贵州茅台谈合同负债下滑：行业周期调整之时，主动提升渠道韧性

Core Viewpoint - The management of Kweichow Moutai addressed investor concerns regarding the significant price drop of Moutai 1935 and emphasized the strategic importance of this product in their portfolio, highlighting its unique characteristics derived from two different production areas [1] Group 1: Product Strategy - Moutai 1935 is a strategic product that integrates base liquor from both the Heji Xing production area and the core Moutai production area, maintaining the unique style and flavor characteristics of Moutai [1] - The product features a delicate aroma and a rich, balanced taste, showcasing the organic unity of color, fragrance, and flavor [1] Group 2: Sales and Marketing - The increase in sales expenses is attributed to enhanced brand building and consumer group cultivation, particularly focusing on series liquor and overseas markets [1] - The company's sales expense ratio is approximately 3%, which is among the lowest in the industry, indicating a good cost-effectiveness despite an absolute increase in expenses [1] Group 3: Channel Management - The decline in contract liabilities in the first half of the year reflects the company's commitment to stable and sustainable development of channel partners [1] - During industry cycle adjustments, the company has proactively enhanced channel resilience, fostering a cooperative ecosystem that supports healthy market development [1]