Core Viewpoint - The liquor industry, particularly the white liquor sector, is currently undergoing a deep adjustment period, with a significant impact from counterfeit products affecting consumer trust and pricing structures [1][2]. Group 1: Counterfeit Products and Consumer Trust - In the first five months of this year, the company provided authentication services for 1,610 bottles of its products sold on e-commerce platforms, discovering a counterfeit rate of 16.65%, with 268 bottles identified as fake [2][4]. - The company has issued multiple notices since November of last year regarding online counterfeit issues, indicating ongoing communication with e-commerce platforms to address these concerns [4][8]. - The emergence of counterfeit products, particularly the "light bottle eighth generation Wuliangye," has raised alarms, as the company has never sold such a product in the market [1][8]. Group 2: Actions Taken Against Counterfeiting - The company has collaborated with e-commerce platforms to shut down 261 counterfeit shops and remove 6,431 infringing links from their sites [4]. - The company has provided updated links for legitimate online purchasing channels and encourages consumers to verify the authenticity of physical stores through its official website [4][8]. - The company emphasizes the importance of obtaining invoices and proof of purchase when buying its products to safeguard consumer rights [8].

(Please see APPENDIX 1 for English summary) 研究报告 Research Report 17 Jun 2025 洋河股份 Jiangsu Yanghe Brewery Joint-Stock (002304 CH) 洋河股份跟踪报告：以长期主义应对下行周期 Responding to down cycles with long-termism [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb65.88 目标价 Rmb84.00 HTI ESG 3.3-3.4-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 A 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb99.24bn / US$13.82bn 日交易额 (3 个月均值) US$58.07m ...

Core Viewpoint - The decline in Moutai's wholesale prices is triggering a series of chain reactions in the market, leading to measures aimed at stabilizing prices and limiting supply channels [1][2][3]. Group 1: Price Control Measures - Provincial distributors' associations have reached a consensus to limit supply to e-commerce, wholesale markets, and out-of-province channels to stabilize Moutai prices [1]. - The association plans to enhance market inspections and implement a receiving mechanism, with penalties for violations including suspension of supply and contract cancellations [1][2]. - Previous measures included halting corporate group purchases and limiting direct supply to certified enterprises, indicating ongoing efforts to control pricing [3][4]. Group 2: Market Dynamics - Despite these measures, Moutai's prices have continued to slide, with the wholesale price of 2025 53-degree Moutai reported at around 2000 yuan per bottle, reflecting a decline of 30 yuan [2][6]. - The introduction of new regulations limiting high-end dining and drinking in government settings is expected to further suppress demand for premium liquor, impacting overall consumption [5][9]. - The recent surge in e-commerce promotions has exacerbated price declines, with Moutai being sold at significantly lower prices during sales events [6][8]. Group 3: Financial Implications - The price collapse of Moutai could severely impact distributor profits, as the cost of acquiring Moutai is higher than the selling price [7][8]. - The decline in Moutai prices serves as a psychological anchor for the high-end liquor market, potentially affecting market sentiment and leading to broader price pressures across the industry [9][10].

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector [2][5][6]. Core Views - The high-end liquor prices continue to face pressure, influenced by a "ban on alcohol" affecting short-term market fluctuations. The white liquor industry is undergoing a longer adjustment cycle compared to the previous one, with demand decline attributed to regulatory policies and economic activity levels [3][13][15]. - The food and beverage sector experienced a decline of 4.42% during the week, underperforming the Shanghai Composite Index by 4.17 percentage points [2][24]. Summary by Sections 1. White Liquor - High-end liquor prices are under pressure, with a reported 2.0% year-on-year decline in liquor prices from January to May. The white liquor index fell by 5.3% this week, influenced by the "ban on alcohol" for public officials [3][15]. - Recommended stocks include leading companies with proven risk resilience such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, as well as those with digital transformation benefits like Luzhou Laojiao [3][15]. 2. Consumer Goods - The upcoming IPO of Haitian Flavoring and Food Co. is noted, with the beer and beverage sectors entering a peak season. The report suggests focusing on alpha-type beer stocks like Yanjing Beer and Zhujiang Beer during valuation corrections [4][16]. - The snack sector is experiencing a trend of differentiation, with recommendations for companies like Wei Long and Yanjinpuzi that are innovating in product categories and channels [4][18]. 3. Seasonality and Market Trends - The report highlights that the beer sector is entering its peak season, with expectations for stable or growing sales due to favorable weather conditions. The report suggests monitoring stocks like Qingdao Beer and China Resources Beer for rebound opportunities [4][17]. - The dairy sector is expected to see a gradual recovery in demand, with potential policy catalysts and supply adjustments leading to improved conditions in 2025 [4][21]. 4. Investment Recommendations - The recommended investment portfolio includes Kweichow Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Yanjing Beer, Wei Long, and Yihai International [5][6].

编号：2025-003 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者 | □媒体采访 □业绩说明会 | | 关系活 | □新闻发布会 □路演活动 | | 动类别 | | | | ☑现场参观 | | | ☑其他（股东大会） | | 活动参 | 洋河股份：张联东、陈军、李笋、尹秋明； | | 与人员 | 投资者：参加股东大会现场交流的股东及投资者 195 人 | | 时间 | 2025 年 6 月 12 日 | | 地点 | 宿迁恒力国际大酒店 | | 形式 | 现场交流 | | | 公司召开了 年度股东大会，现将股东大会现场交流的主要内容整理如下： 2024 | | | 一、对白酒行业形势的研判及未来发展的思考？ | | | 白酒是具有高度文化属性的行业，是生活产品、情感产品和情绪产品，白酒行 | | | 业具有超强的韧性、长周期性，作为消费品的本质没有改变，在国人生活中的位置 | | 交流内 | 不可替代。白酒行业会面临周期调整，但长期价值不会随环境变化而改变。 | | 容及具 | 当下大众消费、商务消费已成为白酒消费的主要来源，消费分层与理性化趋势 | | 体问答 | 显 ...

Group 1 - The market experienced a rebound, but it is too early to conclude that the adjustment has ended, as there are signs of potential reversals ahead [1][2] - The trading volume has significantly decreased, indicating a lack of strong momentum despite over 3,000 stocks rising [1] - Specific sectors like semiconductor chips are showing weakness, while some low-position stocks, particularly in real estate, are starting to show movement [1] Group 2 - The strategy moving forward should focus on the divergence in sector index performances, with the Shanghai Composite Index at a higher level and the STAR Market at a lower level [2] - The Shanghai Composite Index must recover from the bearish candle formed on Friday, needing to surpass the 3,390 level for risk to be considered alleviated [2] - The 30-minute chart suggests that the market is still in a bearish phase, requiring a recovery above the zero axis to confirm any bullish sentiment [3]

又有酒企请了"明星"做"代言人"。 6月16日，南都湾财社-酒水新消费指数课题组记者注意到，港股上市公司珍酒李渡发布消息，宣布知名 青年演员姚安娜担任该公司的白酒"申遗大使"，据悉她将深度参与珍酒李渡"申遗"项目文化推广工作。 不过，相关消息对珍酒李渡资本市场表现影响有限。南都湾财社记者注意到，16日下午港股收盘，珍酒 李渡报6.11港元/股，无涨无跌。 公开资料显示，姚安娜系中国内地流行乐女歌手、影视演员，同时是知名企业家任正非的小女儿，在多 重身份的交织影响下，她在公众层面有较高的关注度，代言品牌涉及华为、阿维塔等。 据南都湾财社记者了解，虽然姚安娜在珍酒李渡的代言是"白酒申遗"这一文化类方向，但从商业角度来 看，她也被业界看作具有潜在"带货"的可能。此前，茅台集团旗下的茅台文旅宣布张艺兴成为代言人之 后，他不但带火了该公司主办的"黄小西"音乐节，同时还为茅台文旅部分产品带来了一波销量。 根据珍酒李渡早前披露的2024年报数据，该公司收入为70.7亿元，同比增长0.5%；经调整净利润16.8亿 元，同比增长3.3%。而在今年，部分券商认为受白酒调整期等影响，将加剧该近期该公司的经营挑 战。 广州一证券分析 ...

随着飞天茅台价格的走低，贵州茅台（600519.SH）的股价也随之调整，即将跌破1400元的关口。 6月16日，贵州茅台低开，盘中最低报1401.18元/股，上次触及该价还是今年的2月6日，当时最低价为1400.01元。截至收盘，茅台报1422.29 元/股。 值得一提的是，1个月前贵州茅台的股价超1600元，如今跌幅已超10%，蒸发的市值则超2500亿元。 茅台酒价格月内跌百元 据酒业数据平台今日酒价的报价，5月16日，25年飞天茅台（53度/500ml，下同）散瓶价报2080元/瓶，原箱报2170元/瓶。 | | 茅台飞天 | 2025年5月16日 (公众号:今日酒价) | | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | 2 25年飞天(原) | 53度/500ml | 2190 | 2170 ↓ | | 2 25年飞天(散) | 53度/500ml | 2100 | 2080 ↓ | 到了6月16日，散瓶价报1930元/瓶，原箱报1960元/瓶。据此计算，1个月内分别跌了7.21%、10.71%。 | | 茅台飞天 | 2025年6月16日 ...

Core Viewpoint - Recent developments in the liquor industry include shareholder meetings, dividend announcements, and significant personnel changes, reflecting investor interest in stock buybacks and dividends [2] Company Dynamics - Yao Anna has been appointed as the cultural heritage ambassador for Zhenjiu Lidou, a Hong Kong-listed liquor company, as part of efforts to apply for UNESCO recognition for Chinese liquor as a world intangible cultural heritage [3] - Luzhou Laojiao announced that it has executed over half of its share buyback plan, having repurchased 2,133,750 shares, amounting to approximately 271.65 million yuan, which is 90% of the planned upper limit [4] - Kweichow Moutai has adjusted its 2024 profit distribution plan, increasing the cash dividend per share from 27.624 yuan to 27.673 yuan, totaling 34.671 billion yuan in cash dividends [5] - Zhangyu A announced the sale of its French brandy assets for a total of approximately 4.93 million euros (about 39.33 million yuan) [6] Personnel Changes - Two executives, Xiang Ping and Zhang Guichao, have been appointed as members of the Moutai Group's Party Committee, bringing extensive production and marketing experience [9][10] - Yang Weiguo has resigned from his position as a director of Yanghe Co., due to work relocation, effective immediately [11] - Zhangyu A has announced a new board and executive team, electing Zhou Hongjiang as chairman and retaining Sun Jian as general manager [12] - Chen Weimin has been appointed as the new general manager of Yiyaton, following the resignation of Zhou Guohui [14] New Products - Guizhou Zhenjiu has launched a strategic new product called "Dazhen·Zhenjiu," which is a high-end liquor made from over 200 different base liquors, aimed at the ultra-premium market [15] Industry Insights - Guosheng Securities suggests two main investment strategies in the beverage sector: focusing on quality leaders and high-margin improvement targets, as the industry is expected to see a surge in new product launches and seasonal demand [16]

近期，飞天茅台终端价格波动再度引起各界关注。 线上平台来看，飞天茅台的展示价格出现回落，但从产品流通的线下渠道来看，根据部分经销商和线下 终端反馈，飞天茅台线下价格稳定在2100元/瓶以上，相关从业者还反映，近期飞天茅台在宴席等场景 的出货和开瓶率相比此前有所提高。 飞天茅台的宴席消费、品饮消费等正逐步增加，反映的是该产品能在相关场景下解决消费者的需求，在 消费者消费趋于理性的大背景下，产品是需要满足具体场景的具体需求，而茅台酒产品价值、品牌价值 以及社交属性等，显然可以为消费者的多元化场景需求进行赋能，这也促使了茅台酒回归初心，通 过"以人为本"的方式去触达消费者。 值得注意的是，"以人为本""满足需求"是全球知名消费品拓展市场和品牌的主要路径，这也是茅台应对 市场所采取的策略，通过聚焦消费者与各相关方的实际需求和情绪感受，助力贵州茅台穿越本轮周期。 经销商：飞天茅台在2100元或以上 据了解，目前市场进入到"618"大促，在百亿补贴等影响下多款白酒价格受到影响，其中就包括飞天茅 台，引起舆论讨论。 虽然互联网流通出售的飞天茅台占比越来越大，但是该产品的"大货"仍集中在线下渠道进行流通，线下 反映的价格或一 ...