Investment Rating - The report downgrades four stocks: Fen Wine, Luzhou Laojiao, ZJLD to Neutral from Buy, and Anhui Gujing to Sell from Neutral, while maintaining Buy on Kweichow Moutai and Wuliangye [9][36]. Core Insights - The current cycle for the spirits industry is likely prolonged due to the impact of the new austerity policy, with uncertainties on when the cycle will bottom out [1][14]. - The report anticipates policy headwinds to persist from 2Q25 to 2Q26, followed by a modest impact in 2H26 as improper dining restrictions for civil servants normalize [2][14]. - The spirits industry is expected to see a decline in total addressable market (TAM) by 10% to 14% in 2025-27E, with a forecasted decline of over 6% in 2025 and a -2% decline in 2026 [2][14]. Summary by Sections Risk Profiling - A policy impact ranking analysis indicates that upper mid-end and commercial banquet-focused products will face greater pressure, while Moutai is expected to remain resilient due to its gifting demand and limited exposure to government-related banquet consumption [2][12]. Earnings and Valuation Analysis - The report projects +1%/+5% aggregated topline growth for 2025/26E, down from previous estimates of +6%/+9%, with high-end spirits expected to grow by +5%/+5% and upper-mid-high end spirits facing declines of -10%/+2% [2][14]. - A bear case analysis suggests potential earnings downside risks of 6% to 18% for most spirits names compared to the base case [2][14]. Industry Growth Forecast - The spirits industry growth forecast has been revised down to a greater than 6% decline in 2025 and a -2% decline in 2026, compared to prior forecasts of +4%/+3% growth [2][14]. - The report highlights that the spirits industry has been consolidating, with leading players gaining market share, particularly in the super premium segment [2][25]. Company-Specific Insights - Moutai's wholesale price stability is supported by various measures, and the report suggests that a price below RMB 1,800 could hurt distributor profits, leading to market volatility [8][14]. - The report revises down sales and net profit estimates for various companies, including a 1% to 19% reduction for most names, reflecting the impact of the new policy [36][37].

Core Points - Approximately 99% of the shares voted have been in favor of the Reorganization Proposal, but additional shares are needed to secure the necessary approval [1][2] - The Annual Meeting will reconvene on July 24, 2025, to continue discussions regarding the Reorganization and other matters [1][2] - The Board of Directors emphasizes the importance of voting "FOR" the Reorganization to protect the value of stockholders' investments [4][5] Voting Information - Stockholders who have already voted do not need to take further action, and their previous proxy cards remain valid [3] - The new electronic voting deadline is set for 11:59 p.m. Eastern Time on July 23, 2025 [6] - Stockholders can vote online or by telephone using the instructions provided in the previously distributed proxy materials [6] Company Overview - ContextLogic Inc. is focused on developing a new business model and financing potential acquisitions that complement its operations [8]

Toronto, Ontario--(Newsfile Corp. - July 10, 2025) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leader in acquiring and scaling emerging food brands across Canada is pleased to announce that its existing multi-unit franchisee in Alberta has completed its 10 unit agreement and has now signed an amendment to increase their commitment to 15 units for Heal Wellness. Heal Wellness ("Heal") is a fresh smoothie bowls, acai bowls, and smoothies quick serve restaurant ...

The "Global Mayors' Dialogue·SCO Summit Cities" event was held in Tianjin on Tuesday. Gulnar Shaimergenova, director of the China Studies Center in Kazakhstan, said in an exclusive interview with China News Network that China plays a vital role in promoting regional security, cooperation, and shared development through multilateral platforms such as the Belt and Road Initiative (BRI) and the Shanghai Cooperation Organization (SCO). 7月8日,"世界市长对话·上合峰会城市"活动在天津举行。哈萨克斯坦中国研究中心主任古丽娜尔·沙伊梅 尔格诺娃(Gulnar Shaimergenova) ...

如果您希望可以时常见面，欢迎标星收藏哦~ 自2024年年中完成收购氮化镓（GaN）电力半导体全球供应商Transphorm以来，日本芯片巨头瑞 萨并不急于披露公司在这方面的规划。 不过在收购宣布完成的时候，原瑞萨电子高级副总裁兼电源总经理 Chris Allexandre 曾表示："通 过集成外公司技术的交钥匙设计，客户可以立即从新的GaN 产品中受益。将GaN 添加到我们的产 品配置中也加强了我们致力于开发让人们的生活更轻松的产品和技术的承诺。提供强大的可持续的 电源成本解决方案，节省能源、减少并最大限度地减少对环境的影响，这就是我们实现这一目标的 途径。" 近日，Kenny Yim, Senior Director of GaN/Power at Renesas终于带来了该公司在GaN方面的最 新产品和分享。 高功率GaN，大有可为 虽然和SiC一样都是被称为第三代半导体，但在过去很长一段时间，不少人认为GaN只能聚焦在中 低功率应用，而大功率应用只能是前者独占的领地。但在Kenny Yim看来，这种看法并不全对， 这也正是瑞萨GaN区别于其他供应商的地方。据介绍，基于公司在E-Mode GaN的布局，瑞 ...

MONTRÉAL, July 08, 2025 (GLOBE NEWSWIRE) -- D-BOX Technologies Inc. (“D-BOX” or the “Corporation”) (TSX: DBO), a global leader in immersive motion experiences across movie theatres, sim racing, gaming, and simulation training, today announced that Jean-François Gagnon, Senior Vice President, will be stepping down from his role effective August 15, 2025. Following his departure, the sales and marketing teams will report directly to Naveen Prasad, Interim Chief Executive Officer for the time being. This trans ...

The Supreme Court overrides a lower court and allows President Donald Trump to move forward with plans to carry out mass firings and reorganizations at federal agencies https://t.co/tAgRcMzatl ...

'tHe UsElEsS cOiN pUmP iS a CaBaL pUmP mAnIpUlaTeD bY tHe BoNk CaBaL'according to Jupiter's 'organic' on-chain data tracker, 96.5% of #USELESS coin on-chain activity is organicthis dashboard tracks and analyzes a token's volume, holders, liquidity and more to determine its organic scoreif you remove stablecoins and majors (i.e. BTC, ETH and SOL), this makes USELESS coin the sixth most organic coin on all of Solanait is only outranked by $BONK, $PENGU, $JUP, #FARTCOIN and $POPCATNOTE: Jupiter is a BonkFun co ...

Core Insights - Northern Trust Corporation (NTRS) successfully passed the Federal Reserve's 2025 stress test, maintaining a 2.5% Stress Capital Buffer, indicating a strong capital position and resilience against severe economic downturns [1][3] - Analysts have revised earnings growth estimates for NTRS upward for 2024 and 2025, reflecting optimism about the company's financial performance [2] Financial Performance - The Zacks Consensus Estimate for NTRS's earnings per share (EPS) for 2025 is projected at $8.18, with a year-over-year growth estimate of 6.23% [12] - Over the past three to five years, NTRS's EPS has increased by 3.1%, with a projected growth rate of 6.2% in the near term [8][11] - The company reported a return on equity (ROE) of 13% in the first quarter of 2025, indicating consistent profitability and operational efficiency [16] Dividend and Share Repurchase - Following the stress test, NTRS plans to increase its quarterly dividend by 7% to $0.80 per share starting in Q3 2025, subject to board approval, with a current dividend yield of 2.34% [4] - NTRS has an active share repurchase program, having repurchased $287 million worth of shares in Q1 2025, with $25 million authorized for buybacks [6] Growth Drivers - The company has experienced a compound annual growth rate (CAGR) of 7.8% in total revenues from 2020 to 2024, supported by increases in net interest income (NII) and non-interest income [12][14] - Loan and lease balances grew at a CAGR of 6.7% during the same period, with expectations for a rebound in loan activity as the client base expands [13][14] - The launch of Family Office Solutions in April 2025 aims to attract ultra-high-net-worth clients, enhancing revenue potential [14] Cost Management - Northern Trust is implementing cost optimization measures, including disciplined headcount management and process automation, to enhance productivity and achieve financial objectives [15] - The company has maintained a solid liquidity position, with deposits totaling $52 billion compared to total debt of $12 billion, supporting its financial flexibility [7] Market Performance - Over the past year, NTRS shares have increased by 53.1%, outperforming the industry growth of 28.6% [17] - NTRS currently holds a Zacks Rank of 2 (Buy), indicating positive market sentiment [20]

A vegan-leather start up is slated to tap the municipal bond market this week, marking a test of investor confidence in speculative project finance https://t.co/kztm8pk1wP ...