Production Capacity and Inventory - The company's current production capacity is 15,000 tons, with an additional 7,800 tons expected after the completion of the Phase II project [2] - As of the end of 2024, the company's base liquor inventory stands at 46,769 tons [2] Strategic Focus and Market Positioning - The company is implementing a differentiation and focus strategy to navigate the dual adjustment period in the industry and internally [3] - The company aims to enhance its competitive edge through unique products, regional characteristics, and cultural aspects [3] - The company is focusing on the Hunan market and model markets, emphasizing core products [3] Financial Performance and Sales Strategy - In 2024, the company achieved revenue exceeding 1 billion yuan, with efforts to enhance sales quality and brand strength [3] - The company has seen a significant increase in terminal sales and consumer engagement, with distribution and sales rates exceeding 100% in 2024 [4] - The company plans to maintain a focus on high-quality sales and improve brand, product, channel, and system capabilities [4] Product Line and Market Adaptation - The company has reduced its SKU by 50% to eliminate low-efficiency products and is developing new products based on market demand [5] - The company is actively working to stabilize product prices through dynamic inventory management and targeted promotions [5] Distributor Management and Market Expansion - In 2024, the company reduced its number of distributors by over 400, focusing on improving distributor quality [5] - The company is expanding its presence in the small liquor market to cater to diverse consumer needs [6] Industry Challenges and Future Outlook - The company acknowledges the challenges posed by the current industry adjustment, which has intensified competition [6] - The company is committed to leveraging its unique advantages to establish itself as a differentiated premium liquor brand [6]

Core Viewpoint - The company aims to enhance sales quality by focusing on brand strength, product strength, channel strength, and system strength in 2025, with a core strategy of "everything for high-quality sales" [1][4]. Group 1: Sales Strategy - The company has identified that government consumption currently represents a minimal portion of its product sales, indicating that related policies have a limited impact on the company [1]. - The company plans to implement a "2+2+2" strategic product system, which includes two strategic products, two key products, and two basic products, while reducing its SKU by 50% to eliminate low-performing products [1][3]. - The company is focusing on a full-chain layout to drive scale breakthroughs and enhance channel dynamics, with a target of establishing 24,000 effective core terminals [1]. Group 2: Market Dynamics - The high-end liquor market is experiencing a significant decline in demand due to industry weakness, leading to increased competition and price pressure from leading companies [2]. - The company is actively developing small liquor products in response to strong market performance in Hunan [3]. - The company has seen a notable increase in both distribution and sales volumes since the implementation of the BC linkage marketing model, with both metrics exceeding 100% in 2024 [3][4]. Group 3: Product Development - The company is upgrading its "Neican" brand with the launch of the "Neican Jiachen" version, which is expected to support overall sales but will take time to establish [4]. - The company has streamlined its distributor network, focusing on improving the quality of distributors and discontinuing contracts with low-performing ones [4]. Group 4: Future Outlook - The management team is committed to enhancing consumer engagement through increased promotional spending and improving the product value chain, which has already shown positive results in terminal sales [4]. - The company emphasizes the importance of safety, efficiency, innovation, and competitiveness in its operations to drive improvements across all areas [4].