Core Viewpoint - The company acknowledges the cyclical nature of the Chinese liquor market, indicating that the performance decline in 2024 is influenced by macroeconomic conditions, industry adjustments, and internal challenges [1][2] Industry Analysis - The Chinese liquor distribution industry is characterized by intense competition, with low entry barriers for distributors and fierce online competition, despite the sector's relatively low online penetration [1] - The growth of new dining formats is expected to expand the market for alcoholic beverages, prompting the company to focus more on this area [1] Company Strategy - The company maintains confidence in the long-term profitability of the liquor market, noting that leading brands continue to grow despite the current industry downturn [2] - Over the next 3 to 5 years, the company plans to enhance its channel network and digital marketing systems, aiming for deep cooperation with thousands of terminal outlets to create a strong competitive advantage [2] - The company is set to establish a "genuine liquor channel brand" and a "supply chain service platform" by 2025, aligning with its strategic goals [2][3] Operational Innovations - The company is innovating its retail operations by developing a service-oriented supply chain platform and optimizing its product line to meet future consumer trends [3] - Strategic collaborations with local liquor brands are being initiated to cater to regional market demands, which may become new growth points for the company [3] - The company has upgraded its strategic partnership with Penfolds, aiming to lead the market share in imported wines in China [3]