Summary of Conference Call Records Industry: Baijiu (Chinese Liquor) Key Points and Arguments 1. **Emerging Channels and Consumer Trends** The live streaming phenomenon at the Nanjing Sugar and Wine Fair highlights the penetration of new channels like instant retail in the baijiu industry. The popularity of light bottle liquor priced under 100 yuan indicates robust consumer spending and a trend towards consumption upgrades [1][3]. 2. **Performance During Mid-Autumn and National Day** The baijiu industry performed slightly better than expected during the Mid-Autumn and National Day holidays. Notably, the sales of Yanghe Jinshuiyuan exceeded company expectations, with significant year-on-year growth in sales volume and banquet sessions. However, the overall banquet sales growth was modest due to a decline in the number of bottles opened per banquet [4][5]. 3. **Consensus on Industry Bottoming** There is an increasing consensus that the baijiu industry has reached its bottom, but expectations for recovery remain cautious. Demand is currently affected by alcohol bans and economic downturns, while supply is entering a destocking phase. Moutai's prices have stabilized, and distributor inventories are low [6]. 4. **Price Trends and Distributor Conditions** Moutai's post-holiday prices exceeded expectations, with stable original box prices around 1,780 yuan. Distributors' inventory levels are healthy, with a turnover rate of about one month. In contrast, Wuliangye faces price inversion and subsidy pressures, leading to a challenging situation for both Wuliangye and Luzhou Laojiao [7][8]. 5. **Projected Performance for Q3 2025** For Q3 2025, Moutai is expected to maintain mid-to-high single-digit growth, while Wuliangye may see double-digit revenue growth but with larger profit margins. Luzhou Laojiao is also projected to achieve double-digit growth in both revenue and profit, while Fenjiu and Gujing Gongjiu are expected to decline significantly [9][10]. 6. **Future Outlook and Recommendations** The baijiu industry is currently at a fundamental bottom, with a potential adjustment period from Q2 to Q1 of the following year. The valuation appears attractive. Recommended stocks include leading brands like Moutai, Fenjiu, Gujing Gongjiu, and Jiansu Yuer, as well as dividend-paying companies like Wuliangye, Luzhou Laojiao, and Yanghe. Attention is also drawn to flexible stocks like Zhenjiu Lidu [10][11]. Industry: Beverage Key Points and Arguments 1. **Steady Growth in Beverage Sector** The beverage industry is experiencing steady growth in Q3 2025, with standout performances from tea drinks, traditional health waters, electrolyte waters, and coconut water. Companies like Nongfu Spring and Dongpeng Special Drink are seeing rapid revenue growth, with profit margins expected to improve [2][12]. 2. **Differentiated Performance of Major Brands** In Q3 2025, Master Kong benefited from price increases, while Uni-President faced challenges due to delivery subsidies. Master Kong's instant noodle business returned to low single-digit growth, while its beverage segment experienced a mid-single-digit decline [13][14]. 3. **Emerging Categories and Competitive Landscape** New categories such as tea drinks and health-oriented beverages are showing significant potential for growth. The competitive landscape is intensifying due to declining raw material prices and increased subsidies from delivery platforms [12][16]. 4. **Long-term Growth Potential** Companies like Nongfu Spring and Dongpeng Special Drink are recommended for their strong brand power and growth potential, with expectations for continued performance above industry averages in the coming years [15]. Industry: Dairy Products Key Points and Arguments 1. **Dairy Sector Challenges** The dairy sector is facing a decline in supply and weak downstream demand. The number of dairy cows has decreased, while milk prices have risen slightly. Companies like Yili are expected to see modest revenue growth, while Mengniu may experience a decline due to previous high bases [18]. 2. **Market Dynamics and Future Outlook** The overall dairy market is expected to stabilize in 2026, with potential improvements in competition dynamics as raw milk prices balance out. Companies like New Dairy, Mengniu, and Yili are seen as having certain investment value [18]. Industry: Snack and Frozen Food Key Points and Arguments 1. **Snack Industry Performance** The snack industry is developing steadily, with franchisees favoring larger stores. Despite a slight decline in average transaction prices, new product categories are expected to drive growth. Companies like Wancheng are projected to achieve significant revenue growth [19][20]. 2. **Frozen Food Sector Trends** The frozen food sector is experiencing flat performance, with slight revenue growth but ongoing profit pressures. Companies like Anjijia and Qianwei Central Kitchen are seeing modest revenue increases, while others like Baobi are benefiting from lower pork costs [22][23]. 3. **Future Growth Expectations** The snack sector is anticipated to perform better in 2026, with cost pressures easing and new channel opportunities emerging. Companies are encouraged to adapt to market changes and explore new distribution channels [21]. Industry: Beer Key Points and Arguments 1. **Beer Industry Performance** The beer industry is facing moderate demand, with on-premise channels underperforming. However, off-premise channels are showing resilience, with moderate sales growth. Companies like China Resources Beer and Qingdao Beer are expected to see slight revenue increases [24][25]. 2. **Cost and Profitability Trends** The cost of beer production is expected to stabilize, with key variables focusing on ASP (average selling price) increases and cost-saving measures. Companies with strong operational capabilities, such as China Resources Beer and Yanjing Beer, are recommended for investment [25][26].

Summary of Key Points from Conference Call Records Industry Overview 1. Baijiu Industry - The Baijiu industry experienced a seasonal sales decline of approximately 20% during the Mid-Autumn Festival, with high-end brands like Moutai, Wuliangye, and Fenjiu performing relatively well. Inventory levels have not significantly decreased, and a slight upward trend is expected in the future [1][3][4] - Strong brand power and good sales performance are crucial for companies in this sector, with companies like Moutai and Wuliangye maintaining advantages. Companies with flexible operations, such as Zhenjiu and Laojiao, are also worth monitoring [5] 2. Consumer Goods - The consumer goods sector saw a slowdown in growth during Q3 2025, with beverage and dairy products showing improvement from a low base, while condiments maintained steady growth. Leading companies like Dongpeng, Nongfu Spring, and Yanjing Beer performed well and are recommended for investment [1][6] 3. Beauty Industry - The beauty industry showed overall good performance with no significant slowdown in growth. Some companies even exceeded their Q2 growth rates. High-growth companies like Ruoyuchen and Shanghai Jahwa are recommended for investment [1][7] 4. Gold and Jewelry Sector - Leading companies in the gold and jewelry sector continued to grow rapidly, benefiting from rising gold prices and price increase strategies. Companies like Laofengxiang and Zhouliufu reported impressive growth, with Laofengxiang's single-store revenue reaching up to 200% growth in September [1][8] 5. Trendy Toys and Supermarket Reform - In the trendy toy sector, Pop Mart remains in a high growth phase, while Miniso's Q3 report showed promising data. In the supermarket reform sector, companies like Bubugao and Huijia Times are experiencing performance releases, and ATO's rapid growth in bedding products is noteworthy [1][9] 6. Pork Industry - Pork prices saw a slight decline this week, but demand for secondary fattening is increasing, stabilizing prices at the bottom. Companies with cost advantages, such as Wens Foodstuffs and Muyuan, are expected to seize more opportunities as breeding sow capacity continues to decrease [1][18][17] Home Appliance Sector - The home appliance sector faced challenges in Q3 due to the gradual withdrawal of subsidies, leading to a less optimistic outlook for domestic demand. However, white goods showed stable performance, with leading companies like Haier and Midea expected to achieve near double-digit revenue growth [2][13] Other Notable Trends - The light industry, particularly the paper industry, is expected to see a turning point in Q4, with potential price increases in packaging and cultural paper [14] - The agricultural sector is focusing on the pork industry, with ongoing capacity reduction impacting future supply and price trends [17] - The pet sector is showing strong growth, with companies like Zhongchong and Guibao Pet expected to perform well [20] This summary encapsulates the key insights and trends across various industries as discussed in the conference call records, highlighting potential investment opportunities and risks.

Core Viewpoint - Wuliangye has issued a consumer notice regarding unauthorized sales of its products on various online platforms, highlighting the risks to consumers and urging them to purchase through official channels [1][4]. Group 1: Unauthorized Sales and Risks - Wuliangye's notice indicates that unauthorized stores are selling its products online, disrupting sales order and posing multiple risks to consumers [1]. - This is the fourth notice issued by Wuliangye since November of the previous year, with the current notice being the first to disclose a blacklist of unauthorized stores [4]. - A total of 46 unauthorized stores were listed, with 17 on Douyin, 4 on JD, 9 on Kuaishou, 3 on Meituan, 8 on Pinduoduo, and 5 on Tmall/Taobao [4][6]. Group 2: Official Channels and Consumer Protection - Wuliangye has published a list of over 50 authorized online sales channels, including official self-operated stores and stores on platforms like JD, Tmall, and Douyin [8]. - The company emphasizes that products sold by unauthorized stores lack traceability and quality assurance, leading to potential issues such as unverifiable authenticity, poor product quality, lack of official after-sales service, and difficulties in protecting consumer rights [6][8]. - In a previous notice from June, Wuliangye reported that from January to May, 16.65% of the 1,610 products authenticated were found to be counterfeit [7].

一年一度"双十一"促销临近，继茅台、习酒之后，五粮液也发布了消费者告知书。 10月19日晚间，五粮液发布《致五粮液消费者的告知书（四）》称，通过市场监测发现，部分网络平台存在非授权门店销售"五粮液"品牌产品的情况，此 类行为不仅扰乱了正常的线上销售秩序，更可能为消费者带来多重权益风险。 对此，五粮液建议消费者通过五粮液官网公布的销售渠道购买，并主动索要发票等购买凭证，便于后续溯源验证，并公布了正规渠道。 《每日经济新闻·将进酒》记者注意到，这是去年11月以来，五粮液第四次针对线上假货发声。而相比于前几次，这次五粮液首次直接公布了部分非授权 店铺名单。 据了解，这并非五粮液首次针对线上假货等乱象发布声明，但却是首次曝光线上非授权店铺"黑名单"。 《每日经济新闻·将进酒》记者注意到，在此次五粮液公布的部分非授权店铺名单中，共有46家店铺。其中，抖音有17家，京东有4家，快手有9家，美团3 家，拼多多有8家，天猫淘宝有5家。 附件:部分非授权店铺名单 | 序号 | 平台 | 店铺 | | --- | --- | --- | | 1 | | 御茗湾酒类专营店 | | 2 | | 酒之家专营店 | | 3 | | 醇源 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [10][59]. Core Insights - The feedback from the recent Nanjing Autumn Sugar Fair was relatively flat, with major liquor companies showing low enthusiasm for participation. The focus is shifting towards consumer engagement through live streaming and other sales models [6][57]. - The white liquor sector is experiencing a demand bottoming phase, with inventory levels still relatively high. The report suggests focusing on high-dividend leaders like Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as well as flexible stocks that have corrected to appropriate levels [6][57]. - The consumer sector is rebounding, driven by market sentiment towards domestic demand policies amid U.S.-China tariff impacts. Companies in the snack food sector, such as Yanjin and Weidong, are benefiting from increased market penetration and revenue growth [7][58]. Summary by Sections Industry News - From January to August, the export value of Zunyi liquor increased by 776.17% year-on-year. In September, liquor prices fell by 1.3% year-on-year, and the Hubei liquor market reached a scale of 35 billion yuan [5][17][19]. Company News - Kweichow Moutai reported a significant recovery in terminal sales for its sauce-flavored liquor in September. Luzhou Laojiao held a 110th anniversary event, continuing to lead the vintage liquor market [19]. Key Company Feedback - The report highlights the performance of key companies, with a focus on their stock price movements and earnings forecasts. For instance, Kweichow Moutai's stock price is at 1455.00 yuan, with an EPS forecast of 68.64 for 2024 [60]. Industry Data Trends - The white liquor industry saw a cumulative production of 4.145 million tons in 2024, a decrease of 7.72% year-on-year, while industry revenue reached 796.4 billion yuan, an increase of 5.3% year-on-year [34][36]. Investment Strategy - The report emphasizes the importance of focusing on companies with long-term value and high dividends in the white liquor sector, while also highlighting the potential in the snack food and beverage sectors due to changing consumer preferences and market dynamics [58][59].

EFQM（欧洲质量管理基金会）可持续绩效大会暨2025全球奖颁奖典礼近日在西班牙举行，五粮液以创奖以来中国企业最高分荣获2025年EFQM全球奖（七 钻）最高级别认证。立足中国、面向世界，五粮液将"和美"理念注入全球可持续发展议程，不仅以实际行动彰显中国企业与自然和谐共生、共创美好未来的 责任担当，更焕新中国白酒文化的现代化、国际化表达。 坚持卓越标准铸就行业品质标杆 EFQM全球奖（原欧洲质量奖）与日本戴明奖、美国波多里奇奖并称为"世界三大质量奖"，代表了全球范围内质量管理领域的最高荣誉之一。EFQM全球奖 评选从三钻到七钻不等，此次五粮液获得EFQM全球奖"七钻"认证是EFQM卓越认可体系中的最高荣誉。 推动文化交融书写和美发展新篇 此次在EFQM可持续绩效大会上的卓越表现，是五粮液推动中国"和美"智慧与全球现代化理念巧妙融合、实现中国白酒文化国际化表达的一个缩影。 为传播和美文化，推动文明对话，当地时间10月14日，五粮液"和美全球行"西班牙站系列活动启幕。通过"五粮液·巴塞罗那奇妙夜""和美·风土：酿造可持续 的卓越"主题论坛与交流酒会等活动，成功打造了一场跨越东西方的文明对话盛宴，生动演绎中国白酒深 ...

Market Overview - The Shanghai Composite Index fell by 1.47% this week, with only four industries showing gains, led by the banking and coal sectors, which rose by 4.89% and 4.17% respectively [1] - The food and beverage industry ranked third in terms of weekly gains [1] Fund Flow Analysis - Total net outflow of main funds from both markets reached 301.749 billion yuan this week, with only two industries experiencing net inflows: banking (24.19 billion yuan) and coal (2.67 billion yuan) [1] - The electronic industry saw the largest net outflow, totaling 70.079 billion yuan, followed by the power equipment sector with a net outflow of 41.692 billion yuan [1] Industry Performance - The food and beverage sector increased by 0.86% this week, despite a net outflow of 378 million yuan in main funds [3] - Within the food and beverage sector, 49 out of 124 stocks rose, with notable increases from Kweichow Moutai (11.08%), Miaokelando (8.52%), and Guifaxiang (6.90%) [3] - Conversely, 71 stocks declined, with Jinzi Ham, Yangyuan Beverage, and Zhuangyuan Pasture experiencing significant drops of 17.80%, 16.56%, and 14.06% respectively [3] Top Stocks in Food and Beverage - Kweichow Moutai led the net inflow with 680 million yuan, followed by Luzhou Laojiao (204 million yuan) and Wuliangye (198 million yuan) [3] - The top outflow stocks included Jinzi Ham (-186 million yuan), Yangyuan Beverage (-171 million yuan), and Zhuangyuan Pasture (-135 million yuan) [4]

10月19日晚间，五粮液集团官微发布致消费者的告知书，并公布了部分（46家）非授权店铺名单，涉及 抖音、京东、快手、美团、拼多多、天猫淘宝等多个平台上店铺。近期，该公司通过市场监测发现，部 分网络平台存在非授权门店销售"五粮液"品牌产品的情况，此类行为不仅扰乱了正常的线上销售秩序， 更可能为消费者带来多重权益风险。为确保能购买到正品五粮液产品、享受优质消费体验，五粮液集团 郑重建议，通过五粮液官网公布的销售渠道购买，并主动索要发票等购买凭证，便于后续溯源验证。 ...

Core Insights - Wuliangye has achieved significant recognition at the EFQM Global Awards in Spain, receiving the highest rating of seven diamonds and a special award for excellence in sustainable development, showcasing its commitment to sustainable practices across economic, environmental, and social dimensions [2][4][11] - The company hosted a themed forum titled "Harmony and Terroir: Brewing Sustainable Excellence," promoting the integration of Eastern brewing wisdom with Western cultural values, and launched the "Harmony and Terroir" initiative to foster cross-cultural dialogue on sustainability [2][4][12] - Wuliangye's global outreach, exemplified by its "Harmony Global Tour," has expanded to 17 countries, emphasizing its commitment to internationalization and cultural exchange [12][20] Company Achievements - Wuliangye has been recognized as a model of sustainable brewing, adhering to the philosophy of "Harmony between Heaven and Man," and employing traditional solid-state fermentation methods that align with natural processes [4][6][9] - The company has developed a comprehensive quality management system over 25 years, achieving numerous national quality honors and establishing itself as a leader in the Chinese liquor industry [11][20] - The recent launch of the 29° Wuliangye "First Sight" product in Europe reflects the company's strategy to cater to modern consumer preferences for lighter, smoother beverages while maintaining its signature flavor profile [14][16] Cultural and Environmental Integration - The concept of "terroir" is central to Wuliangye's identity, emphasizing the harmonious relationship between local resources, community, and economic activities, which is essential for producing high-quality spirits [9][10] - The unique terroir of Yibin, characterized by its favorable climate and rich soil, has been recognized by UNESCO as an ideal region for producing premium distilled spirits, contributing to Wuliangye's distinctive flavor [9][10] - Wuliangye's commitment to sustainability is evident in its innovative practices, which include environmentally friendly designs and recognition from international design awards [16][18] Future Directions - Wuliangye aims to continue its global journey by promoting its "Harmony Global Tour," focusing on cultural confidence and quality assurance while fostering sustainable practices [20] - The company plans to engage in future international events, including the 2026 FIFA World Cup, to further enhance its global brand presence and connect with diverse audiences [16][20]

Core Points - The 23rd China International Wine Expo was held in Wuhan, marking its first appearance in the city, attracting global wine industry enterprises [1] - Major Chinese liquor companies such as Moutai, Wuliangye, Yanghe, Fenjiu, and Luzhou Laojiao participated in the event [5] - A cocktail mixing competition was held on-site, drawing numerous bartenders to showcase their skills [3] Company Highlights - Moutai, Wuliangye, Yanghe, Fenjiu, Luzhou Laojiao, and Jian Nan Chun were among the leading Chinese liquor companies present at the expo [5] - The participation of these industry leaders indicates a strong interest and investment in the wine market [1] Industry Insights - The event serves as a significant platform for networking and showcasing innovations within the global wine industry [1] - The cocktail mixing competition highlights the growing trend and interest in mixology, which may influence consumer preferences and market dynamics [3]