市内免税店 ZAFFII SHENZHEN DOWNTOWN DUTY FREE SHOP 地点 : 12月23日，"国货潮品"进免税品牌推介会活动在深圳市深业上城和深圳市内免税店圆满召开，商务部、深圳市商务局等政府部门、免税企业及国货潮品品牌 代表等100余人出席。活动期间，商务部流通发展司公布了市内免税店国货"潮品"品牌首批推介名录，多家企业代表分享了国产品进免税店的实践模式，共 同探索政策赋能国潮出海，激发免税消费新活力的创新路径与实践模式，为国货品牌走向国际市场、提升国际影响力提供有力支撑，推动免税行业与国潮产 业协同发展，开启国潮免税消费的新篇章，助力国内消费市场的繁荣与文化产业的传播。 政策赋能国潮出海 为落实《提振消费专项行动方案》和《关于完善市内免税店政策的通知》要求，商务部会同文化和旅游部开展了市内免税店国货"潮品"品牌推介名录征集工 作，确定了174个品牌纳入首批推介名录。该名录呈现品类覆盖全（涵盖19个经营品类）、地域分布广（来自全国26个省市）、品牌底蕴厚（包含45个中华 老字号品牌）的鲜明特点，将为免税企业选品采购提供权威参考，同时激发国货品牌创新活力，推动国货"潮品"在免税赛道实现 ...

Group 1 - The 18th World Chinese Business Conference was held in Macau, focusing on building a community of shared destiny among Chinese businesses globally [1][3] - The conference attracted over 4,000 leaders, entrepreneurs, experts, and scholars from more than 50 countries and regions, with over 1,500 participating enterprises and institutions [3][4] - The event showcased Macau's rich cultural heritage and development achievements since its return to China, emphasizing the "One Country, Two Systems" policy [4] Group 2 - Yanghe Distillery has a deep-rooted connection with the World Chinese Business Conference, having participated in previous events and being recognized as the official wine for the 18th conference [6] - The company's exclusive exhibition hall provided a unique visual and cultural experience, highlighting the depth of Chinese liquor culture [8] - Yanghe's products, including the Dream Blue series, received positive feedback from attendees, enhancing emotional connections among global Chinese business leaders [13][15] Group 3 - Yanghe's products are now available in 83 countries and regions, integrating into the daily lives of global consumers and promoting Chinese culture worldwide [16]

Investment Rating - The investment rating for the industry is "Outperform the Market" [5][6]. Core Views - The report highlights that the liquor sector, particularly Moutai, is stabilizing in price, and attention should be paid to the second-quarter performance of the sector [3][12]. - The food and beverage sector saw a slight increase of 0.74% this week, underperforming the Shanghai Composite Index by 0.67 percentage points [2][22]. - The report emphasizes the importance of consumer demand and market health, with companies focusing on destocking and promoting sales in the short term while nurturing consumer engagement and internationalization in the long term [14][21]. Summary by Sections Liquor Sector - Moutai's stock buyback reached 3.3821 million shares, accounting for 0.27% of total shares, with a total expenditure of 5.202 billion yuan [3][12]. - The liquor index increased by 1.2%, indicating a potential valuation recovery driven by incremental policies [14]. - Recommended stocks include Moutai, Shanxi Fenjiu, and Wuliangye, which have demonstrated resilience through multiple cycles [14][21]. Consumer Goods - The report notes that the recent warm weather is favorable for beer consumption, with expectations for slight sales growth among major beer brands [15]. - The snack sector is experiencing a trend of differentiation, with recommendations for companies that are innovating in products and channels [16][17]. - The report suggests focusing on leading companies in the seasoning industry, such as Yihai International and Haitian Flavoring, as they show resilience [18]. Frozen Foods - The frozen food sector is stable, with companies actively developing new products despite the off-season [19]. - Anji Food's recent IPO on the Hong Kong Stock Exchange raised 2.302 billion HKD, which will be used to enhance sales networks and optimize supply chains [19]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with supply pressures easing and potential policy catalysts on the horizon [20]. - The report recommends focusing on leading dairy companies that are well-positioned for upward elasticity in 2025 [20]. Beverages - The beverage industry is entering a peak season, with expectations for continued growth in segments like sugar-free tea and energy drinks [21]. - The report recommends East Peak Beverage, which is accelerating its national and platform expansion [21].

Core Viewpoint - The resignation of Zhang Liandong as chairman of Yanghe Co., Ltd. marks a significant leadership change amid the company's recent performance challenges, with the new leadership expected to navigate a critical period for the company and the industry [1][3][29]. Group 1: Leadership Changes - Zhang Liandong submitted his resignation from the board and various leadership roles due to work adjustments, effective immediately upon delivery to the board [1][3]. - The board confirmed that Zhang's departure would not affect the minimum number of board members required by law and would not disrupt normal operations [3]. - Gu Yu has been appointed as the new party secretary of Jiangsu Yanghe Distillery Co., Ltd., indicating a shift in leadership dynamics within the company [3][5]. Group 2: Company Performance - During Zhang's tenure from 2021 to 2023, Yanghe's revenue grew from 212.02 billion to 278.57 billion yuan, with a notable increase in net profit, reaching over 100 billion yuan for the first time in 2023 [11][13]. - However, the company faced a significant downturn in 2024, with revenue dropping to 288.8 billion yuan, falling below the 300 billion yuan threshold and trailing behind competitors [17][19]. - The decline continued into 2025, with Q1 revenue reported at 110.66 billion yuan, a 31.92% decrease year-on-year, and net profit down 39.93% [24][25]. Group 3: Strategic Challenges - Zhang acknowledged that the company's past success may have hindered its ability to adapt to current market demands, emphasizing the need for new strategies and management approaches [26][28]. - The company has been criticized for not effectively upgrading its brand and marketing strategies to engage younger consumers, leading to a loss of competitive edge [28][30]. - The leadership transition is seen as an opportunity for a "reset," with the new board expected to make critical decisions regarding the company's future direction and operational strategies [29][30]. Group 4: Recommendations for New Leadership - Industry experts suggest that the new chairman should focus on revitalizing the "Double Canal" brand to enhance market presence and drive growth [31]. - Recommendations include optimizing marketing strategies, enhancing talent acquisition, and improving operational efficiency to respond to competitive pressures in the industry [32][33].

Core Viewpoint - The resignation of Zhang Liandong as Chairman of Jiangsu Yanghe Co., Ltd. opens a new chapter for the company, prompting suggestions for the incoming chairman to revitalize the brand and enhance market strategies for sustainable growth [1][2]. Group 1: Brand and Market Strategy - The new chairman is advised to revitalize the "Shuang Gou" brand to break through market channels and achieve sustainable development for Yanghe Co., Ltd. [1] - There is a recommendation to restart the "trunk" project for group buying, focusing on consumer-driven strategies to upgrade traditional channel approaches [2]. Group 2: Marketing and Talent Management - The marketing system should be activated through proactive marketing strategies, with a focus on stabilizing the market in Jiangsu and organizing campaigns in key regions [2]. - Optimizing talent recruitment, assessment, and incentive mechanisms is crucial to attract national talent and enhance brand operation [2]. Group 3: Digital Strategy and Investment Management - The company should optimize its internet marketing strategies to mitigate the impact of e-commerce on offline channel pricing [2]. - Improving the management of external investment projects, such as Guizhou Gui Jiu and Hubei Li Hua Chun, is essential for creating new growth points [2]. Group 4: Competitive Response and Brand Positioning - Strengthening the response efficiency in market competition is necessary to avoid bureaucratic tendencies within the marketing system [2]. - The company is encouraged to reduce traditional advertising budgets and focus on internet branding and social media strategies to enhance brand awareness [2]. - Establishing the "Handmade Class" brand as a flagship product in the ultra-high-end segment will help solidify consumer perception and expectations [3].

Group 1: Industry Insights - The liquor industry is currently undergoing a new adjustment cycle with intensified market competition, but the overall economic outlook remains positive [1] - The liquor market is not lacking in quantity but is facing a long-term shortage of quality and aged liquor, emphasizing the need for quality improvement and brand cultivation [1][2] - The production value of the liquor industry in Suqian, Jiangsu, has increased by 6.4% in 2024, contributing significantly to the region's economic goals [3] Group 2: Company Developments - Luzhou Laojiao is focusing on enhancing cooperation with CITIC Construction in areas such as grain trade and equity cooperation to leverage mutual strengths [5] - Jinshiyuan is targeting the 400-500 RMB price range for its products in the Yangtze River Delta region, adapting to both consumption upgrades and downgrades [6] - Light Good Wine's marketing campaign linked to the popular drama "Da Feng Da Geng Ren" has resulted in significant brand exposure and sales growth, with a 198% increase in product sales [6][7] Group 3: Market Trends - The production of large-scale beer enterprises in China saw a 4.8% year-on-year increase in April 2025, indicating a recovery trend in the sector [3] - New Zealand wine exports to China have seen a substantial increase, with a 52.8% rise in volume and a 39.5% rise in value in early 2025 [8]