Core Viewpoint - Anhui Kouzi Liquor Co., Ltd. has completed the registration of changes in business operations and has reissued its business license following a reduction in registered capital and the cancellation of the supervisory board [1][2]. Group 1: Company Changes - The company held its 11th meeting of the 5th board of directors on August 19, 2025, and the first extraordinary shareholders' meeting on September 5, 2025, where it approved the proposal to cancel the supervisory board and reduce registered capital [1]. - The registered capital has been reduced from 600,000,000 yuan to 598,119,472 yuan, and the total number of shares has decreased from 600,000,000 shares to 598,119,472 shares [1]. - The company has revised relevant clauses in its articles of association accordingly [1]. Group 2: Business License Information - The company completed the deregistration procedures on July 23, 2025, and has recently obtained a new business license from the Huai Bei Market Supervision Administration [2]. - The updated business license includes the following information: - Unified Social Credit Code: 91340000744890974R - Name: Anhui Kouzi Liquor Co., Ltd. - Type: Other Joint Stock Company (Listed) - Address: No. 9, Xiangshan South Road, Huai Bei City, Anhui Province - Legal Representative: Xu Jin - Registered Capital: 598,119,472 yuan - Date of Establishment: December 26, 2002 - Business Scope: Production, manufacturing, and sales of liquor and glass products [2].

Core Insights - The recent surge in travel demand to Luzhou during the National Day holiday is attributed to local events such as a large music festival and the inaugural home match of the "Chuan Super" football league, leading to a significant increase in hotel bookings and flight searches [1][2] - The rise of local football leagues, including "Chuan Super," "Yushu," and others, is driving weekend and nighttime economies in various cities, with substantial sponsorship from beverage brands [2][3] - Local governments are leveraging these events to boost tourism and consumption, with initiatives like discounts for ticket holders and promotional activities to attract visitors [6][8] Group 1: Travel and Tourism Impact - Luzhou has seen a doubling in high-star hotel bookings and over 60% increase in flight searches compared to last year, indicating a strong interest in local events [1] - The influx of visitors for events like the music festival and football matches is expected to generate significant economic activity, with local authorities predicting over 1 billion yuan in consumption during these events [2][6] Group 2: Sponsorship and Brand Engagement - Major beverage brands such as Luzhou Laojiao, Langjiu, and Chongqing Beer are sponsoring local events, enhancing brand visibility and engagement with consumers [1][2] - The "Chuan Super" league has attracted sponsorship from various liquor companies, indicating a strategic alignment between sports events and brand marketing [2][3] Group 3: Local Government Initiatives - Luzhou is offering discounts for visitors holding tickets to the music festival and football matches, along with free public transport to enhance visitor experience [8] - Other cities like Suining are implementing similar strategies, including free parking and dining discounts for ticket holders, to capitalize on the economic opportunities presented by local sports events [10]

Core Viewpoint - The company is actively launching new products and strategies to adapt to the changing market dynamics in the liquor industry, particularly focusing on low-alcohol beverages and leveraging cultural IP for brand positioning [2][3][11]. Product Launches - The company has introduced new high-end liquor products, including "舍得·万木争春" and "舍得坛装酒·舍得智慧人物," marking its first celebrity collaboration in the premium liquor segment [2]. - The new low-alcohol product "舍得自在," priced at 329 yuan, is positioned as a "low-alcohol drinking type" liquor, utilizing a blend of aged spirits [3][4]. Market Trends - The low-alcohol liquor market is experiencing significant growth, with a projected market size exceeding 740 billion yuan and a compound annual growth rate of approximately 25% over the past five years, compared to the overall liquor industry's growth of 2%-3% [3]. - The company aims to target diverse consumer scenarios, including social gatherings and home consumption, with its low-alcohol offerings [4]. Sales Performance - The pre-sale of the new products on JD.com saw rapid consumer interest, with 20,000 people adding items to their carts within 24 hours and over 12,000 orders placed in 36 hours [5]. - The company's overall revenue for the first half of the year was 2.701 billion yuan, with a net profit of 443 million yuan, showing signs of recovery in the second quarter [13]. Strategic Focus - The company is implementing a strategy centered on "old liquor, multi-brand matrix, youthfulness, and internationalization," focusing on enhancing brand value while expanding its market reach [9]. - The management plans to establish "舍得" as the leading brand in the old liquor category and "沱牌" as a cost-effective mass-market brand [11]. Financial Health - The company reported a 31.38% year-on-year increase in e-commerce sales, amounting to 336 million yuan in the first half of the year, indicating a successful shift towards online sales channels [17]. - The company is actively managing inventory and pricing strategies to stabilize its financial performance, with a slight decrease in contract liabilities and an increase in inventory levels [16][14].

Summary of China Spirits Industry Conference Call Industry Overview - The conference call focused on the China spirits industry, particularly the performance of various spirits companies in the second quarter of 2025 (2Q25) [1][2]. Key Points and Arguments 1. Performance of Super-Premium Brands - Super-premium brands like Kweichow Moutai and Wuliangye showed resilience, with Moutai achieving a 9% year-over-year (yoy) sales growth in 2Q25 [8][16]. - Laojiao's sales declined by 8% yoy, which was better than the expected decline of 17% [16]. 2. Upper-Mid-End Brands Struggled - Upper-mid-end brands faced significant sales declines, with companies like Yanghe and King's Luck reporting sales drops of 44% and 30% yoy, respectively [16]. - Fen Wine managed to maintain flattish sales, aided by its low-end segment [1]. 3. Margin Resilience - Despite a decline in average selling prices (ASP), many companies maintained stable gross profit margins (GPM), with most experiencing a contraction of about 1 percentage point yoy [9][10]. - The GPM for Moutai and Wuliangye's high-end segments outperformed their lower-end products [8]. 4. Operating Cash Flow Concerns - There was a notable deterioration in operating cash flow for upper-mid-end brands, while super-premium brands continued to maintain positive cash inflows [11]. 5. Customer Advances and Shipment Suspensions - Customer advances showed mixed results, with significant declines for Gujing and Jiugui, down 36% and 47% yoy, respectively [12][14]. - Shipment suspensions were noted across various brands, impacting customer advance balances and overall sales performance [12]. 6. Expense Control - Companies demonstrated disciplined expense management, with selling expense ratios rising by no more than 2 percentage points [10]. - Laojiao and Gujing reported declines in their expense ratios, indicating effective cost control measures [10]. 7. Market Sentiment and Future Outlook - There are signs of normalizing policy impacts on private consumption, with market sentiment shifting towards lagging stocks as investors adopt a "worst is over" perspective [2]. - The upcoming Mid-Autumn Festival and National Day are critical periods to monitor for consumption recovery and wholesale price trends [2]. Additional Important Insights - The spirits industry is facing challenges from anti-extravagance policies, which have affected consumer spending patterns [1]. - The overall retail spirits market is expected to see a decline of approximately 30% in August and a 15-20% decline during the peak season [7]. - The diversified product portfolios of certain brands have been crucial in supporting resilience amid market challenges [8]. Conclusion - The China spirits industry is currently navigating a complex landscape characterized by varying performance across different market segments. Super-premium brands are faring better than their upper-mid-end counterparts, and careful expense management is helping to mitigate some of the financial pressures. Future performance will heavily depend on consumer sentiment and the effectiveness of policy measures in stimulating demand.

Core Insights - The "Wanshang Alliance" model addresses four major channel pain points: price chaos, high pressure on distributors' funds, profit dilution, and high inventory levels, potentially becoming the company's third growth curve [1] - The Dazhen product will play a strategic role in the product matrix, targeting the 600 yuan price range, aiming to capture both consumption upgrade and downgrade demands, while avoiding direct competition with ultra-high-end products [2] - The company aims to create a natural demand for products through consumer cultivation and atmosphere building, transforming group buyers into hybrid distributors, thus rapidly expanding sales volume [3] Financial Projections - The company expects revenues of 5.666 billion yuan and 6.074 billion yuan for 2025 and 2026, respectively, with a year-on-year decline of 19.8% in 2025 and a growth of 7.2% in 2026 [3] - Non-IFRS adjusted net profits are projected to be 1.312 billion yuan and 1.443 billion yuan for 2025 and 2026, reflecting a year-on-year decrease of 21.7% in 2025 and an increase of 10.0% in 2026 [3]

证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-016 安徽迎驾贡酒股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十二号——酒制造》相关规定，安徽迎驾贡酒股份有限公司现将 2025 年第 二季度主要经营数据披露如下： 一、报告期经营情况 （一）产品分档次情况 单位：万元 币种：人民币 | 产品档次 | 本期销售收入 | 主要代表品牌 | | --- | --- | --- | | 中高档白酒 | 81,654.00 | 洞藏系列、金星系列、银星系列 | | 普通白酒 | 20,994.32 | 百年迎驾贡系列、简装酒系列 | 注：按产品品质及销售价位段划分产品档次。 （二）产品销售渠道情况 单位：万元 币种：人民币 | 渠道类型 | 本期销售收入 | | --- | --- | | 直销（含团购） | 8,233.43 | | 批发代理 | 94,414.89 | （三）产品分 ...

Group 1: Industry Trends - Guojingong Liquor and Shede Liquor are set to launch new low-alcohol products below 30 degrees, aiming to capitalize on the current trend of low-alcohol beverages [1][5] - The small bottle trend is resurging, with various liquor companies introducing 100ml products, including Guojingong's new offerings that cater to both low-alcohol and small bottle markets [1][10] Group 2: Sales and Revenue Data - In July, the retail sales of tobacco and alcohol reached 43.3 billion yuan, marking a year-on-year growth of 2.7%, while the total sales for the first seven months amounted to 374 billion yuan, up 5.2% year-on-year [2] - Moutai's total revenue for the first half of the year reached 91.094 billion yuan, with a year-on-year growth of 9.16%, slightly exceeding its growth target [12] Group 3: Product Launches - Guojingong Liquor launched a new 26-degree product named "Guojingong Liquor·Year Original Light 20," targeting urban elites aged 25-35, with pricing set at 300 yuan for 375ml and 100 yuan for 100ml [5] - Shede Liquor plans to introduce a 29-degree product called "Shede Zizai," utilizing aged liquor from its reserves [7] Group 4: Events and Exhibitions - The 113th National Sugar and Wine Fair is set to take place from October 16 to 18 in Nanjing, with over 3,000 companies confirmed to exhibit, including major liquor brands [3] Group 5: Packaging Innovations - Moutai has introduced a new 500ml four-bottle packaging, which is more suitable for small gatherings, alongside an updated design for its packaging bags, enhancing visual appeal and functionality [8][9]

Core Viewpoint - The company, JiuGuiJiu, is experiencing a significant decline in net profit and revenue for the first half of 2025, attributed to ongoing challenges in the liquor industry and a cautious market environment [1][3][4]. Financial Performance - The expected net profit attributable to shareholders for the first half of 2025 is projected to be between 8 million and 12 million yuan, representing a decline of 90.08% to 93.39% compared to the same period last year [1][3]. - The anticipated operating revenue for the same period is approximately 560 million yuan, reflecting a year-on-year decrease of around 43% [1][3]. - Basic earnings per share are expected to be between 0.0246 yuan and 0.0369 yuan, down from 0.3724 yuan per share in the previous year [3]. Industry Context - The liquor industry continues to face deep adjustments, with increased pressure on smaller enterprises and cautious payment willingness from distributors [3][4]. - The company is focusing on strengthening market foundations and adjusting product pricing and channels to navigate the challenging environment [4]. Strategic Initiatives - The company plans to enhance performance through various strategies, including promoting consumer purchasing intent via events, expanding sales channels, and controlling costs while ensuring operational needs [4]. - A collaboration with the well-known brand "胖东来" is set to launch a co-branded product, which is expected to improve market coverage and brand influence for JiuGuiJiu [5][6].

Core Viewpoint - The Chinese liquor industry is currently in a period of adjustment, facing challenges such as high inventory levels and price inversion, prompting major liquor companies to explore new strategies to navigate this cycle [1][3][7]. Group 1: Market Conditions - The white liquor industry is experiencing a weak performance in wholesale prices, with many top brands falling below their reference wholesale prices during the "618" promotional event [1][2]. - The average inventory turnover days in the industry have reached 900 days, a 10% increase year-on-year, with inventory levels rising by 25% [3]. - Price inversion is prevalent, affecting 60% of companies, indicating a significant supply-demand imbalance and increasing channel pressures [3]. Group 2: E-commerce Strategy - Major liquor companies are increasingly embracing e-commerce, with a notable rise in online sales, which exceeded 60 million bottles and generated over 30 billion yuan in sales from January to May 2025 [4]. - Companies like Moutai and Yanghe are actively engaging with major e-commerce platforms to enhance their online presence and sales strategies [3][4]. Group 3: Product Innovation - To attract younger consumers, several liquor companies are launching low-alcohol products, with Wuliangye and Shui Jing Fang planning to introduce new products with lower alcohol content [6]. - The market for low-alcohol liquor is significant, with a market size of approximately 450 billion yuan, accounting for nearly half of the total liquor consumption [6]. Group 4: Competitive Landscape - The current market environment is characterized by intense competition, with companies needing to innovate and adapt to survive, as evidenced by the historical context of previous downturns in the industry [7][8]. - The strategy of introducing lower-alcohol products is seen as a way to capture a broader audience and compete with other alcoholic beverages like beer and wine [8].

Group 1: Product Development - The company plans to launch a 28-degree Guojiao 1573 and is developing a 6-degree product to meet the demand for lower-alcohol beverages [1][3][4] - The low-alcohol Guojiao 1573 has increased its proportion from 15% to 50%, becoming a new growth driver for the company [3][4] - The company aims to capture the younger demographic, which prefers personalized, lower-alcohol, and visually appealing products [4] Group 2: Financial Performance - In 2024, the company achieved a revenue of 31.196 billion yuan, a year-on-year increase of 3.19%, and a net profit of 13.473 billion yuan, up 1.71% [4] - The Guojiao brand remains in the 20 billion yuan category, while the Luzhou Laojiao brand has surpassed 10 billion yuan [4] Group 3: Market Trends and Channels - The company noted a significant growth in instant retail, with a market size nearing 20 billion yuan and an expected penetration rate of 6% by 2027 [5][6] - E-commerce live streaming has become a core platform for new product launches, with sales figures showing explosive growth [5][6] Group 4: Industry Insights - The chairman stated that the idea of simultaneous volume and price increases is a fallacy, emphasizing that achieving one often requires sacrificing the other [10] - The company sees substantial market potential, with only 1/10 of the market share in cities and less than 1% in county-level markets [12] Group 5: Dividend Policy - The company approved a dividend plan for 2024-2026, ensuring that cash dividends will not be less than 65%, 70%, and 75% of the net profit for those years, respectively [13][15] - The proposed cash dividend for 2024 is 45.92 yuan per 10 shares, totaling approximately 6.759 billion yuan, which is about 65% of the net profit [13][15]