“韧性与坚守”，茅台如何穿越周期？

Core Viewpoint - Moutai has become a key "ballast stone" in the consumer market, demonstrating strong resilience and confidence amid the challenges faced by the liquor industry [2][4]. Group 1: Market Dynamics - The white liquor industry is undergoing significant changes, with a shift from quantity to quality in consumption patterns, driven by the trend of "drinking less, drinking better" [2][4]. - Moutai's price for the 500ml Flying Moutai has recently stabilized and increased to 1825 yuan, with a notable rise in demand and sales activity [4][5]. - The company has maintained a focus on channel protection and precise product allocation based on terminal sales data, contributing to market stability [5][12]. Group 2: Brand Strategy - Moutai's long-term commitment to quality and brand reputation has fortified its market position, allowing it to navigate industry fluctuations effectively [8][10]. - The company is actively transforming its brand from a high-end beverage to a modern lifestyle choice, expanding its consumer reach through innovative retail formats and experiential marketing [8][9]. - Moutai's strategy for engaging younger consumers is nuanced, focusing on different approaches for various age groups to enhance brand loyalty and relevance [9][10]. Group 3: Operational Resilience - Moutai's pricing resilience is attributed to its market leadership and systematic efforts to build consumer goodwill over the long term [12][14]. - The company has clarified that its market strategy is demand-driven, emphasizing the importance of maintaining a healthy channel ecosystem while avoiding simplistic measures [12][13]. - Moutai is leveraging the current industry adjustment period as a strategic opportunity to strengthen its core competencies and prepare for future market recovery [14].