茅台明晟ESG评级提升至A；泸州老窖下周分红

Core Viewpoint - The Chinese liquor industry is experiencing varied performance among major companies, with some showing signs of recovery while others face challenges in sales and profitability [3][4][19]. Financial Performance - Budweiser APAC reported a revenue of $3.136 billion for the first half of 2025, with a normalized EBITDA of $983 million, despite a decline in key operating metrics compared to the previous year [3]. - Heineken's revenue in China reached €16.924 billion, with a 30% increase in authorized beer sales under China Resources Beer, although overall sales volume decreased by 1.2% [4][5]. - Luzhou Laojiao announced a cash dividend of approximately ¥6.759 billion, distributing ¥45.92 per 10 shares [6]. Company Developments - The controlling shareholder of Baijiu Co. pledged 35.1 million shares, representing 8.25% of his holdings, while the total pledged shares reached 72 million [7][8]. - Jinhuijiu's major shareholder pledged 1 million shares, with a total of 75% of his holdings now pledged [9]. - Moutai opened two new cultural experience centers in Shanghai and Kunming, expanding its brand presence [10]. Industry Trends - The production of beer in Guangdong province decreased by 0.6% in the first half of 2025, with a total production of 241.89 million liters [18]. - The liquor, beverage, and refined tea manufacturing industry in Guizhou province grew by 3.7% in the first half of 2025, with retail sales of tobacco and alcohol increasing by 7.4% [19]. New Products - Kuaijishan announced the launch of new products, including 1743 raw yellow wine, utilizing advanced preservation techniques [13]. - Langjiu will begin accepting orders for the 2025 version of Langjiu on August 11, with shipments starting on August 25 [14]. Personnel Changes - The resignation of the former chairman of Shede Liquor, Ni Qiang, was announced, marking a significant leadership change [20]. - The vice president of Guyue Longshan, Lü Danlin, also resigned, indicating further shifts in management [21]. - Tianyoude Liquor appointed Lu Shuilong as vice president, focusing on market strategy and expansion [22][23].