Core Viewpoint - The company is undergoing a transformation amidst a complex external environment and intensified industry competition, focusing on brand enhancement, channel profitability, and inventory reduction [1][2]. Group 1: Company Strategy - By 2025, the company will concentrate on its leading brands, mid-range and sub-high-end price segments, domestic markets, and core liquor business, emphasizing brand renewal, product optimization, and market stability [1]. - The company is actively reducing channel inventory, which is a key focus for the upcoming period, while maintaining that its core fundamentals remain unchanged [2]. Group 2: Market Focus - The company has completed a nationwide sales organization and customer layout, with no changes to its deep nationalization strategy, despite a slowdown in growth in external markets due to local competitors' strategic contraction [2]. - The company will focus on key regional markets such as Shandong and Henan, while further strengthening its presence in markets like Hunan and Guangdong, and enhancing new markets like Inner Mongolia [2]. Group 3: Product Structure - The overall structure of the company's leading products remains stable, with "Hai Zhi Lan" and "Meng Zhi Lan" being the core products, while "Tian Zhi Lan" and "Shui Jing Ban Meng Zhi Lan" are more affected by market conditions [2]. - The M6+ product remains a leading brand in the sub-high-end price segment, with efforts to address supply-demand and pricing issues, including quota management and consumer engagement [3]. Group 4: Marketing and Distribution - The company aims to resolve product volume and pricing issues in the short term, while focusing on marketing transformation and consumer cultivation in the long term [4]. - Plans for the seventh generation of "Hai Zhi Lan" include a focus on the Jiangsu market, with a youthful and fashionable design, and an emphasis on enhancing the brand's image and sales foundation in the domestic market [4].

▍ 日本酒类与宏观经济高度相关，酒类发展历经洗礼。 1）作对比：中日人口结构具备可比性。我们认为上世纪8 0 - 9 0年代的日本与当今中国并非完全等同但具有可比性，从宏观环境、酒类消费情况 和经济驱动因素等方面来说，中日的发展轨迹大致是重叠的，能够为中国酒类消费的发展趋势提供前瞻性。 | | 中国(2024年) | 日本(80-90 年代) | | --- | --- | --- | | GDP 复合增速 | 7.68% | 6.19% | | 人均 GDP(美元) | 13.118 | 15.954 | | 老龄化程度 | 15.60% | 10%左右 | | 消费率(居民或私人消费占总 GDP 的比例) | 40% | 54% | | 消费偏好 | 多元化、个人消费(三四线城市); | 个性化、差异化、质价比 | | | 精神需求、性价比(一二线城市) | | | 外部环境 | 中美贸易摩擦、美国实体清单等 | 美日贸易纠纷不断,最后签订广场协议 | | 发展战略 | 扩大内需,经济高质量发展 | 出口驱动向内需增长转型 | | | | 一十六十六 | 文 ｜ 姜娅 蒋祎 江旭东 魏一 通过分析中日的宏 ...