Zhi Tong Cai Jing·2025-10-23 00:53Group 1 - The performance of the 2025 Autumn Sugar and Wine Fair met expectations, with the industry actively embracing the consumer side and expanding market demand [1][2] - The fair attracted over 4,000 exhibitors, a significant decrease from over 6,500 at the Spring Fair in 2023, indicating a weaker招商 function and a shift towards market education opportunities [2] - Notable trends at the fair included an increase in customized liquor varieties and a higher number of raw liquor suppliers, reflecting the industry's bottom adjustment cycle [2] Group 2 - The outlook for Q3 2025 suggests that liquor companies should focus on balancing inventory and revenue growth, with a slowdown in growth rates expected [3] - High-end liquor brands are likely to respect market conditions, while mid-tier brands may experience a slight decline due to insufficient consumer demand [3] - Overall, the industry is expected to continue a de-inventory trend in Q3, with distributors and end-users showing low enthusiasm for stocking up [3]