news flash·2025-05-14 00:31Core Viewpoint - The report from CITIC Securities indicates that since the second quarter of 2024, the revenue growth of listed liquor companies has significantly slowed down due to weak industry consumption demand, alongside increased competition and diminished scale effects impacting profitability [1] Group 1: Industry Performance - The overall sales volume of the liquor industry during the Spring Festival has shown a certain degree of narrowing in the year-on-year decline [1] - If future demand stabilizes gradually, considering the base effect in 2024, it is expected that the performance of liquor companies may improve starting from the third quarter of 2025 [1] Group 2: Company Strategies - Leading liquor companies are continuously enhancing shareholder returns through increased dividend rates, share buybacks, and stock purchases, thereby increasing investment safety margins [1] - Anticipation of forthcoming consumption stimulus policies and expectations of continued macroeconomic recovery support the recommendation to maintain allocations in leading liquor enterprises [1]