Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating a positive outlook compared to the broader market index [1][57]. Core Insights - The report emphasizes the importance of new product categories and channels, highlighting potential alpha opportunities within the food and beverage sector [4]. - The secondary market performance shows a decline of 0.62% in the food and beverage sector, underperforming the CSI 300 index by 0.92 percentage points, ranking 20th among 31 sectors [7][12]. - The report identifies key trends in various sub-sectors, including the stabilization of liquor prices, improving beer demand, and high growth potential in the snack segment [7][27]. Summary by Sections 1. Secondary Market Performance - The food and beverage sector experienced a decline of 0.62%, with the liquor sub-sector showing a relative increase of 1.20% [12]. - Top-performing stocks included Huang Shang Huang, Jiu Gui Jiu, and ST Tong Pu, with gains ranging from 5.12% to 11.71% [12][17]. 2. Major Consumer Goods and Raw Material Prices - Liquor prices as of July 7, 2025, show a mixed trend, with the 2024 Flying Moutai price at 1,890 RMB for scattered bottles, down 160 RMB from the previous month [21]. - Beer production in May 2025 reached 3.584 million kiloliters, reflecting a year-on-year increase of 1.30% [27]. - Dairy prices indicate a stable trend, with fresh milk priced at 3.04 RMB per kilogram, while pork prices are at 20.58 RMB per kilogram, showing a slight increase [29]. 3. Industry Dynamics - The report notes that there are currently 65,900 beer-related enterprises in China, predominantly located in East and Northeast regions [54]. - Recent promotional activities, such as the Taobao flash sale, have significantly boosted sales in the liquor and dairy sectors [54]. 4. Core Company Dynamics - Key company updates include Kuozi Jiao's announcement of a cash dividend of 1.30 RMB per share, totaling 778 million RMB [56].

Core Viewpoint - Wuliangye is enhancing its internationalization efforts through the "He Mei Global Tour" cultural IP, aiming for deeper cultural resonance and brand penetration globally [1] Group 1: International Collaboration - Wuliangye launched a collaboration with the China Visa Application Service Center in Frankfurt, Germany, marking a unique internationalization path that combines "government channels + brand output" [1] - The partnership aims to create a new paradigm of cross-border cultural marketing, distinct from traditional trade methods [1][6] - The initiative is expected to enhance the cultural recognition of Chinese liquor among overseas consumers [6] Group 2: Cultural Promotion - Wuliangye's chairman emphasized the importance of telling China's open and inclusive story through wine, inviting international friends to experience Chinese culture [4] - The collaboration is seen as a way to provide quality services while enhancing cultural experiences for foreign visitors [5] - The initiative aims to promote the philosophy of "He Mei" and the ecological beauty of China through the medium of wine [4][5] Group 3: Brand Internationalization Strategy - The partnership will establish Wuliangye brand cultural experience spaces in multiple global visa centers, leveraging the centers' high traffic to reach international consumers [6] - Industry experts view this collaboration as a harmonious blend of cultural heritage and commercial development, providing valuable experience for the internationalization of the Chinese liquor industry [8] - Wuliangye has been actively pursuing internationalization through various initiatives, including opening restaurants in key cities and participating in major global events [8]

Core Insights - Wuliangye Group, led by Chairman Zeng Congqin, engaged in a strategic collaboration with Siemens during the "He Mei Global Tour" event in Germany, focusing on deepening cooperation in various technological fields [1][2] Group 1: Strategic Collaboration - A strategic cooperation agreement was signed between Wuliangye and Siemens (China) to establish long-term partnerships in digital planning consulting, electrification, automation, digitalization, and low-carbon solutions [2] - The collaboration aims to integrate resources effectively, leveraging digitalization and low-carbon initiatives as dual driving forces for industry chain development [2] Group 2: Technological Advancements - Wuliangye has already made significant progress in projects related to smart brewing, koji making, packaging upgrades, and environmental facility improvements through its partnership with Siemens [2] - The visit included an exploration of Siemens' advancements in artificial intelligence, sustainable energy, and cybersecurity, as well as hands-on experiences with digital twin technology and flexible manufacturing [1] Group 3: Cultural Exchange and Brand Development - Wuliangye is utilizing its products to foster cultural exchange, aiming to blend different cultures and create new value through its offerings [2] - The "He Mei Global Tour" will further evolve by enhancing cultural empowerment and activating brand engagement through immersive consumer experiences and innovative service scenarios [2]

Core Viewpoint - The resignation of Zhang Liandong as chairman of Yanghe Co., Ltd. marks a significant leadership change amid declining performance, with the company facing challenges in the competitive high-end liquor market [3][6][11]. Company Overview - Yanghe Co., Ltd. announced the resignation of chairman Zhang Liandong on July 1, 2023, due to work adjustments, with his term originally set to end in April 2027 [3][6]. - Zhang Liandong's tenure saw a turnaround in company performance, with revenue increasing from 253.50 billion CNY in 2021 to 331.3 billion CNY in 2023, and net profit exceeding 100 billion CNY for the first time [6][7]. - However, in 2024, Yanghe became the only top five A-share liquor company to experience declines in both revenue and profit, with a 12.83% drop in revenue to 288.76 billion CNY and a 33.37% decrease in net profit to 66.73 billion CNY [6][11]. Strategic Initiatives - During Zhang's leadership, Yanghe implemented a "dual famous liquor, multi-brand, multi-category" strategy, enhancing brand influence through various marketing initiatives [7]. - The company launched its first equity incentive plan in 2021, aiming to motivate management and align interests with long-term growth [7]. Leadership Transition - Gu Yu, the current district mayor of Suqian, has been appointed as the new party secretary of Jiangsu Yanghe Distillery Co., Ltd., indicating a continuation of leadership from a similar governmental background [8][10]. - Analysts suggest that Gu Yu is expected to take over as chairman, following a pattern of leadership transitions within the company [11]. Market Challenges - Yanghe faces structural pressures from both high-end competitors and a slowing overall consumption market, necessitating management optimization to enhance market responsiveness [11]. - Recommendations for Yanghe's future include revitalizing the "Shuanggou" brand, upgrading traditional sales channels, and improving talent acquisition and incentive mechanisms [11]. Stock Performance - As of July 7, 2023, Yanghe's stock closed at 64.8 CNY, with a total market capitalization of 976.18 billion CNY [12].

Investment Rating - The investment rating for the industry is "Outperform the Market" [5][6]. Core Views - The report highlights that the liquor sector, particularly Moutai, is stabilizing in price, and attention should be paid to the second-quarter performance of the sector [3][12]. - The food and beverage sector saw a slight increase of 0.74% this week, underperforming the Shanghai Composite Index by 0.67 percentage points [2][22]. - The report emphasizes the importance of consumer demand and market health, with companies focusing on destocking and promoting sales in the short term while nurturing consumer engagement and internationalization in the long term [14][21]. Summary by Sections Liquor Sector - Moutai's stock buyback reached 3.3821 million shares, accounting for 0.27% of total shares, with a total expenditure of 5.202 billion yuan [3][12]. - The liquor index increased by 1.2%, indicating a potential valuation recovery driven by incremental policies [14]. - Recommended stocks include Moutai, Shanxi Fenjiu, and Wuliangye, which have demonstrated resilience through multiple cycles [14][21]. Consumer Goods - The report notes that the recent warm weather is favorable for beer consumption, with expectations for slight sales growth among major beer brands [15]. - The snack sector is experiencing a trend of differentiation, with recommendations for companies that are innovating in products and channels [16][17]. - The report suggests focusing on leading companies in the seasoning industry, such as Yihai International and Haitian Flavoring, as they show resilience [18]. Frozen Foods - The frozen food sector is stable, with companies actively developing new products despite the off-season [19]. - Anji Food's recent IPO on the Hong Kong Stock Exchange raised 2.302 billion HKD, which will be used to enhance sales networks and optimize supply chains [19]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with supply pressures easing and potential policy catalysts on the horizon [20]. - The report recommends focusing on leading dairy companies that are well-positioned for upward elasticity in 2025 [20]. Beverages - The beverage industry is entering a peak season, with expectations for continued growth in segments like sugar-free tea and energy drinks [21]. - The report recommends East Peak Beverage, which is accelerating its national and platform expansion [21].

Core Insights - The collaboration between Wuliangye Group and Siemens marks a significant step towards enhancing the "Digital Wuliangye" initiative, focusing on digital transformation and sustainable practices [1][6]. Group 1: Partnership Development - Wuliangye Group's chairman led a delegation to Siemens' R&D center and headquarters, resulting in a consensus to deepen cooperation [1][6]. - A strategic cooperation agreement was signed between Wuliangye and Siemens (China) to establish a long-term partnership in areas such as digital planning, electrification, automation, and low-carbon solutions [6]. Group 2: Technological Advancements - The delegation explored Siemens' advancements in artificial intelligence, sustainable energy, and cybersecurity, gaining insights into digital twin technology, flexible manufacturing, and AI applications [5][6]. - Both companies discussed the integration of digitalization and low-carbon initiatives to enhance their collaboration and drive industry leadership in automation and digital transformation [6]. Group 3: Cultural and Market Expansion - Wuliangye aims to elevate its global presence through the "He Mei Global Tour," enhancing cultural engagement and marketing strategies to integrate traditional Chinese liquor culture into global consumer experiences [8]. - Future initiatives will focus on deepening industry cooperation, creating immersive consumer experiences, and expanding innovative service scenarios to strengthen the global liquor supply chain [8].

Investment Rating - The report maintains a "Positive" outlook for the food and beverage industry [2] Core Insights - The food and beverage sector is experiencing a weak recovery, with structural opportunities dominating. Focus on "category innovation + channel efficiency" is essential for capturing profit recovery and differentiation opportunities [4][6][37] Summary by Sections Industry Overview - In 2024, the food and beverage industry achieved a total revenue of CNY 1,091.58 billion, a year-on-year increase of 3.92%, while net profit attributable to shareholders grew by 5.51% to CNY 217.11 billion. The first quarter of 2025 saw revenue growth of 2.54% and a slight net profit increase of 0.27% [4][23] Alcoholic Beverages - The wine sector is facing a weak macro environment, with revenue growth slowing to 1.68% in Q1 2025. The sector is under pressure from inventory levels and a recent ban on alcohol, which is expected to suppress demand in the short term [5][24][26] Snack Foods - The snack food sector is projected to grow by 12.74% in 2024, but growth slowed to 0.29% in Q1 2025. Despite challenges, there are opportunities in specific categories like konjac products, which have seen growth rates exceeding 70% [6][39][54] Condiments - The condiment sector is benefiting from cost reductions due to falling raw material prices, with gross margins improving to 36.38% in Q1 2025. However, demand is showing signs of divergence between B2B and B2C segments [7][14] Frozen Foods - The frozen food sector is under pressure, with revenue and profit declining further in Q1 2025. However, the baking segment is experiencing significant growth due to new retail formats and consumer demand [8][19] Dairy Products - The dairy sector is witnessing a recovery in profitability as raw milk prices stabilize. In Q1 2025, major companies like Yili and Bright Dairy reported net profit increases of 24.19% and 2.45%, respectively [9][20] Key Companies and Forecasts - Key companies such as Kweichow Moutai and Three Squirrels are expected to maintain strong performance, with Moutai projected to achieve a revenue growth of around 9% in 2025 [12][35][58]

投资建议：本周推荐组合为贵州茅台、五粮液、山西汾酒、泸州老窖、东鹏 饮料、安井食品等。 风险提示：需求恢复较弱；原材料价格大幅上涨；市场竞争加剧。 重点公司盈利预测及投资评级 证券研究报告 | 2025年07月07日 食品饮料周报（25 年第 27 周） 优于大市 茅台价格趋稳，关注板块中报业绩表现 本周（2025 年 6 月 30 日至 2025 年 7 月 4 日）本周食品饮料板块上涨 0.74%， 跑输上证指数 0.67pct。本周食品饮料板块涨幅前五分别为科拓生物 (21.90%)、煌上煌(11.71%)、晨光生物(11.47%)、百洋股份(10.45%)和双塔 食品(9.71%)。 白酒：茅台价格趋稳，关注板块第二季度业绩表现。贵州茅台 7 月 2 日公告 回购股份进展，截至 6 月底，公司累计回购股份 338.21 万股，占公司总股 本的比例为 0.27%，支付金额 52.02 亿元。本周白酒指数上涨 1.2%，基本面 加速磨底，关注增量政策带来的估值修复。情绪面看，大盘整体稳中走强， 促消费政策预期升温，顺周期属性较强的标的表现更好。基本面看，需求压 力仍然较大，第二季度业绩表现预计平淡，酒企更 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The report highlights that the liquor sector is under pressure, with overall collection progress in Q2 lagging behind last year, and sales showing a year-on-year gap. The prices of major brands like Moutai and Wuliangye are under pressure due to regulatory measures aimed at reducing waste [5][15] - The beverage sector, particularly beer and dairy products, is expected to show varying performance, with some companies like Qingdao Beer and Yili maintaining growth while others face challenges [6][18] - The snack food segment is experiencing strong growth driven by channel optimization and product innovation, with companies like Youfu Foods and Yanjin Beer showing significant revenue increases [19][21] Summary by Sections 1. Liquor Sector - Q2 performance is expected to be weak for most liquor companies, with Moutai projected to have a revenue growth of 7% year-on-year, while Wuliangye is expected to decline by 2% [16] - Regulatory measures have impacted normal consumption scenarios, leading to a cautious approach from companies as they prepare for traditional consumption peaks during festivals [15] 2. Beer Sector - Qingdao Beer is expected to see slight growth due to low sales base in Q2 2024, while Chongqing Beer is projected to maintain sales levels [17] - Yanjin Beer is benefiting from supply chain management improvements, contributing to profitability [18] 3. Dairy Products - Yili is expected to face pressure in its ambient liquid milk segment, while other products like milk powder and ice cream continue to grow [18] - New Dairy is projected to maintain its performance in low-temperature categories, with profit growth expected to outpace revenue growth [18] 4. Soft Drinks - Eastroc Beverage is anticipated to continue its steady growth in energy drinks, while new products are expected to drive higher growth rates [19] - Chengde Lululemon is expected to see improvements in gross margins despite raw material price increases [19] 5. Snack Foods - Youfu Foods is focusing on channel optimization and product innovation, expecting significant revenue and profit growth [19] - Salted Fish and other snack companies are also projected to maintain strong growth, with new product launches expected to drive performance in the second half of the year [19][21] 6. Restaurant Supply Chain - Anji Foods is expected to achieve single-digit revenue growth, while competition continues to pressure margins [20] - Qianwei Central Kitchen is projected to maintain stable revenue, with slight pressure in the small B restaurant segment [20] 7. Export Companies - Zhongchong Co. is expected to maintain high revenue growth due to positive pre-sale feedback, while Xianle Health is projected to continue its growth trend despite some fluctuations in export business [21]

Core Viewpoint - The chairman of Langjiu Group, Wang Junlin, emphasized the importance of maintaining merchant interests and team stability during the mid-year conference, addressing current industry challenges and showcasing Langjiu's strategic foresight [1][10]. Group 1: Strategic Focus - Langjiu's strategic determination is encapsulated in "eight persistences" and "four assurances," with a focus on protecting merchant interests and ensuring team stability as top priorities [1][3]. - The long-term advocacy of "altruism" is highlighted as a means to create a positive industry ecosystem, where stable teams ensure product quality and market foundation, and maintaining merchant interests is key to stabilizing the pricing system [3][5]. Group 2: Market Positioning - Langjiu refuses to engage in price wars, aiming to maintain price stability and protect merchants' profitability amidst high channel inventory and market pressures [5][7]. - The company aims to enhance merchant income and optimize market order as a priority for 2025, indicating a commitment to a sustainable business model [5][6]. Group 3: Organizational Structure - Langjiu has undergone significant team upgrades to enhance collaboration across departments, aiming for a more professional and efficient market competition [6][9]. - The restructuring of marketing and operational entities into seven major units aims to improve market insight, decision-making efficiency, and tactical execution [9]. Group 4: Team Stability - Wang Junlin identifies team stability as crucial for maintaining market confidence and ensuring consistent product quality, especially in a turbulent industry environment [8][9]. - The company has implemented a "quasi-company system" for its brand divisions, granting frontline teams greater operational autonomy and flexibility to respond to market changes [8][9].