价格、产能、拆股，茅台业绩会回应多个热点问题

Core Viewpoint - The company is focused on maintaining market stability and channel collaboration amidst industry cycle adjustments and changing consumer trends, emphasizing a long-term strategy for sustainable development [1][2]. Group 1: Market Strategy and Pricing - The company is actively managing product releases and market strategies to counteract price declines, particularly for its flagship product, Feitian Moutai, which has seen prices drop below 1800 yuan [1]. - The company plans to adapt to rational consumption trends by innovating marketing models, expanding consumption scenarios, and upgrading its product system [2]. Group 2: Channel Management and Partnerships - The company is prioritizing the stability and sustainable development of its channel partners, enhancing channel resilience during market adjustments to foster a healthy market environment [2]. - The decline in contract liabilities reflects the enthusiasm of distributors, indicating a need for improved channel management and collaboration [2]. Group 3: Production Capacity and Investment - The company is investing approximately 15.516 billion yuan in the "14th Five-Year Plan" for technical upgrades, which will add about 19,800 tons of annual production capacity and 84,700 tons of storage capacity [2]. - Future capacity release will be carefully planned, considering ecological sustainability, skill development, and market conditions [2]. Group 4: Consumer Engagement and Market Trends - The company is focusing on expanding white liquor consumption scenarios, aiming to deepen customer engagement and transform product, channel, and terminal strategies [3]. - Recent market trends show a significant recovery in terminal sales since August, indicating a positive outlook for the market [3]. Group 5: Shareholder Considerations - The company is open to discussing the potential for stock splits, acknowledging mixed opinions among shareholders regarding the benefits and drawbacks of such a move [3].