720亿徽酒老大，穿越酒业低谷

Core Viewpoint - Gujing Gongjiu, a leading liquor company with a market value of 72 billion, is actively pursuing strategic initiatives as the year-end approaches, including a continued partnership with CCTV for the Spring Festival Gala and launching new products to adapt to market changes [2][3]. Group 1: Strategic Initiatives - The company has set a target for a 2.5% overall growth in cash returns for the coming year, building on its current performance despite a challenging market environment [4]. - Gujing Gongjiu's chairman, Liang Jinhui, emphasized a "breakthrough year" in 2026, focusing on strategic, quality, market, and management improvements [3][14]. - The company is optimizing its product matrix, with the Year Original series as a core pillar, and introducing new products like the light version of Gu20 to cater to younger consumers [7][8]. Group 2: Financial Performance - For the first nine months, Gujing Gongjiu reported revenues of 16.425 billion and a net profit of 3.96 billion, both showing double-digit declines [6]. - The company is implementing measures to alleviate pressure on distributors, including relaxing payment terms and increasing marketing investments in key growth markets [11][12]. Group 3: Market Adaptation - Gujing Gongjiu is venturing into the loose liquor market to create a "second growth curve," with the first "Gujing Liquor Shop" opening in December [8]. - The loose liquor model aligns with the trend of rational consumption, aiming to lower the barriers for premium liquor consumption [9]. - The company is enhancing its online presence through e-commerce and social media to tap into new growth opportunities [13]. Group 4: Operational Efficiency - The company is focusing on a "Three Connections" strategy to improve channel efficiency and stability, which includes direct control over sales channels and reducing the role of distributors [10]. - Gujing Gongjiu is committed to maintaining market order and combating issues like price chaos through a dual approach of empowerment and regulation [12]. Group 5: Future Outlook - Liang Jinhui outlined four strategic directions for 2026: deepening the core business, maintaining quality control, innovating in the market, and revolutionizing management practices [15]. - The chairman acknowledged that 2025 would be a pivotal year for the liquor industry, and the ability to navigate through challenges will require time to validate [16].