五粮液（000858.SZ）：明确产品结 构主线，强化营销变革 2026 年定位于"营销守正创新年"。在 2025 年底的"1218 大会"上，五粮液将 2026 年明确定位于"营销守正创新年"，以"一核心三强化双目标"为营销方 针：持续提升五粮液品牌价值为核心，强化营销变革、强化应市策略、强化执 行能力，全力推动高质量的市场动销、全力实现市场份额的有效提升。这一定 位背后，其核心目标已从初期的"梳理秩序、稳定价格"升级为"提升效能、 赋能终端、巩固品牌"。 持续深耕细作拓展渠道网络，渠道力得到进一步提升。2025 年，公司新增 474 家"三店一家"，上线大会员体系，终端直配覆盖 20 个核心城市，电商渠道积 极深化与京东、天猫等头部电商合作。2026 年，公司将持续完善"三店一家" 布局，计划新增专卖店 100 家、优化一批低质量专卖店，总量保持在 1700 家 左右；新增集合店 300 家、文化体验店 10 家。同时，公司将严管渠道供给， 聚焦终端建设，培育团购渠道与异业合作，深化电商与即时零售布局。在国际 市场，五粮液将进一步融入海外本地消费场景，持续拓展经销商网络。 构建主品牌"一核两擎两驱一新"的 ...

Core Viewpoint - Wuliangye expresses a self-assessment of "stability with progress" and "stability with improvement," indicating confidence in navigating industry challenges and seizing new opportunities amid market adjustments [1] Group 1: Financial Performance - In the first three quarters of the year, Wuliangye's revenue decreased by 10.26%, and net profit attributable to shareholders fell by 13.72% [3] - In Q3, Wuliangye's revenue was 8.174 billion yuan, a significant decline of 52.66% year-on-year, while net profit was 2.019 billion yuan, down 65.62% year-on-year [3] - The price of Wuliangye's core product, the eighth generation of Wuliangye, is currently 850 yuan per bottle, with a factory price of 1,019 yuan and an official suggested retail price of 1,499 yuan [3] Group 2: Market Conditions and Opportunities - Wuliangye believes that the macroeconomic environment is improving, providing a solid economic foundation for the white liquor industry to undergo counter-cyclical adjustments [3] - The company identifies the emergence of new business demographics and consumption scenarios as a strong market foundation for continued white liquor consumption [3] - National policies have officially categorized liquor production as a "historical classic industry," with provinces like Sichuan and Guizhou incorporating high-quality development of this sector into their 14th Five-Year Plan [4] Group 3: Strategic Confidence - Wuliangye expresses confidence in its product quality, brand strength, and market advantages, supported by a loyal distributor network and a strong marketing team [4] - The company has over 100 billion yuan in cash reserves, which bolsters its ability to face challenges [4] Group 4: Strategic Measures - Wuliangye has elevated the concept of a "shared destiny with distributors," emphasizing the importance of channel profits and returns for distributors [5] - The product strategy includes a focus on the eighth generation of Wuliangye as the core, with plans to balance pricing and expand high-end product offerings [5] - The company plans to strictly manage channel supply, curtail low-price dumping, and enhance its retail presence by adding 100 exclusive stores and optimizing existing ones [5]

Core Insights - Five Star Liquor is focusing on product innovation and channel optimization to adapt to the evolving market dynamics in the Chinese liquor industry, aiming for sustainable growth rather than short-term gains [1][2][3] Product Strategy - The company is implementing a product system called "One Core, Two Engines, Two Drives, One New," with the eighth generation of Five Star Liquor as the core product [3] - The goal is to develop the 1618 and 39-degree Five Star Liquor into two billion-level flagship products, while also promoting new products like Five Star Liquor·One Encounter [3][4] - The company aims to establish a product hierarchy with strategic products at various revenue levels, including 100 billion, 50 billion, 20 billion, and 10 billion [3] Channel Development - Five Star Liquor plans to add 80 new specialty stores and optimize traditional channels, focusing on local group purchases and retail markets [4] - The company will terminate partnerships with underperforming distributors and enhance direct supply to 20 core cities, collaborating with leading e-commerce platforms [2][4] - The company is committed to maintaining market order by eliminating low-price dumping and non-compliant sales practices [4] Market Positioning - The company is responding to a comprehensive transformation in the liquor industry, characterized by changes in product, market, and consumption structures [1][2] - Five Star Liquor emphasizes high-quality development and reasonable returns for distributors, avoiding harmful competition for short-term growth [2][5] Organizational Reform - The company is linking executive compensation to market performance and establishing mechanisms for performance-based adjustments and exits for underperforming staff [5]

Core Insights - The conference themed "New Situation, New Opportunities, New Journey" was held by Wuliangye on December 18 [1][2] - Wuliangye aims to build a product system centered around its main brand with the strategy of "One Core, Two Engines, Two Drivers, One New" [1][2] Product Strategy - "One Core" focuses on the eighth generation of Wuliangye as the core product [1][2] - "Two Engines" includes the classic series and "Ziqi Donglai" positioned as ultra-high-end products [1][2] - "Two Drivers" consists of "1618 Wuliangye" and "39-degree Wuliangye," targeting to become two billion-level products [1][2] - "One New" emphasizes the new product "Wuliangye Yijian Qingxin" [1][2] National Strategic Products - In the category of strong aroma liquor, Wuliangye plans to develop four national strategic products: "Wuliangchun," "Jianzhuang," "Wuliang Te Touqu," and "Wuliangchun" [1][2] - The product structure aims to form a tiered system with products valued at 10 billion, 5 billion, 2 billion, and 1 billion [1][2]

Core Viewpoint - Wuliangye Group is restructuring its product system to focus on a main brand strategy termed "one core, two engines, two drivers, and one new" to implement differentiated and specialized operations [1][2][3] Group 1: Product Strategy - "One core" refers to the eighth generation of Wuliangye as the foundational product, aiming to balance price and volume [1][2] - "Two engines" includes the classic series, particularly "Ziqi Donglai," positioned as a super high-end flagship product, with efforts to cultivate the market and establish price and value benchmarks [1][2] - "Two drivers" are the 1618 Wuliangye and 39-degree Wuliangye, targeted to become two new growth points and develop into two billion-level flagship products [1][2] - "One new" focuses on the new product "Wuliangye·Yijian Qingshin" [1][2] Group 2: Strategic Product Development - In the area of strong aroma liquor, Wuliangye aims to develop four national strategic flagship products: Wuliangchun, Jianzhang, Wuliang Te Touqu, and Wuliangchun, creating a product hierarchy of 100 billion, 50 billion, 20 billion, and 10 billion levels [1][2]