Core Viewpoint - The essence of the current slowdown in the performance of liquor companies is that the Chinese liquor industry is undergoing a profound transformation from "scale expansion" to "value enhancement" [2] Industry Summary - The Chinese liquor industry is currently in a deep adjustment period, shifting from a growth model reliant on scale expansion to a structural growth path that emphasizes efficiency and innovation [2] - Companies are actively responding to this transition by implementing measures such as promoting sales and reducing inventory [2] Company Summary - Shanxi Fenjiu is committed to continuing the implementation of its revitalization program through scientific marketing and stable operations, aiming for high-quality development [2] - The company plans to embrace new channels in response to the booming e-commerce and instant retail sectors, promoting online and offline integration [2] - Initiatives include establishing an official live streaming platform and leveraging e-commerce festivals like "Double Eleven" for brand promotion and consumer interaction [2]

10月9日，山西汾酒举办2025年半年度业绩说明会。会上管理层介绍，白酒行业目前正处于深度调整时 期。公司积极应对，采取了促动销、降库存等一系列措施。 当下酒企业绩大幅放缓的本质是中国白酒产业正经历一场从"规模扩张"到"价值提升"的深刻转型。从依 赖规模扩张的放量增长模式，转向注重效率与创新的结构增长路径。 汾酒将继续深入践行汾酒复兴纲领，通过科学营销和稳健经营，推动汾酒营销全要素、高质量发展。在 电商和即时零售爆火下，公司将积极拥抱新渠道，促进线上线下融合，通过建立官方直播平台，打通门 店本地生活业务。利用"双十一"等电商节庆开展品牌推广与消费者互动活动。 （上证路演） (编辑：林辰)关键字： 山西汾酒 白酒 ...

Core Viewpoint - The Chinese liquor industry is undergoing a profound transformation from "scale expansion" to "value enhancement," leading to a significant slowdown in performance for liquor companies [1] Group 1: Industry Overview - The liquor industry is currently in a deep adjustment period, prompting companies to implement measures such as promoting sales and reducing inventory [1] - The essence of the performance slowdown in liquor companies is attributed to the shift from a volume-driven growth model to a focus on efficiency and innovation [1] Group 2: Company Strategy - The company will continue to implement the Fenjiu Revival Program, emphasizing scientific marketing and stable operations to drive high-quality development [1] - In response to the booming e-commerce and instant retail sectors, the company plans to embrace new channels, promoting online and offline integration [1] - The establishment of an official live streaming platform and participation in e-commerce festivals like "Double Eleven" will be key strategies for brand promotion and consumer engagement [1]