Core Viewpoint - The core purpose of the shareholder return activity by Wuliangye is to express gratitude for the long-term support from shareholders, rather than focusing solely on short-term sales performance [1] Group 1 - The initial data from the activity reflects only the early performance, and the company emphasizes the value and emotional connection it brings to shareholders [1] - The management team adheres to the philosophy of "maintaining integrity and innovation, and progressing steadily and sustainably" [1] - The company is committed to creating long-term value for shareholders and does not exhibit a state of "insufficient maintenance of achievements or insufficient pursuit of progress" [1]

证券日报网讯 2月11日，五粮液（000858）在互动平台回答投资者提问时表示，公司会持续优化服务， 不断提升消费者的购物体验。 ...

Core Insights - The consumer behavior during the 2026 Spring Festival in Beijing has shifted from bulk purchasing to a more flexible, experiential, and self-indulgent shopping approach [1][2][3] Group 1: Changes in Consumer Behavior - Consumers are no longer stockpiling goods for the Spring Festival, opting instead for a shopping experience that emphasizes immediacy and personal enjoyment [2][3] - The demand for delivery services has surged, with some delivery points experiencing a business volume increase of 15% to 20% compared to regular days [3] - Instant retail has emerged as a new growth driver, with a 48% year-on-year increase in consumption for fresh produce and other goods on platforms like Dingdong Maicai [3][4] Group 2: Trends in Gift-Giving and Health Consciousness - The perception of the Spring Festival is evolving, with 74% of consumers viewing it as a time for mental and physical relaxation, and 76% prioritizing the recipient's preferences when giving gifts [5][6] - Health-conscious products are becoming increasingly popular, with over 58% of consumers considering health attributes when selecting gifts [6][8] - New trends in gift items include health-focused snacks and beverages, reflecting a growing awareness of health among younger consumers [6][8] Group 3: Emotional Value and Personalization - The younger generation is prioritizing products that fulfill emotional needs, with gaming consoles and related products becoming popular during the festival [10] - The rise in gold prices has made investment gold bars a sought-after item, indicating a blend of emotional value and rational investment during the Spring Festival [10] - The diversity in consumer preferences highlights a shift from collective rituals to individual expressions, driven by personal interests [11]

Core Insights - The white liquor market is entering a traditional peak season ahead of the Lunar New Year in 2026, with significant marketing efforts from major liquor companies and notable price fluctuations observed in various products [1][5]. Group 1: Market Trends - The sales of white liquor are showing a clear recovery signal, driven by demand for gifting and social gatherings, which is alleviating some inventory pressure in distribution channels [14]. - The price dynamics are notably diverse, with Moutai leading a price rebound, while other high-end and mid-range brands experience frequent price fluctuations due to competitive pressures [14]. - The overall market sentiment indicates a trend of "the strong getting stronger," with Moutai's performance serving as a bellwether for the entire price range [14]. Group 2: Price Movements - In Guangzhou, the average price of the "Inner Reference" product from Jiu Gui Jiu has seen the largest decline, dropping approximately 32 yuan to around 777 yuan, while Moutai's price increased from 1718 yuan to 1811 yuan, marking a rise of about 93 yuan [4][3]. - In Shenzhen, Moutai's retail price surged to an average of 1835.28 yuan, reflecting an increase of approximately 101 yuan compared to the previous period, influenced by high demand [9]. - Other products such as "Dream Blue M6+" and "Ancient Well Tribute Wine" also experienced price increases, while some mid-range products like "Green Flower Fen Wine" saw slight declines [10][11]. Group 3: Consumer Behavior - The upcoming extended holiday period is expected to stimulate social drinking demand, providing a boost to the market [5]. - The price stability and occasional increases in certain products indicate a healthy interaction between brand strength and market dynamics, with promotional activities on online platforms affecting price variations across different sales channels [14].

Investment Rating - The report maintains a strong buy recommendation for key companies in the industry, specifically Guizhou Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, and Gujing Gongjiu, while suggesting an increase in holdings for Yingjia Gongjiu [8][28]. Core Insights - The overall sales decline in the industry before the Spring Festival aligns with expectations, with Moutai showing leading performance. The industry is experiencing a double-digit sales decline, but demand is gradually recovering as the Spring Festival approaches. The pressure on channels is easing, and confidence in the industry is expected to improve [1][12]. - Moutai's sales volume and price have exceeded expectations, with a significant increase in demand from traditional channels. The report anticipates a net increase of over 2,000 tons in January [1][12]. - The report highlights a clear differentiation among brands, with Moutai, Wuliangye, and Fenjiu outperforming the industry, while other brands are experiencing varying degrees of decline. The next high-end price segment is under significant pressure [1][12]. Summary by Sections 1. Regional Sales Feedback - The report summarizes feedback from various regions, indicating that the overall sales decline is in line with expectations. Moutai's performance is notably strong, with double-digit growth in sales volume. Other brands, such as Wuliangye, show regional sales differentiation, particularly in areas like Sichuan, where sales have accelerated due to previous inventory control measures [1][12][15]. 2. Core Company Tracking - Guizhou Moutai's sales are expected to continue growing, with a current average delivery progress exceeding 30%. The report notes that Moutai's inventory is low, and the market remains in a supply-demand imbalance, supporting price stability [24][28]. - Wuliangye's sales are stable, with delivery progress around 35-40%. The report indicates that the brand's performance is slightly better than last year, particularly in regions like Sichuan and Anhui [24][28]. - Luzhou Laojiao is experiencing slower sales, with delivery progress below 20%. The brand's high-end products are facing a decline in demand, while lower-end products still show some demand [25][28]. - Shanxi Fenjiu's sales are performing better than the industry average, with a stable inventory situation and continued growth in certain products [25][28]. - Yingjia Gongjiu is expected to see a slight decline in sales, but certain products are performing relatively well [26][28]. 3. Industry Holdings Analysis - The report notes that institutional holdings in the liquor sector are at historical lows, with a significant decrease in the proportion of active fund holdings in the liquor sector. This trend indicates a potential for recovery as the market stabilizes [2][8].

Core Insights - The Spring Festival is a traditional peak season for alcohol consumption, serving as a trend indicator for the industry [1] - Consumers are increasingly favoring high-quality, well-known brands, with a shift towards lower-alcohol beverages among younger generations [4][5] - The market for zodiac-themed alcohol is also thriving, with brands integrating cultural and artistic elements into their products [7][8] Group 1: Consumer Trends - Consumers are opting for "drink less, drink better," leading to a rise in sales of core products from top brands [1] - The demand for low-alcohol beverages is increasing, with sales of low-alcohol wines and beers seeing significant growth, such as a 714% increase in sales of bulk and mixed-pack wines [4][6] - The trend of "self-indulgence" among younger consumers is driving the popularity of health-oriented and low-alcohol drinks [4][5] Group 2: Pricing and Sales Dynamics - The white liquor industry is undergoing a deep adjustment, with significant price reductions observed; for instance, the price of 53-degree 500ml Moutai has dropped to between 1600 and 1800 yuan, down from over 2000 yuan last year [2] - Consumers are increasingly choosing core products priced around 600 to 700 yuan, benefiting from the wider selection due to price reductions [2] - Online channels are becoming crucial for alcohol sales, with brands enhancing partnerships with e-commerce platforms to ensure product authenticity [3] Group 3: Zodiac Alcohol and Cultural Elements - Zodiac-themed alcohol is experiencing a sales boom, with brands releasing limited-edition products that emphasize cultural significance and artistic value [7][9] - Moutai's zodiac series has seen prices fluctuate, with the retail price of the Moutai zodiac wine being significantly lower than previous years, yet still commanding a premium in the market [7][8] - The design of zodiac alcohol incorporates traditional Chinese cultural elements, appealing to consumers' desire for unique and meaningful gifts [8][9]

Core Insights - The Spring Festival is a traditional peak season for alcohol consumption, serving as a "barometer" for industry trends [1] - Consumers are increasingly favoring high-quality, well-known brands while opting for fewer purchases [1][4] - The rise of low-alcohol beverages is driven by younger consumers seeking healthier options [2][10] Group 1: Consumer Behavior and Trends - Consumers are shifting towards purchasing core products from leading brands, with many noting significant price reductions compared to the previous year [7][8] - Online channels are becoming crucial for alcohol sales, with consumers prioritizing authenticity and convenience [9] - The demand for low-alcohol and health-oriented beverages is growing, particularly among younger demographics, with sales of low-alcohol products increasing significantly [11][12][14] Group 2: Product Innovations and Market Dynamics - The white liquor industry is undergoing a deep adjustment phase, with overall inventory reduction leading to substantial price drops for premium brands [7] - Alcohol brands are responding to changing consumer preferences by launching low-alcohol products and non-alcoholic versions of traditional beverages [14] - The market for zodiac-themed alcohol is thriving, with brands incorporating cultural elements into their designs, enhancing their appeal as collectible items [15][16] Group 3: Sales Performance and Data Insights - Sales data indicates a double-digit growth in alcohol sales leading up to the Spring Festival, with specific categories like beer and health-oriented beverages seeing the fastest growth [12][13] - The popularity of zodiac alcohol is reflected in the high demand and limited editions, often leading to rapid sell-outs [15][17] - The trend towards personalized and culturally significant products is reshaping the alcohol market, emphasizing the need for brands to adapt to consumer-defined values [18]

春节，不仅是中华民族最深刻的文化基因，也日益成为世界感知中国、共享喜悦的重要窗口。在此美好 时节，五粮液（000858）以"和美"为核，以"共庆"为桥，启动"和美五粮液 五洲庆新春"全球品牌文化盛 宴，于全球多个国家和地区开展品牌体验活动。同时深度融入总台《2026年春节联欢晚会》，以"和美 好礼"独家互动合作伙伴之名，陪伴千家万户共度团圆时刻，生动诠释一个民族品牌如何以酒为媒，酿 造传世佳酿，深情陪伴消费者的"和美生活"。 举杯五粮液，开启"五洲庆新春"和美新篇 美酒是聚会的情感催化剂，亦是沟通友谊的桥梁。今年五粮液将以一杯东方酿造的至臻美酒，基于"全 球统一主题，区域特色落地"的核心策略，在美国、法国、俄罗斯、加拿大、韩国、马来西亚、缅甸、 新加坡等多个重点市场同步开展"和美五粮液 五洲庆新春"系列活动。 这并非简单的品牌曝光，而是一场深度的文化对话：在巴黎塞纳河畔的市集，在纽约时报广场的街头， 在东南亚国家的地标景点……五粮液将与当地庆贺新春的特色形式巧妙融合，通过沉浸式品鉴、文化交 流、艺术展陈等多元化体验，将中国白酒所蕴含的"和合共生 美美与共"的东方哲学，转化为全球消费 者可感知、可参与的文化语言 ...

Summary of the Conference Call on the Baijiu Industry Industry Overview - The high-end baijiu consumption during the Spring Festival saw a year-on-year decline of approximately 8%, with Moutai and Wuliangye outperforming the industry average [1][2] - The overall baijiu consumption environment in Chengdu, Sichuan, showed positive trends leading up to the Spring Festival, with high-end, mid-high-end, and mid-low-end products expected to decline by about 8% [2] Key Insights and Arguments - Moutai benefited from the "i Moutai" platform and price reductions, while Wuliangye's eighth generation gained market share due to its cost-effectiveness [1] - The gifting scenario saw slight growth driven by mass high-end consumption, while government consumption significantly declined, with about 90% already digested [1][5] - Business banquets decreased by over 10%, with an expected reduction of about 20% [3] - Moutai's wholesale price stability at around 1,550 RMB depends on supply conditions, particularly for Feitian Moutai and non-standard products [1][8] - As of now, Moutai's overall shipment progress for Feitian and non-standard products has decreased by over 30% year-on-year, primarily to digest 2025 inventory [10] Performance of Key Brands - Wuliangye's eighth generation saw a year-on-year sales increase of over 30% during the Spring Festival, recovering to 2024 levels, although the 1,618 series declined by 10% due to price reductions [12][13] - Luzhou Laojiao's Guojiao 1573 experienced a 25% decline in sales, with shipment volume down over 30% [14] - Other mid-high-end brands like Honghualang and Jian'nanchun showed mixed results, with Honghualang up by 9 percentage points and Jian'nanchun stable year-on-year [15] Market Dynamics and Future Outlook - Moutai's market divergence points include the stability of post-holiday wholesale prices and whether demand can maintain double-digit growth [4][20] - The correlation between Moutai prices and urban residents' disposable income shows an annual growth rate of about 8% for income and 12% for Moutai prices, indicating potential for stronger growth as demand recovers [23] - The overall expectation for high-end baijiu consumption during the Spring Festival has improved, with a revised decline estimate of around 8% [17] - Future performance of Wuliangye remains uncertain due to varying regional feedback and concerns over sales transparency [25] Additional Considerations - The impact of the Japanese market on local high-end consumption growth is acknowledged, but the primary drivers are attributed to the wealth effect from the stock market and gradual consumption recovery [19] - The historical performance of Moutai during past adjustment cycles indicates its resilience and potential for significant growth when mass high-end demand recovers [24] - Recommendations suggest selectively increasing positions in the baijiu sector while monitoring performance in the second and third quarters [26]

Group 1 - The food and beverage sector experienced a pullback on February 11, with the Huabao Food and Beverage ETF (515710) showing a slight decline of 0.17% [1][6] - Major stocks within the sector, such as Xin Nuo Wei and Jin Hui Jiu, saw significant drops of over 2% and 1% respectively, contributing to the overall negative performance of the sector [1][6] - A survey indicated that demand for liquor increased in the month leading up to the Spring Festival, with some distributors reporting stable or even growing sales compared to the previous year, suggesting a potential recovery in the market [1][6] Group 2 - The valuation of the food and beverage sector is currently at a historical low, with the price-to-earnings ratio of the underlying index for the Huabao Food and Beverage ETF at 20.59, which is in the 9.2% percentile of the last decade, indicating a favorable long-term investment opportunity [3][8] - Looking ahead, there is an expectation for improved supply-demand dynamics across various sub-sectors by 2026, with a clearer recovery in the Consumer Price Index (CPI) and a rotation in new consumption trends [4][9] - The Huabao Food and Beverage ETF is primarily invested in leading high-end and mid-range liquor stocks, with approximately 60% of its portfolio allocated to these sectors, while also including beverage, dairy, seasoning, and beer stocks [4][10]