Core Viewpoint - The Chinese liquor industry is undergoing a significant supply-side adjustment, with major brands like Moutai and Wuliangye adopting low-key strategies during the Chengdu Spring Sugar Conference, indicating a "bottoming out" phase for the industry [1][2][4][11] Industry Adjustments - The Spring Sugar Conference has become a platform for supply-side experiments, reflecting a deep adjustment in the liquor industry that is believed to exceed previous cycles [1][4] - Major liquor companies are focusing on inventory optimization and price control rather than aggressive marketing and expansion [5][10] Brand Strategies - Moutai has simplified its exhibition strategy, reducing the number of showcased products and focusing on brand display rather than extensive product promotion [2][3] - Wuliangye has canceled its hotel exhibition, signaling a shift in strategy among traditional liquor giants [3] Market Dynamics - The liquor market is experiencing a polarization, with top brands reducing marketing efforts while smaller brands engage in aggressive promotions [5][6] - The industry is facing severe challenges, including inventory buildup and price declines, with Moutai's price dropping from 3000 yuan to around 2200 yuan [9][10] Consumer Behavior - There is a shift in consumer expectations towards quality, brand, and cultural values, prompting a need for supply-side reforms [4][7] - The trend of "dual red envelope" marketing is being reconsidered, with some companies moving towards direct consumer engagement strategies [8][9] Future Outlook - The industry is in a transitional phase, with a focus on brand strength and market research rather than immediate sales [3][6] - Analysts suggest that while the industry may have shown signs of bottoming out, the future remains uncertain, particularly for smaller enterprises [11]