老白干酒：9月以来市场明显回暖，双节动销良好

Core Viewpoint - The overall growth rate of the liquor industry is slowing down, with increasing differentiation among companies and a more pronounced "Matthew Effect," leading to higher regional concentration [1] Industry Summary - The liquor industry is experiencing a slowdown in growth, with a notable increase in company differentiation and regional concentration [1] - The market has shown signs of recovery since September, with the overlap of the Mid-Autumn Festival and National Day creating a longer consumption window, resulting in good sales performance during the double festival period [1] Company Summary - The company’s subsidiary, Wuling Liquor, has been innovating its marketing model by adopting a direct-to-terminal short-chain sales approach, eliminating intermediaries and selling directly to terminal agents, major clients, and e-commerce platforms [1] - The company is focusing on expanding its market presence in Hunan while also gradually entering markets in over ten provinces and cities across the country [1] - The company plans to strengthen cooperation with distributors to continuously increase market share [1] - Wuling Liquor has achieved sustained, stable, and high-quality development, with steady increases in revenue and net profit contributing significantly to the company's overall performance [1] - For the upcoming Double Eleven shopping festival, the company will comprehensively deploy on platforms like JD, Tmall, Douyin, and Pinduoduo, tailoring products and operational strategies to match the characteristics of different platforms and their consumers [1][2] - The company is increasing advertising investments on traditional e-commerce platforms to maximize customer acquisition and conversion into sales, while also engaging in live streaming activities on Douyin to boost both online visibility and sales [2]