Core Viewpoint - The article highlights the risks associated with purchasing liquor from unauthorized online retailers during major e-commerce sales events, emphasizing the need for consumer caution regarding product authenticity and quality [1][2]. Group 1: Company Actions - Wuliangye has issued a consumer notice during the Double 11 shopping festival, warning that products sold by unauthorized stores are not included in their official product control and traceability system [1][2]. - This is the fourth time Wuliangye has released such a notice during e-commerce promotional periods [2]. - For the first time, Wuliangye disclosed a list of 46 unauthorized stores across various e-commerce platforms, including major ones like Douyin and Meituan [2][5]. Group 2: Market Dynamics - The article discusses the complexity of supply chains in e-commerce, where different stores may have varying levels of reliability based on their authorization status [5][6]. - Many e-commerce platforms' promotional channels do not source products directly from liquor companies, leading to potential quality issues [6][7]. - The presence of counterfeit products is significant, with a market survey revealing that 29 out of 31 purchases from instant retail were counterfeit [8]. Group 3: Consumer Risks - Wuliangye provided free authentication services for 1,610 bottles sold on e-commerce platforms, identifying 268 counterfeit products, which accounted for 16.65% of the total [8]. - In a previous Double 11 event, 12% of the 148 bottles authenticated were found to be counterfeit [8]. - Moutai also reported purchasing counterfeit products from five stores that sold below the official price [9].

Core Viewpoint - The article highlights the risks associated with purchasing liquor from unauthorized online retailers during major shopping events like Double 11 and 618, emphasizing the importance of buying from official channels to ensure product authenticity and quality [1][4]. Group 1: Consumer Warnings - Wuliangye issued a consumer notice warning about the risks of purchasing from unauthorized stores, including potential issues with product authenticity, quality assurance, and lack of official after-sales service [1][4]. - This is the fourth time Wuliangye has released such a notice during an online shopping event, indicating a persistent concern over counterfeit products [1][6]. Group 2: Unauthorized Retailers - Wuliangye disclosed a list of 46 unauthorized stores across various e-commerce platforms, including major players like Douyin, Meituan, and Tmall [1][2]. - The article notes that while consumers often trust official channels, there can be significant differences in reliability among different stores and channels on the same platform [4]. Group 3: Market Dynamics - E-commerce platforms' promotional channels, such as "Billion Subsidy" and "Famous Liquor Line," often source products from market vendors rather than directly from liquor companies, complicating the supply chain and increasing the risk of counterfeit products [5][6]. - The article mentions that during the 618 shopping event, Wuliangye provided 1,610 free product authentication services, discovering that 268 bottles, or 16.65%, were counterfeit [6]. Group 4: Industry Response - In response to the rising counterfeit issue, other liquor brands like Moutai and Xijiu have also begun to disclose their official authorized channels to consumers [5][6]. - The complexity of supply chains in the current e-commerce landscape, especially with the rise of instant retail, has made it more challenging to verify product authenticity [5].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Insights - The overall sales of liquor during the Mid-Autumn Festival and National Day are expected to decline by 20%-30%, aligning with pre-festival expectations due to the impact of the "ban on alcohol" in May [2] - High-end liquor brands are showing resilience, while the mass market is under pressure, with a notable shift towards lower-priced products in certain regions [3] - The market is characterized by "overall pressure with regional differentiation," where high-end and regional leading brands perform better compared to mass-market products [3] - The price of high-end liquor is stabilizing after a decline, with notable brands like Moutai and Wuliangye showing recovery in prices [4] Summary by Sections Sales Performance - Sales during the double festival period are under pressure, with a slight recovery in terminal sales observed in September, but overall sales remain constrained [2] - Inventory levels among distributors are high due to sluggish sales, leading to cautious payment collection [2] Regional Analysis - Jiangsu: Stable sales in urban areas, but rural markets are struggling [3] - Henan: Lower-priced products are becoming the main sales drivers due to changing consumer perceptions [3] - Sichuan: Differentiated performance in urban and rural markets, with rural areas showing resilience [3] - Shandong: Sales are influenced by promotional activities, but overall market sentiment is weak [3] Pricing Trends - High-end liquor prices are stabilizing after a decline, with Moutai's price around 1760 yuan [4] - Strong brand power is crucial for performance, with brands like Jiu Gui and Jian Nan Chun showing better resilience [4] Investment Recommendations - The report suggests that with the upcoming Q3 earnings disclosures, risks may be fully released, and the sector could see a recovery in sentiment [5] - Key investment lines include: 1. High elasticity stocks under policy expectations: Jiu Gui, She De, Shui Jing Fang, Lao Jiao, Hua Zhi [5] 2. Stocks benefiting from consumer recovery: Gu Jing Gong Jiu, Ying Jia, Jin Si Yuan [5] 3. Strong alpha stocks: Moutai, Fen Jiu [5]

Group 1 - The core viewpoint of the articles highlights significant market volatility post-holiday, with technology stocks experiencing notable corrections while international gold prices reached historical highs [1] - There was a net inflow of over 60 billion yuan into the ETF market last week, with the top three attracting funds being SGE Gold 9999, Hang Seng Technology, and CSI Bank Index [1] - The food and beverage sector, particularly the food and beverage ETF (515170), saw a rare net inflow of 1.21 billion yuan last week, indicating strong investor interest in this segment [1] Group 2 - The current market sentiment is influenced by concerns over escalating trade tensions and renewed expectations for a Federal Reserve rate cut in October [1] - The "dumbbell strategy" is suggested for current market conditions, focusing on leading stocks in the food and beverage sector, which includes major brands like Moutai and Wuliangye [3] - The lowest fee gold ETF, Huaxia Gold (518850), is highlighted for its T+0 trading capability, appealing to investors seeking liquidity [4] Group 3 - The mid to long-term outlook suggests that 2026 could be a significant year for economic resonance between China and the U.S., enhancing the allocation value of cyclical sectors amid a recovering PPI backdrop [2] - The discussion around the "14th Five-Year Plan" starting on October 20 is expected to bring policy catalysts that could influence market dynamics, particularly in promoting domestic demand [1]

Core Insights - Wuliangye has recently won the EFQM Global Award (7 Diamonds) and the "United Nations Sustainable Development Goals Implementation and Corporate Performance Excellence Award," becoming the only Chinese company to receive such honors at this event [1][3] - The EFQM Global Award is a significant recognition of Wuliangye's quality management and sustainable development capabilities, highlighting its clear path towards globalization [3][6] Quality Management and Sustainable Development - The EFQM Global Award is one of the three major quality awards globally, alongside the Deming Prize and the Baldrige Award, emphasizing its authority and influence [4] - Wuliangye's achievement of the EFQM Global Award reflects its deep alignment with the EFQM model, showcasing its management level at a global top standard [6] - The company has integrated economic, environmental, and social dimensions into its core strategy, establishing a comprehensive and sustainable operational framework [6][8] Environmental Performance Metrics - Wuliangye's ecological development index improved from 72 to 83.5 from 2020 to 2024, with greenhouse gas emissions per 100 million revenue decreasing by 43.4% and water consumption by 30.1% [8] - The company's environmental investment increased from 217 million to 690 million [8] - Wuliangye has transformed the EFQM standards into a tool for continuous improvement, enhancing resource recycling and achieving 100% energy self-sufficiency in its wastewater treatment plant [8] Cultural Promotion and Brand Value - The "He Mei Global Tour" in Spain served as a platform for Wuliangye to convey its cultural values, integrating local culture with its brand [9][11] - The event featured a maritime party and a forum that connected Chinese philosophy with European cultural concepts, enhancing the understanding of Wuliangye's brand among international audiences [11][12] Global Strategy and Long-term Vision - The recent activities in Spain mark a significant step in Wuliangye's globalization strategy, with the EFQM Global Award providing a solid foundation for entering international markets [12][15] - Wuliangye's partnership with the 2026 FIFA World Cup as an official co-branded product reflects its strategic marketing efforts to expand brand influence in Southern Europe [12][15] - The company emphasizes a long-term approach to globalization, focusing on quality management and cultural value transmission rather than short-term market trends [14][15]

10月17日至19日，第二十三届中国国际酒业博览会（简称"酒博会"）在武汉国际博览中心举行。作为中 国白酒龙头企业，五粮液以融合历史厚度与创新活力的品牌姿态惊艳亮相，深度参与酒博会开幕式、 2025"关爱成长、非成勿饮"全国理性饮酒宣传周启动仪式暨2025中国酒业ESG论坛、"世界名酒·共享荣 耀"世界名酒价值论坛等系列重要活动，向世界传递"和合共生、美美与共"的东方酿造智慧，助推全球 酒业繁荣发展、交流互鉴。五粮液·生肖造型系列（马年豪华）、五粮液金熊猫纪念系列（联名款）两 款文创产品荣获"天人合一"世界美酒文创产品大赛大奖。 值得一提的是，五粮液还特别推出了"五粮液／酒博会系列·岁月鎏金"联名酒，成为众多参访者追捧的 热点。作为官方授权特许产品，以52%vol、50mL精致瓶型亮相，凝萃五代瓶型演变与非遗酿造技艺， 兼具收藏与品饮价值。此产品不仅是五粮液与酒博会深度合作的体现，更是五粮液悠久历史与深厚文化 的具象体现。 作为酒博会系列活动之一，2025全国理性饮酒宣传周启动仪式暨2025中国酒业ESG论坛（简称"论坛"） 在16日举行。五粮液集团（股份）公司党委书记、董事长曾从钦与行业代表共同发布《全国理 ...

Core Viewpoint - The article highlights the risks associated with purchasing liquor, particularly famous brands like Wuliangye, from unauthorized online retailers during major shopping events like Double 11 and 618. It emphasizes the importance of verifying the authenticity of products and the potential dangers of counterfeit goods in the e-commerce space [1][4]. Group 1: Company Actions - Wuliangye issued a consumer notice on October 19, warning about the risks of purchasing from unauthorized stores, stating that products from these sources may lack verification, quality assurance, and proper after-sales service [1][4]. - This is the fourth time Wuliangye has released such a notice during an e-commerce promotional period, indicating a persistent issue with counterfeit products [1]. - The notice included a list of 46 unauthorized stores across various e-commerce platforms, highlighting the presence of both third-party and official channels that may not guarantee product authenticity [1][2]. Group 2: Market Dynamics - The article discusses how e-commerce platforms' promotional strategies, such as "hundred billion subsidies," have led to price disruptions for premium liquor brands, particularly in a weak demand environment [5][6]. - It notes that many e-commerce platforms do not source products directly from liquor companies but rather from market suppliers, complicating the supply chain and increasing the risk of counterfeit products [5][6]. - A market survey revealed that a significant percentage of liquor purchased through instant retail channels was counterfeit, with one case showing 29 out of 31 purchases being fake [7]. Group 3: Industry Trends - The rise of instant retail has made the sourcing of products more complex, with many platforms relying on third-party suppliers for their inventory [6]. - Other liquor brands, such as Moutai and Xijiu, have also begun to disclose their authorized channels in response to the counterfeit issue, indicating a broader industry concern [6]. - Wuliangye reported that in the first five months of the year, 16.65% of the products it authenticated from e-commerce platforms were counterfeit, highlighting the scale of the problem [7].

Core Insights - Wuliangye has achieved the highest score for a Chinese company in the history of the EFQM Global Award, receiving the highest level certification (Seven Diamonds) at the recent EFQM Sustainable Performance Conference and 2025 Global Award Ceremony held in Spain [1][2] Group 1: Quality Management and Recognition - The EFQM Global Award, alongside the Deming Prize and the Baldrige Award, is recognized as one of the "three major quality awards" globally, representing the highest honor in quality management [1] - Wuliangye has implemented comprehensive quality management since the 1980s, integrating quality management concepts deeply into its corporate strategy and operations [2] - This year, over 200 companies globally participated in the EFQM Global Award evaluation, with only 14 companies recognized for their outstanding performance, highlighting Wuliangye's exceptional management level [2] Group 2: Sustainable Development and Economic Impact - Wuliangye has been awarded the "United Nations Sustainable Development Goals Practice and Corporate Performance Excellence Award," indicating international recognition of its sustainable development practices [4] - The company adheres to the development philosophy of "industrial support for agriculture," integrating its supply chain with rural revitalization and employment stability, generating over 300 billion yuan in output value and stabilizing 300,000 jobs [4] - Wuliangye's performance at the EFQM conference reflects its role in merging Chinese "harmonious" wisdom with global modernization concepts, promoting the international expression of Chinese liquor culture [4][6] Group 3: Cultural Integration and Future Outlook - The core of Wuliangye's "harmonious" culture is the pursuit of harmonious coexistence among people, nature, society, material, and spirit, aligning with the global excellence performance model [6] - The company actively participates in high-level international platforms, such as the Boao Forum for Asia and the APEC Business Leaders Summit, to promote sustainable business practices [6] - Looking ahead, Wuliangye aims to continue fulfilling its responsibilities as a leading enterprise, driving management innovation and industry upgrades to elevate the Chinese liquor industry towards higher quality and sustainability [6]

Core Insights - Wuliangye has achieved the EFQM Global Award (Seven Stars) certification, a prestigious recognition in quality management, highlighting its commitment to quality and innovation in the liquor industry [2][4][6] - The company integrates its "He Mei" culture into its operations, which has resonated globally, particularly during its recent events in Spain [6][8] - The EFQM certification serves as a significant endorsement for Wuliangye's international market penetration, enhancing its competitiveness in high-end markets [10] Group 1: EFQM Global Award - The EFQM Global Award is one of the three major quality awards globally, alongside the Deming Prize and the Baldrige Award, and is known for its rigorous evaluation standards [4] - Wuliangye's achievement of the Seven Stars certification reflects its deep integration of quality management principles and its commitment to continuous performance improvement [6] - The award ceremony took place at the EFQM Sustainable Performance Conference in Spain, symbolizing a blend of Chinese liquor culture with global recognition [2][8] Group 2: Quality Management and Innovation - Wuliangye emphasizes a quality-first approach, incorporating "guarding tradition and innovating" into its entire quality management chain [6] - The company has established standardized processes from grain selection to production, ensuring high-quality output that reflects centuries of brewing wisdom [6] - Wuliangye's commitment to ESG principles and zero-carbon goals is evident in its sustainable practices, which include ecological brewing and circular economy initiatives [6][10] Group 3: Cultural Resonance and Global Expansion - The "He Mei" cultural framework is a core driver of Wuliangye's success, fostering a strong organizational culture that is recognized by the EFQM evaluation team [6][8] - Wuliangye has launched a series of global events, including the "He Mei Global Tour" in Spain, to promote cultural exchange and brand philosophy [8] - The company has established international marketing centers in Hong Kong, Germany, and the United States, facilitating its global outreach and brand presence [10]

Core Insights - Wuliangye has achieved the highest level of EFQM Global Award (Seven Diamonds) certification, marking a significant milestone for Chinese enterprises in global performance management [9][11] - The company emphasizes a dual approach of "quality + culture" to establish a strong international brand image and promote the globalization of Chinese brands [9][10] Group 1: Award Recognition - Wuliangye received the EFQM Global Award (Seven Diamonds) at the Sustainable Performance Conference in Spain, achieving the highest score for a Chinese company [9] - The EFQM Global Award is recognized as one of the three major quality awards globally, alongside the Deming Prize and the Baldrige Award, with a focus on sustainable value and performance [9][11] Group 2: Key Practices Highlighted - The award feedback highlighted five exemplary practices: 1. Cultivating a corporate culture based on the "Harmony and Beauty" philosophy, deeply integrated into operations [9] 2. Leading ecosystem innovation aligned with UN Sustainable Development Goals, setting industry standards [9][11] 3. Ensuring alignment between strategy and performance indicators through a clear transmission mechanism [9] 4. Balancing tradition and innovation by enhancing traditional brewing techniques with scientific methods [9] 5. Promoting ESG-driven scalable development across the value chain [9][11] Group 3: Cultural Exchange and Global Outreach - The "Harmony Global Tour" in Spain featured events like the "Barcelona Wonderful Night" and a themed forum, showcasing Wuliangye's commitment to cultural exchange [10] - The company has expanded its global presence, having reached 17 countries since the launch of the "Harmony Global Tour" in 2023 [10] Group 4: Future Directions - Wuliangye aims to continue leveraging its award-winning status to drive management innovation and share Chinese liquor culture on the global stage [11] - The company is positioned to lead the internationalization of Chinese liquor, with a focus on quality and cultural representation [11]