Founder: The transformation results of the leading yellow rice wine company are gradually emerging, with high-endization and nationalization resonating.

Founder released a research report stating that the recent continued strength in the stock prices of leading yellow rice wine companies is mainly due to the market recognizing the effectiveness of accelerated transformation by yellow rice wine enterprises against the backdrop of ongoing adjustments in the baijiu industry. They have continued to break through core channels of high-end baijiu, and this has been verified by the structural performance in the interim report, thereby opening up the imagination space for the high-endization and nationalization of yellow rice wine. Under the trend of alcoholic beverage diversification, the development space for yellow rice wine is promising, and the report is optimistic about industry volume growth and long-term improvement of leading companies. Founder's main points are as follows: The baijiu industry continues to adjust, and channel returns for leading brands are under pressure, providing conditions for high-end yellow rice wine channel breakthroughs; Kuaijishan Shaoxing Rice Wine and Zhejiang Guyuelongshan Shaoxing Wine have divergent paths, jointly expanding the yellow rice wine pie. Kuaijishan Shaoxing Rice Wine uses the high-end single product "Lanting" as its core lever, and since April 2026 has entered a period of intensive signing with major distributors. In April, it formed a joint venture subsidiary with Henan Maowujian Trading to deeply cultivate the Central Plains market; thereafter it successively signed with Northeast Baishan Fangda, Guangdong Guangxinghu, Beijing Sugar, Tobacco and Wine Group, Changsha Zhichao Youxuan, and Harbin Yiyan Jiuding; on September 6, it signed a strategic cooperation with Sichuan Shengshi Qunyun, whose chairman Yang Bo also serves as president of the Moutai Sichuan Distributors Association and holds more than 5,000 terminal outlets across Sichuan; on September 8, Lanting signed with Nanjing Guoce to strengthen the Jiangsu market; on September 10, it signed with Xingtai Zhongtian Liquor. Within half a year, it has cumulatively partnered with nearly 10 famous liquor distributors. Zhejiang Guyuelongshan Shaoxing Wine is advancing simultaneously, but with a somewhat different path. The company established the Southwest Branch in March 2026, implementing a "three-contract" model of expense contracting, target contracting, and profit contracting, personally led by the top executive of the sales company; in May it reached a strategic cooperation with Beijing Sugar, Tobacco and Wine Group; recently it jointly released a customized yellow rice wine new product "Hupo Guang" with Guangdong Yueqiang Liquor, continuously improving coverage of leading national distributors. The two have different starting points and endowments, and their path differences depend on historical positioning, brand foundation, and product matrix, jointly making the yellow rice wine pie bigger. Kuaijishan Shaoxing Rice Wine's approach leans toward "single-point breakthrough and deep binding," focusing on Lanting as the high-end carrier and quickly entering the circle resources of major baijiu distributors; Zhejiang Guyuelongshan Shaoxing Wine focuses on organizational mechanism innovation in strategic regions, using the contracting system to unleash the initiative of regional teams, with products covering the full price range from Guoniang and Qinghuazui to younger-oriented products. The report believes that the industry is still far from entering the stock competition stage, and there is no need to compare the two too much. The two companies share the same goal: leveraging the existing high-net-worth customer base and tasting operation capabilities of major baijiu distributors to promote yellow rice wine's value leap from a regional table wine to a national high-end social liquor. The interim report verifies the effectiveness of the breakthrough, with structural performance outperforming total volume, and high-endization and nationalization trends are significant. In 26H1, Kuaijishan Shaoxing Rice Wine's total revenue/net profit attributable to parent were +4.4%/+37.0% respectively; among this, mid-to-high-end yellow rice wine sales rose 14.2% year on year, and sales outside the Yangtze River Delta region in China rose 76.6% year on year. Zhejiang Guyuelongshan Shaoxing Wine actively adjusted, with 26H1 total revenue/net profit attributable to parent at -11.9%/+1.4% respectively; among this, the high-end series products as a whole achieved 9.8% year-on-year growth, sales of the "Qinghuazui" series rose 35.2% year on year, and the younger-oriented core product "Wu Gao Di" generated more than 60% of its revenue from markets outside Jiangsu, Zhejiang, and Shanghai. Industry outlook: Under the trend of alcoholic beverage diversification, the development space for yellow rice wine is promising. Diversification in alcoholic beverage development is a common trend in global spirits development. China's spirits consumption structure, affected by the shift in economic momentum and generational demographic changes, is also expected to undergo transformation. The core consumption scenarios for baijiu are concentrated in social occasions such as business banquets. As a liquor type with a longer history, deeper cultural heritage, and uniquely Chinese origin, yellow rice wine is expected to leverage the spread of healthy drinking concepts and its own high-end transformation to accelerate its return to the high-end business and gifting market, taking over some social needs originally met by baijiu. At present, yellow rice wine consumption still has broad gaps in regions and consumer groups. Compared with the trillion-yuan domestic baijiu consumption market, a change of a few percentage points in penetration rate can bring industry-level development space to yellow rice wine. The report believes that in viewing the current industry development, the weight of breakthrough points should be higher than the weight of success rate. The overall rise of consumption atmosphere may still require a cultivation process, but supply-side reform in the industry is driving industrial revival, leading companies are coordinating strategically, and through product structure upgrading, channel network deepening, and organizational management improvement, they are actively seeking change. Policy, talent, and distribution resources continue to concentrate in the industry, and a positive cycle is expected to gradually form and strengthen. The report is optimistic about industry volume growth and long-term improvement of leading companies. Risk warnings: risk of weak consumption environment; risk of poor new product promotion; risk of intensified market competition.