Market Performance - On September 26, the non-liquor sector increased by 0.3% compared to the previous trading day, with Weilong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Highlights - WeLong Co., Ltd. (603779) closed at 7.03, up 1.30% with a trading volume of 73,500 shares and a turnover of 51.81 million yuan [1] - Other notable stocks include: - ST Lanhua (000929) at 8.02, up 1.26% [1] - CITIC Nia (600084) at 5.27, up 1.15% [1] - Gu Xie Lang Xu (600600) at 66.56, up 0.85% [1] - Chongqing Beer (600132) at 54.08, up 0.75% [1] Capital Flow - The non-liquor sector experienced a net outflow of 28.78 million yuan from institutional investors, while retail investors saw a net inflow of 12.46 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types within the non-liquor sector [2]

Market Overview - On September 19, the non-liquor sector increased by 0.45% compared to the previous trading day, with Zhangyu A leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Zhangyu A (000869) closed at 22.27, up 2.30% with a trading volume of 29,100 lots and a transaction value of 63.96 million yuan [1] - Zhirun Co. (002568) closed at 25.45, up 2.04% with a trading volume of 118,800 lots and a transaction value of 299 million yuan [1] - ST Xifa (000752) closed at 11.90, up 1.62% with a trading volume of 40,900 lots and a transaction value of 48.49 million yuan [1] - Other notable stocks include Fick Beer (000729) up 1.60% and Chongqing Beer (600132) up 0.63% [1] Capital Flow - The non-liquor sector experienced a net outflow of 29.55 million yuan from institutional investors, while retail investors saw a net inflow of 12.53 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Yanjing Beer (000729) had a net inflow of 29.85 million yuan from institutional investors, but a net outflow of 20.98 million yuan from speculative funds [3] - Zhirun Co. (002568) saw a net inflow of 20.51 million yuan from institutional investors, with a net outflow of 7.67 million yuan from speculative funds [3] - ST Xifa (000752) had a net inflow of 4.57 million yuan from institutional investors, while speculative funds showed a slight outflow [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Views - The company's revenue for H1 2025 was 8.839 billion yuan, a slight decrease of 0.24% year-on-year, with a net profit attributable to shareholders of 865 million yuan, down 4.03% year-on-year. In Q2 2025, revenue was 4.484 billion yuan, a decline of 1.84% year-on-year, and net profit was 392 million yuan, down 12.70% year-on-year [1][2]. - The company experienced a slight increase in sales volume in H1 2025, reaching 1.8008 million kiloliters, up 0.95% year-on-year, while the average price per ton decreased by 1.2% to 4,908 yuan per kiloliter. The cost per ton also saw a reduction of 2.4% year-on-year [1]. - The company’s profitability was impacted by an increase in the income tax rate, which rose by 7.41 percentage points to 27.26% year-on-year in H1 2025. The net profit margin for H1 2025 was 9.79%, down 0.39 percentage points year-on-year [2]. Revenue and Profit Forecast - The company is projected to achieve revenue growth of 0.7%, 2.4%, and 2.7% for the years 2025 to 2027, reaching 14.7 billion, 15.1 billion, and 15.5 billion yuan respectively. The net profit attributable to shareholders is expected to grow by 8.2%, 4.5%, and 5.0% during the same period, reaching 1.21 billion, 1.26 billion, and 1.32 billion yuan respectively [3]. - The report indicates a downward adjustment in profit forecasts primarily due to weak dining consumption [3]. Financial Data and Valuation - The company’s total revenue for 2023 is estimated at 14.814 billion yuan, with a growth rate of 5.53%. The net profit attributable to shareholders is projected at 1.337 billion yuan, reflecting a growth rate of 5.78% [4]. - The report provides various financial ratios, including a projected P/E ratio of 21.95 for 2025 and an EV/EBITDA ratio of 6.30 for the same year [4].

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer, expecting a relative return of over 20% within the next six months [5]. Core Views - The company achieved a revenue of 20.49 billion yuan in H1 2025, reflecting a year-on-year increase of 2.1%, and a net profit attributable to shareholders of 3.90 billion yuan, up 7.2% year-on-year [1]. - The total beer sales volume for H1 2025 reached 4.732 million kiloliters, a 2.3% increase year-on-year, with a notable growth in mid-to-high-end products [2]. - The report forecasts revenue growth of 2.7%, 2.2%, and 2.3% for the years 2025 to 2027, with net profit growth of 9.8%, 7.0%, and 6.4% respectively [3]. Financial Performance Summary - In Q2 2025, the company reported a revenue of 10.046 billion yuan, a 1.3% increase year-on-year, and a net profit of 2.194 billion yuan, up 7.32% year-on-year [1]. - The gross profit margin improved to 45.8% in Q2 2025, an increase of 3 percentage points year-on-year, driven by cost optimization and a favorable change in product mix [2]. - The report projects net profit attributable to shareholders to reach 4.768 billion yuan in 2025, with an EPS of 3.50 yuan [4]. Sales and Pricing Dynamics - The average selling price per ton in Q2 2025 increased by 0.26% to 4,065 yuan, while the cost per ton decreased by 5.1% to 2,202 yuan due to lower raw material costs [2]. - The sales volume of the main brand increased by 3.9% to 1.34 million kiloliters in Q2 2025, with mid-to-high-end product sales growing by 4.8% [2]. Valuation Metrics - The report provides a projected P/E ratio of 20X for 2025, decreasing to 17X by 2027, indicating a favorable valuation trend [3]. - The company's total market capitalization is approximately 48.02 billion yuan, with a current price of 67.72 yuan per share [5].

Market Overview - The non-liquor sector increased by 0.55% on September 16, with ST Xifa leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - ST Xifa (000752) closed at 12.56, up 5.02% with a trading volume of 63,600 shares and a transaction value of 78.86 million yuan [1] - Other notable performers include *ST Lanhua (000929) with a 3.19% increase, and Zhongxin Niya (600084) with a 2.76% increase [1] - The non-liquor sector saw a total net inflow of 20.69 million yuan from main funds, while retail investors contributed a net inflow of 36.52 million yuan [2] Fund Flow Analysis - Main funds showed a net inflow of 18.83 million yuan into Bai Run Co. (002568), while ST Xifa (000752) experienced a net outflow of 4.02 million yuan from speculative funds [3] - The overall fund flow indicates a mixed sentiment, with retail investors showing a positive net inflow across several stocks despite the outflows from main and speculative funds [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17] Core Views - The company is expected to show potential elasticity in performance in H2 2025, despite a decline in revenue and net profit in Q2 2025 [1][4] - The company is continuously improving its product matrix, launching new products such as jelly wine and a light cocktail series, which are expected to contribute positively to sales [4] Financial Performance Summary - In Q2 2025, the company reported revenue of 752 million yuan, a year-on-year decrease of 8.98%, and a net profit of 208 million yuan, down 10.85% [1] - The company's liquor products, edible flavors, and other businesses generated revenues of 1.297 billion yuan, 169 million yuan, and 23 million yuan respectively in H1 2025, with liquor accounting for 87.14% of total revenue [2] - The offline and digital retail channels achieved revenues of 1.311 billion yuan and 155 million yuan respectively in H1 2025, with a year-on-year decline of 9.63% and 0.57% [3] - The gross margin and net margin for Q2 2025 were 71.00% and 27.63%, showing slight year-on-year declines [4] - Operating cash flow for Q2 2025 was 155 million yuan, reflecting a significant year-on-year increase of 592.30% [4] Financial Forecast Summary - The company is projected to achieve revenues of 3.263 billion yuan in 2023, decreasing to 3.048 billion yuan in 2024, and then gradually increasing to 3.897 billion yuan by 2027 [5][11] - The net profit attributable to the parent company is expected to decline from 809 million yuan in 2023 to 719 million yuan in 2024, before recovering to 990 million yuan by 2027 [5][11] - The earnings per share (EPS) is forecasted to be 0.77 yuan in 2023, decreasing to 0.69 yuan in 2024, and then increasing to 0.95 yuan by 2027 [5][11]

Market Overview - On September 15, the non-liquor sector declined by 0.65%, with *ST Yedao leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - The closing prices and performance of key stocks in the non-liquor sector are as follows: - *ST Yedao: 6.53, down 2.97%, with a trading volume of 108,800 shares and a turnover of 70.98 million yuan [2] - Other notable stocks include: - Zhirun Co.: 25.35, down 1.59%, with a turnover of 346 million yuan [2] - Chongqing Beer: 54.16, down 0.64%, with a turnover of 199 million yuan [2] Capital Flow - The non-liquor sector experienced a net outflow of 10.4 million yuan from institutional investors, while retail investors saw a net inflow of 113 million yuan [2] - Detailed capital flow for selected stocks shows: - Zhirun Co.: Net inflow of 11.05 million yuan from institutional investors [3] - Gu Yue Long Shan: Net inflow of 8.62 million yuan from institutional investors [3] - Other stocks like Huichuan Beer and *ST Lan Huang saw significant net outflows from institutional investors [3]

Core Insights - The non-liquor sector experienced a rise of 0.71% on September 11, with ST Xifa leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Non-Liquor Sector Performance - ST Xifa (000752) closed at 12.15, with a gain of 5.01% and a trading volume of 92,600 shares, amounting to a transaction value of 112 million yuan [1] - Zhirun Co. (002568) closed at 26.38, up 4.52%, with a trading volume of 244,900 shares and a transaction value of 641 million yuan [1] - Huaiqiang Mountain (601579) closed at 23.58, up 2.08%, with a trading volume of 179,300 shares and a transaction value of 417 million yuan [1] - Gu Yue Long Shan (600059) closed at 10.21, up 1.49%, with a trading volume of 152,200 shares and a transaction value of 154 million yuan [1] Capital Flow Analysis - The non-liquor sector saw a net outflow of 44.45 million yuan from institutional investors, while retail investors had a net inflow of 24.80 million yuan [2] - The main capital inflow was observed in Zhirun Co. with a net inflow of 71.79 million yuan from institutional investors [3] - ST Xifa experienced a net inflow of 8.63 million yuan from institutional investors, despite a net outflow from retail investors [3]

Core Points - The non-liquor sector experienced a decline of 0.5% on September 5, with Kuaijishan leading the drop [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Non-Liquor Sector Performance - Kuaijishan (601579) saw a significant drop of 5.26%, closing at 25.40, with a trading volume of 299,100 shares and a total transaction value of 752 million [2] - Other notable declines included Xianjing Beer (000729) down 1.22% and Guyue Longshan (600059) down 1.07% [2] - The overall non-liquor sector experienced a net outflow of 129 million in main funds, while retail investors saw a net inflow of 73 million [2]

Market Overview - On September 4, the non-liquor sector rose by 0.41% compared to the previous trading day, with Kuaijishan leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Kuaijishan (601579) closed at 26.81, up 3.79% with a trading volume of 451,300 shares and a turnover of 1.137 billion yuan [1] - Weilang Co. (603779) closed at 7.23, up 2.41% with a trading volume of 95,500 shares and a turnover of 68.6595 million yuan [1] - Zhangyu A (000869) closed at 22.00, up 1.48% with a trading volume of 21,400 shares and a turnover of 46.9294 million yuan [1] - ST Xifa (000752) closed at 10.78, up 1.41% with a trading volume of 108,900 shares and a turnover of 120 million yuan [1] - Jinfeng Wine Industry (600616) closed at 5.86, up 1.38% with a trading volume of 259,400 shares and a turnover of 152 million yuan [1] Capital Flow - The non-liquor sector experienced a net outflow of 192 million yuan from institutional investors, while retail investors saw a net inflow of 131 million yuan [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Individual Stock Capital Flow - Kuaijishan saw a net inflow of 760.71 million yuan from institutional investors, while retail investors had a net inflow of 2011.87 million yuan [3] - Zhangyu A experienced a net inflow of 111.48 million yuan from institutional investors, but a net outflow of 469 million yuan from retail investors [3] - ST Xifa had a net outflow of 534.64 million yuan from institutional investors, while retail investors had a net inflow of 681.86 million yuan [3]