从春节动销看五粮液，行业回暖的底气何在？

Core Viewpoint - The Chinese liquor industry is experiencing a structural recovery, with Wuliangye leading the market in sales during the 2026 Spring Festival consumption peak, indicating a positive trend for high-end liquor brands [1][4]. Group 1: Market Performance - Wuliangye ranked first in JD.com's 2025 sales list for strong-flavored liquor, followed by Luzhou Laojiao and Yanghe [1]. - The overall sales of Wuliangye have shown significant growth during the 2026 Spring Festival, with its core product, the eighth generation Wuliangye, performing robustly and achieving substantial year-on-year sales increases [4][6]. - The demand for Wuliangye's products has exceeded expectations, particularly in key markets like Shandong and Jiangsu, where sales volumes have continued to rise [6][8]. Group 2: Product Strategy - Wuliangye's growth is attributed to a diversified product matrix rather than reliance on a single product, enhancing its competitive edge [9]. - The eighth generation Wuliangye serves as the core product, maintaining its status as a benchmark in the high-end liquor market, with strong performance during the Spring Festival [13]. - Wuliangye aims to develop its product lineup into a structured system, including high-end offerings and new products targeting younger consumers, such as the "Wuliangye Yijian Qingxin," which has achieved over 200 million yuan in sales within five months of its launch [10][11][15]. Group 3: Channel and Inventory Management - Wuliangye's channel reforms have led to improved inventory health, with average inventory levels for distributors dropping to a healthy range of 30-45 days [18][22]. - The company has implemented a "three stores in one" strategy, optimizing its retail presence and enhancing online and offline integration through partnerships with major e-commerce platforms [20]. - The focus on genuine consumption, as evidenced by the doubling of daily opening bottle counts since the launch of the opening bottle scanning initiative, reflects a shift from channel inventory to consumer demand [6][20].