活动亮点纷呈 两城共谱酒香新篇 活动现场，日中友好会馆、中国驻日机构、日本政经界相关代表、亳州市政府代表团、日本徽商协会代 表、古井代表团与媒体嘉宾齐聚一堂，以一杯 "中国酿"年份原浆古20 为纽带，共同见证这场联结亳州 与东京的跨国经贸文化交流盛事。 9月28日，亳州-东京经贸合作交流会暨古井贡酒・年份原浆中国酒文化全球巡礼（日本站）活动在日中 友好会馆盛大启幕。这也是古井贡酒继9月26日大阪世博会古井企业日圆满闭幕后，又一场在日本的品 牌推介盛会。 日本前首相鸠山由纪夫、日中友好会馆理事长小川正史，日中友好会馆中国代表理事黄星原，亳州市委 常委、副市长钟治峰，日中友好协会常务理事永田哲二，全日本华侨华人社团联合会执行会长张书明， 日本徽商协会会长黄平、安徽古井集团党委书记、董事长梁金辉等出席活动。 本次活动亮点纷呈，全面展现了华夏酒城亳州深厚酒文化与古井贡酒的国际化品牌魅力。活动外场，古 井贡酒调酒台精心准备以轻度古 20为底、混饮"欣肝保倍"酵素的鸡尾酒。嘉宾们在品鉴佳酿的同时， 观看古井六届世博酒文化展与国潮快闪节目，"千年贡酒 浓香万里"情景剧更以生动演绎，让千年贡酒 文化跃然眼前。 特别设置的亳州 ...

Core Points - The "2025 Phoenix Star Listed Company Awards" ceremony was held in Guangzhou, recognizing companies in various key areas such as innovation, shareholder returns, social responsibility, and growth [1][2] - The "Best Shareholder Return Listed Company" award emphasizes sustainable profitability and shareholder equity growth, integrating financial metrics with ESG performance [2][6] Group 1: Award Winners - The winners of the "Best Shareholder Return Listed Company" award include COSCO Shipping Holdings, Orient Overseas International, Industrial and Commercial Bank of China, Gujing Distillery, and Bosideng [2][4] - Orient Overseas International has distributed over $14.4 billion in dividends over the past four years, maintaining a stable dividend payout ratio of 50% [5][6] - COSCO Shipping Holdings has distributed cash dividends totaling 113.6 billion yuan over the past four years, with a dividend payout ratio of 50% in the last three years [9][10] - Industrial and Commercial Bank of China has maintained a dividend payout ratio of over 30% since its listing in 2006, with a total cash dividend exceeding 1.5 trillion yuan [12][13] - Gujing Distillery plans to distribute 3.172 billion yuan in cash dividends for 2024, maintaining a high dividend payout ratio [15][16] - Bosideng achieved a revenue of 25.902 billion yuan in the 2025 fiscal year, with a net profit of 3.514 billion yuan, and a high dividend payout ratio of 84.1% [18][19] Group 2: Company Performance - Orient Overseas International reported a net profit of $2.577 billion for 2024, with a basic earnings per share of $3.90 [6][10] - COSCO Shipping Holdings achieved a revenue of 233.859 billion yuan in 2024, with a net profit of 49.172 billion yuan, reflecting a year-on-year increase of 105.78% [10] - Industrial and Commercial Bank of China has maintained a stable net interest margin and steady growth in intermediary business income, with a non-performing loan ratio better than the industry average [13] - Gujing Distillery's revenue for the first half of 2025 was 13.880 billion yuan, with a net profit margin of 27.22% [16] - Bosideng's revenue growth of 11.6% in a challenging industry environment demonstrates its resilience and commitment to shareholder returns [19]

Core Viewpoint - Yingjia Gongjiu, once a rising star in the Anhui liquor market, is currently facing significant challenges, including a sharp decline in stock price and disappointing financial performance, leading to a strategic shift in its growth targets [2][4][5]. Financial Performance - Yingjia Gongjiu's stock price fell below 40 yuan, reaching a low of 37.12 yuan per share, marking a nearly 23% decline in 2023, the second worst performance since its listing [2][5]. - In 2024, the company reported revenue of 7.344 billion yuan, an 8.46% increase year-on-year, and a net profit of 2.589 billion yuan, up 13.45% [5]. - However, the company did not meet its annual budget targets of 8.064 billion yuan in revenue and 2.866 billion yuan in net profit [6]. Market Challenges - The liquor industry is experiencing a shift towards a "stock competition," with leading brands capturing market share, putting pressure on Yingjia Gongjiu [8]. - The company is increasingly reliant on the Anhui market, with revenue from the province rising from 63.5% in 2021 to 72.74% in 2024, while revenue from outside the province remains below 30% [12]. - The gross profit margin for products sold outside Anhui is lower than that of products sold within the province, indicating challenges in expanding its market presence [13]. Strategic Adjustments - Yingjia Gongjiu has shifted its strategic focus from a "100 billion target" to a more conservative growth approach, aiming for a net profit growth rate of just 1% by 2025 [4][11]. - The company is facing increased competition from both local brands like Gujing Gongjiu and Kouzi Jiao, as well as national giants like Moutai and Wuliangye, which are penetrating regional markets [19]. Operational Issues - The company is experiencing slow sales and high inventory levels, with inventory rising from over 3 billion yuan in 2020 to 5.04 billion yuan in 2024, accounting for 37.67% of total assets [21]. - Cash flow from operating activities decreased by 12.89% in 2024, breaking a trend of continuous growth since 2020 [23]. Management and Governance - Despite the company's financial struggles, executive compensation has increased, with the chairman's salary rising by 16% in 2024, surpassing the growth rates of revenue and net profit [24].

Core Viewpoint - The event of the 2025 Four Seasons Village Song Cultural Performance and the 5th Original Grain Harvest Season of Gujing Gongjiu highlights the company's commitment to quality and its deep-rooted connection to the agricultural community [1][12]. Group 1: Quality Control and Agricultural Practices - Gujing Gongjiu emphasizes that the first step in brewing is in the wheat fields, particularly in the Huanghuai Plain, known for its fertile soil and suitable climate for high-quality soft winter wheat [5][6]. - The company implements strict standards for selecting raw materials, ensuring that every grain of wheat meets the "Gujing Standard" from the moment it is planted [6][8]. - The "Five Unifications" principle is applied throughout the production chain, including unified variety, land selection, field management, harvesting, and storage, showcasing a comprehensive quality control system [8][9]. Group 2: Technological Integration - Gujing Gongjiu collaborates with various research institutions to establish the "Gujing Gongjiu Grain Research Institute," focusing on the study of brewing grains to enhance quality [9]. - The company has developed a smart management platform for raw grains, utilizing a three-dimensional monitoring network to track key growth factors such as soil moisture and temperature [9][10]. - This integration of technology into traditional agriculture transforms the farming process into a standardized and intelligent modern industry [9]. Group 3: Social Responsibility and Community Engagement - Gujing Gongjiu operates under the principle of "doing good for the community," establishing nearly 300,000 acres of high-quality wheat order bases in collaboration with local farmers [11]. - The company’s model ensures farmers are not concerned about market access or pricing, allowing them to focus on adhering to strict planting standards [11]. - This partnership not only secures a stable supply of high-quality raw materials for the company but also provides income stability for farmers, fostering a win-win relationship [11]. Group 4: Cultural Integration and Future Vision - The event features cultural performances that celebrate the heritage of the region, intertwining local folk songs with the story of Gujing Gongjiu [12][14]. - The "Grain Fragrance Market" showcases local crafts and culinary delights, promoting a blend of industrial tourism and cultural heritage [14]. - Gujing Gongjiu's commitment to quality and community is reflected in its efforts to create a sustainable development path that benefits both the industry and local populations [14][16].

Investment Rating - The report maintains a "Buy" recommendation for the food and beverage industry, indicating a gradual bottoming out for the liquor sector and a positive outlook for consumer goods [2]. Core Insights - The liquor sector is showing signs of bottoming out with significant structural differentiation among companies, while the consumer goods sector is recovering from a downturn [4][7]. - The report emphasizes the importance of domestic demand recovery, suggesting that new market scenarios and product categories present structural investment opportunities [4]. Summary by Sections 1. Liquor Sector: Signs of Bottoming Out and Structural Differentiation - The liquor industry experienced a slowdown in Q4 2024, but maintained positive growth in Q1 2025 despite high base effects, with significant differentiation among companies [7]. - Major liquor companies like Moutai and Wuliangye are outperforming the market, with Moutai's revenue growth at 10.7% and profit growth at 11.6% in Q1 2025 [12][16]. - The overall revenue for the liquor sector in 2024 was 4,417.7 billion, with a growth rate of 7.7%, while Q1 2025 saw a revenue of 1,533.6 billion, reflecting a growth of 1.8% [12][15]. 2. Consumer Goods Sector: Recovery and Bright Spots - The consumer goods sector, including dairy and beer, is showing signs of recovery, with revenue and profit growth of 2.4% and 8.4% respectively in Q1 2025 [4][16]. - New channels and product categories are driving growth in snacks and beverages, with companies like Dongpeng and Nongfu showing strong performance [4][16]. - The report suggests a positive outlook for the consumer goods sector, with expectations of a dual boost in fundamentals and valuations in the latter half of the year [4][16]. 3. Investment Recommendations - The report recommends focusing on leading companies in the liquor sector, such as Moutai and Wuliangye, as they are expected to benefit from the recovery phase [4][16]. - For consumer goods, it suggests investing in snack and beverage companies that are leveraging new channels and product innovations, highlighting the potential for significant growth [4][16].

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].