Di Yi Cai Jing·2025-10-23 00:21Core Viewpoint - The industry is actively embracing consumer demand and expanding market opportunities, with expectations for a fundamental bottom in the industry by Q3 2025 [1] Group 1: Industry Outlook - The performance of the liquor industry at the 2025 Autumn Sugar and Wine Fair is in line with expectations, indicating a positive trend towards consumer engagement [1] - The third quarter of this year is anticipated to be the most challenging period for industry sales, pricing, and market confidence [1] - The second half of this year is expected to present significant pressure on the financial performance of listed liquor companies [1] Group 2: Specific Sector Insights - The beer sector is projected to have a lower comparative base in the second half of the year, with stable pre-holiday stocking rhythms [1] - Increased competition and the impact of alcohol restrictions are expected to create some pressure on the beer sector's financial reports in Q3 [1]