Core Viewpoint - The Chinese liquor market, particularly in the premium liquor segment, is transitioning from stimulus-driven recovery to rational consumption, facing dual pressures of weakened consumer willingness and tightening spending capacity [1] Group 1: Market Trends - The share of food and beverage consumption is increasing, projected to reach 29.8% in 2024, but spending on liquor is shrinking, especially among young consumers in first and core second-tier cities who prefer lower-alcohol, personalized, and cost-effective products [1] - The liquor industry is undergoing a structural reshaping characterized by high-end consolidation, mid-to-low-end reconstruction, and regional brand breakthroughs [2] Group 2: Price Structure Changes - The price structure is shifting from a "pyramid" model to a "hourglass" model, with high-end brands maintaining core customer bases but struggling for new growth, while the mid-range faces intense competition and the low-end sees rapid regional brand growth [3][4] - The high-end segment (above 800 RMB) is experiencing growth saturation, relying on existing customers and price increases, leading to consumer "value fatigue" [4] - The mid-range segment (300-800 RMB) is caught in a "sandwich" dilemma, unable to compete with high-end products and losing market share to lower-priced options [5] Group 3: Channel Evolution - The liquor distribution model is transitioning from "heavy inventory, high turnover" to "scene adaptation, channel integration," emphasizing service and experience [6][7] - The new channel dynamics include fragmented distribution, weakened group purchasing, and increased demands for service efficiency in banquet channels [7] Group 4: Brand Growth Strategies - Liquor companies must shift from price-driven to value-driven growth, focusing on building a "cost-performance driven growth model" centered on perceived value, user trust, and scene penetration [8] - Establishing a "high perceived value" system is essential, moving from product competition to value perception, where consumers evaluate what they gain for their spending [9] Group 5: Consumer Engagement - The focus should be on creating memorable drinking experiences that encourage repeat purchases and recommendations, with strategies like "three-minute tasting experiences" and feedback mechanisms [11][12] - Building a "sample terminal" strategy that prioritizes quality over quantity in distribution, ensuring each terminal effectively engages consumers [14] Group 6: Trust and Value Communication - Rebuilding brand trust is crucial, requiring transparency in product origins, craftsmanship, and emotional value, ensuring consumers understand the product's unique selling points [15] - Companies must articulate their value clearly, making every sales representative a brand ambassador [15] Group 7: Future Growth Framework - The liquor industry must adopt a structured pricing system and a lifecycle-aligned channel strategy, focusing on gradual market penetration rather than rapid expansion [18][20] - A "perception-driven model" in regional markets is necessary, integrating user perception, scene engagement, and community operation [22] Group 8: Strategic Transformation - The industry's strategic turning point lies in transitioning from resource-driven to customer value-driven growth, emphasizing structural integrity, trust, and operational efficiency [26] - Companies that can penetrate market structures, rebuild trust, and operate with a long-term perspective will be positioned for success in the rational consumption era [26][27]

Core Viewpoint - The article discusses the challenges and opportunities for new consumer companies, particularly in the context of their IPOs in Hong Kong versus A-shares, highlighting the increasing trend of companies like Mixue Ice City choosing to list in Hong Kong due to stricter regulations in the A-share market [1][16][21]. Group 1: Market Trends - The Hang Seng Index has risen by 18.58% this year, with Hong Kong consumer ETFs increasing by 29.41%, indicating a strong market for new consumer companies [2][3]. - In 2024, several new consumer brands have flocked to the Hong Kong stock market for IPOs, with significant interest leading to high stock prices [3][11]. - Mixue Ice City achieved a record-breaking IPO subscription with a funding amount of HKD 1.77 trillion and a subscription multiple of 5125 times, marking it as a "frozen capital king" [5][8]. Group 2: Regulatory Environment - The tightening of IPO regulations in the A-share market has led to a significant decrease in the number of companies going public, with only 100 IPOs in 2024 compared to 313 in 2023, a drop of 68.05% [13][14]. - New consumer companies face significant barriers to listing in A-shares, categorized as "restricted" due to their low industry barriers [16][21]. - The Hong Kong stock market offers more lenient IPO conditions, making it an attractive option for new consumer companies [17][18]. Group 3: Investment Dynamics - The demand for private equity funds to exit their investments is a driving factor for companies like Mixue Ice City to pursue IPOs despite having sufficient capital [23][24]. - The average time from initial application to listing in Hong Kong is 393 days, with some companies completing the process in as little as 103 days [22]. - The trend of new consumer companies listing in Hong Kong has become a "new normal" due to the favorable regulatory environment and government support [21][19]. Group 4: Market Challenges - Despite the high subscription rates for IPOs, liquidity in the Hong Kong market remains a concern, with average daily trading volumes significantly lower than those in the A-share market [28][29]. - Some companies have opted for privatization due to the lack of trading liquidity in the Hong Kong market, indicating potential challenges for newly listed firms [30][31]. - The article highlights that even popular companies can experience volatility in stock prices post-IPO, with examples of companies facing low trading volumes despite high initial interest [32].