白酒的"出海热"近期在持续升温。 南都湾财社-酒水新消费指数课题组记者留意到，临近年末，白酒对"出海"的规划和动作进一步增加。 其中，近期贵州发布的《关于制定贵州省国民经济和社会发展第十五个五年规划的建议》提到，将实 施"黔酒出海"专项行动，支持企业大力开拓国际市场。这一消息再度引起业界对白酒出海的关注。 据了解，在今年国内白酒市场"存/缩量博弈"加剧、白酒消费深度调整等影响下，不少酒企进一步加大 了白酒的海外市场拓展，在海外市场进行调研、招商以及进行品牌推广等活动等，这也使得酒企海外业 务的增速"跑赢"了国内市场增速。在综合因素影响下，白酒海外开拓的机会来了吗？ 海外市场增速高于国内，酒企"出海热"悄然升温 对比国内白酒市场的深度调整，白酒在海外的拓展进度以及收获则是相对要大得多。 今年11月，中国食品土畜进出口商会酒类进出口商分会发布了2025年前三季度酒类进出口情况。其中， 白酒出口总额为7.04亿美元(折合人民币49.97亿元)，同比增长5.3%，出口量为1215万升，同比增长 4.9%。 在海外市场持续扩容的背景下，南都湾财社记者留意到，国内白酒行业及酒企都对海外市场加大了关 注。 从产区和地区来看 ...

Industrywide, the number of $100-plus bottles sold has fallen 18% in the past three months, according to the market research firm NielsenIQ. Why This News Matters to Investors Don Julio and other high-end tequila sales have softened, Diageo PLC said. Kevin Carter / Getty Images Close Key Takeaways Fewer booze buyers are reaching for the top shelf. Americans aren't thirsting for for the high-end tequila that once flowed freely, spirits companies said, as demand for $100 spirits has dropped off. Consumers app ...

4 December 2025 | 6:51AM HKT Equity Research Wuliangye Yibin (000858.SZ): Investor Meeting: More dedicated product/channel reforms for domestic resilience and overseas We hosted Wuliangye mgmt for an investor meeting in Shenzhen on Dec 3rd. The Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as ...

时代财经APP . 聚焦于企业财经新闻，互联网新闻信息服务许可证编号：44120230006 以下文章来源于时代财经APP ，作者林心林 12 月 2 日，一封落款 " 贵州无忧酒业（集团）有限公司创始人、董事长袁明权 " 的感谢信在白酒圈内流传。起因是近日一则贵州无忧酒业被列 为被执行人的消息。 当日下午，袁明权向时代财经确认该公开信的真实性。 " 过去的十天，对无忧、对我个人，都是前所未有的考验。公司面临的舆论与经营压力， 想必各位伙伴都已感知。 " 袁明权在感谢信中无奈感慨。 作为无忧酒业的创始人，袁明权还有另一层引人关注的身份 —— 贵州茅台前副总经理。袁明权曾欲将无忧酒业打造成 " 茅台镇第二传奇 " ，如 今这一狂想会按下暂停键吗？ 导语："茅台镇第二传奇"会按下暂停键吗？ 陷 6000 万执行风波，创始人坦言扩张太激进 一周前，这家茅台镇中小酒厂陷入被执行风波。 | | | | 被执行信息 | | --- | 中国执行信息公开网披露，贵州无忧酒业（集团）有限公司于 11 月 21 日新增六则被执行人信息，执行法院为仁怀市人民法院，总执行标的约为 6255.51 万元，但具体原因并未披露。 11 ...

Core Points - The company held its second extraordinary general meeting of shareholders on November 27, 2025, with no resolutions being rejected [2] - The meeting was conducted in compliance with the Company Law and the company's articles of association, utilizing both on-site and online voting methods [2][3] Group 1: Meeting Details - The meeting was chaired by the company's chairman, Mr. Pu Jizhou, and attended by all current directors and supervisors [3] - The meeting took place at the company's art center conference room [2] Group 2: Resolutions Passed - A resolution to reduce registered capital, abolish the supervisory board, increase the number of board seats, and amend the company's articles of association was approved [4] - Multiple governance-related resolutions were passed, including amendments to the rules for shareholder meetings, board meetings, independent director systems, and management of related party transactions [5][6] Group 3: Legal Verification - The meeting was witnessed by lawyers from Guohao Law Firm (Chengdu), confirming that the meeting's procedures and resolutions complied with legal requirements [7]

Summary of China Spirits Tracker Conference Call Industry Overview - The spirits industry is currently facing challenges due to weakening demand influenced by anti-extravagance policies and a shift in the Mid-Autumn festival calendar, leading to a tough quarter for many companies in Q3 2025 [1][1][1]. - Companies are adopting a cautious outlook for the upcoming Chinese New Year (CNY) sales and earnings performance, primarily due to a high base effect and lingering policy impacts, resulting in low visibility on demand recovery [1][1][1]. Company-Specific Insights Kweichow Moutai - Moutai is pursuing growth targets mainly through wholesale channels, reporting a 14% year-over-year increase in sales for Q3 2025, despite a 15% decline in direct sales [1][1][1]. - The company is likely to adjust its growth targets for 2026 to be more rational due to pressures on wholesale prices from competitors [1][1][1]. Wuliangye - Wuliangye anticipates back-ended growth in 2026, with the first half of the year facing headwinds from a high comparative base [1][1][1]. - The wholesale price of Common Wuliangye has remained relatively stable, with a slight decrease of RMB 5 to RMB 855 per bottle [2][2][2]. Luzhou Laojiao - Laojiao is also expected to maintain stringent shipment controls, focusing on channel health and pricing strategies into the first half of 2026 [1][1][1]. Feitian Moutai - The wholesale price of Original case Feitian Moutai has decreased by RMB 25 to RMB 1,675, while unpacked Feitian Moutai's price dropped by RMB 40 to RMB 1,640 [2][2][2]. - Various SKUs of Moutai have seen price reductions ranging from RMB 60 to RMB 120 per bottle [2][2][2]. Guojiao 1573 - The wholesale price for Guojiao 1573 has remained stable at RMB 850 per bottle, indicating a lack of significant price movement in the current market [2][2][2]. Market Dynamics - The spirits market is characterized by stringent shipment controls among leading premium brands, with a focus on maintaining channel health and pricing systems [1][1][1]. - The overall sentiment in the spirits industry remains cautious, with companies preparing for potential challenges in the upcoming quarters due to regulatory impacts and market conditions [1][1][1]. Performance Metrics - The stock performance of select spirits companies shows mixed results, with Kweichow Moutai and ZJLD being relatively better performers, while others like Jiangsu Yanghe and Jiugui Liquor have faced significant declines [35][35][35]. Key Risks - Potential risks include regulatory changes, such as consumption tax hikes, and a slower-than-expected macroeconomic recovery, which could impact the spirits market significantly [41][41][41]. This summary encapsulates the key points discussed in the conference call regarding the spirits industry and specific company performances, highlighting the cautious outlook and market dynamics as of Q3 2025.

Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment period, while the light bottle liquor segment is experiencing strong growth, with products like Guo Fen from Shanxi Fenjiu showing over 10% sales growth in the first three quarters of the year, indicating a shift in consumer preferences from "face consumption" to "substance consumption" [1][2]. Industry Overview - The market size of light bottle liquor has grown from 35.2 billion yuan in 2013 to over 150 billion yuan in 2024, with projections to exceed 200 billion yuan by 2025, reflecting a compound annual growth rate of 13.8% from 2013 to 2021 [1][2]. Company Performance - Shanxi Fenjiu is one of the few companies showing growth, with a reported revenue of 32.924 billion yuan in the first three quarters of the year, a 5% increase year-on-year, and a net profit of 11.405 billion yuan, a slight increase of 0.48% [1][2]. Product Contribution - The Guo Fen product line has been a significant contributor to Shanxi Fenjiu's growth, with analysts noting that it achieved over 10% growth in the first three quarters, contrasting with the declining sales of many other products [2][3]. Competitive Landscape - The rapid growth of the light bottle liquor market has attracted numerous companies to increase their investments in this segment, with brands like Yanghe and Luzhou Laojiao launching new products aimed at capturing market share [3][4]. Market Dynamics - Despite overall growth in the light bottle liquor market, there is increasing differentiation among brands. Traditional brands like Niulanshan are facing significant challenges, with reported revenue declines of nearly 20% year-on-year [4][5]. Consumer Trends - The shift in consumer behavior is evident, with younger consumers moving from luxury packaging to a focus on quality and cost-effectiveness, prompting companies to adapt their strategies to meet the demand for high-value products [3][6]. Future Outlook - The light bottle liquor segment is expected to continue expanding, but competition is intensifying, leading to a clear differentiation among brands. Companies that can adapt to changing consumer preferences and market conditions are likely to thrive [6][7].

Company Actions - Kweichow Moutai, once the largest listed company in China, has announced another share buyback plan [1] - The buyback is intended to lift its flagging stock price [1]

Summary of the Conference Call on Chinese Liquor Industry (3Q25 Results) Industry Overview - The conference call focused on the Chinese liquor industry, particularly major companies such as Kweichow Moutai, Wuliangye, Luzhou Lao Jiao, Fen Wine, Gujing, and Yanghe [1][7]. Key Financial Results - **Kweichow Moutai**: Total sales remained flat year-over-year (0% change), with a gross profit margin (GPM) of 74.1% [3][7]. - **Wuliangye**: Reported a significant sales decrease of 53% year-over-year, with a GPM of 72.5% [3][7]. - **Luzhou Lao Jiao**: Sales decreased by 8%, with a GPM of 58.1% [3][7]. - **Fen Wine**: Sales increased by 4%, with a GPM of 62.0% [3][7]. - **Gujing**: Experienced a 52% decrease in sales, with a GPM of 33.7% [3][7]. - **Yanghe**: Sales decreased by 29%, with a GPM of 43.5% [3][7]. Profitability Metrics - **Operating Profit**: - Kweichow Moutai: Rmb 25.888 billion, up 2% year-over-year. - Wuliangye: Operating profit down 74% [3][7]. - **Net Profit**: - Kweichow Moutai: Rmb 19.224 billion, flat year-over-year. - Wuliangye: Net profit down 66% [3][7]. Market Dynamics - The industry has faced deteriorating demand since 2024, which is now reflected in the financials of major players [7]. - Companies are prioritizing supply and inventory management due to ongoing demand pressure, leading to a focus on destocking [7]. - A narrower gap between reported numbers and retail demand is expected in the coming quarters, although a turnaround may take time [7]. Dividend Announcements - Wuliangye announced a mid-year dividend plan of Rmb 10 billion, translating to Rmb 2.578 per share, indicating a yield of 2.2% as of October 30, 2025 [7]. Pricing Trends - Industry wholesale prices have trended lower across brands, with a slower payment pace from distributors year-over-year [7]. Analyst Reactions - Analysts noted that most major liquor companies recorded significant sales and earnings decreases for 3Q25, with expectations of declines between 30-50% [7]. - Revisions to earnings per share (EPS) forecasts were made for several companies, indicating a cautious outlook for the next 12 months [9]. Conclusion - The Chinese liquor industry is currently experiencing significant challenges, with major companies reporting steep declines in sales and profits. The focus on destocking and inventory management reflects the ongoing demand pressures, and while some companies are maintaining dividends, the overall sentiment remains cautious as the market adjusts to these dynamics [7][9].

Summary of Kweichow Moutai Company Ltd. Conference Call Company Overview - **Company**: Kweichow Moutai Company Ltd. - **Industry**: Consumer Goods, specifically high-end liquor - **Date of Call**: October 29, 2025 Key Financial Highlights - **Sales Performance**: - Core brand sales increased by 7% year-over-year (yoy) in 3Q25, contributing to 89% of total liquor sales, up from 84% in 3Q24 and 83% in 2Q25 [3][10] - Series liquor sales decreased by 34% yoy [3] - Direct sales accounted for 40% of liquor sales in 3Q25, down from 47% in 3Q24, indicating a 15% yoy decline [3] - Customer advances were Rmb7.7 billion in 3Q25, down from Rmb9.9 billion in 3Q24, reflecting ongoing channel de-stocking [3] - **Pricing Trends**: - Wholesale price of Feitian Moutai fell from approximately Rmb1,860 per bottle in September 2025 to Rmb1,700 in October 2025 [4] - Distributor payments were largely on track, with pre-payments for Feitian Moutai mostly completed [4] - **Margin Analysis**: - Operating margin expanded by 1.0 percentage point yoy to 66.3%, driven by a 1.0 percentage point reduction in selling expense ratio and a 0.4 percentage point decrease in general and administrative (G&A) expense ratio [4] - Gross margin contracted by 0.4 percentage points due to a higher sales tax ratio [4] - **Cash Flow**: - Cash flow from selling products increased by 2.6% yoy to Rmb44 billion [5] - Net cash position remained stable at Rmb173 billion in 3Q25 [5] Market Outlook and Strategic Insights - **Sales Growth Expectations**: - The company anticipates a possible lower sales target for 2026 compared to 2025, which could be viewed positively as it may alleviate channel stocking burdens and support pricing recovery [10] - **Inventory Management**: - The moderation in reported growth is seen as a positive move to prioritize disciplined inventory management, supporting long-term sustainable growth [10] Valuation and Price Target - **Current Stock Rating**: Overweight [7] - **Price Target**: Rmb1,785.00, representing a 25% upside from the closing price of Rmb1,431.90 on October 29, 2025 [7] - **Market Capitalization**: Rmb1,798,750 million [7] Risks and Considerations - **Upside Risks**: - Recovery in high-end liquor consumption sooner than expected and a faster rebound in Moutai's wholesale prices could drive further growth [14] - **Downside Risks**: - Continued decline in wholesale and retail prices of Moutai and weaker-than-expected performance of series liquor despite investments [14] Additional Notes - **Customer Advances**: The decline in customer advances indicates a potential slowdown in sales and inventory management challenges [3][10] - **Market Sentiment**: The current financial results align with market expectations, reflecting a proactive approach to managing channel pressures under weak demand [10] This summary encapsulates the key points from the conference call, focusing on financial performance, market outlook, and strategic insights for Kweichow Moutai Company Ltd.