来源：环球网 重塑酒业价值体系，携手华为云开启数智蝶变 泸州老窖的数智化转型并非一蹴而就，而是一个清晰规划、稳步推进的过程。苏王辉分享了泸州老窖在 数智化建设方面的主要举措，2015年至今，公司推进数智化转型升级，形成"信息化－数字化－智能 化"递进发展战略，实现营销、供应链、生产及管理四大业务体系的全域数字化覆盖。 在数智化浪潮席卷千行万业的今天，传统白酒产业正积极拥抱变革，寻求与数字技术的深度融合。作 为"浓香鼻祖"的泸州老窖，在传承700多年酿酒技艺的同时，推动传统技艺与现代科技融合重构，探索 出一条"数"与"酒"交融的转型路径。 近日，在"应用现代化产业联盟大咖说"直播间中，泸州老窖股份有限公司首席数字官、泸州老窖国际发 展（香港）有限公司董事长苏王辉分享了公司以数智化重塑增长模式的实践与思考。从浓香鼻祖到数智 化领先者，从百年窖池活态传承到全业务域数字化革新，泸州老窖以"数智泸州老窖"战略为引领，全面 推进全域数字化转型，并成功打造白酒行业首个"灯塔工厂"。泸州老窖的探索不仅革新传统酒业运营模 式，更成为白酒行业数智化升级标杆范本。 为解决数据分散、标准不一、治理困难等问题，泸州老窖与华为云联合建设 ...

Core Viewpoint - Luzhou Laojiao has demonstrated stable financial performance in the face of industry challenges, driven by strategic channel transformation and digitalization initiatives [1][5][12] Financial Performance - For the first three quarters of 2025, Luzhou Laojiao reported revenue of 23.127 billion yuan and a net profit attributable to shareholders of 10.762 billion yuan [1] - In Q3 alone, the company achieved revenue of 6.674 billion yuan and a net profit of 3.099 billion yuan [1] - The contract liabilities increased by 310 million yuan to 3.84 billion yuan, indicating a recovery in channel confidence [1] Market Strategy - The "Hundred Cities Plan" aims to penetrate previously weak brand markets by establishing a multi-tiered market network, focusing on third and fourth-tier cities where retail sales are growing faster than in first and second-tier cities [3][12] - Luzhou Laojiao's "East China Strategy 2.0" emphasizes optimizing product structure and deepening partnerships with local channels to enhance high-end product penetration [3] Channel Transformation - The "Terminal Infrastructure" initiative shifts focus from channel coverage to direct consumer engagement, creating a dense network of retail outlets including supermarkets and specialized stores [4][12] - The company is building a dual-channel strategy through self-built e-commerce platforms and partnerships with third-party platforms, enhancing market penetration and consumer touchpoints [6][11] Digitalization Efforts - Luzhou Laojiao is implementing a comprehensive digital marketing strategy to improve cost-effectiveness and direct engagement with end consumers [5][11] - The introduction of the "Five-Code Association" system enhances traceability from production to consumption, addressing consumer concerns about authenticity and providing valuable sales data [6][11] Operational Efficiency - Management expenses decreased by 11.05% year-on-year, reflecting effective cost control measures [7] - The company is investing in smart brewing technology and digital projects, with R&D expenses reaching 127 million yuan [7] Future Outlook - Luzhou Laojiao aims to achieve steady revenue growth while solidifying channel foundations, optimizing product structures, and enhancing digital capabilities as part of its "14th Five-Year Plan" [11][12]

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 Insights - Luzhou Laojiao (000568.SZ) reported a total operating revenue of 23.127 billion yuan for Q3 2025, ranking 4th among disclosed peers, which is a decrease of 1.176 billion yuan or 4.84% year-on-year [1] - The net profit attributable to shareholders was 10.762 billion yuan, also ranking 4th among peers, reflecting a decline of 0.831 billion yuan or 7.17% year-on-year [1] - The net cash inflow from operating activities was 9.823 billion yuan, ranking 3rd among peers, down by 2.642 billion yuan or 21.20% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 23.93%, ranking 8th among peers, a decrease of 9.57 percentage points from the previous quarter and 7.54 percentage points from the same period last year [3] - The latest gross profit margin is 87.11%, ranking 2nd among peers, with a slight increase of 0.02 percentage points from the previous quarter but a decrease of 1.32 percentage points year-on-year [3] - The latest return on equity (ROE) is 21.66%, ranking 3rd among peers, down by 3.86 percentage points from the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 7.31 yuan, ranking 4th among peers, a decrease of 0.58 yuan or 7.35% year-on-year [3] - The total asset turnover ratio is 0.35 times, ranking 8th among peers, down by 0.03 times or 7.72% year-on-year [3] - The inventory turnover ratio is 0.22 times, ranking 14th among peers, a decrease of 0.02 times or 6.55% year-on-year [3] Shareholder Structure - The number of shareholders is 161,200, with the top ten shareholders holding 969 million shares, accounting for 65.84% of the total share capital [3] - The largest shareholder is Luzhou Laojiao Group Co., Ltd., holding 26.05% of shares, followed by Luzhou City Xinglu Investment Group Co., Ltd. with 24.86% [3]

Core Insights - Luzhou Laojiao reported a revenue of 23.13 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 4.84% [1] - The net profit attributable to shareholders was 10.76 billion yuan, down 7.17% compared to the same period last year [1] - In Q3 alone, the company achieved a revenue of 6.67 billion yuan, which is a 9.80% decrease year-on-year, and a net profit of 3.10 billion yuan, reflecting a 13.07% decline [1] Financial Performance - Revenue for the reporting period was 6,673,726,997.48 yuan, showing a decrease of 3.80% year-on-year [1] - The net profit attributable to shareholders for the reporting period was 3,099,486,836.34 yuan, down 13.07% year-on-year [1] - The basic and diluted earnings per share were both 2.10 yuan, a decline of 13.58% compared to the previous year [1] Cash Flow and Equity - The net cash flow from operating activities for the year-to-date was 9,822,590,732.99 yuan, an increase of 21.20% [1] - Total assets at the end of the reporting period were 65,496,029,532.83 yuan, a decrease of 4.15% from the previous year-end [1] - The equity attributable to shareholders at the end of the reporting period was 49,679,770,305.29 yuan, an increase of 4.84% compared to the previous year-end [1]

Core Viewpoint - Luzhou Laojiao reported a decline in both revenue and net profit for the third quarter of 2025, indicating challenges in sales and increased operating expenses [1] Financial Performance - In Q3 2025, the company achieved a revenue of 6.674 billion yuan, a year-on-year decrease of 9.80% [1] - The net profit attributable to shareholders for Q3 2025 was 3.099 billion yuan, down 13.07% year-on-year [1] - For the first three quarters of 2025, the total revenue was 23.127 billion yuan, reflecting a decline of 4.84% compared to the previous year [1] - The net profit attributable to shareholders for the first three quarters was 10.762 billion yuan, which is a decrease of 7.17% year-on-year [1] Reasons for Performance - The decline in performance is primarily attributed to reduced sales and increased non-operating expenses [1]

Group 1 - The core viewpoint of the articles highlights the innovation in the dairy industry, focusing on health technology and targeted nutritional solutions to meet summer dietary needs [2] - Major dairy brands such as Mengniu, Yili, and San Yuan are leveraging biotechnological breakthroughs to address specific consumer pain points, such as children's immunity and digestive sensitivity [2] - The report indicates a shift from homogeneous nutritional offerings to precise health management, driven by technological advancements and unique processing methods [2] Group 2 - The scarcity attributes of specialty ingredients are reshaping their value, with brands like Zespri and Hu Jihua enhancing product appeal through health claims and cultural connections [3] - Zespri is positioning its products as "healthy luxury symbols" by utilizing unique varieties and premium packaging, while Hu Jihua emphasizes traditional craftsmanship to differentiate its peanut oil [3] - Brands like Coca-Cola and Yibao are effectively tapping into basic consumer needs, transforming their products into emotional and experiential offerings [3] Group 3 - The report outlines a comprehensive index evaluation system developed by Shiyan Index, which includes various consumption trend reports across multiple industries [4] - The index aims to objectively present trends in consumer behavior, assisting brands and industries in tracking market dynamics and enhancing competitive strength [4]

Core Insights - The "Chuan Chao" football matches have become a significant driver for local tourism and cultural consumption, enhancing both the sporting experience and the economic vitality of the cities involved [3][5][10] Group 1: Event Highlights - The matches took place on October 7-8, featuring key matchups in both the southern and northern regions of Sichuan, including teams from Neijiang, Yibin, Luzhou, and Zigong in the south, and Aba and Ganzi in the north [2] - The events have sparked enthusiasm among local fans, with many attending multiple matches and engaging in surrounding cultural activities [4][5] Group 2: Economic Impact - The influx of spectators has translated into increased tourist traffic, with a reported 20.08% year-on-year increase in visitors to local A-level tourist attractions in Neijiang on the day before the match [6] - Local businesses have experienced a surge in sales, with restaurants and shops reporting high customer volumes, particularly those offering local delicacies [8] Group 3: Promotional Activities - Various cities have launched promotional campaigns to attract visitors, such as Neijiang's initiatives offering free entry to A-level tourist sites for match ticket holders [8][9] - Yibin has introduced incentives like free local delicacies and lottery draws for tourists, while other cities like Mianyang and Deyang have provided discounts and special offers for accommodations and dining [9][10] Group 4: Cultural Integration - The matches have facilitated a blend of sports and local culture, with food markets and cultural exhibitions set up around the venues, allowing fans to experience local flavors and traditions [4][5] - Artisans and local businesses have showcased their products, such as traditional crafts and regional specialties, enhancing the cultural experience for attendees [4][9]

Core Viewpoint - Luzhou Laojiao's net profit attributable to shareholders for H1 2025 is projected at 7.663 billion yuan, a year-on-year decrease of 4.54%, while Q2 2025 net profit is expected to be 3.070 billion yuan, down 11.10% year-on-year [1] Financial Performance - The company experienced a slowdown in performance in Q2 2025, prompting a focus on product innovation and digital transformation [1] - As of the end of H1 2025, the number of domestic distributors reached 1,703, an increase of 88 from the beginning of the period, while the number of overseas distributors was 88, with a net increase of 10 [1] - Contract liabilities stood at 3.529 billion yuan at the end of Q2 2025, reflecting a year-on-year increase of 11.88 million yuan and a quarter-on-quarter increase of 4.64 million yuan, indicating overall stability in contract liabilities [1] Strategic Initiatives - The company is enhancing channel management and has launched a nationwide promotion of its "five-in-one" product strategy [1] - The implementation of a dealer portal system and the establishment of a marketing service platform are part of the company's efforts to improve operational efficiency [1] Market Outlook - Despite the pressure on macro demand, the company maintains strong core competitiveness in channels and branding, supported by marketing reforms and digital transformation, which provide significant performance elasticity [1] - The investment bank has adjusted the company's profit forecast downward but maintains a "buy" rating [1]

Group 1 - The company, Luzhou Laojiao, announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 45.92 RMB per 10 shares (tax included) [2] - The record date for the dividend is set for August 7, 2025, and the ex-dividend date is August 8, 2025 [2]