证券代码：000858 证券简称：五粮液 公告编号：2025/第 028 号 宜宾五粮液股份有限公司 第七届董事会 2025 年第 4 次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 宜宾五粮液股份有限公司（以下简称公司）第七届董事会 2025 年第 4 次会议，于 2025 年 9 月 12 日以通讯及传阅方式完成对议案的 审议，应参与审议表决董事 10 人，实际参与审议表决董事 10 人。会 议的召开方式符合《公司法》及公司《章程》的规定。 二、董事会会议审议情况 议案一：关于增补非独立董事的议案 根据《宜宾市国有资产监督管理委员会关于许勇等六人任免职的 通知》（宜国资干〔2025〕8 号）文件精神，经提名委员会提名，同 意提名胡波先生为公司非独立董事候选人（简历附后），其任期与公 司第七届董事会其他董事一致。 此次增补董事后董事会中兼任公司高级管理人员以及由职工代 表担任的董事人数总计未超过公司董事总数的二分之一。 本议案同意 10 票，反对 0 票，弃权 0 票。表决结果：通过。 本议案尚需提交股东大会审议。 议 ...

Core Insights - The Chinese liquor industry is entering a period of accelerated clearing in 2025, with significant declines in production and profits [1][3] - A majority of liquor distributors are facing increased inventory pressures, leading to a negative feedback loop affecting sales and payment collection [2][3] Industry Overview - In the first half of 2025, the total production of the liquor industry was 1.9159 million kiloliters, a year-on-year decrease of 5.8%, while sales revenue reached 330.42 billion yuan, a slight increase of 0.19%. Profits fell to 87.687 billion yuan, down 10.93% year-on-year [1] - 58.1% of distributors reported increased inventory, with over half experiencing price inversion issues, and the average inventory turnover days reached 900 days, an increase of 10% compared to the previous year [1] Company Performance - Among 19 listed liquor companies, 13 reported revenue declines, accounting for 68%, with a significant slowdown in revenue growth compared to the previous year [3] - The market is increasingly favoring leading companies, with the top six liquor firms accounting for 47% of revenue and 62.2% of total profits in 2024, marking increases of 13 and 9 percentage points respectively over five years [3] - The growth logic of the liquor industry is changing, with the previous "volume reduction, price increase" model failing, leading to simultaneous declines in both volume and price [3][4] Profitability Trends - The gross and net profit margins of listed liquor companies are generally declining, with only three companies showing an increase in gross margin [5] - The most significant declines in gross margin were observed in companies like Jiu Gui Jiu, She De Jiu Ye, and Kou Zi Jiao [5][7] - In the first half of 2025, only three companies improved their net profit margin, while 16 experienced declines, with the most severe drops in Jiu Gui Jiu, Shui Jing Fang, and Yang He Guo Jiu [5][8] Market Dynamics - The average gross margin for leading companies like Guizhou Moutai is 91.3%, while others like Luzhou Laojiao and Wuliangye follow with 87.09% and 76.83% respectively [8] - Four companies reported gross margins below 60%, with Shunxin Agriculture having the lowest at 34.36% [8] - The total net profit for 19 listed liquor companies reached 97.003 billion yuan, with Guizhou Moutai and Wuliangye accounting for 69% of this total [8][9]

Core Insights - The Chinese liquor industry is entering a period of accelerated clearing, with a total production of 1.9159 million kiloliters in the first half of 2025, a year-on-year decrease of 5.8% [1] - Sales revenue reached 330.42 billion yuan, showing a slight increase of 0.19% year-on-year, while profits fell to 87.687 billion yuan, down 10.93% year-on-year [1] - Over 58.1% of distributors reported increased inventory, with an average inventory turnover period of 900 days, up 10% from the previous year [1] Industry Performance - Among 19 listed liquor companies, 13 reported a decline in revenue, accounting for 68%, with a significant slowdown in revenue growth compared to the previous year [2] - The market is increasingly concentrated among leading companies, with the top six accounting for 47% of revenue in 2024, up 13 percentage points from five years ago [2] - The median revenue growth rate for companies with over 10 billion yuan in revenue was 2.36%, while those below 10 billion saw a median decline of 16.89% [2] Price Trends - The growth logic of the liquor industry is changing, with the previous "volume reduction, price increase" model failing, leading to simultaneous declines in both volume and price [2] - The wholesale price index for liquor has been declining from September 2024 to August 2025, affecting even premium brands [2] Contract Liabilities - Total contract liabilities for 19 listed liquor companies reached 37.497 billion yuan, a decrease of 9.01 billion yuan year-on-year [4] - Guizhou Moutai saw its contract liabilities drop from 9.993 billion yuan to 5.507 billion yuan, a decline of 44.89%, reflecting adjustments in direct sales channel allocations [4] - Eight companies reported a reduction in contract liabilities of over 15%, with most being smaller firms [5] Company-Specific Performance - Guizhou Moutai reported a revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, with contract liabilities at 5.507 billion yuan [6] - Other companies like Luzhou Laojiao and Wuliangye also reported varying revenue changes, with Wuliangye's contract liabilities at 10.077 billion yuan [6] - Ancient Liquor, a regional representative, experienced a revenue growth of 10.38% in Q1 but a decline of 14.23% in Q2, indicating a significant market shift [5]

Core Insights - The Chinese liquor industry is entering a period of accelerated clearing, with a significant decline in production and profits in the first half of 2025 [1][2] - A majority of listed liquor companies are experiencing revenue declines, indicating a shift in the industry's growth logic from "volume reduction, price increase" to simultaneous declines in both volume and price [2][3] Industry Overview - In the first half of 2025, the total production of the liquor industry was 1.9159 million kiloliters, a year-on-year decrease of 5.8%, while sales revenue reached 330.42 billion yuan, a slight increase of 0.19%. Profits fell to 87.687 billion yuan, down 10.93% year-on-year [1] - 58.1% of distributors reported increased inventory levels, with over half facing price inversion issues. The average inventory turnover days for the liquor industry reached 900 days, an increase of 10% compared to the previous year [1] Company Performance - Among 19 listed liquor companies, 13 reported revenue declines, accounting for 68% of the total, with a significant slowdown in revenue growth compared to the previous year [2] - The market share is increasingly concentrated among leading companies, with the top six liquor firms accounting for 47% of revenue in 2024, up 13 percentage points from five years ago [2] - The median revenue growth rate for the top six liquor companies was 2.36%, while the median for companies below 10 billion yuan was -16.89% [2] Pricing Trends - The wholesale price index for liquor has been declining, with notable price drops for major brands such as Moutai and Wuliangye, indicating a broader trend of price reduction across the industry [2][3] Expense Management - Despite declining revenues, many liquor companies have increased their marketing expenditures. The median sales expense growth rate for 19 companies was -11.85%, while overall sales expenses remained stable compared to the previous year [4] - The highest sales expense ratio was recorded at 36.35% for Shui Jing Fang, with 58% of companies increasing their sales expense ratios [4][5] - Management expense ratios have also increased, with the highest being 23.59% for Huangtai Liquor, indicating pressure on profitability for smaller companies [5][6]

Core Insights - The Chinese liquor industry is entering a period of accelerated clearing in 2025, with significant declines in production and profits [1] - The overall market is experiencing a slowdown, with a notable increase in inventory pressure among distributors [1][2] - A majority of listed liquor companies are facing revenue declines, indicating a shift in the industry's growth logic [3] Industry Overview - In the first half of 2025, the total production of the liquor industry was 1.9159 million kiloliters, a year-on-year decrease of 5.8%, while sales revenue reached 330.42 billion yuan, a slight increase of 0.19% [1] - The industry's profit was 87.687 billion yuan, down 10.93% year-on-year [1] - 58.1% of distributors reported increased inventory, with over half facing price inversion issues, and the average inventory turnover days reached 900 days, an increase of 10% from the previous year [1] Company Performance - Among 19 listed liquor companies, 13 reported revenue declines, accounting for 68% of the total, with a significant slowdown in revenue growth compared to the previous year [3] - The market is increasingly concentrated among leading companies, with the top six companies accounting for 47% of revenue and 62.2% of total profits in 2024 [3] - The median revenue growth rate for companies with over 10 billion yuan in revenue was 2.36%, while those below 10 billion yuan saw a median decline of 16.89% [3] Price Trends - The growth logic of the liquor industry is changing, with the previous "volume reduction, price increase" model failing, leading to simultaneous declines in both volume and price [3] - The wholesale price index for liquor has been declining from September 2024 to August 2025, affecting even premium brands [3] - Specific price drops include Moutai's batch price falling from 1820 yuan to 980 yuan, and other brands like Wuliangye and Guojiao also experiencing significant price reductions [4] Notable Company Results - In the first half of 2025, the total revenue of the 19 listed liquor companies was 241.48 billion yuan, with Kweichow Moutai leading at 91.094 billion yuan, followed by Wuliangye at 52.771 billion yuan [5] - Companies like Jiangsu Yanghe and Jiu Gui Jiu saw revenue declines of 35.32% and 43.54%, respectively, indicating severe challenges for smaller firms [6][7][8] - The median revenue growth rate for listed liquor companies was -11.85%, with 11 companies experiencing declines over 10% and 4 companies over 20% [5]

Market Overview - On September 12, the liquor sector declined by 0.79% compared to the previous trading day, with Jiu Gui Jiu leading the decline [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Liquor Sector Performance - The following table summarizes the closing prices, percentage changes, trading volumes, and transaction amounts for key liquor stocks: - Jiu Gui Jiu (000799): Closed at 70.44, down 3.89%, with a trading volume of 300,400 shares and a transaction amount of 2.182 billion [1] - She De Jiu Ye (600702): Closed at 66.45, down 2.65%, with a trading volume of 148,100 shares and a transaction amount of 1.003 billion [1] - Shui Jing Fang (600779): Closed at 45.97, down 1.94%, with a trading volume of 49,200 shares and a transaction amount of 228 million [1] - Other notable stocks include Quan Wei Jiu (616809), ST Yan Shi (600696), and Ying Jia Gong Jiu (603198) with respective declines [1] Capital Flow Analysis - The liquor sector experienced a net outflow of 1.307 billion from institutional investors, while retail investors saw a net inflow of 1.057 billion [1] - The following table details the capital flow for specific liquor stocks: - Jiu Gui Jiu (000799): Institutional net outflow of 332 million, retail net inflow of 342 million [2] - She De Jiu Ye (600702): Institutional net outflow of 149 million, retail net inflow of 12 million [2] - Shui Jing Fang (600779): Institutional net outflow of 57 million, retail net inflow of 46 million [2] - Other stocks also showed varying degrees of institutional outflows and retail inflows [2]

Core Viewpoint - The 2025 China International Service Trade Fair (CIFTIS) is being held in Beijing, with Wuliangye (000858) participating as the "Global Partner" and "Designated Wine" for the third consecutive year, showcasing its commitment to innovation and consumer engagement in the evolving market landscape [1][2][9]. Group 1: Event Participation and Experience - Wuliangye has set up indoor and outdoor exhibition halls at the Shougang Park, utilizing an immersive experience model that combines product tasting, intangible cultural heritage interaction, and fun activities to attract visitors [1][2]. - The exhibition features two narrative storylines: one focusing on Wuliangye's international journey over the past 110 years, and the other showcasing the evolution of its products from the first to the eighth generation [2][3]. Group 2: Product Innovation and Youth Engagement - The newly launched 29° Wuliangye "Crush on You" has quickly gained popularity, appealing to younger consumers with its modern branding and collaboration with celebrity spokesperson G.E.M. [3][6]. - Wuliangye is actively pursuing product innovation, including the introduction of low-alcohol beverages to cater to younger demographics and international markets, enhancing its appeal among diverse consumer groups [6][7]. Group 3: Cultural Integration and Brand Strategy - Wuliangye emphasizes its cultural heritage and craftsmanship through various interactive experiences, showcasing the unique brewing techniques and historical significance of its products [3][5]. - The company is integrating its "He Mei" culture into its branding strategy, participating in high-profile international events and promoting its products through cultural and artistic collaborations [8][9]. Group 4: Market Position and Future Outlook - Wuliangye ranks 73rd in the 2025 Global Brand Value 500 list, maintaining a strong brand strength index of AAA+ [9]. - The company aims to leverage platforms like CIFTIS to further its internationalization efforts and contribute to the global service trade landscape [9].

Core Insights - The white liquor market in 2025 is undergoing a significant adjustment, with leading brands like Moutai and Wuliangye showing resilience while second and third-tier brands struggle with inventory issues and price discrepancies [2][3] - This adjustment reflects both an inevitable industry reshuffle and a return to rational consumer behavior, prompting second and third-tier brands to shift from "frenzied expansion" to "value cultivation" [2] Structural Characteristics of the New Adjustment Period - **Overcapacity and Quality Disparity**: After 2022, the rapid release of liquor production capacity has led to less than 30% of quality base liquor. Leading companies maintain quality barriers, while second and third-tier brands often compromise quality due to funding and technical limitations [2][3] - **Channel Dividend Erosion**: The past five years saw rapid distribution through private labeling and customization, but severe inventory accumulation has occurred. In 2023, the inventory turnover rate for second and third-tier brands dropped by 40% compared to 2021, leading to some distributors exiting the market due to cash flow issues [2][3] Three Major Obstacles for Second and Third-Tier Brands - **Brand Recognition Barriers**: Leading brands have established strong brand identities through regional endorsements and cultural marketing, while second and third-tier brands lack cultural depth and emotional resonance, making it difficult to enter consumers' mental lists [3][4] - **Weak Channel Control**: Leading brands utilize strategies like equity binding and digital management for deep channel penetration, while second and third-tier brands rely on traditional distribution models, resulting in compressed profit margins and reduced distributor motivation [4] - **Funding and Capacity Challenges**: The liquor production process is capital-intensive and long-term, with quality base liquor requiring over five years of storage. While leading brands can accelerate capacity expansion through capital operations, 60% of second and third-tier brands have base liquor reserves of less than three years, risking production interruptions [4][6] Strategies for Second and Third-Tier Brands to Break Through - **Precise Positioning**: Brands should focus on niche markets rather than directly competing with leading brands, targeting price segments of 300-500 yuan and developing products for specific consumption scenarios [5][6] - **Quality Upgrades**: Brands need to enhance their old liquor reserves and innovate flavor profiles to meet diverse consumer demands [6][7] - **Channel Reconstruction**: A shift towards a "light asset, high efficiency" channel system is necessary, focusing on core markets and utilizing digital tools for better consumer engagement [9][10] - **Brand Narrative**: Establishing emotional connections and cultural empowerment through unique brand stories and marketing strategies is essential for differentiation [12][13] - **Resource Integration**: Collaborating across industries and acquiring smaller brands can enhance brand strength and market presence [15][16] Execution Points - **Organizational Change**: Establishing dedicated teams for brand innovation and digital transformation can facilitate resource integration [16] - **Talent Acquisition**: Hiring professionals with backgrounds in fast-moving consumer goods and the internet can improve market responsiveness [16] - **Funding Allocation**: Allocating over 60% of the budget to brand building and digital channels is crucial to avoid blind capacity expansion [16] - **Risk Control**: Implementing a dynamic inventory warning system using big data analysis can help predict market trends and prevent inventory accumulation [17] Conclusion The essence of breaking through for second and third-tier liquor brands lies in shifting from scale competition to value competition. Brands must address three core questions: who they provide value to, how they convey that value, and how they can continuously create value. In this adjustment period, only those who adhere to long-term strategies and build differentiated competitive advantages in niche markets will emerge as winners in the next growth cycle [18]

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Core Viewpoint - The wine industry is experiencing a significant decline in sales ahead of the upcoming Mid-Autumn and National Day holidays, traditionally a peak consumption period for alcoholic beverages [2][5]. Group 1: Sales Trends - Sales volume in the Jinan wine market has decreased by approximately 30% compared to the previous year, with many retailers reporting a slowdown in pre-holiday purchasing activity [2][5]. - Retailers are focusing on inventory clearance as the primary sales strategy, with many orders coming from existing customers rather than new ones [3][5]. - The average daily sales for some retailers have dropped to just over ten bottles, indicating a shift towards more rational purchasing behavior among consumers [3][5]. Group 2: Consumer Behavior - Consumers are exhibiting more rational purchasing habits, with a preference for value and practicality over high-end products [6][9]. - There is a noticeable trend of consumers opting for "last-minute" purchases, with some customers placing orders only a week before events, reflecting a shift in consumption patterns [9][10]. - The demand for high-end white wines remains subdued, with prices for premium products like Moutai significantly lower than last year, indicating a price sensitivity among consumers [9][10]. Group 3: Market Dynamics - Despite the overall decline in sales, there are signs of slight recovery as the holidays approach, with some retailers reporting an uptick in orders for high-end brands [3][5]. - Local brands such as Baotu Spring and Langyatai are maintaining stable sales, primarily serving as local specialty gifts and everyday consumption [5]. - The market is witnessing a trend towards low-alcohol products, with several brands launching new low-alcohol offerings in response to changing consumer preferences [10].