公 司 研 究 / 纺 织 服 饰 / 证 券 研 究 报 告 比音勒芬（002832）动态点评 控股股东之一致行动人拟增持，开启发 展新篇章 2026 年 03 月 03 日 【事项】 控股股东之一致行动人拟增持，彰显发展信心。2/27 日晚，公司公告 控股股东之一致行动人谢邕先生（公司总经理，公司控股股东谢秉政 先生之子），计划未来 6 个月内，以集中竞价方式增持公司股份合计 1- 2 亿元，增持股份数量不超公司总股本的 2%。此前谢邕先生未持有公 司股份，同时本次增持不设置固定价格区间。 【评论】 增持（维持） 东方财富证券研究所 证券分析师：赵树理 证书编号：S1160524090003 证券分析师：韩欣 证书编号：S1160524100003 联系人：金叶羽 相对指数表现 基本数据 总市值（百万元） 9,371.01 流通市值（百万元） 6,394.25 52 周最高/最低（元） 19.19/14.89 52 周最高/最低（PE） 14.01/10.87 52 周最高/最低（PB） 2.16/1.67 52 周涨幅（%） 10.28 52 周换手率（%） 32.44 -20% -10% 0% 10% ...

Investment Rating - The report indicates a strong investment rating for Shanxi Fenjiu, positioning it as a leading player in the clear aroma liquor sector, with significant growth potential and resilience in a challenging market environment [1][2]. Core Insights - Shanxi Fenjiu has achieved remarkable revenue growth, ranking second in the liquor industry by revenue as of Q3 2025, only behind Kweichow Moutai, showcasing its strong operational resilience amidst industry-wide challenges [2][3]. - The company has maintained a high return on equity (ROE), leading the A-share liquor industry with a ROE of 39.7% in 2024 and 31.8% in Q3 2025, outperforming other major competitors [4][5]. - The liquor industry is experiencing a structural shift towards higher concentration, with leading companies like Shanxi Fenjiu capturing a significant share of the market, as evidenced by their combined revenue and profit contributions [8][9]. Summary by Sections 1. Strong Growth and Market Position - The liquor industry is witnessing a concentration of market share among top players, with Shanxi Fenjiu, Kweichow Moutai, and others accounting for 88% of total industry revenue and 95% of net profits in 2025 [8]. - Shanxi Fenjiu has developed a comprehensive product matrix that spans various price points, focusing on high-end products to drive profitability and market presence [9][10]. 2. Revenue and Profitability Trends - The company has seen a consistent increase in the proportion of mid-to-high-end liquor revenue, rising from 72.7% in 2022 to 75.2% in mid-2025, indicating a successful shift towards higher-margin products [10][11]. - The gross profit margin for mid-to-high-end liquor is significantly higher at 84.09% compared to 51.65% for other liquor categories, contributing to the overall profitability of the company [12][13]. 3. National and International Expansion - Shanxi Fenjiu has successfully expanded its market presence beyond its home province, with revenue from outside the province surpassing that from within, reaching 62.4% by the end of 2024 [16][17]. - The company is also pursuing international growth, with plans to penetrate markets in Russia and the Middle East, contributing to a new revenue stream [18]. 4. Management and Strategic Execution - The stability and expertise of the management team have been pivotal in executing long-term strategies, ensuring professional operations and resource synergy [19][20]. - The partnership with China Resources has enhanced management capabilities and market penetration, further solidifying Shanxi Fenjiu's competitive position [21]. 5. Innovation and Adaptation - Shanxi Fenjiu is embracing innovation through technology and digital transformation, enhancing operational efficiency and expanding its reach to younger consumers [22][23]. - The company is actively engaging with younger demographics through targeted marketing strategies and product offerings that align with contemporary consumer preferences [24][25]. 6. Future Outlook - The report concludes that Shanxi Fenjiu is well-positioned to maintain its leadership in the clear aroma liquor market, leveraging its brand heritage, innovative strategies, and market expansion efforts to drive future growth [26][27].

Core Insights - The Chinese snack food industry is undergoing a profound transformation as health consumption evolves from a cyclical trend to a structural one, with Generation Z's influence extending from consumer choices to brand definitions [1] - Licheng Foods' collaboration with the Academy Award in 2025 represents a strategic practice aimed at youth engagement, focusing on "daily supplementation of high-quality marine protein" as a value anchor [1][3] - The partnership has transitioned from mere product promotion to a collaborative proposal for a healthy lifestyle, leveraging product innovation and campus penetration to redefine health rhythms for the youth [3][24] Product Innovation - Licheng Foods has launched the "Licheng Healthy Marine Food" series, addressing the core demands of Generation Z for nutrition and convenience while overcoming traditional health food challenges related to taste and experience [3] - The initiative transforms the competition platform into an open "creative practice space," inviting the youth to explore how quality nutrition can be seamlessly integrated into daily life [3][5] Campus Engagement - The 2025 Campus Tour by Licheng Foods showcases unprecedented systematic depth, creating a dual-layer touchpoint matrix that combines broad outreach with deep engagement in prestigious universities [7][10] - The campaign spans 26 cities and 32 universities, facilitating over 33 campus events and fostering direct dialogue with thousands of students [10] Strategic Partnerships - Licheng Foods has deepened its engagement with top universities like Tsinghua University and Fudan University, integrating real industry challenges into academic settings to enhance brand credibility and strategic insights [12] - The collaboration with students as content creators and cultural translators has resulted in a rich array of authentic, experience-based promotional content [19] Brand Recognition - The culmination of Licheng Foods' youth strategy is marked by recognition at the 32nd China International Advertising Festival, where it was awarded "Most Loved Vitality Brand by College Students" [21] - The strategic product "Licheng Deep Sea Fish Bamboo Roll" was also recognized as a "Youth Favorite" among college students, highlighting the successful alignment of brand values with youth preferences [21] Long-term Vision - Licheng Foods aims to cultivate a long-term relationship with youth by embedding itself in their lives through continuous co-creation and ecological operations, ultimately fostering brand recognition across generations [22][24] - The brand's approach emphasizes genuine collaboration with youth as co-authors of brand meaning, transitioning from a commercial entity to an advocate for healthy lifestyles [24]

Core Viewpoint - The recent resignation of a key executive, Wan Guodong, from Tianyoude Liquor highlights ongoing challenges within the company, which has been experiencing declining performance in recent years [2][5][8]. Group 1: Executive Changes - Wan Guodong has resigned as the company's general manager and board member due to personal reasons, marking a significant leadership change [2]. - He took over the role in December 2022 after the previous general manager, Lu Shuilong, also resigned for personal reasons [5]. - Both executives have prior experience at Jinpai Co., indicating a potential trend in leadership turnover within the company [5][7]. Group 2: Company Performance - Tianyoude Liquor, the only publicly listed liquor company in Qinghai, has seen a decline in its financial performance, with revenue dropping below 1 billion yuan multiple times since 2016 [8]. - For the first three quarters of 2025, the company reported revenue of 880 million yuan, a year-on-year decrease of 10.8%, and a net profit decline of 62% to 20 million yuan [8]. - The third quarter alone saw revenue of 210 million yuan, down 9.3% year-on-year, with a net loss of 30 million yuan [8]. Group 3: Product Strategy - The company categorizes its products into categories such as barley liquor and other types, with barley liquor being the primary focus [9]. - Since 2018, revenue from mid-to-high-end barley liquor has slowed, prompting a restructuring of product classifications based on retail price ranges [9]. - In the first half of 2025, barley liquor accounted for 99.06% of total revenue, with products priced above 100 yuan per 500ml making up 52.02% of sales [9]. Group 4: Market Initiatives - Tianyoude Liquor is attempting to revitalize its brand by launching innovative products aimed at younger consumers, such as lemon-flavored and pear-flavored barley liquors [10]. - However, increased marketing efforts and sales team expansion have led to higher expense ratios, negatively impacting profitability [11]. - In the third quarter of 2025, the company's gross margin and net margin were reported at 57.89% and -14.35%, respectively, reflecting a decline from previous periods [11].

Core Viewpoint - Guyue Longshan's innovative product "No High Low" Huangjiu has won the Excellent New Product Award in Zhejiang Province, marking a significant step in the company's strategy of "high-end and youth-oriented" development [2] Group 1: Product Innovation and Strategy - The company is committed to focusing on demand exploration and quality enhancement to drive market expansion for potential single products [2] - The management expresses strong confidence in the development of the company's products and the Huangjiu industry [2] Group 2: Smart Manufacturing - The company's smart factory is the first large-scale intelligent production base in the Huangjiu industry, prepared for potential explosive growth in product demand [2] - The factory features sufficient design capacity, efficient response through automation, and a complete dynamic adjustment and expansion mechanism [2] - The company ensures quality stability during the capacity release process through intelligent detection equipment [2]

Core Viewpoint - The company, Biyinlefen, is facing challenges in maintaining its market position and appealing to younger consumers despite its strong historical performance in the high-end golf apparel sector, as it attempts to transform into a global luxury brand [4][12][41]. Group 1: Company Overview - Biyinlefen is a unique player among domestic apparel giants, with a smaller brand recognition compared to leading brands, yet it operates in high-end locations such as airports and high-speed rail stations [2][3]. - The company has dominated the golf apparel market for years, boasting a comprehensive gross margin of 75.92%, surpassing LVMH's 68.8% [4]. - The brand has successfully attracted a wealthy clientele, primarily consisting of individuals over 40 years old, including small business owners and mid-level managers in state-owned enterprises [5][18]. Group 2: Financial Performance - In the third quarter of 2025, Biyinlefen reported a revenue of 1.098 billion yuan, a year-on-year increase of 3.23%, while net profit attributable to shareholders fell by 27.42% to 205 million yuan [11]. - The company's management expenses decreased to 243 million yuan from 268 million yuan in the previous year, indicating internal adjustments [11]. - For the first half of 2025, total revenue increased by 8.63% to 2.103 billion yuan, but net profit dropped by 13.56% to 414 million yuan [25]. Group 3: Strategic Initiatives - In 2023, Biyinlefen acquired two international luxury brands, CERRUTI 1881 and KENT&CURWEN, for 720 million yuan, aiming for a multi-brand high-end strategy [14][30]. - The company is also focusing on attracting younger consumers by signing popular young celebrities as brand ambassadors and expanding its product lines [41][42]. - Biyinlefen's online sales revenue reached 214 million yuan in the first half of 2025, reflecting a growth of over 70% compared to the previous year [44]. Group 4: Market Challenges - The company is experiencing a decline in stock price and market value, attributed to a shift in consumer demographics and preferences, particularly the absence of younger consumers [6][7][20]. - Biyinlefen's inventory turnover days have consistently exceeded 300 days, indicating potential issues in sales and market adaptability [27]. - Despite efforts to reposition its sub-brands, Biyinlefen has struggled to effectively reach and resonate with consumers, leading to disappointing performance from newly acquired brands [33][39].

Core Viewpoint - The article highlights the ongoing transformation and challenges faced by the high-end liquor industry in China, particularly focusing on Kweichow Moutai's pricing strategies and market dynamics during a period of adjustment and reform [1][8]. Consumer Experience - The launch of Moutai's "i Moutai" app on January 1, 2026, resulted in a "秒空" (instant sell-out) phenomenon, with consumers facing difficulties in purchasing the product despite high demand, leading to suspicions of insufficient supply and "hunger marketing" tactics [2][3]. - A stark contrast was observed between online sales and offline promotions, with a local distributor selling out 1,000 cases in two hours, raising questions about the allocation of stock between online and offline channels [2][3]. Official Explanation - Moutai stated that daily supply is determined by balancing three goals: preventing speculation, matching supply with demand, and maintaining market stability. However, estimates suggest that actual supply may be less than 30% of reported figures [3]. - The company's strategy of "ambiguous supply" has been interpreted by some consumers as a form of "hunger marketing," as the limited availability may not meet actual consumer demand [3]. Grey Market Dynamics - Despite technological measures to curb speculation, such as real-name verification and dynamic codes, the black market has adapted quickly, with reports of resellers marking up prices by 200 yuan per bottle [3]. - The presence of a grey market, where resellers exploit loopholes, poses significant challenges to Moutai's supply-demand balance and pricing control [3]. Price Discrepancy - There has been a significant price gap between Moutai's official price of 1,499 yuan and the market price, which peaked above 3,000 yuan from 2020 to 2023, before declining to 2,600-2,800 yuan in 2024 [4][5]. - In January 2026, the wholesale price of Moutai fell to 1,490 yuan, marking the first time it dropped below the official price, which has contributed to a burgeoning grey market [5]. Channel Reform - Moutai has initiated aggressive reforms since 2025, shifting 80% of its distribution to direct sales channels and launching the "i Moutai" digital marketing platform to reduce reliance on traditional distributors [6]. - The upgrade of the "i Moutai" platform aims to streamline product offerings and combat the speculative practices of distributors, pushing the industry towards a service-oriented model [6]. Youth Strategy - The "i Moutai" app has attracted over 80 million registered users, with 41% aged between 25 and 35, indicating a shift towards a younger consumer base [7]. - Moutai's strategies, such as limited-time offers and point redemption, aim to engage younger consumers and reshape the brand's image away from being solely a "government wine" or "business wine" [7]. Industry Trends - Moutai's price adjustments reflect broader trends in the high-end liquor market, where major brands like Wuliangye and Luzhou Laojiao are also experiencing revenue and profit declines [8]. - The collective price reductions across the industry signify a return to consumer-centric pricing, moving away from the financial attributes that previously dominated the market [8]. Balancing Act - Moutai faces the challenge of balancing commercial interests with social responsibilities, as aggressive price suppression could harm distributor relationships while allowing high prices contradicts regulatory goals [9]. - The recent drop in wholesale prices has raised concerns about potential market instability, while the "秒空" phenomenon has led to accusations of artificially created scarcity [9]. Future Outlook - Analysts suggest that 2026 will be a pivotal year for the industry, with a focus on operational stability rather than aggressive channel expansion [10]. - The upcoming 2026 Spring Festival is seen as a critical observation point for Moutai's ability to meet genuine consumer demand and stabilize wholesale prices, which will indicate the success of its market transformation efforts [10].

Core Insights - The electric vehicle industry is shifting from a competition based on scale to one focused on system capabilities, emphasizing human-centered values and experiences [1][12] - Yadea Technology Group is leading the industry towards a new paradigm, moving away from mere scale competition to value co-creation in the mobility ecosystem [1][3] Group 1: Industry Trends - The competition in the electric vehicle sector is evolving, with a focus on emotional resonance and user experience rather than just technical specifications [3][4] - Young consumers, particularly those under 30, now represent 41.39% of the electric bicycle market, driving the need for brands to connect emotionally and personally with their audience [4][6] Group 2: Yadea's Innovations - Yadea has introduced the "Xiao Di Xiang Yun" and "Di Wang Wang" IP matrix, which enhances user engagement and emotional connection through interactive experiences [4][11] - The company has invested over 5.9 billion in R&D, leading the industry in innovation and holding more than 2,000 national patents, which supports its technological advancements [8][9] Group 3: Product Development - The Yadea Crown series has achieved cumulative sales of over 20 million units, with the Crown S model becoming the best-selling smart electric vehicle in the 4,000 yuan price range [9] - Yadea's new models, including the C09, C12, and C18, are designed to comply with new national standards, showcasing the company's proactive approach to regulatory changes [12][14] Group 4: Marketing and Engagement - Yadea's marketing strategies include collaborations with popular brands and influencers, such as signing Wang Hedi as a global ambassador, which resonates well with younger consumers [6][7] - The company has successfully created immersive experiences at events, such as the 717 Global Riding Festival, which attracted nearly 70,000 participants and over 10 million online views [6][8]

Core Insights - Yadea hosted the 2026 Global "New" New Retail and "New" Consumption Integration Summit, focusing on transforming new retail and market growth strategies in the context of the new era [1][2][15] Group 1: Strategic Initiatives - Yadea emphasizes the importance of embracing new standards and innovative models to achieve sustainable growth, with a focus on user needs and market opportunities [2][5] - The company introduced key initiatives centered around standardized "test rides" and market segmentation to convert new retail capabilities into actionable growth strategies for operators [5][9] Group 2: Product Development - Yadea has achieved a cumulative sales figure of over 20 million units for its Crown series, with the White Shark model leading in the 4000 yuan smart electric vehicle segment [7] - The launch of the new "Titan Cool" series and the first model, the Ruiying Ultra, aims to penetrate niche markets such as delivery riders, enhancing the product matrix from general to professional use [7][11] Group 3: Compliance and Innovation - Yadea is a frontrunner in implementing new national standards, having completed production line adjustments and launched a flagship store for these standards [9] - The company has developed a product system compliant with the new standards, featuring 71 models, and has introduced several new products focusing on safety, intelligence, and practicality [9][10] Group 4: Brand Positioning - Yadea is advancing its youth-oriented strategy through collaborations with popular celebrities and brands, aiming to become the preferred choice for younger consumers [10][12] - The company is committed to continuous upgrades in safety, intelligence, and practicality for its new standard products, enhancing user travel experiences [11][12] Group 5: Future Outlook - Yadea plans to collaborate with operators to build a new cooperative ecosystem, ensuring production capacity and product supply while setting clear goals for market engagement [13][15] - The summit served as a strategic declaration post the milestone of 100 million units sold, reinforcing Yadea's commitment to leading the industry with new retail as a growth engine [15]

Core Viewpoint - Wuliangye is enhancing its international presence by launching the new product 29° Wuliangye "First Love" in Australia, showcasing the cultural confidence and brand vitality of Chinese liquor [1] Group 1: Product Launch and Market Strategy - The launch event took place at a landmark restaurant near the Sydney Opera House, blending "Eastern taste" with "Southern Hemisphere aesthetics" [2] - The new product is designed to cater to modern international taste preferences and the trend towards lower alcohol content, aiming to attract younger consumers and high-end dining channels [2][3] - The product features stylish packaging and a friendly taste profile, which local distributors believe will lead to a new trend in local spirits consumption [2] Group 2: Brand Image and Cultural Exchange - The launch is part of Wuliangye's global strategy to refresh its brand image, emphasizing a lifestyle of sharing and enjoyment [3] - The event serves as a platform for cultural exchange, embodying Wuliangye's "Harmony and Beauty" philosophy on a global scale [3] Group 3: Youth-Oriented Strategy - The 29° Wuliangye "First Love" product is a pioneering effort in Wuliangye's youth-oriented and low-alcohol strategy, reflecting a broader initiative to engage younger consumers [4] - The company has appointed Chinese singer G.E.M. as the global ambassador for the product, utilizing concert tours and pop-up stores to interact with younger audiences [4] - Collaborative events with trendy brands like "Pure K" are extending the consumption scenarios of Wuliangye beyond traditional settings [4] Group 4: Sales and Digital Innovation - Wuliangye is shifting from traditional offline distribution to an "online direct sales, e-commerce first" model, launching a mini-program to enhance consumer engagement [5] - The product achieved over 100 million yuan in sales within 60 days of launch, validating the effectiveness of this new sales model [6] - The brand aims to connect with consumers across different regions and cultural backgrounds, reinforcing its commitment to the "Harmony and Beauty" values [6] Group 5: Future Outlook - Wuliangye plans to deepen brand building and product deployment in global markets, transitioning from market entry to value cultivation [6] - The company aims to bring more "Harmony and Beauty" experiences to consumers, fostering cross-cultural resonance in lifestyle [6]