Group 1 - The core viewpoint of the article highlights the strong financial performance of Ximai Food in the third quarter, with revenue and net profit showing significant year-on-year growth [1] Group 2 - In the third quarter, the company's revenue reached 547 million yuan, representing an 18.92% increase compared to the same period last year [1] - The net profit for the third quarter was 50.59 million yuan, reflecting a year-on-year growth of 21.00% [1] - For the first three quarters, the total revenue amounted to 1.696 billion yuan, which is an 18.34% increase year-on-year [1] - The net profit for the first three quarters was 132 million yuan, showing a year-on-year growth of 21.90% [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥546,817,481.82, representing an increase of 18.92% compared to the same period last year[5] - Net profit attributable to shareholders for the same period was ¥50,592,604.47, up by 21.00% year-on-year[5] - The net profit after deducting non-recurring gains and losses surged by 86.30% to ¥49,185,032.85[5] - Year-to-date revenue as of the end of Q3 2025 totaled ¥1,695,915,810.05, reflecting an 18.34% increase from the previous year[5] - The basic earnings per share for Q3 2025 was ¥0.23, marking a 21.05% increase year-on-year[5] - The company's net profit for the current period reached CNY 132,505,542.73, an increase from CNY 108,588,356.86 in the previous period, representing a growth of approximately 22.1%[17] - Operating profit for the current period was CNY 156,657,498.96, compared to CNY 130,251,312.64 in the previous period, reflecting an increase of about 20.3%[17] - Total revenue from sales of goods and services amounted to CNY 1,734,759,670.35, compared to CNY 1,416,997,226.71 in the previous period, marking an increase of about 22.4%[18] - The company reported a total comprehensive income of CNY 132,516,997.63, compared to CNY 108,589,773.16 in the previous period, which is an increase of approximately 22.1%[17] - Basic and diluted earnings per share increased to CNY 0.59 from CNY 0.49, reflecting a growth of about 20.4%[17] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was ¥204,886,506.22, an increase of 57.39%[5] - Cash flow from operating activities generated a net amount of CNY 204,886,506.22, up from CNY 130,173,463.85 in the previous period, indicating a growth of approximately 57.2%[18] - The company's cash and cash equivalents decreased to ¥134,339,787.60 from ¥268,619,924.67, representing a decline of 50%[13] - Cash and cash equivalents at the end of the period decreased to CNY 119,792,815.09 from CNY 360,042,004.08, a decline of approximately 66.7%[19] - The net cash flow from investing activities was negative at CNY -189,110,272.95, compared to CNY -139,860,790.86 in the previous period, indicating a deeper cash outflow[18] - The total amount of cash flow from financing activities was negative at CNY -107,206,888.82, compared to CNY -85,153,116.58 in the previous period, indicating a worsening cash flow situation[19] Assets and Liabilities - The total assets of the company at the end of Q3 2025 were ¥2,132,826,306.99, a decrease of 2.67% from the end of the previous year[5] - The total assets of the company stood at ¥2,132,826,306.99, down from ¥2,191,251,010.49, a decrease of about 2.7%[15] - The total liabilities decreased to ¥552,089,884.89 from ¥659,255,760.89, showing a reduction of approximately 16.3%[15] - The company's cash and cash equivalents decreased to ¥134,339,787.60 from ¥268,619,924.67, representing a decline of 50%[13] - The company's net profit margin improved, with net profit increasing to ¥142,794,153.53, compared to ¥99,359,487.15 in the previous period, marking a growth of about 43.7%[16] Equity and Shareholder Value - The equity attributable to shareholders increased by 3.10% to ¥1,561,567,419.43 compared to the end of the previous year[5] - The total equity attributable to shareholders increased to ¥1,561,567,419.43 from ¥1,514,588,086.17, representing a growth of approximately 3.1%[15] - The weighted average return on equity for the year-to-date period was 8.45%, up by 0.91% compared to the previous year[5] Operating Costs and Expenses - Total operating revenue for the period reached ¥1,695,915,810.05, an increase of approximately 18.4% compared to ¥1,433,060,647.63 in the previous period[16] - Total operating costs amounted to ¥1,553,121,656.52, reflecting a rise of about 16.5% from ¥1,333,701,160.48 in the prior period[16] - Research and development expenses rose to ¥7,635,101.79, up from ¥6,425,042.47, reflecting an increase of approximately 18.9%[16] - The company reported a significant reduction in short-term borrowings, decreasing to ¥105,049,208.33 from ¥129,316,168.72, a decline of about 18.8%[14] Management Commentary - The company reported a significant increase in net profit due to strong sales growth and effective cost control measures[8]

Investment Rating - The report does not provide a specific industry rating but highlights the performance of various sub-sectors within the food and beverage industry [7] Core Insights - The food and beverage sector is currently under pressure, with the SW food and beverage index declining by 1.02%, ranking 30th among 31 sub-industries [12] - The white liquor sector is in a "supply clearing" phase, with expectations of increased pressure in the upcoming quarterly reports, indicating a potential acceleration in industry clearing [16] - The report emphasizes the importance of monitoring the new leadership strategies at Kweichow Moutai following a significant personnel change [16] - The beverage sector shows promising growth, particularly with Eastroc Beverage's strong performance in the first three quarters of 2025, achieving a revenue of 16.844 billion yuan, a year-on-year increase of 34.13% [17] Summary by Sections 1. Sector Performance - The SW food and beverage sector saw a decline of 1.02%, with notable drops in the white liquor, beer, and snack sub-sectors [12] - The top-performing sub-sectors included pre-processed foods, other alcoholic beverages, and meat products, with increases of 1.10%, 0.35%, and 0.33% respectively [12] 2. White Liquor Sector - The SW white liquor index fell by 1.12%, indicating a bottom adjustment phase [16] - The current price for Feitian Moutai is 1,720 yuan, down 30 yuan from the previous week, while the price for Pu'er Moutai is 8,155 yuan, down 5 yuan [16] - Recommended companies in this sector include Kweichow Moutai and Shanxi Fenjiu, which are expected to perform relatively well during the adjustment period [16] 3. Beverage Sector - Eastroc Beverage reported a revenue of 16.844 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 34.13% [17] - The company also saw a net profit of 3.761 billion yuan, up 38.91% year-on-year [17] - Other companies like Jinzai Foods and Qiaqia Foods are facing challenges, with Jinzai reporting a revenue of 1.81 billion yuan, a slight increase of 2.1% year-on-year, but a net profit decline of 19.5% [17][19]

Investment Rating - The investment rating for the food and beverage industry is "Positive" (maintained) [1] Core Insights - The quarterly performance continues to show differentiation, with a recommendation to strengthen positions during the bottom cycle. The food and beverage index declined by 0.9% from October 20 to October 24, ranking 27th among primary sub-industries, underperforming the CSI 300 by approximately 4.2 percentage points. Sub-industries such as processed foods (+1.0%), meat products (+0.6%), and other alcoholic beverages (+0.5%) performed relatively well. The traditional consumption sector continues to face significant performance pressure, particularly in the liquor segment, where business demand remains under pressure. Although there has been a slight improvement in terminal consumption demand, the overall market demand remains weak. It is anticipated that the liquor sector will experience a further slowdown in performance growth for the third quarter [3][12][14]. Summary by Sections Market Performance - The food and beverage index experienced a decline of 0.9%, ranking 27th out of 28 sectors, and underperformed the CSI 300 by about 4.2 percentage points. Leading sub-industries included processed foods (+1.0%), meat products (+0.6%), and other alcoholic beverages (+0.5) [12][14]. Upstream Data - Some upstream raw material prices have decreased. For instance, the price of fresh milk was 3.0 yuan per kilogram, down 2.9% year-on-year. The price of pork was 17.7 yuan per kilogram, down 28.4% year-on-year [21][26]. Policy Insights - The 20th Central Committee's Fourth Plenary Session emphasized expanding domestic demand and building a strong domestic market, which is expected to inject clear policy dividends into the food and beverage industry. The core driver for long-term industry growth is the boost in domestic demand, which will directly stimulate market consumption and upgrade potential [4][13]. Recommended Stocks - The report recommends focusing on two types of stocks: first, leading companies with low valuations and national layout capabilities; second, growth companies that align with new consumption trends. Specific recommendations include Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Weilong, and Bairun [5][56].

Group 1 - The core point of the article is that Ximai Food (002956) reported a total of 14,334 shareholders as of October 20, 2025 [1]

Market Overview - The leisure food sector increased by 1.1% on October 21, with Ximai Food leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Ximai Food (002956) closed at 21.40, up 10.03% with a trading volume of 100,500 shares and a transaction value of 208 million yuan [1] - Haoxiangni (002582) closed at 9.62, up 4.45% with a trading volume of 218,300 shares [1] - Wancheng Group (300972) closed at 198.95, up 3.02% with a trading volume of 28,100 shares and a transaction value of 550 million yuan [1] - Other notable performers include Liangpin Shop (603719) up 1.94%, Maiqu'er (002719) up 1.73%, and Qingdao Food (001219) up 1.56% [1] Capital Flow Analysis - The leisure food sector saw a net inflow of 75.7352 million yuan from institutional investors, while retail investors experienced a net outflow of 7.4904 million yuan [2] - The main capital inflow was concentrated in stocks like Wancheng Group and Haoxiangni, with significant outflows from retail investors [3] Detailed Capital Flow for Key Stocks - Wancheng Group had a net inflow of 64.8357 million yuan from institutional investors, while retail investors saw a net outflow of 61.3825 million yuan [3] - Haoxiangni experienced a net inflow of 43.1288 million yuan from institutional investors, with a net outflow of 35.6105 million yuan from retail investors [3] - Ximai Food had a net inflow of 35.9082 million yuan from institutional investors, with retail investors also experiencing a net outflow [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth of consumer goods has shown a marginal decline, primarily due to the timing of the Mid-Autumn Festival and the diminishing effects of the "old-for-new" policy. However, with the release of policies aimed at stabilizing growth and promoting consumption, the macroeconomic environment is expected to improve, leading to a gradual recovery in consumer demand for the food and beverage sector. The white liquor industry is showing signs of bottoming out, with a low likelihood of further demand decline. The report suggests appropriate positioning in the white liquor sector due to its relatively low valuation and stable chip structure. In the mass consumer goods sector, new consumption targets are expected to maintain high growth rates throughout the year, with a focus on new channels, new products, and new markets [3][4][6]. Summary by Sections Industry Overview - The retail sales of consumer goods in September 2025 increased by 3.0% year-on-year, with a month-on-month decline of 0.4 percentage points from August. The food and beverage sector is anticipated to gradually improve as macroeconomic conditions stabilize [4][5]. Subsector Performance - In September 2025, the retail sales growth for grain and oil products, beverages, and tobacco and alcohol was 6.3%, -0.8%, and 1.6% year-on-year, respectively. The beverage sector showed relatively weak consumption, while the tobacco and alcohol sector saw improved growth due to pre-holiday stocking and a slight relaxation of alcohol bans [4][10][12]. Quarterly Insights - In Q3 2025, the retail sales of consumer goods grew by 3.5% year-on-year, a decrease of 1.9 percentage points compared to Q2. The food and beverage sectors experienced varying growth rates, with grain and oil products at 6.7%, beverages at 1.4%, and tobacco and alcohol at 0.8%, indicating a general softening in consumer demand [5][6]. Specific Company Insights - The white liquor sector is nearing a demand bottom, with recent policy relaxations leading to a recovery in consumption. Meanwhile, companies like Ximai Foods are accelerating the launch of new products and channels, which is expected to enhance profit elasticity and certainty in 2026 due to sustained raw material cost advantages [6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report suggests that the performance and valuation of the industry are approaching a double bottom, recommending to strengthen positions during the bottom cycle [3][11] - The food and beverage index increased by 0.9% from October 13 to October 17, outperforming the CSI 300 by approximately 3.1 percentage points [11][12] - Short-term demand for liquor is nearing a bottom, with business demand under pressure and slight improvements in terminal consumption [3][11] - The report emphasizes the need to observe macroeconomic trends for long-term industry outlook, with expectations of a more gradual recovery slope [3][11] Summary by Sections 1. Weekly Insights - The report indicates a double bottom in performance and valuation, suggesting to strengthen positions during the bottom cycle [3][11] - The food and beverage index outperformed the market, ranking third among primary sub-industries [11][12] 2. Market Performance - The food and beverage index rose by 0.9%, with other liquor categories, health products, and liquor showing relative strength [12][13] - Notable individual stock performances included Kuaijishan, Miaokelando, and Guifaxiang leading in gains [12][13] 3. Upstream Data - Some upstream raw material prices have decreased, with full-fat milk auction prices showing a year-on-year increase of 4.0% [17] - Domestic fresh milk prices decreased by 2.9% year-on-year [17] 4. Liquor Industry News - Moutai 1935 saw significant year-on-year sales growth in September, indicating market resilience [40] - The report highlights the importance of observing the pricing changes of Moutai as a key internal factor [3][11] 5. Recommended Portfolio - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Weilong Delicious, and Bairun Shares, with each having specific growth potential and market strategies [4]

公司股东贺州铜麦、公司实际控制人 XIE LILING、JI LI 及其一致行动 人谢世谊和谢玉菱保证向本公司提供的信息真实、准确、完整、没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 桂林西麦食品股份有限公司（以下简称"公司"）于 2025 年 6 月 26 日披露 了《关于公司实际控制人及其一致行动人减持计划的预披露公告》（公告编号： 2025-027）。公司股东贺州铜麦企业管理咨询中心（有限合伙）（以下简称"贺 州铜麦"）、实际控制人 XIE LILING 和 JI LI、一致行动人谢世谊和谢玉菱拟在 该公告披露日起十五个交易日后的三个月内，通过集中竞价的方式，预计分别减 持公司无限售条件流通股 351,065 股、381,000 股、500,000 股、500,000 股、500,000 股，合计减持的股份总数不超过公司股份总数的 1%。 截至本公告披露日，上述股东本次减持计划期限已届满。公司近日收到上述 股东出具的《关于股份减持计划期限届满的告知函》，现将有关情况公告如下： （一）股东减持情况 证券代码：002956 证券简称：西麦食品 ...

Core Viewpoint - The report from China Merchants Securities indicates a decline in participation and investor interest in the 2025 Autumn Sugar Exhibition, reflecting a decrease in industry enthusiasm, while the liquor sector's performance during the holiday season aligns with expectations [1][2]. Liquor Industry - The number of participating liquor companies at the Autumn Sugar Exhibition has decreased, with a shift in investment focus towards the consumer end, leading to a cautious attitude among liquor distributors [2]. - The performance of high-end liquor brands remains resilient, with Moutai's price stabilizing around 1800 yuan, which has positively impacted sales during the holiday season [3]. - The overall sales during the holiday season for liquor have declined, but leading brands have shown better performance compared to the industry average, indicating a trend towards increased industry concentration [3]. Food Industry - The beverage sector has shown significant inventory reduction during the holiday period, with leading brands like Nongfu Spring expected to achieve double-digit growth [4]. - The snack sector continues to expand, particularly in discount store formats, although same-store sales have seen a slight decline [4]. - The dairy sector remains under pressure, particularly for ambient liquid milk, with a need for structural improvements [4]. Investment Recommendations - The report suggests focusing on leading liquor brands such as Kweichow Moutai, Shanxi Fenjiu, Luzhou Laojiao, and Wuliangye, as well as emerging brands like Zhenjiu Lidu and Yingjia Gongjiu, which are expected to contribute positively [5][6]. - In the food sector, recommendations include leading snack brands like Ximai Foods and beverage leaders like Nongfu Spring and Dongpeng Beverage, while also highlighting opportunities in the dairy sector with companies like Yili [6].