Core Viewpoint - The white liquor industry is experiencing a significant downturn, with many companies reporting their worst third-quarter performance due to insufficient market demand [4][8]. Group 1: Performance of Regional Liquor Companies - Most regional liquor companies have reported accelerated declines in their third-quarter performance, with some experiencing nearly triple-digit drops in net profit [4][5]. - Kouzi Jiao (口子窖) reported a 46.2% year-on-year decline in revenue for the third quarter, with net profit dropping by 92.6% [5]. - Laobai Gan Jiu (老白干酒) saw a 47.6% drop in revenue and a 68.5% decline in net profit for the same period [5]. - Jinshiyuan (今世缘) reported a 26.8% decrease in revenue and a 48.7% drop in net profit [5]. Group 2: Performance of Leading Liquor Companies - Leading liquor companies showed a mixed performance, but overall results were better than regional companies [6]. - Shanxi Fen Jiu (山西汾酒) achieved a revenue of 8.96 billion, a 4.1% increase year-on-year, although net profit decreased by 1.4% [6]. - Luzhou Laojiao (泸州老窖) reported a revenue of 6.67 billion, down 9.8%, with net profit declining by 13.1% [7]. - Wuliangye (五粮液) and Yanghe (洋河股份) also experienced revenue declines of 52.7% and 29.1%, respectively [7]. Group 3: Reasons for Performance Decline - The decline in performance is attributed to weak consumer demand, particularly affecting mid-to-high-end liquor sales reliant on business banquets [8]. - The industry faces challenges such as high inventory levels, price inversions, and overall market oversupply, leading to pressure on company performance [8]. - Recent surveys indicated that the demand for liquor during the Mid-Autumn Festival and National Day was down approximately 25% year-on-year, reflecting a broader trend of reduced banquet occasions [8][9].

Core Viewpoint - Wuliangye's Q3 2025 performance reflects the broader challenges faced by the liquor industry, with revenue and net profit showing fluctuations due to market adjustments, yet the company is actively optimizing its strategies to maintain long-term growth resilience [1][2][5]. Financial Performance - For the first three quarters of 2025, Wuliangye reported total revenue of 60.945 billion yuan and a net profit attributable to shareholders of 21.511 billion yuan [1]. - The company plans to distribute a cash dividend of 25.78 yuan per 10 shares (tax included) [1]. Industry Context - The liquor industry is undergoing a significant adjustment, with a reported 15% year-on-year decline in white liquor production in September 2025 [2]. - The overall production from January to September 2025 reached 2.655 million kiloliters, also reflecting a year-on-year decrease [2]. Strategic Response - Wuliangye is focusing on optimizing channel inventory, stabilizing product prices, and enhancing marketing reforms to navigate the current industry challenges [1][2]. - The company is launching new products aimed at younger consumers and expanding its market presence through both traditional and emerging channels [4][5]. Market Expansion - Wuliangye is actively expanding its domestic market while also increasing its international presence through initiatives like "He Mei Global Tour," targeting markets in Japan, Germany, Seychelles, Spain, and South Korea [5]. - The company has added over 10,000 new terminals and is enhancing its direct sales channels through platforms like Tmall and JD [5]. Long-term Outlook - Despite short-term performance pressures, Wuliangye's brand value and comprehensive strength remain strong, positioning it well for future growth [6]. - The company's dividend policy is stable, with plans to distribute at least 70% of net profit as dividends from 2024 to 2026, ensuring continued cash flow for investors [6].

Core Viewpoint - The company, Wuliangye, reported its Q3 2025 earnings, showing resilience amid industry challenges, with a total revenue of 60.945 billion yuan and a net profit of 21.511 billion yuan for the first three quarters [1][2]. Financial Performance - For the first three quarters of 2025, Wuliangye achieved total revenue of 60.945 billion yuan and a net profit attributable to shareholders of 21.511 billion yuan [1]. - The company plans to distribute a cash dividend of 25.78 yuan per 10 shares, totaling 10.007 billion yuan, reflecting a commitment to return value to shareholders [1]. Industry Context - The white liquor industry is experiencing a significant adjustment, with a reported 15% decline in production in September and a 9.9% decrease in production from January to September 2025 [2]. - Wuliangye's performance is influenced by these industry-wide challenges, but its brand strength and proactive channel reforms position it better than smaller competitors [2][9]. Strategic Initiatives - Wuliangye is focusing on optimizing channel inventory, stabilizing product prices, and innovating its product matrix to maintain market share and brand value [1][2]. - The company is launching new products targeting various consumer scenarios, including low-alcohol options and products aimed at younger consumers [5][6]. Market Expansion - Wuliangye is expanding its market presence by increasing the number of retail outlets and enhancing its online sales channels, with a reported 8% growth in online sales revenue from January to September 2025 [6]. - The company is also pursuing international expansion through initiatives like "He Mei Global Tour," enhancing its brand recognition in various countries [6]. Long-term Outlook - Despite short-term performance fluctuations, analysts believe Wuliangye's long-term investment value remains strong, supported by a relatively low valuation compared to peers and a stable dividend policy [8]. - The company's brand value is recognized as one of the highest in the industry, with a reported value of 487.657 billion yuan, reflecting an 8.4% increase year-on-year [9]. Conclusion - Wuliangye is expected to leverage its strategic initiatives and strong brand equity to navigate the current industry challenges and emerge with improved performance as the market stabilizes [10].

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [4][5][31]. Core Views - The food and beverage sector maintains an overweight position despite a decrease in the fund's heavy holding ratio, which fell by 1.47 percentage points to 4.73% in Q3 2025, ranking eighth among Shenwan's primary industries [1][11]. - The overall overweight ratio for the food and beverage industry is 0.62%, with a decrease of 0.76 percentage points from the previous quarter [1][11]. Summary by Sections Fund Holdings Analysis - The heavy holding ratio for the food and beverage industry decreased to 4.73% in Q3 2025, with a total heavy holding market value of approximately 131.7 billion yuan [1][11]. - The white liquor sector remains the most heavily held, with a ratio of 3.69%, although it decreased by 0.81 percentage points [2][17]. - Other sub-sectors such as soft drinks, snacks, and condiments also saw a decline in fund holding ratios [2][17]. Individual Stocks - Major stocks like Guizhou Moutai and Wuliangye saw a decrease in heavy holding ratios, while stocks like Yanghe and Nongfu Spring received increased allocations [3][23]. - In Q3 2025, Guizhou Moutai's heavy holding ratio fell to 1.48%, a decrease of 0.41 percentage points, while Yanghe's ratio increased slightly to 0.03% [3][24]. - The top ten stocks by heavy holding in the food and beverage sector include Guizhou Moutai, Shanxi Fenjiu, and Wuliangye, with significant changes in their respective holding ratios [24][27].

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 6 次会议，于 2025 年 10 月 29 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 议案一：2025 年第三季度报告 具体内容详见《2025 年第三季度报告》 证券代码：000858 证券简称：五粮液 公告编号：2025/第 030 号 宜宾五粮液股份有限公司 第七届董事会 2025 年第 6 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 本议案同意 10 票，反对 0 票，弃权 0 票。表决结果：通过。 议案二：2025 年中期利润分配方案 经审议，公司 2025 年中期利润分配方案为：以公司总股本 3,881,608,005 股为基数，每 10 股派现金 25.78 元（含税），分红 金额为 10,006,785,436.89 元（含税）。 具体内容详见《关于 2025 年中期利润分配预案的公告》。 本议案同意 ...

证券代码：000858 证券简称：五粮液 公告编号：2025/第 032 号 宜宾五粮液股份有限公司 关于 2025 年中期利润分配预案的公告 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。 重要内容提示： 截至 2025 年 9 月 30 日，公司未分配利润为 96,867,220,706.83 元。经董事会充分研究，公司拟向全体股东每 10 股派发现金红利 25.78 元（含税）。截至2025 年9 月30 日,公司总股本为 3,881,608,005 1 股,以此计算合计拟派发现金红利 10,006,785,436.89 元（含税）。 ●分配比例：每 10 股派发现金红利 25.78 元（含税）。 ●本次利润分配以实施权益分派股权登记日公司总股本为基数，具体日期 将在分配实施公告中明确。 ●在实施权益分派的股权登记日前公司总股本如发生变动，将维持分配总额 不变，相应调整每股分配比例，并在相关公告中披露。 一、审议程序 本次利润分配预案已经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 6 次会议审议通过。公司于 2025 年 6 月 ...

Core Viewpoint - The Chinese liquor industry is experiencing a significant downturn, with many companies reporting substantial declines in performance during the third quarter, primarily due to insufficient market demand [1][4]. Group 1: Performance Decline - Most liquor companies that have reported their third-quarter results show accelerated declines in performance, with some experiencing nearly triple-digit drops in net profit year-on-year [1]. - Regional liquor companies, such as Kouzi Jiao, reported a 46.2% drop in revenue and a 92.6% decline in net profit for the third quarter [1]. - Other regional companies like Laobai Gan Jiu and Jin Hui Jiu also faced significant revenue and profit declines of 47.6% and 68.5%, respectively [1]. Group 2: Head Companies Performance - Leading liquor companies showed a mixed performance, with Shanxi Fen Jiu achieving a 4.1% increase in revenue to 89.6 billion yuan, but a 1.4% decline in net profit [2]. - Luzhou Laojiao reported a 9.8% decrease in revenue and a 13.1% drop in net profit for the third quarter [3]. - Gujing Gong Jiu experienced a dramatic 51.7% decline in revenue and a 74.6% drop in net profit [3]. Group 3: Market Conditions - The overall decline in performance is attributed to a weak macroeconomic environment, leading to reduced consumption and a contraction in white liquor consumption scenarios, particularly affecting mid-to-high-end products [4]. - High inventory levels and price inversions are putting additional pressure on the industry, contributing to an overall oversupply situation [4]. - The demand for liquor during the recent Mid-Autumn and National Day holidays saw a decline of approximately 25%, indicating ongoing weak market conditions [4].

Core Viewpoint - Wuliangye's financial performance has significantly declined in Q3 2025, reflecting challenges in the liquor industry and increased company investments to adapt to market changes [1][2]. Financial Performance Summary - Q3 revenue was 8.174 billion yuan, a decrease of 52.66% year-on-year [5]. - Net profit for Q3 was 2.019 billion yuan, down 65.62% compared to the same period last year [5]. - Year-to-date revenue reached 60.945 billion yuan, a decline of 10.26% year-on-year [5]. - Year-to-date net profit was 21.511 billion yuan, down 13.72% year-on-year [5]. - Basic and diluted earnings per share for Q3 were 0.520 yuan, a decrease of 65.63% [5]. - The weighted average return on equity decreased by 2.97 percentage points to 1.43% for Q3 [5]. Industry Context - The decline in performance is attributed to the liquor industry being in a deep adjustment phase, with demand recovery not meeting expectations [2]. - The company's increased investments to respond to market changes have also contributed to the financial downturn [2].

宜宾五粮液股份有限公司 第一条 宜宾五粮液股份有限公司（以下简称公司）为全面贯彻中共中央办 公厅、国务院办公厅《关于进一步推进国有企业贯彻落实"三重一大"决策制度 的意见》、宜宾市国资委《宜宾市市属国有企业贯彻落实"三重一大"决策制度 的实施意见》及《宜宾市国资委授权放权清单》等文件精神，加强反腐倡廉建设， 进一步促进公司领导人员廉洁从业，规范决策行为，提高决策水平，防范决策风 险，保证公司科学发展，加强和健全党内监督，确保"三重一大"（指重大决策、 重要人事任免、重大项目安排和大额度资金的使用）制度的贯彻落实，有利于公 司领导人员正确履职、规范用权，提升公司治理水平，促进企业持续健康发展，结 合公司实际情况，制定本制度。 第二条 本制度适用于公司本部（宜宾五粮液股份有限公司、四川省宜宾五 粮液酒厂有限公司、四川省宜宾五粮液供销有限公司、宜宾酱酒酒业有限责任公 司）及其他一级全资、控股子公司。 第三条 指导思想和基本原则。 （一）高举中国特色社会主义伟大旗帜，以邓小平理论、"三个代表"重要 思想、科学发展观为指导，深入贯彻落实习近平新时代中国特色社会主义思想。 （二）"三重一大"事项坚持集体决策原则。公司健全 ...

每经AI快讯，10月30日，五粮液(000858.SZ)公告称，公司发布2025年第三季度报告，第三季度营收为 81.74亿元；净利润为20.19亿元。前三季度营收为609.45亿元；净利润为215.11亿元。 ...