Core Viewpoint - The 29th 12·18 Consensus Building and Sharing Conference of Wuliangye was held in Yibin, Sichuan, emphasizing the company's commitment to quality, culture, and innovation in response to market changes and challenges [1][2]. Group 1: Company Performance and Strategy - Wuliangye has strengthened product quality, receiving the "Fifth China Quality Award Nomination" and achieving the highest EFQM global award rating [2]. - The company has expanded its market presence by adding 474 new "three stores and one factory," enhancing direct distribution in 20 core cities, and launching the youth-oriented product 29° Wuliangye, which generated over 100 million yuan in sales within two months [2]. - Wuliangye ranked 15th in the "China's 500 Most Valuable Brands" and 29th in the "Asia Brand 500," with a brand value strength index rated AAA+ [2]. Group 2: Market Environment and Future Outlook - The company is navigating a complex market environment by adhering to craftsmanship and innovation, with continuous improvements in quality management and brand value [4]. - Wuliangye plans to leverage macroeconomic improvements and industry policy directions to seize opportunities in the upcoming "15th Five-Year Plan" [6]. - The company aims to enhance its competitive edge by focusing on quality, value enhancement, and demand orientation, while expanding into new demographics, channels, and markets [6]. Group 3: Collaboration and Partnerships - The conference highlighted the importance of consensus and collaboration among partners, with a focus on long-term relationships rather than mere commercial negotiations [3]. - Local government support for Wuliangye's high-quality development was reaffirmed, emphasizing policy coordination and a stable business environment [4]. - International distributors expressed confidence in future collaborations, with Wuliangye adopting a tailored approach for different markets [5].

行业目前仍处于深度调整期，龙头公司纷纷采取措施稳价格、稳渠道，有利于加速行业筑底出清。中短 期来看，2025Q4—2026Q1受2026年春节较晚，酒企报表端、渠道端继续出清等影响，预计2026Q2龙头 公司将在低基数下迎来触底回升。经过前期调整，目前白酒板块估值处于近10年来10%左右分位数水 平；龙头公司注重股东回报，加大分红，板块中长期投资价值逐步显现。建议关注贵州茅台、五粮液、 泸州老窖、山西汾酒、今世缘、古井贡酒等。 大众品方面，10月CPI同比转正，11月CPI食品项转正；社零受益国庆中秋双节影响，餐饮、文旅等服 务消费表现较为亮眼。乳制品、调味品、啤酒等传统板块龙头表现平稳，行业需求端虽有压力，但成本 端仍保持低位；零食、软饮料等新消费板块依然保持较快增速，景气持续。未来，随着扩内需政策的逐 步落地，若CPI延续10月、11月趋势逐步上行，物价走出通缩，传统消费龙头有望迎来触底回升。建议 关注海天味业、伊利股份、青岛啤酒、东鹏饮料、安琪酵母、妙可蓝多等。 （以上内容仅供参考，不作为投资决策依据。投资有风险，入市需谨慎。） 晨报讯（南京晨报/爱南京记者 许崇静）近期，中央经济工作会议明确将"坚持内 ...

12月17日，2025"五粮液"杯中国大学生酒类创新创意大赛（以下简称"大赛"）在四川宜宾落幕。来自全 国各地高校的500名学子展开激烈角逐，激扬青春风采，为行业未来发展注入强劲动力与无限活力。 作为白酒行业龙头企业，五粮液勇担行业人才培养重任，连续五年支持该赛事成功举办，为青年人才搭 建成长阶梯，也为酿酒行业注入创新动能，打造出人才培育与产业升级同频共振的"五粮样本"。 搭建产教融合桥梁赋能产业转型升级 白酒产业作为"历史经典产业"，正处于从规模扩张转向高质量和价值驱动发展的深度转型期，深化产教 融合、发挥校企合力对赋能白酒产业转型升级意义重大。 "大赛响应时代号召，为'Z世代'的健康理念、审美需求与科技灵感，搭建一个宝贵的实践舞台。"四川 轻化工大学党委副书记陈范华表示，它是一座桥梁，一端连着中国酒业协会的行业高度与五粮液等龙头 企业的产业厚度，另一端则连着全国高校的智力密度与青年学子的梦想热度。 据悉，本届大赛以"浓香新世代·青春创未来"为主题，由四川省教育厅、宜宾市人民政府主办，四川轻 化工大学、中国白酒学院承办，五粮液独家冠名，中国酒业协会特别支持，设置品酒、酒类创新、包装 营销创意三大项目，吸引全 ...

Core Viewpoint - The Chinese liquor market is experiencing a price correction, with the average retail price of the top ten products declining, indicating a potential stabilization in the market after recent fluctuations [1][2]. Price Trends - The overall retail price of the top ten liquor products fell to 9081 yuan, a decrease of 15 yuan from the previous day, marking a new low in five days [1]. - Among the ten products, six saw price declines, with Qinghua Lang dropping by 7 yuan per bottle, the largest decrease [2]. - Other notable price drops include: - Shuijing Jian Nan Chun down 4 yuan - Gu Qing Gong Gu 20 down 4 yuan - Feitian Moutai down 3 yuan - Yanghe Dream Blue M6+ down 3 yuan - Xijiu Junpin down 1 yuan [2]. Product-Specific Strategies - Wuliangye's recent conference revealed strategies focusing on maintaining price balance and optimizing product structure: - The eighth generation of Wuliangye aims to solidify its position in the 1000 yuan price segment - Wuliangye 1618 targets the first banquet brand in the same price range, focusing on key markets like Chengdu and Chongqing - The 39-degree variant aims to strengthen its presence in the 700 yuan segment, targeting regions like the Bohai and Taihu areas - Classic Wuliangye will maintain a dual strategy for classic and new products in the 1500 and 2000 yuan segments respectively - The brand is also focusing on the 300 yuan segment with its small Wuliangye and promoting exclusive products in the cultural liquor market [3]. Market Data - The following are the current prices and changes for notable liquor products: - Feitian Moutai (53 degrees, 500ml): 1824 yuan, down 3 yuan - Boutique Moutai (53 degrees, 500ml): 2292 yuan, up 2 yuan - Wuliangye Pu Wu 58 generation: 825 yuan, down 375 yuan - Qinghua Fen 20 (53 degrees, 500ml): 380 yuan, up 2 yuan - Guojiao 1573 (52 degrees, 500ml): 871 yuan, unchanged - Yanghe Dream Blue M6+: 576 yuan, down 3 yuan - Gu Qing Gong Gu 20: 505 yuan, down 4 yuan - Xijiu Junpin: 665 yuan, down 1 yuan - Qinghua Lang: 738 yuan, down 7 yuan - Shuijing Jian Nan Chun: 405 yuan, down 4 yuan [4][5]. Data Collection Methodology - The data is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets, ensuring a comprehensive and accurate representation of the market [1].

Group 1 - The A-share market showed mixed performance on December 18, with the food and beverage ETF Tianhong (159736) experiencing a net subscription of 2 million units, ranking first among similar products in the Shenzhen market [1] - The agricultural ETF Tianhong (512620) has seen net inflows for four consecutive days, accumulating nearly 50 million yuan as of December 17 [1] - The food and beverage ETF tracks the CSI Food and Beverage Index, focusing on leading stocks in high-end and mid-range liquor, as well as key players in beverages, dairy, condiments, and beer [1] Group 2 - According to Xinyi Securities, the food and beverage sector is at a relatively clear supply-demand bottom, with expectations for a turning point in 2026 after a challenging bottoming process in 2025 [2] - Xiangcai Securities noted that the current valuation of the food and beverage sector is at historical lows, suggesting potential for recovery and valuation repair as market styles shift [2] - The industry is advised to focus on innovation opportunities in categories, channels, and consumption scenarios, while also considering undervalued traditional consumption areas [2]

Core Insights - The overall retail price of the top ten Chinese liquor products has decreased, failing to maintain the previous day's rebound, with a total price of 9081 yuan, down 15 yuan from the previous day, marking a five-day low [1][6]. Price Trends - Six out of the top ten liquor products experienced price declines, with 青花郎 dropping 7 yuan per bottle, the largest decrease [2][7]. - Other notable price drops include 水晶剑南春 down 4 yuan, 古井贡古20 down 4 yuan, 飞天茅台 down 3 yuan, 洋河梦之蓝M6+ down 3 yuan, and 习酒君品 down 1 yuan [2][7]. - Conversely, 五粮液普五八代 saw an increase of 3 yuan, while 精品茅台 rose by 2 yuan, indicating a mixed market response [2][7]. Industry Developments - The 五粮液 12·18 conference revealed strategic plans focusing on maintaining price balance and optimizing product structure, aiming to solidify its position in various price segments [2][7]. - Specific strategies include enhancing traditional channel operations, targeting key markets, and launching exclusive products to foster interaction between the collectible market and sales [2][7].

Core Insights - The overall retail price of the top ten Chinese liquor products has decreased, failing to maintain the previous day's rebound, with a total price of 9081 yuan, down 15 yuan from the previous day, marking a five-day low [1][6]. Price Trends - Among the top ten products, six have seen price declines, with Qinghua Lang dropping 7 yuan per bottle, the largest decrease [2][7]. - Other notable price drops include: - Shuijing Jian Nan Chun down 4 yuan per bottle - Gu Qing Gong Gu 20 down 4 yuan per bottle - Feitian Moutai down 3 yuan per bottle - Yanghe Dream Blue M6+ down 3 yuan per bottle - Xi Jiu Jun Pin down 1 yuan per bottle [2][7]. - Conversely, the following products have seen price increases: - Wuliangye Pu Wu 58th generation up 3 yuan per bottle - Boutique Moutai up 2 yuan per bottle - Qinghua Fen 20 up 2 yuan per bottle - Guojiao 1573 remained stable [2][7]. Industry Developments - Wuliangye held its 12.18 dealer conference on December 18, revealing several product strategies aimed at maintaining its market position [2][7]. - Key strategies include: - The eighth generation of Wuliangye focusing on "volume-price balance, structural optimization, and quality service" to solidify its position in the 1000 yuan price segment - Wuliangye 1618 targeting the 1000 yuan banquet brand market in cities like Chengdu and Chongqing - Wuliangye 39-degree aiming to strengthen its presence in the 700 yuan segment, particularly in key markets around the Bohai Sea and Taihu Lake - Classic Wuliangye maintaining a dual strategy for old and new products in the 1500 and 2000 yuan segments respectively - Accelerating marketing efforts for the small Wuliangye in the 300 yuan range and launching exclusive cultural products to enhance market interaction [2][7].

Core Viewpoint - The article discusses the recent changes in the Chinese liquor industry, particularly focusing on Wuliangye's 29th dealer conference, where the theme shifted from "co-consultation, co-construction, and sharing" to "consensus, co-construction, and sharing," indicating a new direction in manufacturer-dealer relationships [2]. Group 1: Company Strategy and Performance - Wuliangye achieved a revenue of 60.945 billion yuan and a net profit of 21.511 billion yuan in the first three quarters of the year [3]. - The company aims to enhance market share effectively by 2026, with a marketing strategy focused on "one core, three reinforcements, and two objectives," which includes improving brand value and marketing execution [3]. - Wuliangye plans to develop a product system centered around the eighth generation of Wuliangye, with a focus on high-quality market performance and the creation of two billion-yuan products [3][4]. Group 2: Product and Market Development - The company will target segmented markets with a clear product pricing structure, maintaining its leadership in the 1,000 yuan price segment and expanding its presence in various regional markets [4]. - Wuliangye is set to launch 474 new "three stores and one" (specialty stores, cultural experience stores, and collection stores) by 2025, enhancing its direct distribution network in 20 core cities [5][6]. - The company has introduced products aimed at younger consumers, such as the 29° Wuliangye "One Glance" which achieved over 100 million yuan in sales within two months of launch [5][6]. Group 3: Organizational Reforms - Wuliangye has initiated comprehensive reforms, including transitioning from a divisional to a company structure, with a focus on performance-based compensation for executives [7]. - The company is implementing a rigorous evaluation system for its marketing teams, emphasizing accountability and performance metrics [7]. - There is a strong commitment to maintaining market order by terminating partnerships with non-compliant and low-quality distributors, ensuring the integrity of the dealer network [8].

Core Viewpoint - Wuliangye's position as the "second in Chinese liquor" is under threat as its performance has been surpassed by Shanxi Fenjiu, prompting the need for significant changes within the company [2][4]. Group 1: Company Performance - In the third quarter, Wuliangye's revenue was 81.74 billion yuan, a year-on-year decline of 52.66%, and net profit was 20.19 billion yuan, down 65.62% [4]. - For the first three quarters of the year, Wuliangye reported a revenue of 609.45 billion yuan, a decrease of 10.26%, and a net profit of 215.11 billion yuan, down 13.72% [4]. - This marks the first time since 2015 that Wuliangye has experienced a revenue decline in the first three quarters [4]. Group 2: Market Challenges - The liquor industry is undergoing a deep adjustment, with a 50% year-on-year decline in sales volume in the third quarter of 2023 [4]. - High-end liquor prices continue to drop, leading to a search for a balance between volume and price in the market [4]. - Wuliangye's core product, "Pu Wu," is facing price inversion, with the wholesale price dropping to as low as 740 yuan per bottle, while the factory price is set to increase to 1019 yuan [5][6]. Group 3: Strategic Changes - Wuliangye is initiating a new round of reforms, focusing on enhancing brand value, marketing transformation, market strategies, and execution capabilities [2][7]. - The company plans to adjust its product matrix, maintaining the core position of "Pu Wu" while developing "1618 Wuliangye" and "39-degree Wuliangye" as new growth points, aiming for them to become billion-yuan products [3][9]. - Wuliangye is also planning to increase its direct sales channels, with a goal of adding 80 new specialty stores and optimizing existing ones [8]. Group 4: Future Outlook - The management anticipates that the industry will improve in the second and third quarters of 2026, and ongoing reforms in channels and products are seen as crucial for navigating the current industry downturn [10].

Group 1 - The core viewpoint of the article is that Wuliangye Group is positioning 2026 as the "Year of Marketing Innovation," focusing on enhancing brand value and improving market performance through a structured marketing strategy [2] - Wuliangye's marketing strategy includes "one core" which is to continuously enhance brand value, "three reinforcements" focusing on marketing transformation, market strategies, and execution capabilities, and "two goals" aimed at promoting high-quality market activity and increasing market share [2] - The company reported a significant increase in its banquet market performance, with a bottle scanning rate rising to 59% and banquet activities growing by over 20% year-on-year [2] Group 2 - The China Alcoholic Drinks Association's chairman, Song Shuyu, highlighted four major issues currently affecting the liquor industry, including the optimization of production capacity and the reduction of low-quality production [3] - Inventory levels are improving as major liquor companies adjust their market release schedules to alleviate inventory pressure, showing significant results in inventory digestion [3] - The price inversion of famous liquor is stabilizing, with supply and demand dynamics playing a crucial role in maintaining price stability [4] - The recovery of consumption scenarios is an irreversible trend, supported by consumption promotion strategies from both central and local governments [4] - The underlying logic of long-term industry development remains unchanged, with continued confidence and expectations from capital market investors in the liquor sector [4]