Core Viewpoint - The article emphasizes the importance of the liquor industry as a historical classic industry in China, highlighting the need for innovation and sustainable development while preserving cultural heritage [1][3]. Group 1: Industry Development - The 2025 World Famous Liquor Development Conference was held in Yibin, Sichuan, focusing on the sustainable development of the liquor industry [1]. - The liquor industry is seen as a representation of historical classic industries, embodying deep cultural significance and traditional craftsmanship [3]. - The chairman of Wuliangye Group, Zeng Congqin, outlined five key aspects for advancing the liquor industry: adherence to tradition, innovation, integration, sustainability, and openness [1][4]. Group 2: Cultural and Economic Integration - Zeng Congqin highlighted the need to balance tradition and innovation to ensure the vitality of classic industries [4]. - The relationship between cultural value and economic benefits must be managed to ensure long-term stability in the industry [4]. - There is a call to harmonize national characteristics with international trends to facilitate cultural transmission and global outreach [4][5]. Group 3: Strategic Initiatives - To promote the transition from "classic inheritance" to "classic renewal," the industry should focus on cultural preservation, technological innovation, and market demand [5]. - A green production system and sustainable practices are essential for the ecological foundation of the liquor industry [5]. - The establishment of international cooperation and communication platforms is crucial for expanding the global presence of the liquor industry [5].

Core Insights - The 29th 12·18 Consensus Building and Sharing Conference of Wuliangye was held in Yibin, focusing on "New Situation, New Opportunities, New Journey" [2][3] - The conference highlighted Wuliangye's commitment to building a community of shared destiny with distributors and showcased its strategic planning for high-quality development [2][3] Industry Context - 2025 marks a significant year for the Chinese liquor industry, facing deep adjustments and challenges such as market changes and intensified competition [3][5] - The conference serves as a key observation point for how companies like Wuliangye respond to these industry challenges [3] Company Strategy - Wuliangye's chairman outlined the company's approach to overcoming market challenges through proactive adjustments, collaboration, and a focus on quality and innovation [5] - The company reported significant growth in various product lines, with the Wuliangye·1618 achieving over 30% growth in banquet market engagement and a 20% increase in banquet activities [5][9] Product and Market Performance - Wuliangye's international market expansion is evident with the opening of a large restaurant in Singapore and a Michelin-starred restaurant in Japan [6] - The company received notable awards for quality, including a nomination for the "Fifth China Quality Award" and the highest level EFQM certification [9] Future Outlook - For 2026, Wuliangye plans to initiate a "Marketing Integrity and Innovation Year," focusing on five strategic areas to solidify market foundations and enhance brand strength [11][12] - The company aims to expand its consumer base by targeting younger demographics and enhancing its channel strategies [13] Community and Collaboration - The conference emphasized the importance of building consensus among manufacturers and distributors to navigate industry challenges [17][20] - Wuliangye's commitment to collaboration was reflected in awards presented to outstanding distributors, reinforcing a unified approach to market challenges [20][21] Conclusion - Wuliangye's proactive strategies and strong performance metrics position it as a leader in the liquor industry, providing a model for navigating the current market landscape [22]

本报讯（四川日报全媒体记者 陈俊伶）12月19日，以"酒都宜宾 和美世界"为主题，2025中国国际 名酒博览会在宜宾开幕。开幕式上发布了"2025四川省酒旅融合发展十大精品范例"、《国际名酒 宣言》，授予宜宾"世界酒旅胜地"称号。省政协副主席林书成出席开幕式并致辞。 与往年相比，本届博览会将核心区扩展至僰道历史文化街区、五粮液501中国白酒文化圣地等历史 文化区域，打造美酒文化胜地核心区，通过深入挖掘宜宾白酒文化潜力，打破"酒展只谈酒"的局 限，实现"酒+文旅+消费"多维融合。 宜宾是"中国五粮浓香白酒核心产区"，近年来，宜宾着力构建长江"零公里"最优最美酿酒生态 圈，推动形成了以五粮液集团为龙头，数十户规模以上白酒企业为主导，若干配套企业组成的集 种、产、研、销为一体的千亿级产业集群，正日益成为四川建设世界级优质白酒产业集群的鲜明 标识。 本届博览会主会场落址"中国酒肆"，将举办世界名酒发展大会、2025四川省酒旅融合发展暨世界 酒旅胜地机会清单发布会等10项活动。 系列文旅和消费活动同步启动。12月18日至明年1月3日，宜宾将引入各大酒企、知名酒品牌、当 地美食企业，在合江街、合江门广场等区域进行展示展销 ...

Core Viewpoint - The 29th "12·18" Conference of Wuliangye Group focuses on "new situations, new opportunities, new journeys," aiming to outline the development blueprint for the liquor industry amidst significant structural changes and challenges [4][5]. Group 1: Industry Context - The liquor industry is undergoing a profound transformation involving product, market, and consumption structures, marking a critical period as the "14th Five-Year Plan" concludes [4]. - Wuliangye, as a leading state-owned enterprise, emphasizes quality, cultural heritage, and innovation to navigate market uncertainties and enhance its competitive edge [4][5]. Group 2: Strategic Initiatives - Wuliangye's strategy includes five unwavering commitments: prioritizing quality, enhancing brand culture, fostering innovation, adopting market-oriented operations, and striving for excellence [5]. - The company aims to solidify its market position by improving product quality, expanding brand influence, and innovating distribution channels [4][5]. Group 3: Future Development Plans - The "15th Five-Year Plan" for Wuliangye is positioned as a critical window for creating new advantages and fostering new growth drivers, with a focus on historical legacy and global leadership in the liquor sector [5][6]. - The company plans to implement a comprehensive strategy involving "five new expansions" to target new demographics, channels, scenarios, markets, and mechanisms [5]. Group 4: Marketing and Brand Value - The marketing strategy for 2026 is defined as a "year of marketing innovation," focusing on enhancing brand value and executing effective market strategies [5]. - Wuliangye's brand activities reached an exposure of 32.1 billion person-times, reflecting its strong market presence and consumer engagement [4]. Group 5: Recognition and Awards - The conference included the recognition of outstanding distributors, emphasizing a collaborative spirit and shared success among partners [6]. - New product launches, such as the zodiac wine, highlight Wuliangye's commitment to cultural heritage and high-quality craftsmanship [6].

Core Viewpoint - Wuliangye expresses a self-assessment of "stability with progress" and "stability with improvement," indicating confidence in navigating industry challenges and seizing new opportunities amid market adjustments [1] Group 1: Financial Performance - In the first three quarters of the year, Wuliangye's revenue decreased by 10.26%, and net profit attributable to shareholders fell by 13.72% [3] - In Q3, Wuliangye's revenue was 8.174 billion yuan, a significant decline of 52.66% year-on-year, while net profit was 2.019 billion yuan, down 65.62% year-on-year [3] - The price of Wuliangye's core product, the eighth generation of Wuliangye, is currently 850 yuan per bottle, with a factory price of 1,019 yuan and an official suggested retail price of 1,499 yuan [3] Group 2: Market Conditions and Opportunities - Wuliangye believes that the macroeconomic environment is improving, providing a solid economic foundation for the white liquor industry to undergo counter-cyclical adjustments [3] - The company identifies the emergence of new business demographics and consumption scenarios as a strong market foundation for continued white liquor consumption [3] - National policies have officially categorized liquor production as a "historical classic industry," with provinces like Sichuan and Guizhou incorporating high-quality development of this sector into their 14th Five-Year Plan [4] Group 3: Strategic Confidence - Wuliangye expresses confidence in its product quality, brand strength, and market advantages, supported by a loyal distributor network and a strong marketing team [4] - The company has over 100 billion yuan in cash reserves, which bolsters its ability to face challenges [4] Group 4: Strategic Measures - Wuliangye has elevated the concept of a "shared destiny with distributors," emphasizing the importance of channel profits and returns for distributors [5] - The product strategy includes a focus on the eighth generation of Wuliangye as the core, with plans to balance pricing and expand high-end product offerings [5] - The company plans to strictly manage channel supply, curtail low-price dumping, and enhance its retail presence by adding 100 exclusive stores and optimizing existing ones [5]

Core Insights - The Chinese liquor industry is undergoing a significant transformation characterized by rational consumption attitudes and structural changes in products, markets, and consumer behavior [2][3] Group 1: Company Strategy - Wuliangye has positioned 2026 as the "Year of Marketing Integrity and Innovation," focusing on enhancing brand value and implementing various strategic initiatives [1][4] - The company aims to balance strategic stability with proactive changes to navigate through industry cycles effectively [1][4] - Wuliangye is adopting a systematic approach to prepare for market recovery and brand elevation, emphasizing collaboration with distributors and optimizing channel structures [1][2] Group 2: Industry Challenges - The liquor industry is facing four major issues: overcapacity, high inventory levels, price inversions, and lack of consumption scenarios [2] - In the first three quarters of the year, the combined revenue of 20 A-share liquor companies was 317.78 billion yuan, a year-on-year decrease of 5.90%, with net profits down by 6.93% to 12.26 billion yuan [2] - Despite these challenges, there are signs of recovery, including the optimization of capacity and a gradual improvement in inventory management [2][3] Group 3: Future Opportunities - The industry is expected to benefit from economic resilience and structural transformations, with new consumer demographics and scenarios emerging [3] - By 2026, the liquor market is anticipated to see improvements, with demand policies becoming less impactful and consumption scenarios steadily recovering [3] - Wuliangye's strategic shift towards a consumer-driven approach reflects a commitment to long-term competitiveness amid industry adjustments [6]

Core Viewpoint - The Chinese liquor industry is experiencing a significant price decline, particularly in high-end products, leading to a challenging environment for major brands like Moutai and Wuliangye [1][2]. Group 1: Price Trends and Market Response - The price of Moutai has fallen below the official guidance price of 1499 yuan, while Wuliangye's price has dropped to 850 yuan, creating a notable price inversion [1]. - Major liquor companies are initiating price protection strategies, with Moutai planning to reduce the allocation of non-standard products and Wuliangye lowering its dealer price to 900 yuan per bottle [1][2]. Group 2: Industry Challenges - The liquor industry is facing a structural issue with a significant amount of inventory, which continues to suppress price movements despite recent price rebounds [2]. - The industry's problems are not limited to lower-tier brands but are pervasive across all levels, including top-tier brands, due to changing consumer demographics and shrinking core consumption scenarios [2][3]. Group 3: Long-term Solutions - Companies need to shift their focus from short-term revenue maximization to long-term sustainable growth, ensuring that management changes do not alter strategic goals [4]. - There is a need to redefine brand positioning and target consumer groups, adapting to the trend of moving from business banquets to broader consumer markets [4]. - A revolutionary change in the channel system is necessary, moving away from traditional structures to empower retailers and enhance consumer experiences [4][5]. Group 4: Industry Outlook - The current price adjustments represent both a cyclical pain and an opportunity for transformation in the development model of the industry [5].

Core Viewpoint - Wuliangye has showcased its sustainable development practices at international forums, marking its transition from a product exporter to a leader in sustainable business concepts and development models [1][4][10]. Group 1: Sustainable Development Initiatives - Wuliangye's sustainable development practices were recognized at the "Creating Sustainable Business and Brand High-Level Dialogue" and were presented as a representative case for the "Creating Sustainable Brands" initiative [4][10]. - The company has developed a green development system centered around the "four cycles" of soil, heat, electricity, and water, creating an ecological agriculture closed loop that transforms waste into clean energy and purifies water [6][10]. Group 2: International Recognition and Participation - Wuliangye has been acknowledged as a leader in sustainable practices, being the only liquor company to be selected as a best practice case for three consecutive years and receiving the highest "Seven Diamonds" certification from the EFQM Global Award [10]. - The company participated as a strategic partner in the "Sustainable Entrepreneurs Forum 2025," emphasizing its commitment to global sustainability agendas and promoting the idea of "Earth-friendly" as a value baseline [6][10]. Group 3: Cultural Integration and Brand Promotion - The themed dinner event served as a cultural platform for Wuliangye, showcasing its products and promoting interaction between Eastern and Western cultures through creative cocktails and traditional flavors [8][10]. - Wuliangye's participation in the event reinforced its brand image as a leader in sustainable business concepts and development models, enhancing its visibility on the international stage [8][10].

Core Viewpoint - The article highlights the significance of the annual global dealer conference held by Wuliangye in Yibin, which serves as a pivotal event for the Chinese liquor industry, particularly in the context of the current deep adjustment phase the industry is undergoing [2][4]. Group 1: Event Overview - The Wuliangye global dealer conference took place on December 18, 2023, following a series of events that began on December 16, including a donation ceremony and a university innovation competition [4][5]. - The conference aimed to summarize experiences, set directions, and announce new policies for the company and the industry [2][4]. Group 2: Strategic Direction - Wuliangye's theme for this year's conference shifted from "co-discussion" to "consensus," indicating a strategic pivot towards rebuilding relationships with distributors and enhancing collaboration [5][8]. - The company emphasized the importance of quality, innovation, and youth engagement as core components of its strategy to navigate the current market challenges [6][10]. Group 3: Key Initiatives - The conference introduced several initiatives, including a focus on quality management, as evidenced by Wuliangye receiving the highest score in the EFQM global award evaluation, affirming its commitment to quality [8][10]. - A university innovation competition attracted 11,763 participants, showcasing the company's efforts to engage younger demographics and foster future talent in the industry [8][10]. Group 4: Marketing and Operational Strategies - Wuliangye outlined its marketing strategy, which includes a focus on brand value enhancement, market control, and strict adherence to pricing policies to ensure market stability [11][15]. - The company plans to implement a "five new expansion" strategy targeting new demographics, channels, and market scenarios to drive growth and adapt to changing consumer preferences [10][15]. Group 5: Collaborative Ecosystem - The conference highlighted the importance of a collaborative ecosystem involving the government and distributors, with commitments from the Yibin government to support the industry [15][17]. - Wuliangye's approach to treating distributors as partners rather than mere negotiators reflects a shift towards a more integrated and supportive business relationship [11][13]. Group 6: Future Outlook - The outcomes of the conference are seen as a foundation for Wuliangye's future growth and a model for the broader Chinese liquor industry, emphasizing quality, innovation, and collaboration as key drivers for success [17].

Group 1 - The company emphasizes its commitment to shareholder returns, increasing the cash dividend rate for the 2024 fiscal year to 70%, which is a 10 percentage point increase year-on-year [1] - The company has recently completed the distribution of a 10 billion cash dividend for the year 2025 [1]