Core Insights - The competition in the high-end liquor market has evolved from product categories and aroma types to a deeper contest of brand value and consumer perception, with a focus on breaking away from homogeneous marketing strategies [1] - The "Tiangong Twelve Banquet" immersive tasting event by Siute Liquor serves as a strategic response to this challenge, emphasizing the integration of cultural experience and sales [1][2] Brand Strategy - The event centers around "old liquor" as a strategic asset, transforming brand communication from a one-way narrative to a two-way value dialogue [2] - The design of the "Tiangong Twelve" event is based on a systematic exploration and value redefinition of "old liquor," utilizing a unique blend of 12-year base liquor and 30-year aged liquor [2][3] Product Quality - "Tiangong 12," a new mid-to-high-end product from Siute Liquor, showcases the brand's commitment to "old liquor quality," validated by industry experts during its launch event [3] - The product received high praise for its quality attributes, including a harmonious blend of various aromas and a smooth, rich taste [3] Marketing Innovation - The "Tiangong Twelve Banquet" shifts the focus from traditional storytelling to an immersive experience that combines time philosophy, brewing techniques, and craftsmanship [5][6] - This approach allows consumers to personally perceive the value of "old liquor," fostering deeper brand trust and moving beyond price competition [6] Business Model - The event successfully creates a "product-sales integration" model, facilitating efficient collaboration from brand exposure to commercial conversion [7] - It employs dual modes of "tasting +招商" and "tasting +会销," targeting both high-net-worth distributors and core end consumers, thereby shortening the trust-building cycle [8] Ecosystem Development - The "Tiangong Twelve Banquet" aims to establish a sustainable high-end value ecosystem through continuous cultural exchanges, turning high-net-worth users into brand advocates and co-creators [10] - This ecosystem is seen as a valuable asset that can generate ongoing word-of-mouth, resource integration, and demand stimulation [10] Channel Empowerment - Siute Liquor's initiative provides standardized high-end tasting solutions to distributors, enhancing their transition from traditional distributors to high-value service providers [11] - This strategy not only boosts channel loyalty but also creates a shared value community between the brand and distributors, ensuring sustainable distribution of high-end benefits [11] Industry Evolution - The model reflects a systematic response to the essence of high-end liquor consumption, which emphasizes experience, relationships, and recognition, shifting the industry towards user operation and value co-creation as the new growth logic [12] - The "Tiangong Twelve Banquet" represents a significant leap from product promotion to value co-existence, highlighting a core direction for future competition in the liquor industry [14]

Core Viewpoint - Shede Liquor's half-year report indicates a significant decline in revenue and profit, reflecting challenges in the white liquor industry due to changing consumer demand and intensified competition [1][1][1] Financial Performance - Shede Liquor achieved operating revenue of 2.701 billion yuan, a decrease of 17.41% compared to the same period last year [1] - The net profit attributable to shareholders was 443 million yuan, also showing a decline from the previous year [1] Industry Context - The current white liquor demand is below expectations, with noticeable differentiation in consumer price points and increasing competition within the industry [1][1] - The company's sales of white liquor products are under pressure, and customer confidence is still in the recovery phase [1] Strategic Response - Despite the challenging industry backdrop, Shede Liquor's "control volume and maintain price" strategy has helped the company gradually return to a normal performance trajectory [1] - In Q1 and Q2 of 2025, the company reported revenues of 1.576 billion yuan and 1.125 billion yuan, respectively, impacted by industry adjustments [1] Product Strategy - Shede Liquor has focused on a reasonable layout of multi-price products, achieving significant results with mid-to-high-end products like "Tianzi Hu" and "She Zhi Dao," generating 1.973 billion yuan in revenue and a gross margin of 76.82% [1] Marketing Initiatives - The company has implemented a strategy centered on "old liquor, multi-brand matrix, youthfulness, and internationalization," along with a "3+6+4" marketing strategy to enhance brand quality, product pricing, and sales channels [1] - Shede Liquor has deepened its digital marketing efforts, launching campaigns such as "New Year Must Be Generous" and integrating brand and market activities [1] Management Changes - Notably, there have been multiple personnel changes at Shede Liquor since the second half of 2024, including the resignation of Vice President Wang Weilong for personal reasons [1]