Core Viewpoint - The company is focusing on high-quality development amidst increasing market competition and is preparing for a significant transformation in the industry [1] Group 1: Business Strategy and Goals - The company aims for steady revenue growth in 2025, emphasizing a theme of "gathering strength to tackle challenges and refining efforts for stable growth" [1] - The management highlighted the ongoing transition in the industry from extensive to refined operations, and from quantity to quality, indicating an impending phase of intense competition and accelerated differentiation among companies [1] Group 2: Product and Market Adaptation - The company has fully revamped its five major products starting in 2023 and is selling some premium aged products through online platforms [1] - Due to the trend of lower alcohol consumption in the market, the revenue share of the lower-alcohol version of Guojiao 1573 has been increasing, currently approaching 50% [1] Group 3: Distribution and Partnerships - The management reiterated the commitment to the "customer is the team" philosophy, focusing on creating value and wealth alongside customers [2] - The company plans to continue expanding its national distribution network and will selectively add high-quality customers to its sales system to support high-quality development [2]

新华财经成都5月14日电（李倩倩、丁正威、吴桐）"世界白酒看中国，中国白酒看川贵"。中国白酒产 业主要聚集在四川贵州一带，由四川宜宾、泸州和贵州遵义三市所构成，形成了"中国白酒金三角"的分 布格局，这是业内共识。 经过多年的研究，四川省委省政府决策咨询委员会副主任、四川省社会科学院教授李后强在2017年就提 出，白酒品质与自然环境关系密切。白酒优质产区的温度、湿度、风速度、日照度、海拔度、土壤成分 度、粮食品质度、水质度、酿酒工艺度等九大指标，对酿酒有重大影响，可谓酿造美酒的"黄金九度"， 这九大因素来全面判断一个区域是否适宜酿造优质白酒，可称之为审视白酒产业发展的"九度视角"。 在新的发展阶段，"九度视角"理论的提出与核质是什么？如何增强白酒金三角地区产业集群的竞争力和 影响力，哪个地区有望成为川酒"突围"的"排头兵"？对此，新华财经对李后强进行了专访。 "九度视角"下的白酒产区禀赋因素探析 我国白酒产业主要聚集在川贵一带，由四川宜宾、泸州和贵州遵义三市所构成，大致位于长江、岷江和 赤水河流域，形成了"中国白酒金三角"的分布格局，被业界誉为"地球同纬度上最适合酿造优质纯正蒸 馏酒的生态区"。 白酒品质受自然 ...

Summary of Zevia PBC (ZVIA) Conference Call - May 13, 2025 Company Overview - Zevia is an emerging nonalcoholic beverage company that went public about four years ago, offering a variety of zero sugar, zero calorie beverages sweetened with stevia, including soda, energy drinks, and organic tea [1][2] Key Industry Insights - The beverage industry is shifting towards "better for you" options, with Zevia positioned as a leader in this segment [8][32] - The company has expanded its distribution significantly, particularly with Walmart, moving from 800 to 4,300 stores, which is part of a broader trend in grocery towards healthier beverage options [8][9] Financial Performance - Q1 results showed top line growth that was down but better than market expectations, with guidance for FY 2025 maintained at modest growth of 2% to 5% [6][7] - The company expects a healthy acceleration in the second half of the year, projecting growth of about 7% [13] Growth Drivers - Key growth drivers include expanded distribution, increased shelf space, and new distribution channels such as Walgreens [12][13] - The introduction of new flavors, including Strawberry Lemon Burst, is expected to support growth [11][28] - The company is optimistic about achieving growth targets despite macroeconomic uncertainties [19] Risks and Challenges - The primary risk to guidance is macroeconomic conditions, including potential recessionary impacts [19] - The company has lost some club distribution but is working to regain it, which represents an upside opportunity [21][22] Strategic Initiatives - Zevia is focused on profitable growth, with a goal to become EBITDA profitable by the end of 2026 [29][30] - The company is investing in brand marketing, doubling its marketing spend in 2025 compared to 2023 [56][60] - A strong innovation pipeline is in place, with a focus on bringing new products to market more rapidly [40][41] Market Positioning - Zevia is positioned as an affordable option within the "better for you" beverage category, appealing to health-conscious consumers [33][34] - The company emphasizes its clean label and simple ingredient profile, which aligns with current consumer trends [31][32] Financial Metrics - Q1 gross margins reached a record 50.1%, with expectations for high 40s margins for the rest of the year, impacted by aluminum tariffs [68][70] - The company has achieved $15 million in annualized cost savings through productivity initiatives, ahead of initial expectations [74][76] Consumer Behavior - There is an expectation of resilience among health-conscious consumers, who view Zevia products as essential rather than discretionary [85][86] - The company anticipates benefiting from trade-down behavior within the "better for you" category [86] Investor Insights - Zevia's household penetration is currently in the single digits, indicating significant growth potential as consumer preferences shift towards healthier options [88] - The company believes it is well-positioned to capitalize on the growing demand for clean label products, supported by its distribution and innovation strategies [89][90] Conclusion - Zevia is at a critical juncture with strong growth potential driven by strategic distribution expansion, innovative product offerings, and a commitment to brand marketing, all while navigating macroeconomic challenges [35][36][89]

Core Viewpoint - Investors are evaluating Ambev (ABEV) and Constellation Brands (STZ) for potential undervalued stock opportunities in the Beverages - Alcohol sector [1] Group 1: Zacks Rank and Earnings Outlook - ABEV has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while STZ has a Zacks Rank of 4 (Sell) [3] - The Zacks Rank system emphasizes companies with positive earnings estimate revisions, suggesting ABEV is likely to see greater improvement in its earnings outlook [3][7] Group 2: Valuation Metrics - ABEV has a forward P/E ratio of 14.29 compared to STZ's forward P/E of 14.77, indicating ABEV may be more attractively priced [5] - ABEV's PEG ratio is 3.03, while STZ's PEG ratio is significantly higher at 8.87, suggesting ABEV offers better value relative to its expected earnings growth [5] - ABEV's P/B ratio is 2.42, compared to STZ's P/B of 4.74, further supporting ABEV's valuation advantage [6] - Based on these metrics, ABEV earns a Value grade of B, while STZ receives a Value grade of D [6]

欢迎关注"方志四川"！ 外国名酒中国化 对中国白酒冲击有多大？ 李后强 2025年5月7—8日，笔者参加"川酒发展我来谈"智汇沙龙在成都邛崃调研时发现，国外名酒（如威士 忌）通过本土化生产与营销策略，对中国白酒市场形成了巨大的潜在冲击，尤其在年轻消费群体中表现 显著。 一、威士忌本土化生产的优势与策略 （一）产区建设与文化融合 国际酒企如保乐力加、帝亚吉欧等选择四川峨眉山、邛崃等地建厂，依托当地优质水源、气候条件及文 化底蕴，打造"中国威士忌"概念。例如，保乐力加的叠川麦芽威士忌酒厂结合峨眉山生态，推出融合中 国单岭橡木桶风味的本土化产品。这种策略既降低运输成本，又通过"在地化"标签增强消费者认同。 （二）产品创新与年轻化定位 威士忌企业针对中国消费者偏好推出低度、易饮产品，并融入本土元素。例如，帝亚吉欧推出春节生肖 限量版威士忌，保乐力加研发含中国橡木桶风味的叠川威士忌，甚至尝试草本风味调和。此类创新更贴 合年轻群体对低度、微醺体验的需求。 渠道与营销策略。威士忌通过夜店、酒吧及电商渠道快速渗透，结合社交媒体营销（如KOL推广、场 景化内容）吸引年轻人。数据显示，2023年威士忌在淘系平台的销售规模复合增长 ...

跨界合作是创造话题与新鲜感的有效手段。五粮液与施华洛水晶合作，打造出兼具时尚颜值与卓越品质的产品，泸州老窖推出的十二星座系列，以独特设计 吸引众多目光。这些跨界产品成为在抖音上绝佳的宣传点，品牌可通过展示产品设计过程、举办线上抽奖赠送跨界产品等活动，引发用户关注与讨论，在年 轻消费者心中留下深刻印象，拓展品牌的受众范围。 热点是抖音平台的流量密码，白酒品牌若能巧妙结合热点进行宣传，便能事半功倍。江小白曾借助重庆旅游热潮，推出 "重庆味道" 主题营销，成功在消费 者心中将品牌与重庆紧密相连，让江小白成为重庆旅游的特色文化符号之一。而剑南春在世界杯期间，围绕赛事热点开展营销活动，极大提升了品牌曝光 度。无论是社会热点、娱乐新闻，还是节日庆典，白酒品牌都可从中挖掘与自身品牌理念、产品特点相契合的元素，通过创意内容的制作，吸引用户关注， 借热点之势，让品牌热度飙升。 二、故事植入，赋予产品温度 抖音用户对富有故事性的内容情有独钟。白酒品牌可创作小故事、小短剧等灵活多样的形式，将产品自然地融入其中。比如，通过讲述一段关于传承的家族 酿酒故事，让白酒承载着情感与回忆，在不经意间走进用户内心。这种软广告形式不仅不会引起用户 ...

Core Insights - The current Chinese liquor industry is characterized by a "volume decrease and price increase" trend, with leading brands like Kweichow Moutai and Wuliangye seeing revenue and net profit growth despite a decline in overall industry production [3] - The competition in the liquor market is shifting towards brand value, with a notable "volume-price divergence" becoming the new norm, as consumer demand for premium and aged liquors rises while smaller brands struggle [3] - Regional liquor companies such as Gujinggongjiu and Jinshiyuan have successfully navigated the market by focusing on local markets and transforming into business consumption models, achieving growth and entering the billion-yuan club [3] Industry Trends - The trend of "light drinking" among younger consumers poses challenges for traditional liquor companies, which need to adapt by enhancing offline channels and addressing issues related to product shelf life and profit margins [4] - The phenomenon of "liquor financialization" is viewed as a superficial trend rather than a fundamental industry shift, with larger companies leveraging cultural elements to enhance brand value while smaller companies may face risks if they pursue this direction [4] - The liquor sector is currently experiencing a valuation correction, with stock prices near historical lows, making leading companies like Moutai and Wuliangye suitable for long-term investment due to their strong cash flow and dividends [4] Recommendations for Small and Medium Enterprises - Small and medium-sized liquor companies are advised to focus on regional markets to establish dominance, transform into specialty wineries, and shorten the distance to consumers through direct engagement strategies like live streaming and private domain operations [3] - The example of Shui Jing Fang is highlighted as a promising player in the next-tier premium segment, leveraging cultural experiences and scarcity to strengthen brand recognition [4]

来源：雪球 如果光看白酒T9峰会 ， 几家头部大佬又是照相又是发出同一个宣言 ， 大家一定会认为他们是一 团和气 ， 大家是吃着火锅唱着歌 ， 其实表面和气 ， 背后摸着家伙 。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 我的五粮液要拿十年 五粮液2020年推出经典五粮液 ， 试图在2000带分上一杯羹 ， 虽然因疫情的暴发 、 价格定位 不准的原因 ， 最终失败了 ， 但是茅台的反击还是如期而至 ， 2022年1月18晚上7点 ， 发布 了茅台1935 ， 官方指导价1188元 ， 线下成交价1300 ， 酱酒热如日中天 ， 平台一瓶难求 ， 很多朋友如果抢到了都是哂图摆柜 ， 虽然我那时写过一篇茅台的1935抢不了五粮液 、 泸州老 窖的份额 ， 分析了香型 、 价格品牌 、 销售量 ， 其时也不是那么有底气 ， 五粮液管理层也感 觉到压力了吧 ， 曾总公开谈论要坚持香型自信 ， 原来五粮液有酱酒二万吨产能 ， 在五粮液的 官网上也有排列 ， 后来基本上雪藏五粮液15酱 ， 五粮液 、 泸州老窖守住了自已的份额 ， 但 是对于酱香型影响就大了 ， 原来的 ...

Industry Performance - Major liquor companies held earnings briefings to address investor concerns regarding performance, dividend plans, channel inventory, and product pricing [1] - Budweiser APAC reported a 18.47% year-on-year decrease in profit for Q1 2025, with a total sales volume of approximately 1.974 billion liters, down 6.1% [1] - Gu Yue Long Shan aims for over 6% growth in liquor sales and over 3% growth in profits by 2025, focusing on high-end, youth-oriented, global, and digital development strategies [2] - Moutai's tourism division announced a celebrity endorsement, leading to increased sales of its products [3][5] Company Strategies - Wuliangye reported low channel inventory and stable market prices, with a 30% year-on-year increase in sales on its official flagship store [6] - Jinshiyuan is reallocating resources to enhance its presence in surrounding markets, with a significant increase in its sales team [7] - Qingdao Beer plans to acquire 100% of Jimo Yellow Wine for 665 million yuan, indicating a move towards diversification [8][9] - Chongqing Beer is focusing on expanding non-drinking channels and has launched nearly 10 new products across multiple brands [9] Market Trends - The liquor industry in Yibin saw a 3.3% increase in value added in Q1 2025, while Jiangsu's white liquor production declined by 8.4% [11][12] - The EU's total alcohol beverage export value for 2024 is projected at 29.8 billion euros, with wine being the largest segment [14] Corporate Changes - Moutai's cultural tourism division has undergone leadership changes, with new appointments in key positions [14]

Core Viewpoint - AB InBev reported first-quarter 2025 results with earnings per share (EPS) exceeding estimates, while revenue declined and missed expectations, indicating mixed performance driven by strong consumer demand for megabrands and a diversified market presence [1][2]. Financial Performance - Underlying EPS was 81 cents, reflecting a 7.1% year-over-year increase, driven by 10.3% EBIT growth and optimized net finance costs, surpassing the Zacks Consensus Estimate of 77 cents [2]. - Revenues totaled $13.63 billion, falling short of the Zacks Consensus Estimate of $13.85 billion and declining 6.3% year over year, although organic revenue grew by 1.5% in half of its markets [3][4]. - Revenue per hectoliter improved by 3.7% year over year, supported by revenue-management initiatives, despite a total organic volume decline of 2.2% [4]. Brand Performance - Premium and super premium beer brands showed strong performance, with the above-core beer portfolio growing by 1.8% year over year, led by Corona's 11.2% revenue increase outside Mexico [5]. - Megabrands revenues increased by 4.4%, primarily driven by the strong performance of the Corona brand [5]. Digital Transformation - AB InBev has focused on digital investments, with B2B digital platforms contributing approximately 72% to revenues in Q1 2025, and the omnichannel ecosystem generating $275 million in revenues [6][8]. Cost and Margin Analysis - Cost of sales decreased by 9.2% to $6.04 billion, while SG&A expenses rose by 5.6% year over year to $4.2 billion [9]. - Normalized EBITDA was $4.9 billion, down 2.6% year over year, but improved 7.9% on an organic basis, with the EBITDA margin expanding to 35.6% [10]. Future Outlook - For 2025, AB InBev anticipates EBITDA growth of 4-8%, with net capital expenditure projected at $3.5-$4 billion [12].