□刘辉 锦绣天府，安逸四川^①。邻青藏，毗滇黔。接渝陇，抵秦关。宜旅宜游之苑，宜家宜业之园。似幻而 真其境，出神入化其间。山水清秀，人文璨然。风和送爽，味畅成欢。未至者思服欲往，既来者乐而忘 还。 妖娆川景，大块文章^②。一个花盆^③，四围翠幌；奇观不绝，幽趣无央。若夫秀吐千河^④之婉转， 雄吞万岭其浩茫。剑阁云连翠柏，峨眉影入平羌。谧尔青城，蜚声寰宇；斑斓九寨，媲美天堂。伟岸峙 雪晴之贡嘎，缤纷绘霜后之米仓。黄龙池水，五彩纷呈瑶界；瓦屋杜鹃，万株连缀云裳。露营牛背 ^⑤，流星散雨；夜幕天台^⑥，萤火聚光。达古冰川玉砌，叠溪海子泪妆。若尔盖茵铺湿地，安宁河花 舞暖阳。看云玉垒，听雨雅安，浴霞金顶，邀月西昌。尘虑消稻城^⑦之净土，闲身坐竹海之幽篁。胜 水名山，的是苍旻独厚；异株灵兽，亦称国宝无双。娇萌从太古，大熊猫走秀；振翼始鸿蒙，鸽子树 ^⑧流芳。以至屏山鹧鸪^⑨，声如人语；丙穴之鱼^⑩，骨有剑芒。芙蓉织锦，白鹭横江。蜀葵蕊炫， 银杏叶黄。悦目而神情旷达，赏心则胸胆开张。乃思钟灵之境，匪是逸豫之乡。珍山水若金银，为功在 久；固根基以生态，谋盛于长。自无为处见有为，从不变中生万变，载物也昭昭，荷道也彰彰。 恢宏 ...

Core Viewpoint - The overall sales of liquor during the Spring Festival period are expected to decline by 8%, which is better than previous pessimistic forecasts, with varying performance across different consumption categories [1]. Group 1: Consumption Environment - The Spring Festival sales have fully commenced, with an overall expected decline of 8% in liquor sales during this period [1]. - Gift consumption (mass premium) is expected to see slight growth, while business consumption is projected to decline by 20% [1]. - Residential consumption is expected to remain flat with slight growth, and government consumption is anticipated to drop by 90% [1]. Group 2: Company Performance - **Kweichow Moutai**: The return of funds for the March flying Moutai is not fully completed, with zero inventory and low channel stocking willingness, focusing more on turnover rates. The post-holiday price is expected to stabilize at 1550 yuan [1]. - **Wuliangye**: Current shipments are up by 30% year-on-year, with sales performance showing a 10% increase compared to the previous year [1]. - **Luzhou Laojiao**: The current return progress for Guojiao 1573 is at 35%, with approximately three months of inventory. However, both shipment and sales are down by over 30% and 25% respectively, despite stable pricing [1]. - **Honghua Lang**: Currently, sales are up by 9% year-on-year [2]. - **Jian Nan Chun**: Sales are flat year-on-year [2]. - **Shede and Shui Jing Fang**: Both brands have seen slight declines despite low base comparisons [2].

Core Viewpoint - The company, Shui Jing Fang (600779), confirmed that there are no undisclosed significant information regarding major events such as asset restructuring, share issuance, or major transactions as of the current date [1] Group 1 - The company responded to investor inquiries on its interactive platform [1] - The company has communicated with its controlling shareholder, Sichuan Chengdu Shui Jing Fang Group Co., Ltd., and its actual controller, Diageo, regarding the status of disclosures [1] - There are no significant matters pending disclosure, including but not limited to major asset restructuring, share issuance, major transactions, business restructuring, share buybacks, bankruptcy reorganization, major business cooperation, or introduction of strategic investors [1]

Core Viewpoint - The company, Sichuan Shui Jing Fang Co., Ltd., anticipates a significant decline in its financial performance for the year 2025, with net profit expected to decrease by 71% compared to the previous year, primarily due to industry-wide adjustments and economic factors [2][5][10]. Financial Performance Forecast - The company projects a net profit attributable to shareholders of 391.85 million yuan for 2025, a decrease of 949.18 million yuan from the previous year [2][5]. - Expected operating revenue for 2025 is 3.03776 billion yuan, down 2.179 billion yuan, representing a 42% decline year-on-year [2][5]. - The net profit after deducting non-recurring gains and losses is estimated at 380.72 million yuan, also reflecting a 71% decrease from the previous year [3][5]. Previous Year’s Financial Performance - In the previous year, the company reported a total profit of 1.79738 billion yuan and a net profit attributable to shareholders of 1.34103 billion yuan [7]. - The earnings per share for the previous year were 2.7607 yuan [8]. - The operating revenue for the previous year was 5.21676 billion yuan [9]. Reasons for Performance Changes - The white liquor industry is undergoing a deep adjustment phase due to macroeconomic cycles, industry adjustments, and policy changes, leading to a slow recovery in traditional consumption scenarios [10]. - The company is prioritizing channel health by controlling shipment pace and optimizing inventory structure to ensure financial safety for future growth [10][11]. - Measures such as halting shipments and optimizing promotional policies have been implemented to stabilize market order and improve channel confidence, despite short-term revenue and shipment volume declines [11][12]. - The company continues to invest in brand building, market expansion, and product innovation, aiming to enhance competitiveness post-industry cycle adjustments [12].

Core Viewpoint - Water Jiufang aims to contribute to Chengdu's high-quality development by focusing on six key areas as it transitions into the "15th Five-Year Plan" period, aligning its growth strategy with the city's development goals [4]. Group 1: Industry Development - The "15th Five-Year Plan" emphasizes the optimization and enhancement of traditional industries, with Chengdu aiming to build a modern industrial system centered around advanced manufacturing [5]. - Water Jiufang, as a leading enterprise in Chengdu's liquor production, is strategically expanding its production bases, integrating traditional brewing techniques with modern technology, and investing over 6.8 billion yuan in its Qionglai production base [5]. - The company is creating a micro-ecosystem that covers the entire production chain, enhancing efficiency while preserving traditional craftsmanship [5]. Group 2: International Engagement - Water Jiufang is positioned as a key player in Chengdu's goal to become a national center for international exchanges, leveraging its unique advantages from foreign partnerships [6]. - Since its acquisition by Diageo in 2013, Water Jiufang has integrated international management practices, enhancing its global market presence and confidence among foreign investors [6]. Group 3: Consumer Trends - The company is responding to changing consumer preferences by focusing on quality upgrades and emotional consumption, aligning with Chengdu's goal of becoming a major international consumption center [7]. - Water Jiufang's dual-brand strategy, featuring the main brand and the high-end "Diyifang," caters to different consumer segments, reinforcing its market position [7][8]. Group 4: Cultural Integration - Water Jiufang is actively contributing to Chengdu's cultural development by transforming its historical heritage into a vibrant cultural brand, supported by its status as a national cultural heritage site [9]. - The company has launched a unique cultural tourism route that connects its museum with other city landmarks, enhancing public engagement with its heritage [9]. Group 5: Technological Innovation - The "15th Five-Year Plan" highlights the importance of technological innovation, which Water Jiufang is addressing through research collaborations focused on microbial communities in traditional brewing [10]. - The company is utilizing smart manufacturing technologies to enhance production processes, ensuring that traditional techniques are preserved while improving efficiency [10][11]. Group 6: Sustainability Initiatives - Water Jiufang has integrated sustainability into its core strategy, establishing a comprehensive ESG framework and setting quantifiable goals for carbon reduction and resource recycling [12][13]. - The Qionglai production base exemplifies the company's commitment to green practices, achieving significant energy savings and waste recycling, and receiving international green building certifications [12][13].

Group 1 - The company, Shui Jing Fang, issued a clarification regarding media reports about a potential acquisition by another liquor company, stating that the reports are untrue [1] - The announcement was made to prevent any misleading information from affecting the public and investors [1] Group 2 - The source of the information is from the company's official announcement [4] - The article includes various unrelated news headlines, but they do not pertain to the company's situation [5]

Core Viewpoint - Water Well Square has clarified that recent media reports about a potential acquisition by another liquor company are untrue, aiming to prevent misinformation from affecting investors and the public [1]. Group 1: Company Announcement - On December 25, Water Well Square announced that it had noticed media reports claiming "a certain liquor company intends to acquire Water Well Square" and stated that these reports are not accurate [1]. - The company conducted an internal investigation and confirmed that the acquisition rumors are unfounded [1]. Group 2: Market Reaction - Following the acquisition rumors, Water Well Square's stock reached its daily limit, with a significant increase of 10.01%, closing at 39.80 [3]. - The trading volume for Water Well Square on that day was 4.29 billion, with a market capitalization of 19.4 billion [4].

Group 1 - The company has issued a clarification regarding media reports suggesting that "a certain liquor company intends to acquire Shuijingfang" [1][3] - The company confirmed that the aforementioned report is untrue and aims to prevent any misleading information from affecting investors and the public [3][4] - The board of directors guarantees the accuracy and completeness of the announcement and assumes legal responsibility for its content [3] Group 2 - The company urges investors to make rational investment decisions and to be aware of potential risks [4]

Core Viewpoint - Chengdu's rich intangible cultural heritage (ICH) is showcased through the launch of the "Chengdu ICH Map," inviting exploration of the city's unique cultural offerings and experiences [1][9]. Group 1: Clothing and Accessories - Chengdu, historically known as "Jincheng" due to its silk production, continues to celebrate its heritage through various forms of traditional clothing and embroidery, such as Shu brocade and embroidery [2][3]. - The Chengdu Shu Brocade and Embroidery Museum offers a comprehensive experience, allowing visitors to appreciate, purchase, and learn about these traditional crafts [3]. - The Jinmen Silk Culture Town provides insights into the historical significance of silk, featuring educational exhibits and workshops related to Shu brocade and embroidery [3]. Group 2: Culinary Heritage - Chengdu is recognized as Asia's first "City of Gastronomy," with a deep-rooted culinary culture that reflects the city's identity [4]. - The map highlights key culinary experiences, including the traditional production of Pixian Doubanjiang (broad bean paste) and various Sichuan cooking techniques at the Chengdu Sichuan Cuisine Museum [4][5]. - Visitors can engage in hands-on experiences at tea-making workshops and enjoy a variety of local delicacies at the Chengdu Sichuan Cuisine Museum, which also features an all-you-can-eat snack street [5]. Group 3: Home and Living - The Chengdu ICH Map emphasizes the beauty of traditional crafts in home decor, showcasing items like lacquerware and bamboo crafts that blend functionality with artistic value [6][7]. - The Chengdu Lacquerware Factory offers workshops where visitors can witness the craftsmanship behind traditional lacquer products and participate in cultural exchange activities [7]. - The bamboo weaving village in Chongzhou highlights the integration of traditional crafts into modern aesthetics, with new designs appealing to contemporary consumers [7]. Group 4: Artistic Experiences - The map encourages visitors to engage with local art forms, such as Sichuan opera, which combines visual and auditory experiences in a unique cultural setting [8][9]. - The Jinjiang Theater, recently renovated, offers a diverse range of performances, enhancing the cultural experience for both locals and tourists [8]. - The Wenshu Monastery area features a blend of dining, cultural exhibitions, and traditional crafts, providing a comprehensive exploration of Chengdu's heritage [8][9].

Core Viewpoint - The article highlights the success story of Shui Jing Fang, a Chinese liquor company, showcasing its ability to blend traditional brewing techniques with modern practices and international collaboration, reflecting China's commitment to openness in the global market [2] Group 1: Company Development - Shui Jing Fang has a rich history that dates back over 600 years, originating from the Shui Jing Street distillery during the late Yuan and early Ming dynasties, which has contributed to its unique brewing techniques [2] - In 2006, Shui Jing Fang partnered with Diageo, the world's largest spirits group, marking a significant step in the traditional liquor industry and enhancing its global presence [2] - The company has deepened its collaboration with the Institute of Microbiology of the Chinese Academy of Sciences to research the "No. 1 Microbial Group," discovering key strains that enhance the quality and flavor of its liquor [2] Group 2: Industry Contributions - Shui Jing Fang, in collaboration with two major associations, published the "Protective Production Standards for Ancient Cellars," filling a gap in the industry and ensuring the scientific preservation of its 600-year-old brewing heritage [2] - The company has initiated a digital transformation with the first phase of its comprehensive industrial chain project in Qionglai, aiming to modernize its operations [2] - Shui Jing Fang has been recognized for its cultural contributions, with its traditional brewing techniques designated as a "National Intangible Cultural Heritage," and has established a "Non-Heritage Protection Committee" to ensure the orderly transmission of these skills [2] Group 3: Future Outlook - As a successful case of openness in the liquor industry, Shui Jing Fang exemplifies China's determination and achievements in international collaboration, merging traditional and modern practices while complementing local and global strengths [2]