新华财经上海11月23日电 （谷青竹） 小雪时节，暖意融融。11月22日，由宝山区卫生健康委员会联合 庙行镇党委、政府共同打造的"YOUNG生'庙'会"国潮中医市集，在共康党群服务中心东茭泾畔鸣锣开 市。这场为期两天的市集以"中医生活化、年轻化、本土化"为核心，将中医"治未病"理念与潮流体验深 度融合，让居民在逛市集、享服务中感受中医魅力，成为宝山区党建与卫生健康事业深度融合的生动实 践。 生活化落地：服务触手可及，健康融入日常 市集以"便民惠民"为核心，将专业中医服务转化为居民触手可及的生活体验。曙光医院、宝山区中西医 结合医院等多家医疗机构的专家坐镇咨询区，针对颈肩腰腿痛、失眠、消化不适等常见问题提供一对一 解答；基础检测区免费提供血压、血糖测量和体质辨识服务，耳穴贴压、艾灸贴DIY等适宜技术体验区 前排起长队；八段锦现场教学环节更是人气爆棚，老祖宗传下来的养生功法成为打工人"去班味"的实用 妙招。 "在家门口就能找专家咨询，还能免费测血压、学养生功法，这样的市集太实用了！"居民杨红卫阿姨特 意赶来参与市集。作为中医的忠实粉丝，她深有感触："大病术后调理、日常养生保健，中医都帮了大 忙，西医治标、中医固本 ...

启境的运行还引入华为 IPD（集成产品开发）和 IPMS（集成产品营销）全流程体系，广汽与华为的协同将贯穿从用户需求洞察、产品定义、研发迭代到 营销落地的每个环节，而非单纯的 "华为出技术，广汽造车身"，让启境的产品更符合用户需求。 11月20日，启境品牌将在华为乾崑生态大会上正式发布。华为广汽联合打造的这一高端新能源汽车品牌将以年轻科技的姿态，强势入局智能新能源汽车市 场。这个由华为创始人任正非亲自把关锁定"年轻、科技"赛道的新品牌，究竟能给年轻消费者带来怎样的新智驾，也备受期待。 启境要年轻化科技感 "要取一个更加年轻的、更加科技的品牌名称"，任正非对启境"年轻化、科技感"的定位，让这一品牌备受关注，根本在于，年轻人正是当前汽车消费的主 流。华为广汽联手造车，锁定这一当前竞争最激烈的赛道，启境有何竞争力是各方关注的焦点，也是启境需要回答的问题。 作为智能新能源汽车重要的I/TC供应商，华为不仅推出当前智能汽车领域备受青睐的华为乾崑智能汽车解决方案，引领着智能汽车的应用。而且作为消费 电子领域的龙头企业，华为深谙年轻消费者对新科学技术的需求，这种对年轻消费者的深刻洞察将被华为注入启境的设计开发中，以更贴近年 ...

面向未来，曹勇表示，集团力争到2030年实现营收450亿元、利税30亿元，迈入中国白酒第一方阵。公 开数据显示，2024年全年实现营收380亿元，2023年川酒集团及联盟酒企实现营收350.2亿元，同比增长 8.3%，实现利润总额6.09亿元。 上述目标如何实现？曹勇强调，川酒集团将依托于"强本增效 五环驱动"战略。"强本"即进一步聚焦白 酒产业这个根本，把资源、资金和人才等要素向核心主业集聚。"增效"则是推动集团从规模扩张向效益 提升转型。"五环"涵盖了原酒、口粮酒、定制酒、散酒及质量技术五大领域。 川酒集团"十五五"战略发布暨2025品牌大会现场。南都湾财社记者摄 川酒集团将口粮酒、定制酒、散酒市场视为重要增长点。曹勇在会议上分析认为，当前，白酒行业结构 性调整持续深化，口粮酒迎来历史性发展机遇。2024年口粮酒营收突破1500亿元，2025年上半年口粮酒 在动销产品占比超70%。在高端消费收缩、高性价比成为主流需求的背景下，口粮酒已成为白酒行业最 具活力的赛道。南都湾财社记者从集团内部了解到，川酒集团旗下的光瓶酒"叙府 蓝标大曲"近年来销 量较高。 11月18日，川酒集团在成都举行"十五五"战略发布暨2 ...

Core Viewpoint - The opening of the Fenjiu (Shanghai) Digital Cultural Museum and the launch of the "Shanghai Blue and White" series mark a significant step for Fenjiu Group in integrating digital technology with traditional culture, aiming for brand internationalization, youth appeal, and modernization [1] Group 1 - The Fenjiu (Shanghai) Digital Cultural Museum represents an important practice of revitalizing traditional culture through digital technology [1] - The "Shanghai Blue and White" series is a result of Fenjiu's deepening engagement in regional markets and embracing contemporary changes [1] - The initiatives are part of Fenjiu's strategy to promote cultural integration and enhance brand image [1]

Investment Rating - The report gives a "Strong Buy" rating for the company with a target price of 32 CNY [5][6]. Core Views - The company is positioned as a leader in the revival of the yellow wine industry, leveraging its flexible mechanisms and strategic advantages to drive growth [5][6]. - The company has a clear strategy focusing on high-end, youth-oriented, and nationwide expansion, which is expected to enhance its market position and profitability [5][6]. - The report anticipates a compound annual growth rate (CAGR) of over 15% for revenue from 2025 to 2027, with a projected revenue scale exceeding 40 billion CNY in the medium to long term [5][6]. Financial Summary - Total revenue projections (in million CNY) for the company are as follows: - 2024A: 1,631 - 2025E: 1,903 - 2026E: 2,211 - 2027E: 2,602 - Year-on-year growth rates for total revenue are projected at: - 2024A: 15.6% - 2025E: 16.7% - 2026E: 16.2% - 2027E: 17.7% [5][6]. - Net profit attributable to shareholders (in million CNY) is projected as follows: - 2024A: 196 - 2025E: 227 - 2026E: 309 - 2027E: 421 - Year-on-year growth rates for net profit are projected at: - 2024A: 17.7% - 2025E: 15.7% - 2026E: 36.3% - 2027E: 36.0% [5][6]. Strategic Focus - The company is focusing on three main strategies: high-end product development, youth engagement, and national market expansion [5][6]. - The high-end product line, particularly the 1743 and Lanting series, is expected to drive significant revenue growth and enhance brand value [5][6]. - The company aims to increase its market penetration in the Yangtze River Delta and expand its presence in other regions, with a strong emphasis on e-commerce [5][6]. Market Position - The company has achieved the leading position in the yellow wine industry, with a revenue growth rate of over 15% in the first three quarters of 2025 [5][6]. - The company’s market strategy includes enhancing product structure and increasing the proportion of mid-to-high-end products, which has positively impacted its gross margin [5][6].

用一抹黄取代传统绿色，以大胆设计打破新能源车同质化困局，零跑正在用Lafa5讲述一个关于年轻与主流的全新故事。 11月7日，在杭州举办的零跑Lafa5预售发布会上，零跑汽车以一场精彩的媒体群访，向外界展示了这款定位年轻群体的全新车型。从年轻主流的市场定 位，到拒绝无聊的设计理念，再到重新定义新时代性能的智能体验，零跑Lafa5无疑成为了本次发布会的焦点。 零跑汽车高级副总裁曹力在群访中表示，Lafa5并非小众玩具，而是面向全球市场的年轻化主流车型。"Lafa5其实是一个全球化的车型，其实它更多的 是考虑在中国市场以及在欧洲，包括在南美市场都有比较大的市场需求。"曹力在回应媒体提问时强调该车型的全球化定位，"在欧洲，这类车型早已成为主 流，零跑汽车希望将这种成功经验带入中国乃至全球市场，让Lafa5成为年轻人心中的首选。" 年轻化定位：从年龄到心态的转变 在用户画像方面，零跑汽车展现出对"年轻"这一概念的独特理解。曹力表示，零跑不会用某个特定年龄段来框定用户群，而是更关注用户的生活方式和 心态。"我们还是希望吸引生活方式和心态年轻的用户。其实包括我自己也一样，我明年想买一辆我们的D系列车型，再买一辆Lafa5。 ...

Core Viewpoint - Luzhou Laojiao has demonstrated strong and stable performance in its Q3 2025 report, achieving a revenue of 23.127 billion yuan and a net profit of 10.762 billion yuan, ranking among the top in the liquor industry [1][3]. Financial Performance - For the first three quarters of 2025, Luzhou Laojiao reported a revenue of 23.127 billion yuan and a net profit attributable to shareholders of 10.762 billion yuan, with Q3 figures showing a revenue of 6.674 billion yuan and a net profit of 3.099 billion yuan [1][3]. - The company's gross profit margin remains high at 87.1%, with a net profit margin of 46.7%, indicating a robust business model [5]. - The total equity attributable to shareholders reached 49.680 billion yuan, a year-on-year increase of 4.84%, reflecting steady growth in net asset size [5]. - The net cash flow from operating activities was 9.823 billion yuan, showcasing the sustainability of the company's profitability [5]. Product Strategy - Luzhou Laojiao's product matrix consists of "dual brands, three series, and major products," with high-end liquor serving as a cornerstone for its performance, accounting for 91.45% of total revenue in the first half of 2025 [3][4]. - The flagship product, Guojiao 1573, is a leading high-end liquor brand, while Luzhou Laojiao Tequ is well-regarded in the mid-range price segment [3][4]. - The company has successfully positioned its aged liquor products, which are produced from old cellars, as high-quality offerings that appeal to consumers [4]. Market Position and Brand Value - Luzhou Laojiao's brand resilience and value have gained international recognition, ranking third in Brand Finance's 2025 Global Alcoholic Beverage Brand Value List with a valuation of 6.347 billion USD [6]. - The company is actively engaging with younger consumers through innovative marketing strategies, including the creation of immersive cultural experiences and sponsorship of major sports events [11][13]. Industry Trends - The company has identified and capitalized on the trends of "lower alcohol content, health consciousness, and flavor diversity," with the 38-degree Guojiao 1573 becoming the first low-alcohol liquor product to exceed 10 billion yuan in sales [7][9]. - Luzhou Laojiao is adapting to the changing consumer landscape by enhancing its presence in new media and e-commerce channels, achieving a 27.55% revenue growth in emerging channel operations in the first half of 2025 [13]. - The Z generation now constitutes 42% of the liquor consumer base, with a significant emphasis on cultural experiences influencing purchasing decisions [13].

Core Viewpoint - The liquor industry is undergoing a significant adjustment, transitioning from "scale expansion" to "value competition," with Luzhou Laojiao demonstrating strong resilience and performance during this period [1][3][23] Financial Performance - Luzhou Laojiao achieved revenue of 23.127 billion yuan and a net profit of 10.762 billion yuan in the first three quarters, maintaining its position among the top liquor brands [1] - The company's sales gross margin remained above 87%, leading the industry [6] - As of November 3, Luzhou Laojiao's stock price increased by approximately 13% year-to-date, ranking first among major liquor companies [10] Brand Strategy - The "dual brand, three product lines, and major product" strategy continues to be effective, with the flagship product, Guojiao 1573, maintaining stable pricing and strong sales [4][6] - Guojiao 1573's wholesale price has remained around 850 yuan, showing minimal fluctuation, making it the most stable high-end liquor product this year [6] Channel Development - Luzhou Laojiao has been actively expanding its channels, with new channel revenue increasing by 27.55% year-on-year in the first half of the year [8] - The "Hundred Cities Plan" focuses on refined operations in key cities, while the "East China Strategy 2.0" enhances penetration in economically developed regions [7] Long-term Strategy - The company is investing in digitalization and smart manufacturing, improving production efficiency and reducing operational costs [15][16] - Luzhou Laojiao's commitment to long-term growth is reflected in its significant increase in construction projects, with a 67.55% rise in construction project balances [16] Shareholder Returns - The controlling shareholder has increased its stake by 2.345 million shares, amounting to nearly 300 million yuan, demonstrating confidence in the company's future [18] - The revised dividend policy aims to increase the dividend payout ratio to 75% from 2024 to 2026, with a minimum total dividend of 8.5 billion yuan [19][20] Market Position - Luzhou Laojiao's market value has increased over tenfold compared to the previous cycle's bottom in 2014, establishing it as a benchmark for industry value [21] - The company has attracted significant investment, with various funds increasing their holdings, indicating strong market confidence [22]

Core Viewpoint - The liquor industry is undergoing a significant adjustment, transitioning from "scale expansion" to "value competition," with Luzhou Laojiao demonstrating strong resilience and performance during this period [1][3]. Industry Overview - The overall liquor industry is facing pressure, leading to increased differentiation among companies. Luzhou Laojiao has shown robust resistance to cyclical challenges, maintaining stable performance and brand strength [3][10]. - As of November 3, Luzhou Laojiao's stock price has increased approximately 13% this year, ranking among the top in the liquor sector [9][10]. Company Performance - In the first three quarters, Luzhou Laojiao achieved revenue of 231.27 million yuan and a net profit of 107.62 million yuan, maintaining its position among leading liquor brands [1][5]. - The company's sales gross margin remained above 87%, continuing to lead the industry [7]. Strategic Initiatives - Luzhou Laojiao's "dual brand, three product lines, and major product" strategy has proven effective, with the Guojiao 1573 brand maintaining stable pricing and sales [5][7]. - The wholesale price of Guojiao 1573 has remained around 850 yuan, showing minimal fluctuation, making it the most stable high-end liquor product this year [7][8]. Channel Development - The company has focused on channel deepening, with new channel revenue increasing by 27.55% year-on-year in the first half of the year, outperforming the industry average [9]. - Luzhou Laojiao has implemented targeted marketing strategies in key cities and expanded into new channels such as e-commerce and live streaming [8][9]. Long-term Vision - Luzhou Laojiao is committed to youth-oriented and digital transformation strategies, aiming to capture the next generation of consumers [11][13]. - The company has invested in smart brewing technology and logistics, increasing production efficiency and reducing operational costs [13][14]. Shareholder Engagement - The controlling shareholder has increased their stake in the company, demonstrating confidence in its future growth. The company has also revised its dividend policy to enhance shareholder returns [16][17]. - Luzhou Laojiao's market value has increased over tenfold since the last industry downturn in 2014, establishing it as a benchmark for industry value [17].

Core Insights - The article discusses the "Tian Di Wei Yu" 2025 Chishui River Forum and the Yisi Year Moutai Festival held in Moutai Town, which represents a deep exploration of the future of the liquor industry, combining tradition and modernity [2] - Moutai, as a leading company in the Chinese liquor industry, aims to create a new platform that connects history with the future and local with global [2] - The events highlight the urgent need for high-quality development in the liquor industry amidst ongoing adjustments [2] Group 1: Forum Insights - The "Tian Di Wei Yu" concept, derived from Confucian philosophy, emphasizes the harmonious coexistence of natural, industrial, and consumer ecosystems in the liquor industry [4] - The forum featured three sub-forums focusing on youth engagement, globalization, and technological advancement to address high-quality development challenges [5] - The "Embracing Z Generation" sub-forum explored how to connect with younger consumers, emphasizing that they are not rejecting liquor but rather traditional drinking scenarios [6][8] Group 2: Cultural and Traditional Aspects - The Moutai Festival serves as a cultural anchor, celebrating the heritage of Moutai through traditional rituals and experiences [14] - The festival included a "Master-Apprentice Ceremony," symbolizing the transmission of brewing skills and the importance of craftsmanship [16] - The release of the "Oral History of Moutai Brewing Techniques" book during the festival highlights the significance of preserving intangible cultural heritage [18] Group 3: Technological Innovations - The forum showcased advancements in digitalization within the liquor industry, including the use of AI in traditional brewing processes [13] - Moutai is working on a project aimed at integrating digital technology with traditional brewing methods, set to conclude in 2025 [13] - The "Digitalization of the Liquor Industry" sub-forum highlighted the potential of technology to revitalize traditional practices [11]