调研速递|酒鬼酒接受全体线上投资者调研，聚焦合作产品与业绩改善要点

Core Viewpoint - The company held an online performance briefing for its 2025 semi-annual report, addressing investor concerns and outlining strategies for improving performance amid industry challenges [1] Group 1: Product and Market Strategy - The "Jiu Gui · Free Love" product, developed in collaboration with Pang Donglai, has received widespread consumer recognition and is being supplied according to the cooperation plan [1] - The company is experiencing performance pressure due to a deep industry adjustment, weak consumption, and intensified competition [1] - The company is transitioning its marketing model, increasing C-end expenditure, and acknowledges that improvements in terminal sales will take time [1] Group 2: Production and Supply Chain - The company confirmed that production and supply for the "Jiu Gui · Free Love" product are normal and in line with the cooperation plan, addressing concerns about product shortages and production bottlenecks [1] - The company is implementing a BC linkage marketing model, which has shown effectiveness in reducing terminal inventory [1] Group 3: Future Plans and Market Focus - The company plans to deepen BC linkage in the second half of the year, focusing on core stores and banquet scenarios, and will enhance efforts in key markets outside Hunan [1] - The new production capacity planning is based on market forecasts and the company's cash flow assessments [1] - The company aims to address consumption downgrade by developing younger and more fashionable products [1] Group 4: Performance Improvement and Investor Relations - The management is actively taking measures to improve performance and is focused on enhancing brand influence through channel development and consumer activities [1] - The company is committed to balancing the interests of employees and shareholders through its collaboration with Pang Donglai, which is expected to enhance management and employee capabilities [1] - The company's market value management strategy revolves around improving fundamentals and operational performance while strengthening communication with the capital market and investors [1]