直击股东大会丨泸州老窖：适时投放28度国窖1573，之后可能还有更低度数

Core Viewpoint - The trend of low-alcohol products is emerging in the Chinese liquor market, with companies like Luzhou Laojiao and Wuliangye responding by introducing lower alcohol content products to attract younger consumers [1][2][3] Group 1: Company Performance and Strategy - Luzhou Laojiao's 38-degree Guojiao 1573 has achieved a sales volume close to 100 billion yuan, with its sales proportion reaching nearly 50% [2][3] - The company reported a revenue of 31.196 billion yuan for 2024, a year-on-year increase of 3.19%, and a net profit of 13.473 billion yuan, up 1.71% [2] - The company plans to launch a 28-degree Guojiao 1573 and is considering even lower alcohol products, such as 16-degree and 6-degree variants [3] Group 2: Market Trends and Consumer Behavior - The white liquor industry is experiencing a slowdown in overall performance, leading to a focus on capturing new consumer segments, particularly younger demographics [2][5] - The China Alcoholic Drinks Association's report indicates a shift in young consumers' preferences from quantity to quality, driving the demand for low-alcohol and flavored products [2] Group 3: Channel Strategy and Pricing - The company is advocating for differentiated pricing strategies based on channel costs, emphasizing the need for manufacturers to manage pricing across various sales channels [6] - Luzhou Laojiao is developing a "Win-Win Strategy for Distributors and End-Users" to enhance collaboration with distributors and optimize pricing [4][6] - The company aims to expand its market presence by increasing its distribution network from 500,000 to 4 million terminals over the next five years, focusing on lower-tier markets [7]