山西汾酒：高端白酒价格体系承压的本质矛盾是要真正尊重市场和尊重消费者

Core Viewpoint - The company is focused on stable development and strategic marketing initiatives to enhance its market position and shareholder returns while addressing the challenges in the high-end liquor pricing system [1][2]. Group 1: Company Strategy and Performance - The company held a performance briefing for the first three quarters of 2025, discussing its expense management and commitment to shareholder returns through various methods [1]. - The management outlined a sales plan for 2026, emphasizing the implementation of the second phase of the "Revitalization Program," which includes four continuous initiatives: nationwide expansion 2.0, youth-oriented innovation 1.0, international breakthrough 1.0, and precise service for diverse consumers [1]. - The company aims to optimize inventory structure, stabilize pricing systems, focus on tiered marketing, promote online and offline collaboration, and enhance the synergy of its three major brands [1]. Group 2: Industry Challenges - The management identified a supply-demand imbalance in the high-end liquor market, driven by rational consumer attitudes and choices, which is putting pressure on the pricing system [2]. - The core issue affecting the high-end liquor pricing system is the need to genuinely respect market dynamics and consumer preferences [2].