今世缘谈江苏白酒市场表现：100元以内和800元以上的两端市场占比微增

Core Viewpoint - The management of the company indicates that the performance of the Jiangsu province liquor market in Q4 2025 reflects the overall industry trend, with varying pressures across different price segments [1] Group 1: Market Performance - All price segments are experiencing some pressure, but there is a slight increase in market share for both the segments below 100 yuan and above 800 yuan [1] - The company's products, particularly the "single open" and "light elegance" categories, have maintained slight growth, while the mainstream products for government and business consumption (four openings and above) are under pressure [1] - The performance during the Spring Festival is expected to be better than Q4 due to concentrated consumption across price segments [1] Group 2: Inventory Levels - The company's main products have seen a significant year-on-year reduction in inventory during the last sales assessment year (December 2024 to November 2025) [1] - The core issue currently faced is the slowdown in sales velocity, with the absolute number of terminal openings declining year-on-year [1] - Inventory pressure is primarily at the distributor level, as terminal stores are reluctant to stock up, leading to a slow inventory clearance rate for distributors [1] Group 3: Future Outlook - The timing for entering a low inventory state is crucially dependent on the improvement of sales velocity [1] - A slight improvement in sales could lead to a quicker inventory digestion [1] - It is believed that the consumer end may not return to previous peak levels but will settle at a new lower plateau, gradually recovering from there [1]