第八代五粮液和经典五粮液。 李庄古镇听月楼。 "大咖话川酒"第二季第一场"川江蕴酒源"活动现场。 "大咖话川酒"第二季第三场"五粮酝和美"活动现场。 知名专家学者共论"长江是世界第一美酒河"。 □周洲舟 （图片由五粮液提供）春分启幕，初秋收官；名士妙论，五粮和美。9月19日，由四川日 报全媒体主办、五粮液独家战略合作的"大咖话川酒"第二季在成都圆满收官。历时半年，"大咖话 川酒"汇聚农业、考古、历史、经济、酿造、文化等多领域的数十位专家学者，通过主题演讲、圆 桌对话与撰文分享，阐述"川江蕴酒源"的悠远传承，展望"长江美酒河"的宏大愿景，解密"五粮酝 "大咖话川酒"第二季第二场"长江美酒河"活动现场。 和美"的匠心技艺……为一杯浓香美酒注入文明醇度，为世界蒸馏酒谱系绘就东方色彩。川江蕴酒 源文明相伴，酒香绵延浣花春水柔静，唐风宋韵犹存。成都浣花溪公园观澜堂外，巨型木制画轴 徐徐展开，仿佛在低语千年酿酒时光。3月21日，春分时节，第112届全国糖酒商品交易会前期， 一场关于白酒传承的春天之约在此启幕，回溯700余年的活态传承，向世界讲述川江何以蕴酒源、 成就"蜀酒浓无敌"的传奇。川酒的历史底蕴、文化价值与世界意义 ...

9月10日，2025年中国国际服务贸易交易会（简称"服贸会"）在京开幕，五粮液（000858）继续作为"全 球合作伙伴""指定用酒"深度参与。 本届服贸会为首钢园"一址举办"，五粮液在首钢园区设置室内外双展厅，以"产品品鉴+非遗互动+趣味 体验"沉浸式逛展模式吸引众多观众打卡体验。与会观众不仅可以深度了解"五粮秘技"，感受"五谷凝 香"，还可以用29°五粮液·一见倾心DIY一杯属于自己的鸡尾酒，体验非遗漆扇制作，多维度感受五粮液 如何创新拥抱消费新趋势，解锁消费体验新维度。 "可体验、可感知、可分享"，五粮液以全面拥抱新消费浪潮的创新姿态，精准把脉消费新趋势、迭代新 玩法，持续以服务理念升级为内核，以消费场景创新为载体，打造"逛、食、玩、享"的和美盛宴，让传 统白酒不再只是宴请桌上的社交工具，而是成为年轻人表达生活态度的载体。多年来，五粮液持续占位 国际高端平台的品牌战略，既展现了其积极融入全球服务贸易新格局的责任担当，又通过沉浸式体验让 观众近距离感受中国白酒的文化魅力。 三度牵手服贸会，以"逛食玩享"体验打破传统边界 此外，"五谷罗尼""29°Crush on 一见倾心"等鸡尾酒品鉴，让现场观众直接感受五 ...

Core Viewpoint - The 2025 China International Service Trade Fair (CIFTIS) is being held in Beijing, with Wuliangye (000858) participating as the "Global Partner" and "Designated Wine" for the third consecutive year, showcasing its commitment to innovation and consumer engagement in the evolving market landscape [1][2][9]. Group 1: Event Participation and Experience - Wuliangye has set up indoor and outdoor exhibition halls at the Shougang Park, utilizing an immersive experience model that combines product tasting, intangible cultural heritage interaction, and fun activities to attract visitors [1][2]. - The exhibition features two narrative storylines: one focusing on Wuliangye's international journey over the past 110 years, and the other showcasing the evolution of its products from the first to the eighth generation [2][3]. Group 2: Product Innovation and Youth Engagement - The newly launched 29° Wuliangye "Crush on You" has quickly gained popularity, appealing to younger consumers with its modern branding and collaboration with celebrity spokesperson G.E.M. [3][6]. - Wuliangye is actively pursuing product innovation, including the introduction of low-alcohol beverages to cater to younger demographics and international markets, enhancing its appeal among diverse consumer groups [6][7]. Group 3: Cultural Integration and Brand Strategy - Wuliangye emphasizes its cultural heritage and craftsmanship through various interactive experiences, showcasing the unique brewing techniques and historical significance of its products [3][5]. - The company is integrating its "He Mei" culture into its branding strategy, participating in high-profile international events and promoting its products through cultural and artistic collaborations [8][9]. Group 4: Market Position and Future Outlook - Wuliangye ranks 73rd in the 2025 Global Brand Value 500 list, maintaining a strong brand strength index of AAA+ [9]. - The company aims to leverage platforms like CIFTIS to further its internationalization efforts and contribute to the global service trade landscape [9].

Group 1 - The company's revenue and net profit growth rates have declined in the first half of 2025, with a significant pressure in the second quarter [1] - The company achieved a revenue of 52.771 billion yuan, up 4.19% year-on-year, and a net profit of 19.492 billion yuan, up 2.28% year-on-year [1] - The gross margin for the first half of 2025 was 76.83%, a decrease of 0.53% year-on-year, while the net margin was 38.16%, a decrease of 0.99% year-on-year [1] Group 2 - In the first half of 2025, the company’s liquor prices fell while sales volume increased significantly, with revenue from Wuliangye reaching 40.998 billion yuan, up 4.57% year-on-year [2] - The sales volume for Wuliangye was 273,000 tons, an increase of 12.75% year-on-year, while the average price per ton decreased by 8.35% [2] - The company is enhancing its product system with a focus on both high-end and mid-to-low-end markets, launching new products to meet diverse consumer needs [2] Group 3 - The company has optimized its channel structure and achieved significant results in digital transformation, with 1,768 exclusive stores and 7,990 new supply terminals [3] - The implementation of a "direct delivery" model in 20 core cities has improved channel efficiency and market responsiveness [3] - The company is focusing on brand management and performance reform to enhance market adaptability and drive high-quality development [3] Group 4 - Revenue forecasts for the company are 90.3 billion yuan, 94.8 billion yuan, and 100.7 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 32 billion yuan, 33.6 billion yuan, and 35.4 billion yuan [4] - The current price-to-earnings ratio (PE) is 15 times, with future PE ratios projected at 15.6, 14.8, and 14.1 for the next three years [4] - The company maintains a strong recommendation rating based on its performance outlook [4]

Group 1: Macro Economic Insights - The recent appreciation of the RMB against the USD may be seen as a "catch-up" due to a weaker dollar environment, with the RMB appreciating by approximately 2.3% compared to a 10% depreciation of the dollar index in the first eight months of 2025 [5][6][7] - The domestic equity market's recovery and dovish signals from the Federal Reserve are key triggers for the recent rise in the RMB exchange rate, despite weaker manufacturing PMI data [6][8] - The RMB is expected to continue appreciating, but short-term fluctuations may occur due to uncertainties in global economic policies, particularly in Japan [8][9] Group 2: ETF Market Dynamics - Since June, non-broad-based ETFs have seen rapid growth, with net inflows reaching 227.9 billion RMB, indicating a shift in retail investor preferences towards ETFs [11][12] - Broad-based ETFs have experienced significant net redemptions, suggesting that while overall ETF inflows may appear modest, retail funds are actively entering the market through non-broad-based ETFs [12][13] - The current bull market is characterized by a shift from actively managed funds to ETFs, driven by factors such as product variety, cost efficiency, and ease of access [13][14] Group 3: Power Equipment and New Energy Sector - The photovoltaic industry is facing severe overcapacity, with nominal production capacity exceeding 1200 GW, leading to significant price declines across the supply chain [18][19] - Recent government initiatives aim to curb internal competition and stabilize the market, with signs of price recovery in the polysilicon segment [19][20] - Despite ongoing losses in the main supply chain, specialized companies are performing better than integrated firms, indicating a potential for recovery as supply-demand dynamics improve [20][21] Group 4: Chemical Industry Performance - The chemical raw materials and products manufacturing sector reported a revenue of 4.46359 trillion RMB in H1 2025, a year-on-year increase of 1.4%, but profits fell by 9% to 181.46 billion RMB [23][24] - The basic chemical industry achieved a revenue of 1.1707 trillion RMB in H1 2025, with a profit of 73.17 billion RMB, reflecting a 3.5% revenue increase year-on-year [24][25] - The petrochemical sector, excluding major state-owned enterprises, saw a revenue decline of 7.3% in H1 2025, indicating challenges in profitability [25][26] Group 5: Pharmaceutical Sector Developments - Sunshine Nuohuo (688621.SH) reported a revenue of 590 million RMB in H1 2025, a 4.87% increase, with a significant Q2 performance showing a 15.73% year-on-year growth [28][29] - The company is advancing its innovative drug pipeline, with multiple projects in clinical trials, indicating a strong growth trajectory [29][30] - Haofan Bio (301393.SZ) achieved a revenue of 270 million RMB in H1 2025, reflecting a 20.10% increase, driven by strong demand for GLP-1 drugs [32][33] Group 6: Food and Beverage Sector Insights - Shanxi Fenjiu (600809.SH) reported a revenue of 23.96 billion RMB in H1 2025, a 5.4% increase, but faced pressure on profit margins due to changing consumer preferences [40][41] - Wuliangye (000858.SZ) achieved a revenue of 52.77 billion RMB in H1 2025, a 4.2% increase, but is navigating challenges in maintaining price stability amid competitive pressures [45][46]

Investment Rating - The investment rating for Wuliangye is "Buy" (maintained) [1][4] Core Views - The company reported a revenue of 52.77 billion yuan in H1 2025, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 19.50 billion yuan, up 2.28% year-on-year. Q2 revenue was 15.83 billion yuan, with a slight increase of 0.1% year-on-year, while net profit decreased by 7.6% year-on-year to 4.63 billion yuan [4][5] - The company aims to control volume and maintain prices in the second half of the year, focusing on increasing investment in lower-priced products to capture market share from competitors. The forecast for net profit from 2025 to 2027 is 32.03 billion, 32.86 billion, and 34.38 billion yuan, representing year-on-year growth of 0.5%, 2.6%, and 4.6% respectively [4][5] - The company has committed to a cash dividend policy, ensuring that the total cash dividends for the years 2024-2026 will not be less than 70% of the net profit attributable to shareholders, with a total dividend amount of no less than 20 billion yuan, resulting in a dividend yield of 4% [4] Financial Summary - In H1 2025, Wuliangye's product revenue was 41.0 billion yuan, a year-on-year increase of 4.6%, with sales volume and price per ton increasing by 12.8% and decreasing by 7.3% respectively. Other liquor products generated revenue of 8.12 billion yuan, up 2.7% year-on-year [5][6] - As of the end of Q2 2025, the contract liability balance was 10.08 billion yuan, a year-on-year increase of 1.92 billion yuan, while cash receipts increased by 12.03% year-on-year to 31.23 billion yuan [6] - The gross margin for Q2 2025 was 74.69%, a decrease of 0.32 percentage points year-on-year, primarily due to a significant drop in product prices. The net profit margin for Q2 was 29.26%, down 2.43 percentage points year-on-year [7][11] Financial Projections - Revenue projections for Wuliangye from 2023 to 2027 are as follows: 83.27 billion, 89.18 billion, 91.45 billion, 94.17 billion, and 98.26 billion yuan, with year-on-year growth rates of 12.6%, 7.1%, 2.5%, 3.0%, and 4.3% respectively [8][11] - The projected net profit for the same period is 30.21 billion, 31.85 billion, 32.03 billion, 32.86 billion, and 34.38 billion yuan, with corresponding year-on-year growth rates of 13.2%, 5.4%, 0.5%, 2.6%, and 4.6% [8][11] - The earnings per share (EPS) are expected to be 7.78, 8.21, 8.25, 8.47, and 8.86 yuan from 2023 to 2027, with price-to-earnings (P/E) ratios of 16.5, 15.7, 15.6, 15.2, and 14.5 respectively [8][11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][14]. Core Insights - The company reported a slight revenue increase in the first half of 2025, achieving operating income of 527.71 billion yuan, a year-on-year growth of 4.19%, and a net profit attributable to shareholders of 194.92 billion yuan, up 2.28% year-on-year [3][4]. - The cash flow performance is strong, with cash receipts from sales reaching 694.67 billion yuan, a significant year-on-year increase of 39.92% [3]. - The company is expected to achieve revenue growth of 1.09%, 4.23%, and 7.15% for the years 2025, 2026, and 2027, respectively, with net profit projections of 315.08 billion yuan, 329.13 billion yuan, and 357.03 billion yuan for the same years [6][10]. Company Overview - The latest closing price of the company's stock is 128.87 yuan, with a total market capitalization of 500.2 billion yuan [2]. - The company has a total share capital of 3.882 billion shares, with a price-to-earnings ratio of 15.70 [2]. Financial Performance - In the second quarter of 2025, the company achieved operating income of 158.31 billion yuan, with a net profit of 46.32 billion yuan, reflecting a slight decline in profitability compared to the previous year [4]. - The gross profit margin for the first half of 2025 was 76.83%, with a net profit margin of 36.94%, showing a minor decrease from the previous year [3]. Product and Market Development - The company launched new products in the first half of 2025, including drinking-type products, and expanded its market presence by adding 7,990 new distribution points [5]. - The company has successfully developed 60 corporate clients and increased its market share in key cities [5].

Core Viewpoint - Wuliangye reported a total revenue of 52.771 billion yuan for the first half of 2025, a year-on-year increase of 4.19%, and a net profit attributable to shareholders of 19.492 billion yuan, up 2.28% year-on-year [4]. Group 1: Revenue Performance - In H1 2025, Wuliangye's revenue from its main brand and other liquor products was 40.998 billion yuan and 8.122 billion yuan, respectively, with year-on-year growth of 4.57% and 2.73% [5]. - The sales volume of Wuliangye increased by 12.75% while the average price decreased by 7.25%, indicating a volume growth but price reduction for the main brand [5]. - The sales of mid-to-low priced products showed significant improvement, with a 58.81% increase in sales volume but a 35.31% decrease in average price for other liquor products [5]. Group 2: Profitability and Costs - The gross profit margin for Q2 2025 was 74.69%, a slight decline of 0.32 percentage points year-on-year, attributed to the increase in sales of mid-to-low priced liquor [6]. - The net profit margin for Q2 2025 was 30.11%, down 2.71 percentage points year-on-year, impacted by increased promotional, storage, and logistics costs [6]. - Cash flow from operating activities showed a significant increase, with cash receipts of 31.233 billion yuan in Q2 2025, up 12.03% year-on-year, and a net cash flow of 15.288 billion yuan, an increase of 18.4% [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of leading market returns over the next 6-12 months [4][6]. Core Insights - In the first half of 2025, the company achieved total revenue of 52.771 billion yuan, a year-on-year increase of 4.19%, and a net profit attributable to shareholders of 19.492 billion yuan, up 2.28% year-on-year. However, the second quarter saw a slight revenue increase of 0.10% and a net profit decline of 7.58% [1][2]. - The main brand experienced volume growth but price reduction, with sales volume of the main product increasing by 12.75% while the average price decreased by 7.25%. The company is actively promoting new products and seeking growth despite industry pressures [2][3]. - The company's cash flow showed significant improvement, with cash receipts from sales increasing by 12.03% year-on-year, indicating a higher proportion of cash collection compared to the previous year [3]. Summary by Sections Revenue and Profitability - Total revenue for the first half of 2025 was 52.771 billion yuan, with a 4.19% year-on-year growth. The second quarter revenue was 15.831 billion yuan, showing a slight increase of 0.10% year-on-year. The net profit for the first half was 19.492 billion yuan, up 2.28% year-on-year, while the second quarter net profit was 4.632 billion yuan, down 7.58% year-on-year [1][2]. Product and Channel Performance - Revenue from the main product and other alcoholic beverages for the first half of 2025 was 40.998 billion yuan and 8.122 billion yuan, respectively, with year-on-year growth of 4.57% and 2.73%. The main brand's sales volume increased significantly, while the average price decreased [2]. - The company is focusing on channel transformation and exploring growth in niche markets, with the top five distributors accounting for approximately 57% of total revenue [2]. Cost and Cash Flow Analysis - The gross profit margin for the second quarter was 74.69%, a slight decline of 0.32 percentage points year-on-year, attributed to the increase in lower-priced product sales. The net profit margin for the second quarter was 30.11%, down 2.71 percentage points year-on-year due to increased promotional and operational costs [3]. - Cash flow from operating activities showed a notable increase, with net cash flow reaching 15.288 billion yuan, up 18.4% year-on-year, reflecting a higher cash collection ratio this year [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downward, with net profit estimates of 31.783 billion yuan, 33.097 billion yuan, and 34.802 billion yuan, respectively. The current stock price corresponds to a P/E ratio of 15 for 2025 [4][5].

Core Insights - Wuliangye reported a revenue of 52.771 billion yuan for the first half of 2025, representing a year-on-year increase of 4.19% [1] - The net profit attributable to shareholders was 19.492 billion yuan, up 2.28% year-on-year [1] - In Q2, revenue was 15.831 billion yuan, showing a slight year-on-year growth of 0.1%, while net profit decreased by 7.58% to 4.632 billion yuan [1] Revenue and Cost Analysis - The total revenue from liquor products was approximately 49.12 billion yuan, with a gross margin of 82.20%, reflecting a 4.26% increase compared to the previous year [2] - The revenue from Wuliangye products specifically was about 40.998 billion yuan, with a gross margin of 86.45%, marking a 4.57% increase year-on-year [2] - The number of Wuliangye distributors decreased by 20, totaling 2,510, while the number of Wuliang Nuo Xiang distributors increased by 127, reaching 3,587 [2] Product and Market Strategy - The company launched new products such as "Yiyun Type" and "Zhu Jun Jin Bang Ti Ming," and accelerated the release of the 29-degree Wuliangye [3] - Wuliangye is focusing on channel development, adding 7,990 new purchase terminals and achieving double-digit growth in banquet consumption scenarios [3] - The company is enhancing its market foundation by implementing a classification and grading strategy, strengthening terminal networks, and expanding coverage in e-commerce and supermarkets [4]