WLY(SZ:000858) Sou Hu Wang·2026-02-05 09:31Core Insights - The current Chinese liquor market is undergoing a deep adjustment period characterized by "policy adjustments, consumption structure transformation, and stock competition" [1] - Traditional business banquets and government receptions are declining, leading to a shift from "entertaining economy" to family consumption scenarios, with smaller bottles and lower alcohol content becoming more popular [1] - The trend is moving towards light social interactions based on "interest + experience," transforming liquor from a tool for socializing to an "emotional companion" [1] Group 1: Brand Strategy - Wuliangye's "Five Great Toasts" campaign, featuring Olympic champion Wu Dajing, aims to connect with consumers through emotional storytelling, focusing on real-life scenarios rather than traditional brand messaging [3][5] - The campaign emphasizes five toasts that reflect various aspects of life, such as "toasting the New Year" and "toasting life," integrating liquor into family and social contexts [5][6] - The narrative builds a connection between the brand and consumers, aligning with the industry's shift from functional demands to emotional recognition [6] Group 2: Quality and Craftsmanship - Wuliangye emphasizes "better quality" through a rigorous brewing process, utilizing high-quality raw materials and adhering to strict production standards [8] - The brand's commitment to craftsmanship parallels Wu Dajing's journey, highlighting the pursuit of excellence in both sports and liquor production [9] - The integration of the "Five Great Toasts" into the Spring Festival narrative reinforces the emotional connection and cultural significance of the brand, enhancing its market positioning [9]