Core Viewpoint - The financial performance of Shunxin Agriculture in the first half of 2025 shows significant declines in both revenue and net profit, primarily driven by challenges in the white liquor business and a sluggish pork segment [1][3]. Financial Performance - In the first half of 2025, Shunxin Agriculture reported revenue of 4.59 billion yuan, a year-on-year decrease of 19% [1]. - The net profit attributable to shareholders was 170 million yuan, down 59% year-on-year [1]. - For Q2 2025, revenue was 1.334 billion yuan, a decline of 18% compared to the same period last year, with a net loss of 109 million yuan, representing a threefold increase in losses year-on-year [1]. White Liquor Business - The white liquor segment, which includes brands like Niulanshan and Ningcheng Laojiao, generated revenue of 3.6 billion yuan in the first half of 2025, down 23% year-on-year [3]. - Sales of the 42-degree "Bai Niu Er" product fell by 33%, with production dropping nearly 60% and inventory surging by 652% [3]. - Compared to five years ago, the revenue from the white liquor business has shrunk by 40% [3]. Pork Business - The pork business also faced challenges, with revenue of 889 million yuan in the first half of 2025, only 60% of the revenue from the same period five years ago [3]. Shareholder Actions - Major funds have reduced their holdings in Shunxin Agriculture, with notable reductions including a decrease of over 26.66 million shares by the E Fund Consumer Industry Fund, representing more than an 80% reduction from the previous year [4]. - Northbound capital also continued to reduce its stake, with the Hong Kong Central Clearing and Settlement System cutting 870,000 shares, a 30% decrease [6]. Market Performance - Despite a general rise in the A-share market, Shunxin Agriculture's stock price has declined by approximately 14% year-to-date, making it one of the worst performers in the white liquor sector [6].

每经记者｜温梦华 每经编辑｜彭水萍 丨2025年6月3日 星期二丨 NO.1 酱香型白酒新国标6月1日起实施 自今年6月1日起，新修订的GB/T 10781.4-2024《白酒质量要求 第4部分：酱香型白酒》将正式实施。这 是酱香型白酒国标自2011年首次发布以来的第一次更新，主要涉及11项技术变化。据悉，该标准由全国 白酒标准化技术委员会归口，酱香型白酒分技术委员会执行工作任务，贵州茅台酒股份有限公司、中国 食品发酵工业研究院有限公司等单位共同负责组织起草工作。 点评：新修订的酱香型白酒国标通过规范行业标准，提升产品质量，优化市场格局，对白酒行业的健 康、可持续发展起到重要推动作用，有望提升行业整体竞争力。不过，新国标的实施对不同规模企业影 响各异。大型酒企凭借资金、技术和品牌优势，能快速适应新国标要求，加大在工艺改进、品质提升和 品牌建设方面的投入，进一步巩固市场地位。而中小企业可能面临较大挑战。 NO.2 金徽酒回应关联交易是否涉及利益输送：招标流程合规 在5月29日召开的金徽酒业绩说明会上，有投资者对于公司投资的技改项目由公司实控人李明侄子李锁 银持股90%的公司中标，向公司管理层提出是否涉及利益输送 ...

Core Viewpoint - The new national standard GB/T10781.3-2025 for rice-flavored liquor will replace the previous standard from 2006, marking a significant update to the industry standards and aiming to enhance product quality and market competitiveness [1][2]. Group 1: New National Standard Details - The new standard will be implemented on May 1, 2026, and reflects changes in the production environment and methods of rice-flavored liquor over the past 20 years [1]. - The definition of rice-flavored liquor has been clarified, specifying that it must be made primarily from rice and not contain added alcohol or non-fermentation-derived substances [1]. - The new standard eliminates the classification by alcohol content, instead establishing a unified range of 25.0% vol to 68.0% vol [1]. Group 2: Quality Control and Sensory Requirements - The new standard introduces enhanced production process controls, covering various stages such as raw materials, fermentation agents, and distillation, to improve the overall quality of rice-flavored liquor [1]. - Changes have been made to sensory requirements and physicochemical indicators, with different standards for products within one year of production and those older than one year [2]. - Specific sensory descriptors have been developed to make the product characteristics more understandable to consumers, including terms like rice aroma, honey aroma, and floral aroma [2]. Group 3: Industry Impact - The release and implementation of the new standard signify a new phase of standardized development in the industry, promoting innovation in production processes [2]. - The new standard is expected to enhance product quality, market recognition, and competitive advantages within the rice-flavored liquor category [2].