今世缘：经销商库存率约20%，预计行业实质性好转在2026年下半年

Core Viewpoint - The company is adapting its market strategies in response to changing consumer behavior and competitive pressures, while maintaining its strategic direction and focusing on product quality and market share growth [1][2][4]. Group 1: Market Strategy Adjustments - The company plans to accelerate the launch of its "Danyan" product in response to current market pressures, which may become a key consumer segment [1]. - There will be an increase in promotional efforts to address competition, potentially leading to a slight decrease in actual transaction prices [1]. - The company is committed to investing in high-end products to build consumer trust while adjusting prices to enhance product value [1]. Group 2: Sales Performance and Market Conditions - Since late May, the consumption environment has changed significantly, with high-end product sales declining sharply, particularly for products priced at "Four Open" and above [1]. - Despite a general decline in revenue, the company is still gaining market share, especially in the "Danyan" and lower-tier product lines [1][2]. - The company reports that the inventory rate among distributors is approximately 20%, equating to about 2.5 months of sales, indicating a healthy inventory level [2]. Group 3: Future Outlook and Consumer Trends - The company anticipates that the impact of graduation banquets on sales in August is uncertain, but there is a noted interest in higher-end products among families with better economic conditions [3]. - The industry is expected to see substantial improvement by the second half of 2026, with potential for a recovery in the fourth quarter of 2025 [3]. - The company is exploring the possibility of introducing lower-alcohol products, contingent on achieving a balance between taste and quality [3]. Group 4: Long-term Goals and Dividend Policy - The company's growth targets are seen as operational plans rather than firm commitments, with respect for market conditions influencing future performance [4]. - The "15th Five-Year Plan" goals have not yet been established, pending further assessment of market conditions [4]. - Dividend policies will be determined by shareholder meetings, with management expressing support for a more proactive dividend approach [4].