化创新表达，以线上线下融合丰富消费场景，助力加速释放酒 类消费市场潜能。 作为中国食品酒类行业规模最大、影响力最广的展会之一，本届糖酒会展览面积达32.5万平方米， 共设置传统酒类等9大展区，精酿啤酒及低度酒等23个特色展区，吸引了超6600家展商参展，以"商品 全、活动多、内容新、体验好"为特色，首次打破传统展会时间与空间局限，以"由馆到城、由展到 节"的展城融合模式提振消费市场，激发消费活力，并进 ...

Investment Rating - The investment rating for Wuliangye (000858.SZ) is "Accumulate" with a target price of 171.54 CNY, maintaining the previous rating of "Accumulate" [2][14]. Core Views - The report highlights that Wuliangye has been implementing a series of marketing reforms since the 1218 conference, leading to improved management efficiency and execution. The company aims for steady growth through these changes [3][14]. - The marketing transformation is expected to yield results gradually, supporting stable growth. The company has focused on enhancing manufacturer relationships and addressing volume and price issues [14]. Financial Summary - Revenue projections show a steady increase from 73,969 million CNY in 2022 to 99,462 million CNY by 2026, with a compound annual growth rate (CAGR) of 11.7% for 2022-2023 and 5.6% for 2025-2026 [5][15]. - Net profit attributable to shareholders is expected to rise from 26,690 million CNY in 2022 to 33,599 million CNY in 2026, reflecting a CAGR of 14.2% for 2022-2023 and 3.9% for 2025-2026 [5][15]. - Earnings per share (EPS) is projected to increase from 6.88 CNY in 2022 to 8.66 CNY in 2026 [5][15]. Market Data - The current price of Wuliangye shares is 132.69 CNY, with a 52-week price range of 107.69 CNY to 164.05 CNY [6][14]. - The total market capitalization is approximately 515,051 million CNY [6]. Balance Sheet Summary - Shareholder equity stands at 136,362 million CNY, with a net asset value per share of 35.13 CNY [7][15]. - The company has a negative net debt ratio of -89.68%, indicating a strong financial position [7][15]. Investment Strategy - The report emphasizes the importance of price stability through inventory control measures, which have led to a rise in wholesale prices. The company has implemented strategies to enhance channel confidence and manage supply effectively [14]. - The establishment of specialized companies by distributors is expected to strengthen direct sales channels and improve resource allocation, thereby enhancing overall operational efficiency [14].