Xinda Securities·2025-03-28 12:08Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The 2025 Spring Sugar and Wine Fair was held from March 20 to March 27 in Chengdu, with a noticeable decline in attendance and an increase in promotional activities. The fair's role in brand recruitment has weakened due to the downward trend in the liquor industry, leading to slower sales for small brands and new products [2] - Despite the challenges, the Spring Sugar Fair remains a significant event in the industry, with major brands seeking to adapt through various cultural activities and product launches [2] - The industry is currently stable, with liquor merchants' attitudes improving after a low point last year. The report anticipates 2025 will be an adjustment year for the liquor industry, with the speed of channel clearing determining the timing of the industry's bottoming out [2] - Major liquor brands are focusing on practical changes and channel transformations to address declining profit margins and high inventory levels. New sales channels such as online live streaming and e-commerce are impacting traditional sales methods [2] - The report maintains a cautiously optimistic view on the liquor industry's adjustments, emphasizing the importance of stability for development. The performance of listed companies is expected to show a general slowdown in the first half of the year, with key observations set for the Mid-Autumn Festival and National Day [2] Summary by Sections - Event Overview: The Spring Sugar and Wine Fair experienced lower attendance and increased promotional activities, indicating a shift in the industry's dynamics [2] - Market Stability: The liquor industry is stable, with merchants' attitudes improving, but 2025 is expected to be a year of adjustment [2] - Brand Strategies: Major brands are adapting through product launches and cultural events, while also addressing channel challenges and inventory issues [2] - Future Outlook: The report suggests a cautious optimism for the liquor industry, with the need for stability and effective channel management being crucial for future performance [2]