二、我们该怎么做避免低价现象呢 强化品牌价值建设：品牌要像打造一件艺术品一样，精心雕琢自身的价值。通过不断提升产品品质、创新设计以及优化服务体 验，塑造独特而鲜明的品牌形象。让消费者在心中为品牌赋予更高的价值认同，从而降低他们对价格的敏感度，使品牌在市场 竞争中脱颖而出。 在当今风云变幻、竞争激烈的商业江湖中，价格策略宛如商家手中的一把利刃，运用得当能披荆斩棘、开拓市场，可一旦失 控，便会成为破坏市场生态、引发连锁危机的"定时炸弹"。低价策略若缺乏合理管控，就像一场没有规则的疯狂游戏，会从多 个层面肆意破坏市场生态，引发一系列令人头疼的连锁问题。当低价成为商家争夺客源的唯一"杀手锏"，整个市场极易陷入"低 价战"的恶性循环，商家们为了压低价格，不惜在产品质量上偷工减料，在服务环节上大打折扣，最终导致整个行业陷入低质低 价的泥沼，消费者苦不堪言，市场秩序一片混乱。那么，持续低价究竟会对品牌产生哪些不可忽视的深远影响呢? 一、持续低价会对品牌有何影响 诱发无序竞争：持续低价就像一场没有硝烟的战争，让品牌们陷入无休止的价格比拼怪圈。品牌为了在低价中求生存，无暇顾 及产品创新和服务质量的提升，长期来看，品牌的核心竞争 ...

Core Viewpoint - The "Double 11" sales event for liquor this year has revealed significant price drops and a concentrated reconciliation of channel systems, exceeding industry expectations [2][3]. Group 1: Market Dynamics - This year's "Double 11" saw a deeper discounting trend compared to previous years, indicating a release of pent-up emotions within the market [4]. - The core product of Jian Nan Chun, the Crystal Sword, experienced a notable decline in price despite maintaining high sales volume on platforms like Tmall and Meituan [5][6]. - The price of the Crystal Sword fell to around 350 RMB, significantly below its factory price of 410 RMB, due to aggressive subsidies and promotions from various platforms [5][10]. Group 2: Channel and Inventory Issues - The traditional speculative logic in channel management, where products were considered "safe bricks" for investment, has failed during this year's "Double 11" [7]. - Many orders for the Crystal Sword on platforms like Douyin remained unfulfilled post "Double 11," leading to financial losses for resellers who had anticipated selling at a profit [8][9]. - The market in Ningbo, a key area for the Crystal Sword, has seen rapid price changes due to its transparent channel network and high liquidity [12][13]. Group 3: Financial Performance and Challenges - Jian Nan Chun's revenue for 2024 is projected at 16.94 billion RMB, with a growth rate of only 3.74%, a significant decline from the previous year's 13.55% [28]. - Achieving the ambitious revenue target of 30 billion RMB by 2025 would require a staggering 77.1% year-on-year growth, which is challenging given the current market conditions [28]. - The brand's growth remains heavily reliant on the Crystal Sword, while its high-end product lines have not yet established a stable consumer base [28][29]. Group 4: Strategic Outlook - The liquor industry is shifting from growth to structural adjustment, with increasing pressure on mid-range price segments and tighter price linkages between e-commerce and offline channels [31]. - Jian Nan Chun faces critical questions regarding restoring channel confidence, re-establishing price order, and ensuring that distributors do not experience repeated concentrated sell-offs [31]. - The ability of Jian Nan Chun to leverage the sales momentum from "Double 11" to enhance brand competitiveness remains to be seen [31].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported total revenue of 2.348 billion yuan for Q1-Q3 2025, a year-on-year decrease of 38.01%. The net profit attributable to shareholders was 326 million yuan, down 71.02% year-on-year, while the net profit excluding non-recurring items was 265 million yuan, a decline of 76.11% year-on-year [2][4]. - In Q3 2025, the company achieved total revenue of 850 million yuan, a year-on-year decrease of 58.91%. The net profit attributable to shareholders was 221 million yuan, down 75.01% year-on-year, and the net profit excluding non-recurring items was 217 million yuan, a decline of 75.43% year-on-year [2][4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company’s total revenue was 2.348 billion yuan, with a net profit of 326 million yuan and a net profit excluding non-recurring items of 265 million yuan [2][4]. - In Q3 2025, the company’s total revenue was 850 million yuan, with a net profit of 221 million yuan and a net profit excluding non-recurring items of 217 million yuan [2][4]. Market Strategy - The company has accelerated adjustments in its operations to manage channels effectively, which has led to a significant reduction in shipment volumes in Q3 2025. This strategy aims to maintain a healthy channel environment and stabilize the value chain [10]. Future Outlook - The company is expected to recover its performance relatively early due to proactive adjustments in response to industry demand pressures. EPS forecasts for 2025 and 2026 are 0.92 yuan and 0.96 yuan, respectively, corresponding to current P/E ratios of 47 and 45 times [10].

Core Viewpoint - The article emphasizes the importance of intellectual property complaints as a targeted means for brand owners to manage pricing violations on e-commerce platforms, advocating for a structured approach that balances efficiency and flexible governance [1]. Group 1: Intellectual Property Complaint Management - The management of intellectual property complaints should be phased, focusing on both efficiency and flexible governance [1]. - A "communication first, complaint as a fallback" tiered handling system is essential for brands to address e-commerce violations effectively [3]. Group 2: Phased Approach to Enforcement - **Phase One: Communication Guidance** Brands should initially engage in "soft communication" with unauthorized sellers to reduce governance costs and demonstrate compliance intent. This involves sending a "Price and Authorization Compliance Rectification Notice" to inform sellers of their violations and provide a reasonable rectification period of 3-5 working days [4][5]. - **Phase Two: Compliance Evidence for Complaints** If communication fails, brands must prepare complete and compliant evidence to support their claims. This includes proving the legitimacy of their rights and the authenticity of the seller's infringement [5]. Group 3: Evidence Requirements - **Core Evidence One: Proof of Legitimate Rights** Brands must provide clear and valid documentation to demonstrate their intellectual property rights, including trademark registration certificates, patent certificates, and copyright registration [6]. - **Core Evidence Two: Seller Infringement Evidence** Brands need to gather basic evidence of violations, such as screenshots of the seller's store and product listings, as well as any relevant purchase and inspection reports if counterfeit goods are suspected [6].

| 24年で天(散) | 53度/500m | 1900 | | --- | --- | --- | | | - | | | 23年飞天(原) | 53度/500m | 1970 | | | - | | | 23年で天(散) | 53度/500m - | 1935 | | 公斤茅台(原) | 53 度/1L | 3650 | | 43度飞天(原) | 43度/500m | 1099 | | 苏茅 3个朋友关注 | + 关注 | イ 2 | "很多老客户，特别是一些企业主，开始为年底的商务宴请和客户维护做准备，飞天是他们的首选。"湖北武汉一位酒水店负责人透露，"我们这边散瓶飞天 价格在1900元左右，市场共识很强，没有人会轻易'砸盘'。" 他还表示，做茅台这么多年，最大的心得就是要有"定力"，短期的市场情绪波动，难以改变茅台酒的基本盘。 业内人士认为，这种连续多日的稳定回升，可以概括为"点状升温，整体趋稳"，体现出飞天茅台价格体系的稳固与健康。当前飞天茅台的市场表现，得益于 茅台的精准投放与渠道管理，有效维护市场的良性生态。 据观察，相比以往渠道"囤货"的状况，如今飞天茅台在终端市场的流转效率明显提升，渠道库存 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance for the first three quarters of 2025 met expectations, with total revenue of 23.1 billion yuan, a year-on-year decline of 4.84%, and a net profit attributable to the parent company of 10.76 billion yuan, down 7.17% year-on-year [7] - The report anticipates that the company will maintain its profit forecasts for 2025-2027, with expected net profits of 11.79 billion yuan, 12.89 billion yuan, and 14.54 billion yuan, reflecting year-on-year changes of -12.5%, 9.4%, and 12.7% respectively [7] - The company has demonstrated strong price management capabilities, maintaining stable prices despite external demand pressures, indicating robust channel management and competitive advantages across various dimensions [7] Financial Data and Profit Forecast - Total revenue projections for 2025E are 28.01 billion yuan, with a year-on-year growth rate of -10.2% [5] - The expected earnings per share for 2025E is 8.01 yuan, with a projected gross margin of 86.2% [5] - The return on equity (ROE) for 2025E is estimated at 23.4% [5] - The company's cash flow from operating activities for Q3 2025 was 3.76 billion yuan, a year-on-year decline of 11.4% [7]

Core Viewpoint - The return of Zong Fuli to the operational helm of Wahaha Group signifies a strategic shift in her approach to governance and brand management, moving from a formal leadership role to a more influential operational position within the company [1][3][20]. Group 1: Reasons for Departure - Zong Fuli's resignation from Wahaha was not a hasty retreat but a strategic decision to distance herself from an unyielding corporate structure that had remained unchanged for three decades [4]. - The key issue at play was the misalignment between brand control and corporate governance, where Zong Fuli, despite being the second-largest shareholder with 29.4% of shares, lacked decisive power due to the significant employee shareholding [5][6]. Group 2: The Failure of "Wawa Xiaozong" - The newly launched brand "Wawa Xiaozong" was intended as a backup plan but failed to gain traction within 41 days due to a lack of trust from distributors and operational challenges [9][11]. - Distributors were hesitant to support "Wawa Xiaozong" due to concerns over its viability and the absence of established brand equity, leading to a reversion to the Wahaha brand for future sales [10][11]. Group 3: Current Position and Future Prospects - Zong Fuli remains at the center of Wahaha's operations, controlling key aspects such as product output, pricing, and sales strategies, despite not holding a formal board position [13][20]. - The challenges ahead include navigating a highly competitive market landscape and addressing internal structural issues while attempting to establish a new operational framework that can effectively replace the old system [16][18][21].

Core Viewpoint - The recent internal notification from Wahaha has created significant turmoil within the beverage distribution network in China, forcing distributors to choose between the established brand Wahaha and the new brand "Wah Xiaozong" [1][3]. Group 1: Brand Conflict - Distributors received an ultimatum to either continue with the traditional Wahaha brand or switch to the new brand "Wah Xiaozong," leading to a crisis in trust built over 30 years [1][3]. - The internal conflict was foreshadowed by the announcement that Zong Fuli would no longer serve as the legal representative and chairman of Wahaha, coinciding with the push for the new brand [3]. Group 2: Shareholding Structure - The current shareholding structure complicates the situation, with three main stakeholders: Shangcheng Wen Shanglv holding 46%, Zong Fuli 29.4%, and the employee shareholding committee 24.6%, requiring unanimous consent for the use of the Wahaha trademark [3]. - Zong Fuli's control over the new brand "Wah Xiaozong" is evident as her company has been actively registering trademarks since May 2025, creating a competitive tension between the two brands [3]. Group 3: Legal Challenges - "Wah Xiaozong" faces significant legal hurdles, particularly regarding trademark law, which may restrict its ability to operate in a market where confusion with the Wahaha brand is possible [5]. - The strict enforcement of trademark regulations in 2024-2025 could pose a serious challenge for the new brand, affecting distributor confidence and inventory decisions [5]. Group 4: Distributor Dynamics - Wahaha's strategy of "removing small distributors and consolidating larger ones" has led to the exit of distributors with annual sales below 3 million yuan, creating a challenging environment for smaller players [5]. - Increased operational demands and reduced profit margins are pressuring small distributors, making them vulnerable to market fluctuations [5]. Group 5: Consumer Perception - The emotional connection consumers have with the Wahaha brand may not easily transfer to "Wah Xiaozong," complicating market acceptance and brand loyalty [7]. - The emergence of competing brands within the same family could confuse consumers, shifting their focus from product quality to brand legitimacy [7]. Group 6: Strategic Recommendations - A more effective approach would involve collaboration rather than forced competition, with clear delineation of roles between Wahaha and "Wah Xiaozong" [8]. - Establishing clear contractual agreements to define non-competitive areas and ensuring stable profit margins for distributors could foster a healthier market environment [8]. Group 7: Distributor Insights - Distributors should focus on cash flow stability, risk-sharing mechanisms, and clear legal protections when navigating this uncertain landscape [10]. - In the absence of clear rules, a cautious approach of observation and contraction may be the most prudent strategy for distributors [10]. Conclusion - The upheaval within the beverage industry reflects the challenges faced by established brands in adapting to new market dynamics, emphasizing the need for a cooperative ecosystem rather than adversarial tactics [12].

Summary of the Conference Call for Luzhou Laojiao Company Overview - **Company**: Luzhou Laojiao - **Industry**: Baijiu (Chinese liquor) Key Points and Arguments Sales Performance and Market Dynamics - The decline in sales of the high-end product, Guojiao, has led to a stock price correction, but the low-end Guojiao is performing well in advantageous regions, with expected revenue reaching 10 billion in 2024, limiting the overall growth impact [2][3] - The company has a strong presence in the mass-market product segment (Tequ series, New District II), covering price ranges of 100-400 yuan, which is expected to alleviate growth pressure and reach more consumers [2][4] Strategic Adjustments - The company is implementing refined channel operations and flexible pricing strategies to stabilize high-end Guojiao prices while actively developing specialized channels [2][5] - In response to industry demand downturns, the company is adjusting management and channel controls, increasing process assessment weights, enhancing subsidy measures, and repairing manufacturer relationships for long-term development [2][7] Valuation and Market Perception - The capital market's low valuation of Luzhou Laojiao is seen as somewhat biased, with a potential upside of 20%-30% compared to Fenjiu, given the company's competitive strengths in products and channels [2][6] - The market anticipates a 10% decline in annual profits, but the company remains undervalued due to its strong competitive position, particularly in low-end products [6][9] Future Development Strategies - Future strategies for high-end Guojiao include refined channel operations and maintaining market share during off-peak seasons, with potential price adjustments around the 2026 Spring Festival to boost sales [5][10] - The company is focusing on digital transformation to enhance channel and consumer data management efficiency, which supports timely expense reimbursement and personalized services [2][13] Organizational and Competitive Advantages - The core competitive advantages lie in organizational and channel management, with a strong organizational barrier established through deep reforms since 2015 [10][11] - The company has a highly market-oriented organizational structure and a professional sales team, enhancing strategic execution and channel effectiveness [11][12] Digital Transformation Impact - Digital transformation has improved efficiency in managing channel and consumer data, allowing for timely expense management and maintaining profit margins despite revenue contraction [13][14] - The company is transitioning from a single merchant model to a single customer model, requiring higher organizational capabilities and skilled personnel [22] Market Expansion Strategies - The company aims to expand nationally through a full-price product strategy and by deepening its presence in key markets like Sichuan and North China [23] - The low-end baijiu market is expected to grow, with 38-degree Guojiao gaining market share in regions like Hebei and Shandong, potentially achieving a 10% market share in a 3 trillion yuan market [24] Financial Forecast - Short-term projections indicate a revenue decline in 2025, with a net profit of approximately 12 billion yuan, corresponding to a 70% dividend payout ratio [25] - Long-term growth is anticipated due to product layout and national expansion, with a potential for double-digit growth rates in the coming years [25] Additional Important Insights - The company is enhancing its brand marketing strategies, focusing on youth engagement and cultural activities to improve brand image [17] - The digitalization process is crucial for adapting to the evolving market landscape, especially with the rise of e-commerce and direct-to-consumer models [21][22]

Summary of the Conference Call on Baijiu Industry and Company Insights Company and Industry Overview - The conference call focuses on **Bairun Co., Ltd.**, a leading player in the **premixed cocktail market** in **Anhui Province**. The company is facing challenges in sales and market dynamics for its **Rio** brand of premixed cocktails [1][2]. Key Points and Arguments Sales Performance - In **2024**, Bairun's sales in Anhui for premixed cocktails reached **¥1.18 billion**, a slight decline from **¥1.2 billion** in **2023**, but a significant increase from **¥750 million** in **2022** [2]. - The sales decline is attributed to reduced profit margins for distributors and increased competition from low-priced products on online platforms [1][3]. Market Challenges - The company is experiencing a **10% price drop** in the market due to excess inventory and aggressive discounting by distributors [3][5]. - Bairun's strategy has shifted towards channel expansion rather than consumer growth, as the market share is limited [3][31]. Product and Channel Strategy - The **Rio** brand targets consumers aged **18-35**, but male consumer growth has been limited, leading to a decline in sales of stronger products [9]. - The company has introduced various alcohol content levels but faces challenges in pricing consistency between online and offline channels [9][10]. - The **light enjoyment** product line is struggling to gain traction due to lack of dedicated marketing efforts and competition from beer [12][13]. Distribution and Inventory Management - Bairun has implemented measures to address market chaos, including penalties for distributors and reduced marketing expenses, but these are seen as temporary fixes [5][34]. - The company has a **healthy inventory turnover** target of **1.5 to 2 months**, with current levels in Anhui nearing this target, while other provinces may have longer turnover periods [18]. Competitive Landscape - Bairun's **Rio** brand maintains a competitive edge in the premixed cocktail market due to strong brand recognition and pricing strategies, despite the presence of other brands [25]. - The company is focusing on expanding its presence in the **whiskey market**, but the performance has been underwhelming, with most distributors achieving only a few million in annual sales [32]. Future Outlook - The company aims for a sales target of **¥1.44 billion** in **2025**, maintaining the same product structure as in **2024** [22]. - There is a belief that significant improvements in channel management and product offerings may take until the end of **2025** to materialize [33]. Additional Important Insights - The company lacks a dedicated team for the restaurant channel, which is seen as a significant growth area [13][14]. - The pricing structure for various products shows significant variability, with **strong refreshing** products having low margins and relying heavily on rebates for profitability [11][26][27]. - The overall market environment is expected to remain challenging, with a **30% slowdown** in sales turnover compared to the previous year [16]. This summary encapsulates the critical insights from the conference call, highlighting the challenges and strategies of Bairun Co., Ltd. in the premixed cocktail market.