Food Retail

VATS

VATS released FY2025 Q4 earnings on April 28 After-Market (BJT), actual revenue CNY 731.86 M, actual EPS CNY -0.4283

VATS released FY2026 Q1 earnings on April 28 After-Market BJT, actual revenue CNY 2.214 B, actual EPS CNY 0.13

VATS released FY2025 Annual Earnings on April 28 After-Market (BJT), actual revenue CNY 5.895 B (forecast CNY 7.211 B), actual EPS CNY -0.9 (forecast CNY 0.24)

VATS FY2026 Q1 Earnings Release on April 29 After-Market (BJT)

VATS to Release FY2025 Annual Earnings on April 29 After-Market (BJT), Forecast Revenue CNY 7.211 B, EPS CNY 0.24

VATS released FY2025 Q3 earnings on October 29 During-Market (BJT), actual revenue CNY 1.214 B, actual EPS CNY -0.6755

VATS released FY2025 9 Months Earnings on October 29 During-Market (BJT), Actual Revenue CNY 5.164 B, Actual EPS CNY -0.5293

VATS FY2025 Q3 Earnings Release on October 30, 2025 During-Market (BJT)

VATS released FY2025 Q2 earnings on August 19 After-Market BJT, actual revenue CNY 1.098 B, actual EPS CNY -0.0637

VATS released FY2025 Semi-Annual earnings on August 19 After-Market (BJT), with actual revenue of CNY 3.949 B and EPS of CNY 0.13

VATS to Release FY2025 Semi-Annual Earnings on August 20, 2025 (BJT)

Huazhi Alcohol Trading Layouts Immediate Retail Business

Huazhi Liquor Retail Continues to Promote Digitalization Construction

Huazhi Alcohol Business Subsidiary Received 13.1 Million Yuan Development Fund

Huazhi Liquor Shares Up, Huaxin Securities Gives Buy Rating

Huazhi Liquor Shares Surge, Rated 'Buy' by Huaxin Securities

Huazhi Wines Shares Sustainability Case at Industry Forum

Huazhi Liquor Retail Fully Holds New Subsidiary

Huazhi Liquor Industry 2024 Annual Report and Q1 2025 Analysis: Short-Term Profit Pressure, Buy Rating Given

Huazhi Liquor Stock Rises and Receives Buy Rating from Huaxin Securities

600573

600132

002461

00291

603043

300755

00389

512690

161725

Karnataka Chief Minister Siddaramaiah announced significant reforms in liquor taxation and regulation, introducing a new alcohol-based duty structure and deregulating price fixation. The government aims for ₹45,000 crore in excise revenue by 2026-27. The reforms include a globally recognized taxation system linked to alcohol content, reduced pricing slabs, and technology-driven monitoring to enhance transparency. Distilleries and breweries will operate 24/7, and tourism in the alcohol sector will be promoted. The government will also address social consequences of alcohol consumption through public health measures.

Business Standard

HuiQuan Beer

ZHUJIANG BREWERY

CHINA RES BEER

Guangzhou Restaurant

TONTINE WINES

Penghua CSI Alcoholic Drink ETF

China Merchants CSI Liquor Index Fund-A

Siddaramaiah announces reforms in liquor taxation & regulatory framework

According to the Zhitong Finance APP, VATS released its third-quarter report for 2025, stating that the company's operating revenue for the first three quarters was 5.164 billion yuan. The net loss attributable to shareholders of the listed company was 199 million yuan. The net loss attributable to shareholders of the listed company, excluding non-recurring gains and losses, was 239 million yuan. The basic loss per share was 0.48 yuan

Zhitong

VATS released its performance for the first three quarters, with a net loss attributable to the parent company of 199 million yuan

603369

000568

600779

600519

Tianfeng Securities released a research report indicating that with the disclosure of Q3 performance, the sentiment in the liquor sector is expected to recover. Although the market atmosphere during the "Double Festivals" was subdued, sales performance met expectations, with an overall decline anticipated at 20%-30%. In September, terminal sales showed a month-on-month recovery but remained under pressure, with wholesale prices declining year-on-year and channel profits narrowing. Distributor inventories are high, and the willingness to collect payments has weakened. The market is showing overall pressure with regional differentiation characteristics, while high-end famous liquors and regional leaders demonstrate resilience. It is recommended to pay attention to the bottom of the sector cycle

King’s Luck

LZLJ

SCSF

Moutai

Tianfeng Securities: The sales during the Double Festival meet expectations, and the sentiment in the liquor sector may be expected to recover

002186

605179

601579

600702

The A-share consumer sector continues to be active, with food and beverage and retail sectors leading the gains. Ziyan Food hit the daily limit in the afternoon, following the limit-up of Shede Spirits, KJS, and QUANJUDE. Other stocks such as Yizhi Moyu, VATS, Wanchen Group, and inm also rose

QUANJUDE

Shede Spirits

On August 19th, VATS stated at an analyst meeting that the company is actively laying out its instant retail business. By integrating existing store resources and supply chain advantages, and focusing on the innovative store model "VATS Select," the company is promoting a service upgrade: through lightweight and intelligent transformation of traditional tobacco and liquor stores, quickly connecting to mainstream instant delivery platforms such as Meituan Waimai, JD Instant Delivery, and Douyin Hourly Delivery, to build a service closed loop of "online ordering - store shipping - delivery in as fast as 15 minutes."

VATS: Actively laying out instant retail business

Dongfang Securities maintains a "Buy" rating on VATS, with a target price of 20.14 yuan. The research report points out that VATS has a natural advantage in instant retail channels, with a wide store layout that addresses consumers' pain points regarding product authenticity. The company actively expands its business on platforms such as WeChat Mini Programs, Meituan, and JD.com, with 2,000 stores and over 30,000 service outlets covering core cities. Long-term cooperation with leading liquor companies ensures product authenticity, maintaining the FCFF valuation method, with an equity value of 8.4 billion yuan

Dongfang Securities: Maintains "Buy" rating on VATS, target price of 20.14 yuan

According to the Qichacha APP, recently, Guizhou VATS Supply Chain Co., Ltd. was established with a registered capital of 100 million yuan. Its business scope includes: supply chain management services; enterprise management; internet sales of food, etc. Qichacha's equity penetration shows that the company is wholly owned by VATS

VATS establishes a new supply chain company in Guizhou

VATS released its Q1 2025 performance report, with operating revenue of 2.852 billion yuan, a year-on-year decrease of 31.01%. The net profit attributable to the parent company was 85.3945 million yuan, a year-on-year decline of 34.19%; the net profit after deducting non-recurring gains and losses was 75.0207 million yuan, a year-on-year decrease of 41.27%. The basic earnings per share were 0.21 yuan

VATS released its first-quarter performance, with a net profit attributable to the parent company of 85.3945 million yuan, a decrease of 34.19%

VATS released its 2024 annual report, with operating revenue of 9.464 billion yuan, a year-on-year decrease of 6.49%; net profit attributable to shareholders of the parent company was 44.4459 million yuan, a year-on-year decline of 81.11%; net profit excluding non-recurring gains and losses was 25.1735 million yuan, a year-on-year decrease of 85.97%. Basic earnings per share were 0.11 yuan, and it plans to distribute a cash dividend of 0.93 yuan (including tax) for every 10 shares to all shareholders

VATS released its 2024 annual performance, with a net profit attributable to the parent company of 44.4459 million yuan, a decrease of 81.11%

On March 21st, VATS stated on the interactive platform that the company has currently established cooperation with large supermarkets such as Metro and Walmart

Walmart

VATS: Currently, we have established cooperation with large supermarkets such as Metro and Walmart

VATS(300755.SZ)