Core Viewpoint - The meeting between Moutai and Wuliangye emphasized the need for collaboration and a unified approach to navigate the current cyclical adjustments in the liquor industry, highlighting the importance of high-quality development and rational consumption [1][3][4]. Industry Overview - The liquor industry is undergoing a deep adjustment, influenced by macroeconomic cycles, industry cycles, and individual company/product cycles, necessitating a clear understanding of the development trends [3]. - Moutai and Wuliangye, as leading enterprises, are committed to long-termism and collaborative development to foster a healthy industry ecosystem and promote high-quality growth [3][4]. Company Performance - In 2024, Moutai reported a revenue of 174.14 billion yuan, a year-on-year increase of 15.66%, with a net profit of 86.23 billion yuan, also up by 15.38% [7]. - Wuliangye achieved a revenue of 89.18 billion yuan, reflecting a year-on-year growth of 7.09%, and a net profit of 31.85 billion yuan, up by 5.44% [7]. Cash Dividends - In 2024, the total cash dividends for 20 A-share liquor companies reached 119.03 billion yuan, with Moutai leading at 64.67 billion yuan, accounting for over 50% of the total [8]. - Wuliangye's cash dividends amounted to 22.3 billion yuan, an increase of 41.73% from the previous year, showcasing strong profitability and shareholder returns [8]. Future Outlook - The liquor market is expected to show signs of gradual recovery, with potential bottoming opportunities emerging between the second half of 2025 and early 2026 due to policy support and economic resilience [8].