Core Viewpoint - The announcement from the Bengbu Market Supervision Administration reveals the results of food safety inspections, indicating that out of 188 batches tested, 179 were compliant while 9 were found to be non-compliant, highlighting ongoing food safety concerns in the region [2][11]. Summary by Categories Inspection Results - A total of 188 batches of various food products were sampled, including convenience foods, sugar, starch products, canned goods, beverages, condiments, and more [2]. - Among these, 179 batches were found to be compliant with national food safety standards, while 9 batches were deemed non-compliant [2]. Non-Compliant Products - Specific non-compliant products include: - Chopsticks used at Jin Feng Restaurant and Hot Spicy Era Hotpot, both found to contain anionic synthetic detergents exceeding safety standards [3][4]. - Star Anise sold at Century Hualian Supermarket, with sulfur dioxide residue exceeding the limit [5]. - Small Tai Mango sold at Jingyou Fresh Supermarket, containing pyraclostrobin above the permissible level [6]. - Yam sold at Meiyijia Supermarket and Yimufang Tian Fresh Supermarket, both containing excessive levels of mefenoxam and manganese mefenoxam [7][8]. - Fish sold at Sifang Lake Aquatic Store and Bullfrog at Qunli Street Farmers Market, both containing enrofloxacin above the safety threshold [9][10]. - Yangmei sold at Happy Purchase Supermarket, found to contain sodium saccharin, which is prohibited [11]. Regulatory Actions - The local market supervision authorities have mandated the responsible parties to trace the distribution of the non-compliant products, recall them, and take corrective actions to mitigate risks [11].

一、总体情况 本次监督抽检品种主要包括食用农产品、肉制品、餐饮食品、粮食加工品等类别食品，共抽检257批次，合格257批次，详见附件。 南京市六合区市场监督管理局 2025年6月25日 | | 合格产品信息 | | （声明：以下信息仅指本次抽检标称的生产企业相关产品的生产日期/批号和所检项目） | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序 | 标示生产单位 | | 被抽样单位名 | | 被抽 检单 | 抽 样 | 食品大 | | | 生产 | | | | 标示生产单位地址 | | 被抽样单位地址 | | | | 样品名称 | 规格型号 | 日期- | | 号 | 名称 | | 称 | | 位所 在区 | 环 节 | 类 | | | 批号 | | | 漯河亿家馨食 | 河南省漯河市经济技术开发区普陀 | 六合区宇平零 | 江苏省南京市六合区冶山 | | 流 | | 酸辣味泡鸡爪（辐 | | 2025- | | 1 | 品有限公司 | 山路2号 | 食店（个体工 商户） | 街道冶山路 ...

在一线白酒库存高企、价格倒挂的严峻形势下，"去繁从简"的低价光瓶酒如今成为各大酒企和消费者的心头好。6月23日，洋河大曲高线光瓶 酒正式发布，42度单瓶59元的售价瞬间引爆市场，京东预售已过万瓶。在本月初，河南白酒领军企业仰韶也创新推出了高线光瓶酒系列"仰韶 酒"，新产品单瓶锁定58元。两大酒企品牌瞄准"59元黄金赛道"，与50元超级单品"汾酒玻汾"展开正面交锋。 线下市场方面，低价光瓶酒也已占据了白酒市场的半壁江山。6月25日，新黄河记者在济南市区某大型超市白酒销售区看到，价格在50元到60 元左右的品牌光瓶酒成为主推产品。"这款郎酒顺品郎单瓶售价只需56元，最近卖得非常好，现在仓库就剩十来箱了。"超市促销人员介绍，今 年以来，店内在售的多款品牌光瓶系列酒成为所有品类里的销冠，回头客特别多，大家主要是看中其性价比较高，花五六十元就能喝到纯粮品 质的一线品牌好酒，确实比较划算。 6月25日，新黄河记者走访发现，市场上随处可见"59元低价区间"品牌光瓶酒，既汇聚了全国头部名酒和区域名酒，又包括老牌光瓶酒及新生 势力，诸如五粮液尖庄、郎酒顺品郎、泸州老窖黑盖、绿脖西凤等均在50元到60元左右价格区间"贴身肉搏"。 ...

作者︱懂酒哥 从2012年"工作餐不得提供高档酒水"到2025年"全面禁酒"，政务监管政策逐步收紧，旨在破除"酒桌办公""以酒谋私"的潜规则，重塑"务实清廉"的公职形 象。 在新"禁酒令"出台后，业内普遍认为，白酒消费遭遇了新的挑战。但往往机遇总是伴着挑战而来，在"禁酒令"之下，光瓶酒一骑绝尘，凭借其大众消费属 性，在商务与个人消费主导的新格局中占据优势。 2025年修订的《党政机关厉行节约反对浪费条例》明确公务接待烟酒全禁。今年6月，多地政府推出升级版"禁酒令"，明确公职人员在岗期间、培训期间及 非公务场合全面禁酒，并实施全天候酒精检测巡查。 政策执行力度空前，部分单位甚至深夜突击检查。 但在政策执行过程中，出现了"一刀切"的现象，不仅干扰党员、干部正常工作生活，也给相关行业带来不必要的冲击。 6月20日，新华社发表评论指出，整治违规吃喝不是一阵风不能一刀切。文章指出，从中央到地方的各项"禁酒令"，其核心始终是规范公务行为、严明纪律 红线，而非一刀切阻绝正常人际交往。党员干部有正常私人交往的权利，前提是要守住"不影响公务""不影响廉洁"的底线。此前，人民网已经发表评论，集 中整治违规吃喝是为防住腐败，加强党 ...

Core Viewpoint - The newly revised regulations on government spending, particularly the "new ban on alcohol," have significantly impacted the liquor industry, especially the white liquor sector, which is experiencing a shift in consumption patterns and market strategies [1][3]. Group 1: Regulatory Impact - The revised regulations prohibit high-end dishes, cigarettes, and alcohol during official receptions, leading to a strong reaction in the white liquor industry [1]. - Following the introduction of the "Eight Regulations" in 2012, the white liquor industry faced a significant downturn, with government consumption accounting for 40% of the market at that time. Currently, this figure has dropped to approximately 5%, with leading companies like Moutai seeing government channel sales below 1% [3]. Group 2: Market Response - Despite the new regulations, the actual sales impact on the white liquor industry is expected to be limited, as the government consumption share has already decreased. However, the capital market reacted negatively, with the white liquor sector index dropping over 2% on the first trading day after the announcement, and major companies like Moutai and Wuliangye seeing stock price declines of 2%-3% [3]. Group 3: Industry Adaptation - The white liquor industry is actively adapting to the new policy environment by diversifying its product offerings across different price ranges and consumption scenarios. Leading brands maintain strength in social drinking contexts, while lower-priced options are gaining popularity among cost-conscious consumers [5]. - Companies are innovating to attract younger consumers through product and scenario innovation, as well as cross-industry collaborations. For instance, Luzhou Laojiao has introduced low-alcohol beverages with herbal ingredients, and Wuliangye has partnered with esports IPs to launch new products [7].

平台正在在搞618活动，前两天美团又加入了闪电购的活动，平台的618、还是美团的闪电购，都 有一个重点：白酒补贴吸引流量。 大约是平台低价补贴成了常态，茅台跌破2000、五粮液跌破850的消息也没有前段时间火了，我在 下面回复了一段：晒平台补贴的低价毫无意义，只要平台愿意，茅台跌破1000，五粮液破500秒秒 钟的事，百亿补贴不行，二百亿䃼贴呢？贴主很不喜，结果被拉黑了。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：我的五粮液要拿十年 来源：雪球 电商的低价倾销下，最难的是经销商，原来经销商加价50元就批发给烟酒店的好日子，几乎不可 能维持下去的，有实力经销商的会签约头部酒企，帮助厂家维护客情、推广产品，跑终端店铺， 然后靠厂家返点来实现稳定收益。 是啊，平台常年的百亿补贴，出现什么样的低价都不要惊讶，只要平台愿意，什么价格都行！比 如五粮液，闪电购要求商家某个时间段只能按850出售，每瓶䃼贴100元，每并给商家留个5～10元 利润，商家愿不愿意？你不愿意，有的是商家愿意。 现在酒企为了经销商的收益，在采取另外一种办法，专门为经销商开发一种产品，不向平台供 货， ...

2025 年 05 月 07 日 Q1 略超预期，期待渠道改革成效 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-05-06 | | --- | --- | | 当前股价（元） | 129.49 | | 总市值（亿元） | 5026 | | 总股本（百万股） | 3882 | | 流通股本（百万股） | 3881 | | 52 周价格范围（元） | 107.69-164.05 | | 日均成交额（百万元） | 2933.66 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -30 -20 -10 0 10 20 (%) 五粮液 沪深300 相关研究 1、《五粮液（000858）：营销执行 提升年，稳定压倒一切》2024-12- 19 2、《五粮液（000858）：浓香龙头 迎复兴，酒业大王向前看》2024- 12-06 3、《五粮液（000858）：发布中期 利 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company's Q1 performance slightly exceeded expectations, with strong sales collection [5] - The company is focusing on channel reform to enhance its market position [1][5] - The main brand is developing multiple product lines while creating flagship products in other liquor categories [6] - The company is expected to maintain its pricing strategy and restore channel confidence, leading to a recovery in brand value [8] Financial Performance - In 2024, total revenue and net profit attributable to shareholders were 891.75 billion and 318.53 billion yuan, respectively, representing year-on-year growth of 7% and 5% [5] - Q1 2025 revenue and net profit attributable to shareholders were 369.40 billion and 148.60 billion yuan, both showing a year-on-year increase of 6% [5] - The gross margin for 2024 was 77%, with a slight year-on-year increase, while the net margin was 37%, showing a slight decline [5] - The company reported a significant increase in operating cash flow in Q1 2025, with a year-on-year growth of 2970% [5] Product Development - In 2024, liquor revenue reached 831.27 billion yuan, with the main product line contributing 678.75 billion yuan, reflecting an 8.07% increase [6] - The company launched new products in the 45-degree and 68-degree categories, expanding its product matrix [6] - The average price of the main products increased slightly, contributing to overall revenue growth [6] Regional Performance - Revenue from the Eastern, Southern, and Northern regions in 2024 was 312.90 billion, 393.36 billion, and 125.01 billion yuan, respectively, with the Eastern and Southern regions showing stable growth [7] - The number of distributors for the main brand and its sub-brands increased significantly, indicating a successful expansion strategy [7] Earnings Forecast - The company is projected to have EPS of 8.67, 9.26, and 10.00 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 15, 14, and 13 times [8][10]

李清凌 封面新闻记者 伍雪梅 "这个'三免'太惊喜了，感受到了长江首城的热情。""管吃、管喝、还管充电，很不错。"这个"五一"假期，四川省宜宾市"宠客""三免"政策再度回归，受 到游客的欢迎。 宜宾翠屏区志愿者为游客提供服务。（李清凌 摄） 宜宾盛产美食、美酒，最为人熟知的便有宜宾燃面和五粮液，另外宜宾还是"中国动力电池之都"。"三免"政策和宜宾的这些特色可以说是十分适配了，包 括免费吃面、免费品酒以及新能源车免费充电。 宜宾翠屏区合江门广场展示的免费吃面兑换流程。（李清凌 摄） 5月2日，在翠屏区东街的宜宾燃面店，来自四面八方的游客落座其中，在一声声吆喝中，一碗碗燃面被端上桌，面条红亮油润，花生碎、芽菜、葱花等佐 料铺洒其上，令人食欲大增。"我们凭身份证领取了体验券后，就迫不及待地过来尝燃面的味道，果然很好吃。"来自绵阳的游客杨芸说道。据悉，外地游 客只需出示身份证，即可在指定点位领取"三免"宠客活动燃面品鉴兑换券，凭券可前往全市优选的40家优质燃面店，免费品尝地道的宜宾燃面。 在翠屏区合江门广场，一场飞花令对决正在进行。"请说出与春天相关的诗句。""好雨知时节，当春乃发生""等闲识得东风面，万紫千红总是春 ...

Core Viewpoint - Wuliangye's 2024 annual report shows a revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit of 31.853 billion yuan, up 5.44%, indicating a slowdown in growth rates for both revenue and profit, marking the first time since 2015 and 2016 respectively that these figures have shown single-digit growth [1][4][10]. Financial Performance - In Q1 2024, Wuliangye achieved a revenue of 36.94 billion yuan, a year-on-year increase of 6.05%, and a net profit of 14.86 billion yuan, up 5.80%, reflecting a trend of single-digit growth in quarterly reports for the first time in nearly a decade [3][4]. - For the first three quarters of 2024, Wuliangye's net profit reached 24.931 billion yuan, a year-on-year increase of 9.19%, but the fourth quarter saw a decline in net profit by 6.17% to 6.922 billion yuan despite revenue growth [2][4]. Industry Context - The white liquor industry is currently undergoing a deep adjustment period characterized by increased volatility and intensified competition, which has impacted Wuliangye's performance [2][10]. - The overall production of major white liquor companies in 2024 is projected to decline by 1.8%, while sales revenue is expected to grow by 5.3%, indicating challenges within the industry [10]. Sales and Marketing Strategy - Wuliangye has increased its sales expenses significantly, with total sales expenses exceeding 10 billion yuan for the first time, reaching 10.69 billion yuan, a year-on-year increase of 37.2% [18][20]. - The company has focused on enhancing market investment to boost dealer confidence, with promotional expenses alone rising to 6.76 billion yuan, up 48.9% [18][20]. Product Mix and Market Position - Wuliangye's high-end products accounted for 76% of its revenue in 2024, totaling 67.875 billion yuan, while lower-tier products generated only 15.251 billion yuan, highlighting a lack of mid-tier product support [12][10]. - The company plans to stabilize market prices and ensure channel profitability by adjusting its production strategy in response to market demand changes [10][12]. Future Outlook - Wuliangye's 2025 goals include consolidating and enhancing stable development, promoting brand value, and aligning revenue growth with macroeconomic indicators, reflecting a more conservative outlook compared to previous years [12][24].