WLY(SZ:000858) Nan Fang Du Shi Bao·2025-06-21 00:01Core Viewpoint - The chairman of Wuliangye Group, Zeng Congqin, emphasized the importance of collaboration and resilience in navigating the cyclical nature of the liquor industry, asserting that the cultural and emotional attributes of liquor remain unchanged despite industry adjustments [1][3]. Industry Overview - The liquor industry is currently experiencing a deep adjustment period, following a historical trajectory that includes a golden period (2003-2012), a deep adjustment period (2013-2015), a structural prosperity period (2016-2023), and now a new deep adjustment period starting in 2024. The overall trend is described as wave-like progress and spiral ascent [3][4]. Product Strategy - Wuliangye's management highlighted a "quantity-price balance strategy" for its core product, the eighth generation of Wuliangye liquor. The company plans to dynamically adjust the volume and timing of product releases to meet market demand [4][6]. - In early 2023, Wuliangye reduced the planned contract volume for the eighth generation liquor in certain channels, particularly focusing on specialty stores and channel operators. The company is also piloting a direct distribution model in 20 cities, including Beijing and Shanghai [4][6]. - The management aims to optimize contract volumes based on the financial strength and capabilities of distributors, while also expanding into emerging markets and enhancing e-commerce channels [6][10]. Marketing and Market Expansion - The company is focusing on innovative marketing activities, including events like the "Wufens Festival" and plans for sports marketing in the future. There is an emphasis on building a membership system to enhance brand loyalty among consumers [6][10]. - Wuliangye is prioritizing the banquet market, reporting double-digit growth in both the number of banquet events and bottle openings in the first half of the year, maintaining a strong position in the thousand-yuan price segment [10].