Core Viewpoint - Wuliangye (000858) has announced a commitment to increase dividends and has released a shareholder return plan for the next three years, indicating a strong focus on shareholder value [1] Group 1: Dividend Policy - The company plans to maintain a dividend payout ratio of no less than 70% for the years 2024-2026 [1] - For the year 2024, the cash dividend payout ratio is set at 70%, which represents a 10 percentage point increase year-on-year [1] - The total dividend amount for the years 2024-2026 is projected to be no less than 20 billion yuan [1]

文｜朱浪 名门之秀五粮春，再次荣登权威品牌百强榜单。 近日，2025（第31届）中国品牌价值100强研究报告重磅发布，五粮春以276.06亿元的品牌价值位列榜单第31位，品牌价值连续8年攀升。 30年前五粮春问世，始终坚持以消费者为中心进行品牌建设工作，持续聚焦进行IP打造和品牌创新，践行长期主义，多次荣登品牌百强榜单，赢得 行业和专业机构高度认可。 伴随品牌价值的不断累积，五粮春品牌渗透力将进一步提升，消费者文化和情感认可也会更加凸显，产品市场动销有望进一步提速。 获权威机构评定 品牌价值连续攀升 1994年，中国品牌价值100强研究报告创立，历经31年，已经发展为品牌价值比较领域的专业榜单。 该榜单以跟踪时间长、专业、权威著称，专业团队通过独立研究、独立发布，让消费者及海内外各界了解中国品牌，也展现出消费趋势的新变化。 2018年，五粮春上榜中国品牌价值报告榜单百强，品牌价值为165.67亿元，当年排名第38位。2025年榜单显示，五粮春品牌价值跃升至276.06亿元（名列 榜单第31位），相较去年增长13.18亿元，连续8年保持增长。 此次五粮春再度上榜，表明其品牌内涵不断获得社会各界和专业机构认可，品 ...

Core Insights - The Chinese liquor industry is experiencing a recovery during the "Golden September and Silver October" season, with major companies like Kweichow Moutai and Wuliangye reporting significant sales growth [2][3] - Despite the expected sales boom during the Mid-Autumn Festival and National Day, the market is characterized by a "calm, indifferent, and rational" consumer behavior, shifting marketing strategies towards sales activation and online channels [2][10] Group 1: Marketing Strategies - Major liquor companies are adopting a sales-driven approach, focusing on direct promotions and product accessibility rather than traditional brand exposure [5][6] - New product launches, such as "Da Zhen·Zhen Jiu" and the first metaverse concept liquor by Guotai, have seen immediate success, indicating a shift towards innovative offerings [3][4] - Companies like Moutai and Fenjiu are implementing promotional activities that cater to diverse consumer needs, emphasizing practical sales over ceremonial marketing [5][6] Group 2: Channel Transformation - The marketing strategies during the double festival have shifted towards localized and online-focused approaches, enhancing consumer engagement and market growth [7][9] - Collaborations with local cultural events and online platforms have been utilized to create immersive consumer experiences, such as the "Jiu Gui Jiu" campaign in Hunan [8][9] - The rise of instant retail partnerships, like that of Tuopai and Meituan, exemplifies the industry's adaptation to new consumer behaviors and preferences [9] Group 3: Consumer Behavior Changes - There is a notable shift towards rational consumption, with consumers preferring to buy based on immediate needs rather than bulk purchasing [10][11] - The popularity of lower-priced and lower-alcohol products reflects changing consumer preferences towards health and personal enjoyment [11] - The industry is undergoing a fundamental transformation from "scale expansion" to "quality enhancement," indicating a long-term shift in the value system and business models within the liquor market [10][12]

Core Viewpoint - Wuliangye has appointed Huatao as the new general manager, focusing on returning to consumer demand and implementing significant reforms to stabilize prices, optimize channels, and enhance sales efficiency [1][4]. Group 1: Company Leadership and Strategy - Huatao, with over 20 years of experience in government and grassroots management, aims to strengthen Wuliangye's growth by addressing five key areas: quality, brand, product market, capital market, and corporate governance [1]. - The company has reported a revenue of 52.77 billion yuan and a net profit of 19.49 billion yuan for the first half of 2025, marking a year-on-year growth of 4.19% and 2.28% respectively, indicating a slowdown in growth rates [3]. Group 2: Price Stability Measures - Wuliangye has adopted a strategy of "reasonable volume growth" to stabilize the price of its core product, the eighth generation Wuliangye, which faced price declines below 900 yuan per bottle [5][8]. - The company implemented a supply reduction strategy during peak seasons, which led to a quick recovery in market prices, with a reported increase of approximately 30 yuan per bottle within a week [7]. Group 3: Channel Expansion and Optimization - Wuliangye's channel strategy focuses on enhancing direct sales and optimizing the channel structure, with direct sales revenue reaching 21.20 billion yuan, a year-on-year increase of 8.6% [9][10]. - The company has streamlined its online presence by reducing the number of non-compliant e-commerce partners, thereby stabilizing its pricing system [11][12]. Group 4: Internal Efficiency and Sales Management - The company has initiated a major overhaul of its sales system, establishing a vertical management structure to improve decision-making and execution efficiency [13][14]. - Huatao emphasizes a market-oriented approach in talent selection and management to enhance the effectiveness of the sales team [14]. Group 5: Young Consumer Engagement - Wuliangye is focusing on "youthification" by launching products with lower alcohol content and engaging in cross-category ventures, such as introducing a craft beer line [16][17]. - The introduction of a 29-degree Wuliangye product priced at 399 yuan per bottle aims to attract younger consumers, with a marketing campaign featuring a popular celebrity [16].

Core Insights - The Chinese liquor industry is undergoing a transformation as companies target younger consumers through innovative products and marketing strategies [2][3][9] - The trend of "lower alcohol content" is emerging as a key strategy to appeal to the new generation, shifting from traditional drinking culture to a more personal enjoyment [2][4][10] Industry Trends - The main consumer demographic for liquor is shifting, with individuals born between 1985 and 1994 now making up 34% of the market, and those born after 1995 accounting for 18% [3] - The low-alcohol market is projected to exceed 74 billion yuan by 2025, with a compound annual growth rate of 25%, significantly outpacing the overall liquor industry growth [6] Company Innovations - Companies like Luzhou Laojiao and Shanxi Fenjiu are leading the charge in developing low-alcohol products, with Luzhou Laojiao's 38-degree Guojiao 1573 sales surpassing 10 billion yuan [4][5] - Shanxi Fenjiu has successfully engaged younger consumers through creative marketing campaigns, such as the "Guilin Fenjiu" cocktail video that went viral, and has integrated online and offline marketing strategies [7] Marketing Strategies - The industry is focusing on emotional connections and experiential marketing to resonate with younger consumers, moving away from traditional consumption rituals [11] - Companies are exploring cross-industry collaborations and innovative product launches to refresh their brand image and appeal to younger demographics [7][9] Future Outlook - The liquor industry is expected to experience further segmentation over the next five years, with companies that embrace true organizational change and understanding of younger consumers likely to succeed [11] - The concept of "youngification" is being redefined, emphasizing the need for deeper engagement with consumer needs rather than superficial changes in product offerings [10][11]

Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Insights - The new tea and coffee market in China has become an important consumption sector, with Mixue Group emerging as a significant player due to its unique market positioning and strong supply chain capabilities [2][16] - Mixue Group's brands, Mixue Ice City and Lucky Coffee, have distinct market positions and clear development strategies, indicating long-term growth potential [2][16] - The group effectively leverages the synergy between its tea and coffee brands, with Mixue Ice City focusing on mass tea consumption and Lucky Coffee targeting the coffee market with a beverage-oriented product strategy [3][22] Summary by Sections Industry Overview - The food and beverage sector's performance this week saw a decline of 2.49%, ranking 26th among 30 sectors, underperforming the CSI 300 index by 3.56 percentage points [10][31] - Only the soft drink segment experienced an increase, with a rise of 0.86% [10][32] Company Developments - Mixue Group has a total of 53,014 stores globally, with 48,281 in China and 4,733 overseas, focusing on lower-tier markets [16][23] - Lucky Coffee has rapidly expanded, surpassing 8,000 stores by August 2025, targeting entry-level coffee consumers [16][23] - Wanchen Group submitted its IPO application in Hong Kong, reinforcing its leading position in the Chinese snack retail sector, with plans to use the funds for network expansion and product diversification [25][26] Market Dynamics - The competitive landscape in the coffee sector shows Lucky Coffee adopting a beverage-oriented strategy, differentiating itself from specialized coffee brands [3][22] - The potential for expansion in lower-tier cities remains significant, with Mixue Ice City and Lucky Coffee poised to capture unmet demand in these markets [4][23] - The overall market sentiment is cautious, with expectations of a significant decline in sales during the Mid-Autumn Festival, although some brands are showing signs of recovery [27][30]

Core Viewpoint - The overall performance of the liquor industry during the 2025 Mid-Autumn Festival and National Day is lackluster, with a year-on-year decline of approximately 20% despite a month-on-month improvement from July to August [1][4]. Group 1: Industry Performance - The liquor sales during the 2025 double festival are reported to be flat, with a significant demand gap remaining, particularly in the high-end and sub-high-end segments [1][4]. - The mid-to-low-end liquor sales are performing better than high-end and sub-high-end products, with banquet brands showing faster sales velocity [1][3]. - Major brands like Moutai and Wuliangye are gradually capturing market share from competitors due to price declines, while Fenjiu maintains upward momentum with stable pricing [1][3]. Group 2: Future Outlook - The recovery of government and business consumption demand is expected to take time, impacting high-end and sub-high-end liquor consumption in the short term [2][4]. - Attention should be focused on supply-side contraction signals from companies post-festival, which could catalyze the sector [2][4]. - Price indicators are anticipated to turn positive in 2026, potentially driving inflation and corporate profitability, leading to a sustained recovery in liquor demand [1][4]. Group 3: Investment Recommendations - The report suggests monitoring companies that are relatively healthy and have a positive market atmosphere, such as Shanxi Fenjiu, Guizhou Moutai, and Wuliangye [4]. - Companies that are innovating in channels and models, like Yingjia Gongjiu and Zhenjiu Lidu, are also highlighted as potential growth contributors [4].

Core Insights - The liquor sector experienced a rise of 1.86% on September 29, with Huangtai Liquor leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Liquor Sector Performance - Notable gainers in the liquor sector included: - Qingdao Wenzhou: Closed at 14.90, up 5.45% with a trading volume of 171,200 shares and a turnover of 252 million yuan - Overseas Laojiao: Closed at 133.06, up 4.30% with a trading volume of 160,200 shares and a turnover of 2.104 billion yuan - Gujing Gongjiu: Closed at 160.21, up 3.88% with a trading volume of 37,600 shares and a turnover of 596 million yuan - Other notable stocks included Shede Liquor, Jinhui Liquor, and Kweichow Moutai, with respective increases of 2.04%, 1.84%, and 1.80% [1] Capital Flow Analysis - The liquor sector saw a net inflow of 650 million yuan from institutional investors, while retail investors experienced a net outflow of 116 million yuan [2] - The main capital flow for key stocks included: - Kweichow Moutai: Net inflow of 5.16 million yuan from institutional investors, with a net outflow of 5.16 million yuan from retail investors - Luzhou Laojiao: Net inflow of 75.6 million yuan from institutional investors, with a net outflow of 166 million yuan from retail investors - Wuliangye: Net inflow of 72.6 million yuan from institutional investors, with a net outflow of 127 million yuan from retail investors [3]

业内人士指出，五粮液通过与国家级职工体育赛事的战略合作，不仅传递了支持全民健身、关爱职工健康、助力体育强国的积极信号，更以"美酒+体育"的 创新模式，在与广大职工和马拉松爱好者的深度互动中，深化品牌认同，构建起品牌场景化、内容化、价值化的全新叙事范式。 9月27日，2025年全国职工半程马拉松赛在宁夏银川正式拉开序幕。五粮液作为"顶级合作伙伴"积极参与本次活动，以"美酒+体育"的跨界创新，赋能品牌文 化叙事，融入健康中国行动，为夯实国民健康基石注入和美力量。 2025年全国职工半程马拉松赛是中华全国总工会指导的国家级职工体育盛事，共设置半程马拉松、特色方阵领先跑和健康跑三个项目，满足不同跑步爱好者 的需求，旨在弘扬劳模精神、劳动精神、工匠精神，展现新时代职工昂扬向上的精神风貌，倡导"快乐工作 健康生活"理念。本次赛事共计三场，首场在宁 夏银川举行。 据了解，五粮液以"和美文化+健康中国"为主线，品牌元素贯穿赛事各环节，为参赛选手献上和美祝福，全方位展示品牌形象。在现场的赛事博览会精心设 置五粮液文化体验馆，通过29°五粮液·一见倾心等新品品鉴、五粮液酒酿造工艺等非遗展示等互动活动，展示五粮液的匠心品质、深厚内 ...

Core Viewpoint - The decline of the real estate industry in China has significantly impacted the high-end liquor market, leading to a need for transformation and new consumption drivers in the liquor sector [1][4][7]. Group 1: Real Estate and Liquor Industry Interconnection - The real estate sector's growth has historically driven the high-end liquor market, with a notable increase in business-related consumption [2][4]. - From 2004 to 2013, real estate investment surged over 520%, while the liquor industry experienced a "golden decade" with production up 293%, revenue up 719%, and profits soaring 1272% [5]. - The collapse of major real estate companies like Evergrande and the subsequent economic downturn have led to a significant decline in the liquor industry, which is now facing intense competition and adjustment [7][8]. Group 2: Current State of the Liquor Industry - As of early 2025, the number of large-scale liquor enterprises has decreased to 887, with a slight revenue increase of 0.19% but a significant profit drop of 10.93% [8]. - Major liquor companies have initiated strategic transformations, focusing on new consumer demographics, international markets, and affordable product lines to adapt to changing market conditions [10][11][12]. Group 3: Strategic Transformations in the Liquor Industry - Companies like Moutai are targeting new consumer groups in emerging industries and enhancing personalized service offerings [10]. - The liquor industry is also expanding its international presence, with initiatives aimed at promoting Chinese liquor globally [10]. - There is a growing emphasis on affordable products, with several brands launching new offerings to capture the mass market [11][12]. Group 4: Future Outlook and Challenges - Despite initial successes in transformation, the liquor industry faces ongoing challenges, including the need to find new consumption drivers to replace the real estate sector [14]. - The export market for Chinese liquor is still in its infancy, and the profitability of mass-market products lags behind that of premium offerings [14].