Group 1 - Guizhou Moutai has discontinued the old version of the colorful glaze premium liquor due to its susceptibility to counterfeiting, introducing a new version with upgraded anti-counterfeiting technology [1] - The new colorful glaze premium liquor features a red cap, making it significantly more difficult to counterfeit [1] - Distributors have already received samples of the new colorful glaze premium liquor [1] Group 2 - In late 2021, Guizhou Moutai launched the colorful glaze premium liquor, priced at 4,599 yuan per bottle, marking its first upgrade in four years [3] - The company has been actively introducing new products and making upgrades, including the launch of the 70th anniversary commemorative liquor and the "Huang Xiaoxi Dinner" cultural products [3] - Guizhou Moutai has also introduced a new packaging format for its 500ml Flying Moutai liquor, changing from 6-bottle and 12-bottle boxes to a 4-bottle box [3] - The company has revamped its long-used paper bags, using FSC-certified paper, water-based ink, and biodegradable paper strings for a more environmentally friendly design [3]

Investment Rating - The report maintains a rating of "Outperform" for the food and beverage industry [5] Core Insights - The liquor sector is currently in a bottom consolidation phase due to policy and demand recovery pressures, but there are opportunities for bottom-fishing as performance concerns have eased [1][3] - The beverage sector is experiencing good sales momentum, driven by health and functional demand, indicating a potential continuation of industry prosperity [1][3] - The report recommends focusing on ETFs such as the CSI Consumer ETF and the Hang Seng Consumer ETF, which are seen as scarce new consumption targets in the A-share market [1][3] Industry ETF Market Review - During the week of August 11-15, 2025, major food and beverage ETFs saw an overall increase, with the liquor ETF (512690.SH) and consumer ETF (159928.SZ) rising by +1.40% and +0.98% respectively [2][10] - The liquor ETF had a trading volume of 5.736 billion, marking it as the highest in the observed ETFs [2][11] - The total inflow for food and beverage-related ETFs was 1.101 billion, with the liquor ETF experiencing a net inflow of 658 million [11] Industry Sector Performance Review - The Shanghai Composite Index rose by 1.70% while the food and beverage sector only increased by 0.48%, underperforming both the Shanghai Composite and the CSI 300 Index [19] - The liquor sub-sector showed a slight increase of +0.93%, while soft drinks experienced the largest decline at -3.12% [21] - Year-to-date, the food and beverage sector has decreased by 6.11%, significantly underperforming the broader market indices [19][23] Industry News - Market demand remains weak, with prices continuing to decline, reaching new lows for the year [3][26] - Moutai's half-year revenue for 2025 was reported at 91.094 billion, a year-on-year increase of 9.16%, aligning with expectations [3][26] - New packaging specifications for Moutai have been introduced to meet market demand, including adjustments to box sizes and materials [3][60]

Group 1 - The core point of the article is that Moutai will introduce a new packaging specification for its 500ml Flying Moutai liquor, which will now be available in a box of four bottles [1] - Previously, the 500ml Flying Moutai liquor was primarily sold in boxes of six and twelve bottles [1]