晨间快照：香港及中国市场每日

07 July 2026 What’s Hot Today: ►Wuliangye(000858 CH, RMB73.76, RMB286bn) NewManagement Vows to Restore Investors’ Confidence ThecompanyhelditsAGMinlateJune,wherethenewchairman,Mr.DengMinmadehispublicdebutaftertherestatementoffinancialresultsinApril2026.Hetookofficeon8Juneandinhisfirstmeetingwithinvestors,hereaffirmsthatthecompanyiscommittedtoalong-termvaluecreationstrategy,insteadofpursuingshort-termearnings.Underhisleadership,thecompanywillremainfocusedonitscore business and brandequity,navigatingthecycle with resilience anddiscipline.Heagreesthatthebaijiuindustryisexperiencingcyclicalcorrectionbutemphasizedthathistoricalprecedentsindicatesuchcyclesultimatelybenefitbrandswithstrongheritageanduncompromisingproductquality.Asaleadingplayer,hebelievesWuliangyefacesmorestructuralopportunitiesthanprevailingheadwinds. Variousmeasures to support share price：On dividends,Wuliangye hascommittedtototalpayoutsofnolessthanRMB20bnforfiscalyear2025.For2026,thecompanywillcontinuetofollowitsexisting2024–2026shareholderreturnprogram,whichmandatesapayoutratioofatleast70%andatotaldividendofnolessthanRMB20bn.Intermsofbuybacks,thecompanyplanstouseitsowncashtorepurchaseRMB8–10bnworthofitssharesforcancellation,thefirst time in Wuliangye's history.The repurchase price cap is set atRMB153.59pershare,whichisabout108%abovecurrentprice.AsofJune30,cumulativebuybacks reached approximately RMB200mn.Moreover,thecontrollingshareholder,YibinWuliangyeGroup,willcarryoutitsownplantoincreaseitsstakebyRMB3–5bn.Thesemeasuresconstituteaconcertedinitiativetorestoremarketconfidenceandinvestorexpectations. DemandinthebaijiuoffseasonremainedweakinQ2：Channelfeedbackshowsthatoverallindustrysell-throughdeclinedby10%to15%YoYduringthe2026DragonBoatFestival.Businessbanquetsandfunctionsrecoveredtoonly60%to70%ofnormallevels(basedon2019),whilemass-marketconsumptioncontinuedtofacepressure.Sincethestartofthesecondquarter,Wuliangyehasvoluntarilystoppedpushinginventory todistributorsand implementedstrictinventorycontrolmeasures.Thus,thewholesalepriceofitscoreproduct,theeighth-generationPuwu,fluctuatedintherangeofRMB750to840perbottle.Intermsoftheinventory,thelargeoverhangofdistributorinventoryfromearlierperiodshasbeenlargelyclearedandthecurrentinventoryofPuwustandsatabout25to45days(roughly1.5months),whichisconsideredahealthylevel.Theadvancepaymentprogressfromdistributorsisaround55%to60%.Theslowercollectionpaceismainlyduetothecompany'sproactivevolumecontrolanditsdecisiontostopforcingdistributorstotakeadditionalstock. MorningSnapshot HongKong&ChinaMarketDaily 07 July 2026 Ourviews:Thebaijiuindustrymaintainedsteadygrowthafterthepandemic;however,thegrowthwaslargelydrivenbychannelinventorybuildupratherthanagenuinerecoveryinconsumption.In2025,astheeconomyweakenedanddistributors’stockingappetitedeclined,thesectorenteredadestockingcycle.Demandremainssoftasthebusinesspracticesinthetech-driveneconomyinvolvesignificantlylowerbaijiuconsumptionthanbefore. FollowingstructuralchangeonthesupplysideduetoWuliangye’schannelreforms,theindustryisnowseeingdemandstabilizealongsideimprovedpricetransparency. CurrentmarketconsensusestimatesnetprofitofaroundRMB20bnayearoverthenexttwotothreeyears,broadlyinlinewith2020level.Webelievethismoreconservativeoutlookreflectsalackofconfidenceinearningsqualityaftersignificantrestatement.However,giventhenewmanagement’sdirectionatWuliangye,theremayberoomforupwardrevisionsasthecompanydeliversoneortwoquarterlyresultssubsequently.Itisestimatedthatdividendreturntobearound7%andthepositiveeffectfromsharebuy-backs,withnetcashofaboutRMB80bnandastrongbalancesheet,thecompanyoffersattractivereturnsinalowrateenvironment.Thecounteristradingat15xFY26EP/E.(ResearchDepartment) So urce: B lo o mberg Kingsway Research Team Phone No.(852) 2283 7307(852) 2283 7306(852) 2283 7618 Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbecopied,photocopied,duplicated,orredistributed without thepriorwrittenconsent ofKingswayFinancial Services GroupLimited(“KFS”)anditsaffiliatedcompanies(collectively,“KingswayGroup”). ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccura