Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The liquor industry is currently experiencing a bottoming phase, with a focus on the growth opportunities in the konjac segment. The food and beverage index increased by 0.6% from June 30 to July 4, ranking 19th among 28 sub-industries, underperforming the CSI 300 by approximately 0.9 percentage points. The meat products, liquor, and baked goods sub-industries showed relatively strong performance with increases of 1.2%, 1.2%, and 0.9% respectively [3][12][14] - The recent decline in liquor prices is attributed to the impact of e-commerce subsidies and restrictions on consumption due to the "ban on alcohol," which has compressed industry demand. However, liquor manufacturers are controlling market supply, leading to a temporary stabilization of liquor prices. Although there has been a slight accumulation of channel inventory, the overall inventory remains manageable due to a slowdown in shipments from manufacturers. The ongoing effects of the "ban on alcohol" are expected to continue, with increased pressure on liquor industry performance anticipated in the second quarter. The ban may accelerate industry consolidation and bottoming trends [3][12][14] - In the long term, the liquor industry is undergoing a transformation in consumer demand, with companies adapting by launching lower-alcohol products to cater to younger consumers and promoting family gatherings and casual drinking scenarios. Leading liquor companies maintain strong brand and channel competitiveness, which is expected to facilitate their transition during this industry transformation. Current low valuations and high dividend rates of leading liquor companies suggest they possess long-term investment value [3][12][14] Summary by Sections Market Performance - The food and beverage index increased by 0.6%, ranking 19th out of 28 sectors, underperforming the CSI 300 by approximately 0.9 percentage points. The leading sub-industries included meat products (+1.2%), liquor (+1.2%), and baked goods (+0.9%) [12][14] Upstream Data - As of July 1, the GDT auction price for whole milk powder was $3,859 per ton, down 5.5% month-on-month but up 19.9% year-on-year. The domestic fresh milk price was 3.0 yuan per kilogram, unchanged month-on-month but down 7.0% year-on-year. The domestic milk price is expected to continue its downward trend in the short to medium term [19][24] - On July 5, the price of pork was 20.4 yuan per kilogram, down 16.2% year-on-year, while the price of live pigs was 15.2 yuan per kilogram, down 16.5% year-on-year. The number of breeding sows was 40.42 million, up 1.2% year-on-year [27][28] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Bairun Co. Guizhou Moutai is expected to deepen its reform process and emphasize sustainable development despite short-term demand pressures. Shanxi Fenjiu has high mid-term growth certainty, while Ximai Food is expected to improve profitability due to favorable raw material costs. Wancheng Group continues to expand its store count and target young consumers, and Bairun Co. is seeing improvements in its pre-mixed liquor segment [5][48]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of focusing on bottom opportunities in the liquor sector while pursuing growth in consumer goods. The liquor industry is currently experiencing a downturn, particularly in high-end consumption scenarios, leading to a decline in demand. The report suggests that leading liquor companies with strong brands and distribution channels are likely to adapt and transform successfully [3][11][12] Summary by Sections Weekly Insights - From June 23 to June 27, the food and beverage index declined by 0.9%, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 2.8 percentage points. The health products (+3.6%), baked goods (+2.7%), and seasoning and fermentation products (+1.2%) sectors performed relatively well [11][13] Market Performance - The liquor sector remains at a low point, with the impact of the "ban on alcohol" still felt. The lack of high-end consumption scenarios has further depressed industry demand. The report anticipates increased pressure on liquor companies' performance in the second quarter due to sluggish terminal sales and high channel inventory levels [3][11][12] Upstream Data - Some upstream raw material prices have decreased, which may alleviate cost pressures for companies in the beverage sector. For instance, the price of imported barley fell by 4.3% year-on-year in May 2025, and the quantity imported dropped by 47.8% [31][33] Recommended Companies - The report recommends gradually increasing positions in liquor stocks at low valuations, particularly focusing on leading companies such as Guizhou Moutai and Shanxi Fenjiu. It also highlights opportunities in consumer goods companies like Ximai Food, Youyou Food, Wancheng Group, and Bairun Shares, which are expected to benefit from new consumption trends [4][12][46]

Core Viewpoint - Ximai Food announced a share reduction plan by its actual controller and associated parties, which may impact the company's stock performance in the short term [1][2]. Share Reduction Plan - The shareholder Hezhou Tongmai plans to reduce its holdings by 351,065 shares, accounting for 0.16% of the total share capital [1]. - Actual controllers XIELILING and JILI plan to reduce their holdings by 381,000 shares and 500,000 shares, respectively, representing 0.17% and 0.22% of the total share capital [1][2]. - Associated parties Xie Shiyi and Xie Yuling also plan to reduce their holdings by 500,000 shares each, also representing 0.22% of the total share capital [2]. Financial Performance - In 2024, the company achieved operating revenue of 1.896 billion yuan, a year-on-year increase of 20.16% [3][4]. - The net profit attributable to shareholders was 133.19 million yuan, up 15.36% year-on-year [3][4]. - The net profit after deducting non-recurring gains and losses was 110.57 million yuan, reflecting a growth of 16.75% [3][4]. - The net cash flow from operating activities was 169.99 million yuan, an increase of 41.80% [3][4]. Quarterly Performance - In Q1 2025, the company reported operating revenue of 655.71 million yuan, a year-on-year increase of 15.93% [5]. - The net profit attributable to shareholders for Q1 2025 was 54.53 million yuan, up 21.17% year-on-year [5]. - The net cash flow from operating activities for Q1 2025 was 85.48 million yuan, reflecting a growth of 55.06% [5]. Shareholder Structure - The company has no single shareholder holding more than 50% of the shares, with multiple actual controllers including Xie Qingkui and Hu Rihong [2]. - The actual controllers have various familial relationships, indicating a closely-knit ownership structure [2].

Core Viewpoint - The announcement details the share reduction plan by the actual controllers and their concerted actors of Guilin Ximai Food Co., Ltd, indicating a planned reduction of shares totaling 1% of the company's total share capital within three months after a 15-day notice period [1][2][3]. Shareholder Information - The shareholder Hezhou Tongmai holds 4,618,988 shares, representing 2.07% of the total share capital, and plans to reduce 351,065 shares (0.16%) [1][2]. - Actual controllers XIE LILING and JI LI each hold 4,515,168 shares (2.02%) and plan to reduce 381,000 shares (0.17%) and 500,000 shares (0.22%) respectively [2][3]. - Concerted actors Xie Shiyi and Xie Yuling each hold 4,515,168 shares (2.02%) and plan to reduce 500,000 shares (0.22%) each [2][3]. Reduction Plan Details - The total number of shares to be reduced by the mentioned parties is 1% of the company's total share capital [2][3]. - The reduction will occur through centralized bidding transactions within three months after the 15-day notice period starting from the announcement date [3][6]. Compliance and Commitments - The shareholders have committed to not transferring or managing their shares for 36 months post-IPO and have outlined conditions for any future reductions [4][5]. - The shareholders have adhered to their commitments and have not violated any prior agreements regarding share transfers [6].

证券代码：002956 证券简称：西麦食品 公告编号：2025-027 桂林西麦食品股份有限公司 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。 特别提示： 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"） 持有公司股份 4,618,988 股（占公司总股本的比例为 2.07%），公司实际控制人 谢庆奎担任其执行事务合伙人及普通合伙人。贺州铜麦计划在公告之日起 15 个 交易日后的 3 个月内以集中竞价交易方式减持公司股份 351,065 股（占公司总股 本比例 0.16%）。 公司实际控制人XIE LILING和JI LI持有公司股份数量分别为4,515,168股、 4,515,168 股（占公司总股本的比例分别为 2.02%、2.02%）。XIE LILING 和 JI LI 计划在公告之日起 15 个交易日后的 3 个月内以集中竞价 ...

Group 1 - The company Xi Mai Food (002956) announced that its shareholders Hezhou Tongmai, actual controllers Xie Liling, Ji Li, and their concerted actors Xie Shiyi and Xie Yuling plan to reduce their holdings of company shares through centralized bidding within three months after 15 trading days from the announcement date [1] - Hezhou Tongmai intends to reduce 351,100 shares, accounting for 0.16% of the total share capital of the company [1] - Xie Liling and Ji Li plan to reduce 381,000 shares and 500,000 shares respectively, representing 0.17% and 0.22% of the total share capital [1] - Xie Shiyi and Xie Yuling each plan to reduce 500,000 shares, which also accounts for 0.22% of the total share capital [1] - The total number of shares to be reduced does not exceed 1% of the company's total share capital, with the reason for the reduction being personal or corporate funding needs, and the implementation of the reduction plan carries uncertainty [1]

证券代码：002956 证券简称：西麦食品 公告编号：2025-026 桂林西麦食品股份有限公司 2024 年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整、没有 虚假记载、误导性陈述或重大遗漏。 桂林西麦食品股份有限公司（以下简称"公司"）于 2025 年 5 月 19 日召开 2024 年度股东大会审议通过了《关于< 2024 年度利润分配预案>的议案》。现将 权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2024 年度股东大会审议通过的利润分配方案具体内容为：公司以实 施权益分派股权登记日总股本为基数，向全体股东每 10 股派发现金红利人民币 4.176 元（含税），不送红股，不以资本公积金转增股本。分配方案公布后至实 施前，公司总股本由于股份回购、股权激励、再融资新增股份上市等原因而发生 变化的，公司将按分配比例不变的原则，相应调整分配金额。 2、自 2024 年度利润分配方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的分配方案与股东大会审议通过的分配方案及其调整原则一致。 4、本次实施分配预案距离股东大会审议通过的时间未超过两个月。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of identifying bottom opportunities in the liquor sector, with May retail sales data showing steady improvement [3][11] - The food and beverage index experienced a slight decline of 0.1% from June 16 to June 20, ranking 4th among primary sub-industries and outperforming the CSI 300 by approximately 0.3 percentage points [3][13] - The report highlights that the recent ban on alcohol consumption has significantly impacted liquor demand and market sentiment, leading to a continuous decline in stock prices. However, recent media clarifications have provided a slight rebound in the liquor sector [3][11] Summary by Sections 1. Weekly Insights - The liquor sector is focusing on bottom opportunities, with May retail sales data showing a steady upward trend [3][11] - The food and beverage index outperformed the market, with beer and liquor showing relative strength [3][11] 2. Market Performance - The food and beverage index had a decline of 0.1%, ranking 4th among 28 industries, with beer (+1.9%) and liquor (+1.1%) leading the performance [3][13] 3. Upstream Data - Some upstream raw material prices have decreased, which may alleviate cost pressures for beverage companies [16][33] 4. Liquor Industry News - The report notes that the liquor industry is currently in a bottoming phase, with expectations for gradual recovery as valuations become more attractive [4][12] 5. Recommended Companies - Recommended companies include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Bairun Co. [5][12]

Summary of Ximai Foods Conference Call Industry Overview - The new consumer goods category is emerging, with significant growth in online platforms like Douyin and offline membership supermarkets and snack stores. This trend is supported by declining raw material costs, which enhance profit margins for traditional food and beverage companies [2][3][4]. - The oatmeal industry is experiencing rapid growth, with a compound annual growth rate (CAGR) close to 10%, surpassing a market size of 100 billion [2][6]. Company Insights: Ximai Foods - Ximai Foods benefits from the rising demand for health and wellness products, product structure upgrades, and channel innovations. The decline in oatmeal raw material costs is expected to boost revenue and profit growth [2][4]. - The company has a market share of approximately 25%, competing closely with Quaker, which holds about 22%, resulting in a combined market share of 50% [2][8]. Product Structure and Innovations - Ximai Foods has shifted its product structure from pure oatmeal to composite oatmeal, which is the fastest-growing segment, expected to account for about 45% of revenue in 2024 [2][11]. - New product launches include yogurt with calcium, protein powder, oral liquids, and instant pepper bird's nest porridge, targeting health-conscious consumers, particularly the elderly [2][12]. Channel Development - The company has transitioned from a traditional supermarket focus to a balanced online and offline channel strategy, achieving significant sales on platforms like JD and Tmall, with Douyin accounting for about 40% of online revenue [4][13]. - In 2024, revenue from snack stores is projected to be over 80 million yuan, with plans to increase store coverage and SKU variety in the coming years [14]. Competitive Advantages - Ximai Foods has a strong ability to adapt to changing consumer tastes and has successfully developed new product categories. The company plans to increase its market share from 20% to over 30% by 2027 [9][20]. - The company maintains a competitive edge through effective product innovation and channel expansion, which has allowed it to differentiate itself from competitors like Quaker [9][10]. Financial Performance and Projections - The decline in raw material costs, particularly from Australian oats, has positively impacted gross margins, which are expected to improve by 2-3 percentage points due to a 10% decrease in raw material costs in Q2 [4][18]. - Ximai Foods aims for a revenue growth rate of no less than 15% over the next three years, targeting revenues of approximately 2.3 billion yuan in 2025 and over 3 billion yuan in net profit by 2027 [20]. Conclusion - Ximai Foods is positioned as a stable growth company within the new consumer sector, leveraging structural growth opportunities in the industry and enhancing its product and channel strategies to achieve steady revenue growth while improving profitability through cost management and efficiency [20].

Group 1 - The core viewpoint of the article highlights that Qushi Asset has conducted research on Ximai Food, focusing on its future development in the oatmeal health food sector and strategies to enhance market share and sales channels [1] - Ximai Food plans to continue developing oatmeal health products over the next three years, aiming to consolidate market share and expand both online and offline channels [1] - The company is adjusting its e-commerce product structure and sales methods to improve profit margins, while also developing new products based on market demand, particularly in meal replacement and functional product categories [1] Group 2 - Ximai Food is actively responding to channel changes and achieving sales growth through a multi-channel approach [1] - The company uses high-quality Australian oats and is gradually increasing the use of domestic oats in its products [1]