Nan Fang Du Shi Bao·2025-05-22 01:29Core Viewpoint - The Chinese liquor industry is currently undergoing a period of adjustment, influenced by changes in consumer behavior and economic conditions, leading to a focus on inventory reduction and product innovation among major liquor companies [2][3]. Group 1: Industry Overview - The liquor industry is in a "three-period overlap" phase, experiencing deep adjustments due to macroeconomic cycles, industry cycles, and individual company/product cycles [2]. - Major liquor companies are facing slowed or declining performance growth, with Wuliangye's 2024 revenue reaching 89.175 billion yuan, a year-on-year increase of 7.09%, and net profit of 31.853 billion yuan, up 5.44% [2]. - Luzhou Laojiao's 2024 revenue and net profit grew by 3.19% and 1.71% respectively, while other companies like Shede Liquor reported significant declines in performance [2]. Group 2: Inventory Management - Major liquor companies have improved inventory levels after implementing strict supply control measures, with Wuliangye reporting low social inventory levels for its eighth-generation product [1][4]. - Wuliangye's sales performance has remained stable, with online sales increasing by 30% year-on-year, and overall market prices continuing to rise [4]. - Yanghe Co. emphasized the importance of inventory reduction as a key focus moving forward, while Luzhou Laojiao reported that its channel inventory is currently manageable [5]. Group 3: Strategic Goals - Guizhou Moutai has set a revenue growth target of 9% for 2025, reflecting a more cautious approach compared to previous years [3]. - Wuliangye aims to align its revenue growth with macroeconomic indicators for 2025, moving away from previous aggressive growth targets [3]. - Luzhou Laojiao's 2025 operational plan focuses on steady progress rather than aggressive growth, indicating a shift in strategy [3]. Group 4: Consumer Trends - The industry is witnessing a shift towards younger consumers and lower-alcohol products, with Luzhou Laojiao noting that nearly 50% of its revenue now comes from lower-alcohol products [6]. - Luzhou Laojiao plans to enhance the quality of its lower-alcohol products and target the "Z generation" through innovative marketing strategies [6]. - Wuliangye is also focusing on the younger consumer market, planning to accelerate the development and promotion of its lower-alcohol products [7].