LZLJ(SZ:000568) Sou Hu Cai Jing·2025-11-04 11:56Core Viewpoint - The Chinese liquor market is undergoing significant changes, as evidenced by the third-quarter reports of liquor companies and recent actions from the Guizhou Provincial Department of Commerce and Luzhou Laojiao [1][4]. Group 1: Guizhou Provincial Department of Commerce Initiatives - The Guizhou Provincial Department of Commerce has proposed a shift from "selling liquor" to "selling lifestyle," aiming to create new consumption models and meet personalized consumer demands [2]. - The guidance document outlines six key tasks, including enhancing product service supply through collaboration with educational and research institutions [2]. - The initiative emphasizes deep integration of the liquor industry with tourism, health, and wellness sectors, and aims to expand overseas markets through innovative activities [3]. Group 2: Luzhou Laojiao's Response to Industry Changes - Luzhou Laojiao has identified a "reduction in quantity and an increase in quality" as a defining characteristic of the current liquor industry adjustment [4]. - The company notes a shift from capacity expansion to a focus on quality enhancement, brand influence, cultural expression, and value creation, reflecting changes in consumer preferences towards lower-alcohol and personalized products [5]. - Luzhou Laojiao's strategy includes four key responses: deepening market cultivation, driving product innovation, solidifying core product lines, and transforming channels through digitalization [6][7].