21世纪经济报道肖夏 综合报道 在此之前，9月23日华润啤酒公告称，执行董事、首席财务官赵伟因其他工作安排而辞任。后续华润集 团旗下华润万象生活发布公告，赵伟出任华润万象生活非执行董事及审核委员会成员。 仁怀政府人士称与污水厂投资方解约因对方"产能不足，需保障正常运行" 企业方否认 9月24日河南广播电视台旗下大象新闻报道称，"贵州茅台镇一家投资8亿元建成的白酒污水处理厂被当 地政府突然解约、强行接管"，这一新闻迅速引发舆论关注。 在遵义市仁怀市人民政府当天通报称将展开调查后，次日遵义市政府通报称"已经成立由市委政法委牵 头的调查组，提级对相关情况进行全面调查，并将及时向社会公布调查结果。"21世纪经济报道此前第 一时间跟进了当事人回应。 南方周末上周报道，仁怀市官员方面回应，政府接管污水处理厂的目的是保障当地酒厂正常运行，让酒 厂生产、环境治理不受影响，涉事污水处理厂被接管的主要原因是其处理能力不足、运行不正常，影响 了当地的污水处理，并称该项目公司没有按照规划设计来弄。 不过上周末，该污水处理厂项目投资公司重庆泰克的创始人唐显策对21世纪经济报道记者否认了政府方 面在相关报道中的说法，表示后续将详细沟通。 ...

Core Insights - The 2025 Fortune Sustainable Development Summit opened with the theme "Intelligent Era, Shared Benefits," where Wuliangye participated as the chief strategic partner and designated wine, showcasing the achievements of Chinese liquor in ecological and green development [1][3] Group 1: Sustainable Consumption - Wuliangye's Vice General Manager, Zhang Xin, highlighted the shift in consumer awareness towards sustainable consumption, noting that high-net-worth consumers view sustainability as a social label, while younger generations are willing to pay a premium for eco-friendly concepts [3] - Zhang emphasized the need for clearer communication regarding the ecological nature of liquor production, stating that many consumers are unaware of the industry's environmental impact [3][5] - The company's "Harmonious Beauty" culture, rooted in traditional Chinese philosophy, aligns with the underlying logic of sustainable consumption, promoting harmony between humans and nature [3][5] Group 2: Corporate Initiatives - Wuliangye is leading efforts to establish an industry-recognized ESG evaluation and labeling system, enhancing the credibility of "green brewing" practices [5] - The company has implemented a blockchain-based quality traceability system, ensuring transparency throughout the production process, from seed to finished product, achieving full traceability for key products [5][11] - Zhang stated that sustainable consumption requires a synergy between consumer voting power and corporate actions, fostering cross-industry green collaboration [5][9] Group 3: Innovative Practices - At the summit, Wuliangye showcased its ESG-themed creative exhibition, featuring a range of products that cater to various consumption scenarios, emphasizing the concept of "green consumption" [7] - The company has developed an eco-friendly version of its product, with packaging materials that are fully biodegradable, winning multiple design awards [11] - Wuliangye has established a circular economy system, utilizing by-products for animal feed and organic fertilizers, and treating wastewater to generate biogas for power generation [9][11] Group 4: Future Vision - Wuliangye aims to contribute to global sustainable agendas by promoting a development path that emphasizes ecological balance, quality, and cultural values, proving that green development is a core driver of high-quality growth [13] - The company plans to deepen its ESG practices and collaborate with global partners to create a sustainable future for Chinese liquor [13]

Core Viewpoint - The overall performance of the liquor industry in Q3 2025 is under pressure, with slow payment collection, increased inventory, and weak batch prices due to the impact of the "ban on alcohol" [1][2] Payment Collection - The payment collection progress for liquor companies in Q3 2025 has slowed down significantly, with only Kweichow Moutai expected to maintain a collection rate similar to previous years, while other companies face relative pressure [1][2] Sales Performance - The sales performance in Q3 2025 is under pressure, particularly in June and July due to the "ban on alcohol," although there has been some improvement in August and September. Kweichow Moutai has shown resilience with significant sales growth in August and September, with a year-on-year increase exceeding 20% [2][3] Inventory Levels - After a slight decrease in inventory levels in Q1 2025, the overall inventory in the liquor industry has accumulated due to a significant slowdown in sales since Q2 2025. The inventory is expected to decrease during the Mid-Autumn Festival and National Day, but channel inventory may not see significant reduction [2][3] Batch Prices - Batch prices for most liquor products are under pressure due to the "ban on alcohol" and aggressive promotional activities during the festive season. High-end liquor prices, such as Feitian Moutai, have dropped to 1750-1800 RMB, while other products like Wuliangye have also seen price declines [2][3] Price Segment Analysis - High-end liquor: Kweichow Moutai is expected to maintain growth, while Wuliangye and Luzhou Laojiao may face slight pressure in Q3 2025 - Mid-range liquor: Significant differentiation is expected, with Shanxi Fenjiu showing stable performance, while other brands may benefit from low base effects - Regional leaders: Brands like Gujinggongjiu and Yingjia Gongjiu are still adjusting and may be significantly impacted by the "ban on alcohol" [3][4] Earnings Forecast - Overall, liquor companies are expected to face pressure, with most companies' performance in Q3 2025 projected to decline year-on-year. However, Kweichow Moutai is anticipated to achieve revenue and profit growth, while others like Wuliangye and Shanxi Fenjiu may perform relatively steadily [4] Investment Recommendations - The company suggests focusing on bottom-range allocation opportunities in the liquor sector, recommending leading brands like Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, as well as other brands with growth potential and lower valuations [5]

Core Viewpoint - The stock market experienced a decline, with major indices dropping over 1%, particularly affecting the liquor sector, which saw a notable decrease in share prices of key companies [1] Industry Summary - The liquor sector index closed at 2224.57 points, down 1.28%, with 20 liquor stocks declining [1] - High-end liquor demand is showing weak recovery during the peak season, while mass-market liquor sales are performing better than the industry average [1] - The next-highest price segment is under pressure, with significant differentiation in performance among brands [1] - Current industry inventory levels are stabilizing, and some liquor companies are reducing inventory to alleviate operational pressure [1] - The outlook suggests that leading liquor companies are focusing on long-term healthy development, with fundamentals stabilizing and consumption promotion policies supporting gradual recovery in the industry [1] Company Summary - Guizhou Moutai closed at 1415.93 CNY per share, down 0.98% [1] - Wuliangye closed at 119.64 CNY per share, down 0.90% [1] - Shanxi Fenjiu closed at 187.00 CNY per share, down 0.90% [1] - Luzhou Laojiao closed at 126.90 CNY per share, down 1.53% [1] - Yanghe Brewery closed at 66.91 CNY per share, down 1.09% [1]

文｜王伟设 云酒·中国酒业品牌研究院高级研究员 设问酒道工作室创始人 今年下半年以来众多品牌密集推出低度白酒： 8月19日，古井贡推出26度375ml375元的年份原浆轻度古20。 低端市场口感匹配度低 虽然低度白酒是个发展趋势，但对于一个喝惯了中高度酒的庞大酒民群体来说，要想让理性、悦己的消费观念全民化，让低度风格成为消费主流等 还需要时间。 低度酒的出现符合消费观念和口感偏好的改变，因而它是有发展前景的品类。同时，其成为主流消费及其酿造技术的改进提升是个渐进的过程，不 可能成为短期爆发的风口。 低端市场主要是50元以下的大众消费群体，其对口感风格的需求是度数不能太低，一般在40度以上，入口不能太轻，要有一定的醇厚感，回味不能太净， 要有一点回味且酒体要柔顺。 但是低度白酒一般在30度一下，其酒体单薄，酒分子与水分子失去蒂合度，即便加入调味酒也难以产生消费者需要的口感。如果增加基酒或调味酒必将增 加成本推高价格，偏离大众消费的价格需求。 8月26日，五粮液推出29度500ml399元的一见倾心。 8月30日，舍得推出29度500ml379元的舍得自在。 另据内部消息，国窖1573也将推出26度500ml68 ...

Core Insights - The premium liquor market has seen significant growth during the National Day and Mid-Autumn Festival holiday period, with major brands leading the consumption surge [1] Sales Performance - Moutai's sales increased nearly 10 times year-on-year - Wuliangye's sales grew nearly 3 times year-on-year - Luzhou Laojiao's sales surged over 11 times year-on-year - Jinshiyuan's sales rose over 5 times year-on-year - Honghualang 15's sales increased nearly 7 times year-on-year - Baiyunbian 15-year aged liquor's sales grew nearly 6 times year-on-year [1] Market Trends - Instant retail is emerging as a new growth driver for major liquor brands and regional leaders, facilitating exponential sales growth - The strong sales performance of top brands like Moutai and Luzhou Laojiao highlights their strong pricing power in the instant retail channel - Regional leaders are leveraging instant retail to overcome geographical limitations and reach a broader consumer base [1] Consumer Behavior - The demand for "30-minute delivery" has led to a surge in scenario-based consumption, indicating a shift in consumer preferences [1] Future Outlook - The ability to balance channel efficiency with value competition will be crucial for liquor companies navigating the industry's adjustment period [1]

Core Insights - The 2025 Fortune Sustainable Development Summit commenced on October 10, with Wuliangye as the "Chief Strategic Partner" and "Designated Liquor," showcasing its achievements in the ESG field [1] - The summit's theme, "Intelligent Era, Shared Benefits," gathered experts and Fortune 500 companies to discuss sustainable development paths empowered by technology [1] Group 1: Wuliangye's Participation - Wuliangye created an ESG-themed art exhibition titled "Harmony and Sustainability," featuring elements like the Moebius ring and traditional brewing components, reflecting its commitment to quality, ecology, and culture [1] - The company presented a range of products, including classic Wuliangye series and innovative offerings, highlighting its brand evolution from tradition to innovation [1] Group 2: Consumer Engagement and Sustainable Development - During a roundtable discussion, Wuliangye's Vice General Manager emphasized the importance of addressing the gap between green supply and consumer awareness, advocating for standardization and public education [5] - The company promotes its value philosophy of "Harmony and Coexistence" to enhance product quality and ecological sustainability, aiming to lead a new trend in sustainable consumption in the liquor industry [5] Group 3: Quality Management and Technological Integration - Wuliangye has established a comprehensive quality management system from seed to wine, becoming the only company to receive the highest honor in China's quality management five times [5] - The introduction of blockchain technology has enabled a traceable quality supervision system, ensuring the source and quality of each bottle, thereby building consumer trust [5] Group 4: Environmental Initiatives - Wuliangye aims to become a "zero-carbon liquor enterprise" and has created the industry's first national green factory, promoting green planting and establishing over 1.5 million acres of high-standard grain bases [6] - The company has integrated ESG standards into its supplier evaluation system and focuses on green packaging and design, receiving international awards for its eco-friendly products [6] Group 5: Cultural Innovation and Future Plans - Wuliangye incorporates sustainable development concepts into traditional festivals and daily life through various marketing activities, enhancing consumer engagement [6] - The company plans to continue prioritizing ecological and green development, integrating ESG principles throughout its supply chain, and contributing to global sustainable development [6]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage sector [9][58]. Core Insights - The report highlights that the white liquor sector is experiencing marginal improvements in sales during the double festival period, although it remains under pressure year-on-year. Channel inventory has slightly decreased but is still at a relatively high level, leading to anticipated pressure on wholesale prices as companies focus on controlling volume to maintain prices [6][56]. - The consumer sector is rebounding, driven by capital switching and favorable data from the National Day holiday. The report notes a significant increase in cross-regional mobility, with an estimated 2.432 billion people traveling during the holiday, a historical high [7][57]. - The beverage sector is performing strongly, with a focus on new consumption opportunities amid retail channel transformations. The report suggests monitoring companies like Heytea, Cha Bai Dao, and others in the tea beverage segment [8][58]. Summary by Sections Industry News - In September, Douyin's liquor sales increased by 58% month-on-month, and JD Seven Fresh reported a 109% year-on-year increase in liquor sales during the double festival period [5][18]. - The report mentions the official release of the twelve fragrance standard sample and various company developments, including Guizhou Moutai's focus on integrating tourism and liquor sales [5][18]. Company Feedback - The report provides insights into the performance of key companies, noting that the white liquor sector is under pressure but suggests focusing on high-dividend leaders like Guizhou Moutai and Wuliangye, as well as more elastic stocks like Jiu Gui Jiu and She De Jiu Ye [6][9]. - The report also emphasizes the importance of the tea beverage sector, particularly during the National Day holiday, and suggests monitoring companies like Mi Xue and Gu Ming [7][58]. Key Company and Profit Forecasts - The report includes a table of key companies with their stock prices, earnings per share (EPS), and price-to-earnings (PE) ratios, recommending a "Buy" rating for all listed companies, including Guizhou Moutai, Wuliangye, and others [59].

Investment Rating - The report maintains a cautious outlook on the food and beverage industry, suggesting that the industry is still in a bottoming phase and requires patience for recovery [5][6]. Core Insights - The food and beverage sector is advised to focus on structural opportunities, particularly in leading companies that offer high dividends and have long-term investment value, such as high-end liquor brands and major dairy companies [5][6]. - The liquor industry is expected to face continued pressure, with inventory levels high and demand weak, particularly in the context of the upcoming Spring Festival [6][7]. - The report highlights the importance of new consumption trends and structural growth opportunities in the consumer goods sector, recommending companies that align with these trends [5][7]. Summary by Sections 1. Weekly Perspective on Food and Beverage - The food and beverage sector saw a slight decline of 0.15% last week, with liquor down 1.17%, underperforming the broader market [4]. - The top-performing stocks included Zhuangyuan Pasture and Yangyuan Beverage, while the worst performers included Huanlejia and Gujing Gongjiu [4]. 2. Market Performance of Food and Beverage Segments - The food and beverage industry outperformed the Shenwan A index by 0.27 percentage points, with beverage and dairy sectors showing the strongest performance [28]. 3. Liquor Sector Insights - The report indicates that the average price for Moutai is 1765 RMB per bottle, down 35 RMB from the previous period, while Wuliangye is priced at approximately 830 RMB, also showing a decline [6][11]. - Overall demand for liquor is projected to decrease by 20-30% year-on-year during the Mid-Autumn Festival and National Day period, with inventory levels expected to rise by 10-20% [6][7]. 4. Consumer Goods Sector Insights - The report expresses optimism regarding the dairy sector due to declining costs and improving supply-demand dynamics, recommending companies like Yili and New Dairy [7]. - The snack and beverage segments are highlighted for their structural growth potential, with recommendations for companies like Unified Enterprises and Weilong [7].

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights the upcoming Q3 performance period and suggests a focus on valuation shifts in thriving sectors such as beverages, snacks, and pet products [13][14]. - It notes that the consumption sector has shown relative weakness, but low valuations may attract investment [13]. - The report emphasizes the stable growth of key companies like Shanxi Fenjiu and Wuliangye, with the latter's major shareholder completing a significant share buyback, reflecting confidence in the company [2][3]. Summary by Sections Core Company Tracking - Shanxi Fenjiu's "Glass Fen" series is experiencing steady growth, with plans to expand into markets with weaker consumption atmospheres [10]. - Wuliangye's major shareholder has completed a buyback of shares worth over 800 million yuan, increasing their stake to 55.1% [3]. - Chongqing Beer is expected to continue gaining market share in China, with a current market share of 9%, up from 6% in 2017 [11]. - Qiaqia Foods has seen improved sales in September, with expectations of a slight recovery in gross margin for Q3 [12]. Investment Recommendations - The report recommends focusing on growth stocks in the snack sector, particularly Ximai Foods and Wei Long [14]. - It continues to recommend leading companies in the Hong Kong market such as Nongfu Spring and H&H International Holdings, while suggesting attention to Haitian Flavoring [14]. - In the new consumption sector, it highlights Zhongchong Co., Guibao Pet, and Bairun Co., with additional recommendations for Yuanfei Pet and Petty Co. [14]. - Traditional consumption is entering a configuration phase, with a focus on leading liquor brands like Shanxi Fenjiu, Luzhou Laojiao, and Guizhou Moutai [14].