Group 1 - The core viewpoint of the news highlights the collaboration between Moutai and Wuliangye, emphasizing the need for unity in facing the cyclical adjustments in the liquor industry, and the potential for high-quality development through strategic cooperation [1] - Moutai's management visit to Wuliangye signifies a new phase in the Chinese liquor industry characterized by "competitive cooperation" and ecosystem building, with the possibility of setting industry standards together [1] - The meeting aims to transform mutual understanding into concrete actions that could help the industry move from "scale expansion" to "value enhancement" [1] Group 2 - Moutai has repurchased 2.6421 million shares, utilizing a total of 4.05 billion yuan, which represents 0.2103% of the company's total share capital, and has completed two-thirds of its repurchase plan with a maximum budget of 6 billion yuan [2] - The repurchase plan, announced in November 2024, aims to reduce registered capital and is set to be completed within 12 months, with a maximum repurchase price of 1,771.90 yuan per share [2] - The share buyback is expected to boost market confidence and reinforces Moutai's position as a value anchor in the A-share market during the industry's adjustment period [2] Group 3 - Luzhou Laojiao is launching a co-branded liquor product based on the "Three-Body" IP, expected to be available in June, as part of its strategy to cater to younger consumers [3] - The company is focusing on a multi-faceted approach to brand promotion, including cultural, artistic, and sports initiatives, to align with trends of youthfulness, low alcohol content, fashion, and health [3] - Luzhou Laojiao's strategy transcends product innovation, aiming to create a comprehensive system of "cultural empowerment + scenario construction + digital operation" to activate new market segments [3]