Core Insights - The consumption market in China is experiencing vibrant growth during the "May Day" holiday, with a focus on new consumption scenarios centered around "first exhibitions, first launches, and first stores" [1][2][3] Group 1: New Consumption Scenarios - New consumption scenarios are attracting consumers due to their innovation, experiential quality, and scarcity, leading to a surge in new store openings in Beijing [2] - In the first four months of this year, nearly 300 new stores across various sectors, including retail and dining, have been established in Beijing [2] Group 2: Cultural and Technological Integration - Cultural IP and technology-driven first exhibitions and events are enhancing consumer engagement, as seen in the multiple exhibitions at the Tianjin Museum during the holiday [3] - Chengdu's Huai Zhou Airport is innovating with low-altitude cultural tourism events, attracting over 4,000 visitors during the holiday period [3] Group 3: Policy Support - Local governments are actively supporting the emergence of new consumption scenarios, as evidenced by Chengdu's three-year action plan aiming for 6,500 new stores and over 1,000 first events by 2027 [3] - Shanghai has implemented measures to promote high-quality first launches, including financial incentives for brands opening flagship stores [4]

Core Viewpoint - Guizhou Moutai (600519.SH) reported a strong first-quarter performance with total revenue of 51.443 billion yuan, a year-on-year increase of 10.67%, demonstrating its resilience during the deep adjustment period of the liquor industry [1][2]. Financial Performance - The company achieved a net profit attributable to shareholders of 26.847 billion yuan, reflecting a year-on-year growth of 11.56% [2]. - Both revenue and profit growth rates reached double digits, underscoring Moutai's leading position in the industry [2]. Market Stability and Trends - Moutai's market prices have remained stable post-holiday, with the wholesale price of Flying Moutai consistently between 2,100 and 2,200 yuan per bottle [2]. - The sales of the 1,000 ml Flying Moutai have seen significant growth, with some regions reporting triple-digit increases in sales [2][3]. Strategic Adjustments - Moutai's management has made strategic adjustments in response to changing consumer demands, focusing on new consumption scenarios such as home gatherings and social events [3][4]. - The company is exploring new supply environments while maintaining its brand value and product quality [4]. Consumer Engagement and Market Research - Moutai's management has conducted extensive market research across 13 provinces, engaging nearly 2,000 channel partners to address supply-demand mismatches [5]. - The company aims to enhance consumer engagement by creating new consumption scenarios that resonate with emotional values [5][6]. Future Growth Initiatives - Moutai is actively seeking collaborations in new sectors such as new materials, renewable energy, and AI to expand its consumer base [5]. - The company is focused on building a consumer-centric market ecosystem, emphasizing quality and emotional value in its branding [6].