"千年老窖万年糟，酒好须得窖池老"，这是白酒行业流传甚广的俗语，也是浓香型白酒酿造的核心法则。为何窖池年份与酒质优劣密切相关？消费者 又该如何通过这一关键维度判断好酒标准？ 作为中国白酒龙头企业，五粮液连续三季推出"TA说"系列解读视频，以通俗易懂的方式为消费者深度拆解——窖池的岁月沉淀、微生物的共生奥 秘，究竟如何共同酿造出一杯传承千年的浓香佳酿。 近日，五粮液《TA说：活窖之美》第三季第四期《寻香活窖》重磅上线。节目特邀中国烹饪大师、原北京四川饭店行政总厨郝振江，以深耕川菜三 十余年的专业视角，探寻川菜与川酒的味觉共鸣，让五粮液元明古窖池群"连续不间断酿造700余年"的活态传奇与传承千年的酿造技艺，在美食与美酒的 碰撞中愈发清晰。 寻香溯源，挖掘700余年古窖池的活态奥秘 "在川菜中，酒不仅仅是佐餐，更常常出现在烹饪里，川菜讲究香从酒中来，酒能激发食材的香气，丰富菜品的层次。五粮液属于浓香型白酒，以高 粱、大米、糯米、小麦、玉米五种粮食共同酿造，富含酯类、醇类等呈香物质，香气层次更加复杂醇厚。无论是对比黄酒，还是单一粮食酿造的白酒，五 粮液的香气穿透力更强，窖香、粮香、曲香交织丰富，高温烹饪时能快速渗透食 ...

Group 1 - The core theme of the 2025 Fortune China 500 Summit is "Harnessing Trends and Expanding Territories: The Next 25 Years of the 21st Century," gathering leaders from numerous Fortune 500 companies, renowned scholars, and industry experts [2] - Wuliangye ranked 146th in the 2025 Fortune China 500 list, leading the liquor industry [2] - The brand culture exhibition hall of Wuliangye showcased the deep cultural heritage and exceptional craftsmanship of Chinese liquor, centered around the "Harmony and Beauty" culture [2][4] Group 2 - During the themed dinner, guests experienced the unique charm of Chinese liquor through a five-step tasting method, enhancing the appreciation of the product [4] - Wuliangye is committed to high-quality development, continuously enhancing brand influence and value through participation in international high-end platforms such as the China International Import Expo and the Boao Forum for Asia [4] - The company aims to promote the international dissemination of Chinese liquor culture and contribute to the exchange of world civilizations by adhering to the "Harmony and Beauty" value concept [4]

Core Viewpoint - In 2025, the market supervision departments in Qinghai Province are actively combating trademark infringement, particularly in areas with high occurrences of counterfeit products, to ensure a safer consumer environment [2] Group 1: Daily Consumer Goods Trademark Infringement Cases - Case 1: A supermarket was found selling counterfeit "Nanfu" batteries, with a total value of 342 yuan and illegal gains of 108 yuan. The offender was fined 2,000 yuan and had all counterfeit batteries confiscated [3] - Case 2: A supermarket sold counterfeit "Yunnan Baiyao" toothpaste, resulting in a fine of 500 yuan and confiscation of 7 boxes of toothpaste. This case highlights the importance of consumer reports in identifying infringements [4] - Case 3: A supermarket was penalized for selling counterfeit "Hai Fei Si" shampoo, with illegal gains of 22 yuan. The offender was fined 500 yuan [7] Group 2: Alcohol Trademark Infringement Cases - Case 4: A wholesale store was found selling counterfeit "Wuliangye" and "Jian Nan Chun" liquor, with a total value of 5,640 yuan. The offender was fined 10,000 yuan [5] - Case 5: A store was penalized for selling counterfeit "Moutai" liquor valued at 21,000 yuan, resulting in a fine of 21,000 yuan [6] Group 3: Clothing and Footwear Trademark Infringement Cases - Case 6: A clothing store was found selling 454 pairs of counterfeit "Nike," "Adidas," and "Puma" shoes, valued at 50,000 yuan. The offender was fined 2,000 yuan [10] - Case 7: A store was found with 6 pairs of counterfeit "Nike" shoes, but due to the owner's lack of knowledge and minor violation, no fine was imposed, only confiscation of the goods [11] Group 4: Industrial Products Trademark Infringement Cases - Case 8: A company was penalized for selling 100 barrels of counterfeit "Zhigao" engine oil, with a total value of 25,000 yuan, and fined 75,000 yuan [12] Group 5: Production and Packaging Trademark Infringement Cases - Case 9: A biotechnology company was found producing counterfeit "Dahai" brand packaging materials, with a total value of 17,800 yuan. The company was fined 25,000 yuan [14] Overall Impact - In 2025, the market supervision departments in Qinghai Province demonstrated a comprehensive approach to trademark enforcement, emphasizing a balance of strict penalties and educational measures to enhance awareness of intellectual property rights among market participants [2][14]

Core Points - The signing ceremony between Boao Forum for Asia and Wuliangye Group marks the continuation of Wuliangye as a strategic partner, enhancing its role in global discussions and promoting the internationalization of Chinese liquor [2][3][6] - Wuliangye's commitment to sustainable development and cultural heritage was praised by Ban Ki-moon, highlighting the company's role as a leader in the liquor industry and a representative of Asian enterprises in global governance [5][6] - The partnership aims to foster regional cooperation and contribute to sustainable development agendas in Asia, with Wuliangye participating in the 2026 annual meeting and related international activities [3][6] Company and Industry Insights - Wuliangye has been a key partner of the Boao Forum since 2018, enhancing its international presence and showcasing the unique charm of Chinese liquor on global platforms [6][8] - The company has set a "zero-carbon" goal and is implementing a comprehensive green management system across its entire supply chain, demonstrating a commitment to ecological protection and sustainable practices [7][8] - Recent achievements include receiving the highest score in the history of the China Enterprise History Creation Award and winning the "United Nations Sustainable Development Goals Implementation and Corporate Performance Excellence Award," which enhances Wuliangye's brand influence [8]

Core Viewpoint - Dongwu Securities report indicates that Wuliangye's net profit attributable to shareholders for Q1-Q3 of 2025 is 21.511 billion yuan, a year-on-year decrease of 13.72%, with Q3 net profit at 2.019 billion yuan, down 65.62% year-on-year [1] Group 1: Financial Performance - Wuliangye's financial statements show significant pressure, with a notable decline in net profit for both the first three quarters and the third quarter of 2025 [1] - The company is facing external demand pressure due to a deep adjustment in the liquor industry [1] Group 2: Strategic Response - In response to external uncertainties, the company aims to consolidate its development certainty and is actively pursuing channel transformation [1] - Wuliangye is exploring new cross-border marketing models in collaboration with corporate group purchasing clients, focusing on resource development for new demands and scenarios [1] Group 3: Future Outlook - Considering the relatively slow recovery of high-end demand and the company's increased efforts in inventory clearance, there is potential for a certain degree of profit recovery in the medium to long term [1] - The report maintains a "buy" rating, suggesting that the company's short-term inventory clearance efforts will help solidify its long-term development foundation [1]

Summary of Industry and Company Insights from Conference Call Records Industry: Baijiu (Chinese Liquor) Key Points: - The overall performance of the baijiu industry in Q3 was under pressure, with most companies experiencing a decline in net profit, particularly those with significant revenue drops. [1][7] - Moutai maintained a stable performance with a 7% revenue increase, despite a drop in batch prices from 1,760 RMB to around 1,670 RMB, reflecting a more than 20% year-on-year decline. [1][10] - Wuliangye saw a significant revenue decline of 52% and a profit drop of 65%, indicating substantial pressure on its performance. [1][4] - Luzhou Laojiao performed better than expected, with effective strategies in place, although external environmental factors need to be monitored. [1][6] - The second-tier brand Fenjiu showed stable performance, with the Qinghua series growing by 9-10%, while Qinghua 30 experienced a decline of 20-30%. [1][5] - The overall baijiu sector is expected to continue adjustments in Q4 in preparation for the Spring Festival, which is a critical sales period. [1][8] Industry: Dairy Products Key Points: - The dairy sector faced weak terminal demand in Q3, with Yili's liquid milk revenue declining by 8.8%, while New Dairy achieved double-digit growth. [1][12] - The outlook for Q4 remains challenging, with expectations of continued pressure on liquid milk demand due to weak consumer confidence. [1][13] - New Dairy and Miaokelando are expected to maintain good growth through product innovation and market expansion. [1][13][14] Industry: Soft Drinks Key Points: - The soft drink industry showed stable performance in Q3, driven by strong travel demand and the introduction of new products. [1][15] - Dongpeng Beverage reported a 30.4% revenue increase, benefiting from new product launches, while competitors like Master Kong and Uni-President experienced revenue declines. [1][15][16] - Long-term growth prospects for Dongpeng and Nongfu Spring are viewed positively, while Master Kong and Uni-President are considered defensive dividend investment options. [1][18] Industry: Frozen Foods Key Points: - The frozen food sector is showing signs of stabilization, with demand not expected to worsen significantly. [1][20] - Leading companies are reducing expenditure, leading to some profit recovery, although growth rates remain modest. [1][20] - The industry is at a bottom turning point, with expectations for improvement in restaurant demand. [1][20] Industry: Snacks Key Points: - The snack sector saw slight revenue growth but at a slower pace, with rapid growth in bulk snack channels. [1][21] - New retail channels like Sam's Club are contributing significantly to revenue growth, despite some short-term impacts from public sentiment. [1][21] - The performance of key brands like Yanjin and Youyou has improved, indicating better operational efficiency and profitability. [1][25] Industry: Meat Products Key Points: - The meat product sector is considered a defensive dividend segment, with companies like Shuanghui Development and WH Group showing stable performance. [1][22] - Shuanghui's meat product sales remained steady, with a target of 30% growth in new channels for the upcoming year. [1][23] - WH Group's U.S. market performance was stable, with expectations for relatively stable pork prices in 2026. [1][24] Overall Market Performance Key Points: - The food and beverage sector has underperformed compared to the CSI 300 index, with a 5.5% decline as of October 31, 2025. [1][9] - The baijiu sector's valuation has decreased, with a forecasted P/E ratio of 18.9 times, lower than historical averages. [1][9] - Fund holdings in the baijiu sector have decreased, indicating potential for future capital inflow if demand improves. [1][9]

Core Viewpoint - The company is currently experiencing a decline in third-quarter performance and is undergoing proactive adjustments to manage inventory and boost distributor confidence, while maintaining a long-term focus on development [1] Company Summary - The company is in a period of deep industry adjustment and is actively working to reduce channel inventory [1] - The company believes that high-end liquor can withstand economic cycles in the long run [1] Industry Summary - The industry is facing significant adjustments, impacting overall performance [1] - The long-term outlook for high-end liquor remains positive despite current challenges [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of the year, attributing this to the deep adjustment period in the liquor industry and insufficient recovery in effective demand [1] Financial Performance - For the first three quarters, the company achieved revenue of approximately 60.945 billion yuan, a year-on-year decrease of 10.26% [1] - The net profit attributable to shareholders was about 21.5 billion yuan, down 13.72% year-on-year [1] - The decline in revenue and net profit is attributed to a combination of factors including market changes and increased investments to adapt to these changes [1] Contract Liabilities - As of the end of the third quarter, the company's contract liabilities reached 9.268 billion yuan, significantly up from 7.072 billion yuan in the same period last year [1] Dividend Distribution Plan - The company announced a mid-term profit distribution plan for 2025, proposing a cash dividend of 25.78 yuan (including tax) for every 10 shares to all shareholders [1] - Based on a total share capital of 3.882 billion shares as of September 30, 2025, the total proposed cash dividend amounts to approximately 10.007 billion yuan (including tax) [1] - Since its listing, the company has distributed cash dividends 24 times, totaling 116.439 billion yuan, with an average dividend payout ratio of 45.71% [1] - In the last three years, the cumulative dividends (including buybacks) amounted to 55.107 billion yuan [1]

Core Viewpoint - Wuliangye reported a significant decline in both revenue and net profit for the third quarter of 2025, attributed to a deep adjustment period in the liquor industry and insufficient recovery in effective demand [1][4]. Financial Performance - The third quarter revenue was 8.174 billion yuan, a year-on-year decrease of 52.66% [1][4]. - Net profit for the third quarter was 2.019 billion yuan, down 65.62% year-on-year [1][4]. - For the first three quarters, total revenue reached 60.945 billion yuan, reflecting a 10.26% decline compared to the previous year [1][4]. - Net profit for the first three quarters was 21.511 billion yuan, a decrease of 13.72% year-on-year [1][4]. Earnings and Cash Flow - The basic and diluted earnings per share for the third quarter were both 0.520 yuan, down 65.63% year-on-year [4]. - The cash flow from operating activities showed a slight decrease of 5.19% year-on-year, totaling approximately 28.247 billion yuan [4]. Asset and Equity Position - Total assets at the end of the reporting period were approximately 181.073 billion yuan, down 3.81% from the end of the previous year [4]. - Shareholder equity increased by 6.91% year-on-year, amounting to approximately 142.496 billion yuan [4].

五粮液公告，拟向全体股东每10股派发现金红利25.78元（含税）。截至2025年9月30日，公司未分配利 润为968.67亿元，公司总股本为38.82亿股，合计拟派发现金红利100.07亿元（含税）。 ...