茅台股东大会释放白酒形势前瞻信号：加速新客群开发、维护好与电商关系，白酒年轻化、出海热回归理性

Core Viewpoint - Kweichow Moutai is actively reforming and adjusting to create a time window for long-term stable development amidst industry challenges, emphasizing the importance of adapting to new consumer trends and maintaining market position [1][3][18] Group 1: Company Strategy and Market Position - The company believes that the current period is an excellent opportunity for transformation, as reforms are often problem-oriented and can lead to greater development after downturns [1] - Moutai maintains a stable development trend due to its strong brand support and resilient channel system, despite facing significant challenges from the overall industry downturn [1][3] - The company aims to stabilize scale, speed, and efficiency while expanding its core product market position and adapting to new consumption trends [1][3] Group 2: Industry Context and Challenges - The white liquor industry is entering a deep adjustment period characterized by stock competition, with Moutai confident that opportunities outweigh challenges [3][5] - The recent Q3 reports indicate that many liquor companies are experiencing pressure on revenue and profit margins, with pre-receivable balances at a two-year low [5][6] - Moutai's strategy includes reducing market supply to maintain resilience and stability during this adjustment phase [17][18] Group 3: Consumer Trends and New Market Segments - Moutai is focusing on developing new consumer groups and integrating online and offline channels to adapt to changing market dynamics [3][6] - The company is targeting emerging industries such as technology and renewable energy to attract new customer segments [6][8] - Moutai recognizes the importance of understanding different drinking scenarios and consumer preferences across various age groups to effectively engage younger consumers [10][12] Group 4: Digital Transformation and E-commerce - The company is embracing digital shopping trends and is working on strategies to improve its online sales environment while maintaining price stability [9][10] - Moutai is actively developing e-commerce solutions and plans to facilitate compliance for traditional distributors entering online platforms [9][10] Group 5: International Expansion and Market Strategy - Moutai acknowledges the potential for growth in international markets but emphasizes a rational approach to expansion, considering cultural barriers and market dynamics [12][13] - The company plans to adjust its product strategy for international markets, focusing on high-end positioning and adapting to local preferences [12][13] Group 6: Production and Capacity Management - Moutai's production capacity decisions are influenced by ecological sustainability and the training of skilled workers, with a focus on long-term quality over short-term gains [16][18] - The company is strategically managing its inventory to enhance its resource base during industry downturns, preparing for future market recovery [16][17]