Core Viewpoint - The company held an online performance briefing for its 2025 semi-annual report, addressing investor concerns and outlining strategies for improving performance amid industry challenges [1] Group 1: Product and Market Strategy - The "Jiu Gui · Free Love" product, developed in collaboration with Pang Donglai, has received widespread consumer recognition and is being supplied according to the cooperation plan [1] - The company is experiencing performance pressure due to a deep industry adjustment, weak consumption, and intensified competition [1] - The company is transitioning its marketing model, increasing C-end expenditure, and acknowledges that improvements in terminal sales will take time [1] Group 2: Production and Supply Chain - The company confirmed that production and supply for the "Jiu Gui · Free Love" product are normal and in line with the cooperation plan, addressing concerns about product shortages and production bottlenecks [1] - The company is implementing a BC linkage marketing model, which has shown effectiveness in reducing terminal inventory [1] Group 3: Future Plans and Market Focus - The company plans to deepen BC linkage in the second half of the year, focusing on core stores and banquet scenarios, and will enhance efforts in key markets outside Hunan [1] - The new production capacity planning is based on market forecasts and the company's cash flow assessments [1] - The company aims to address consumption downgrade by developing younger and more fashionable products [1] Group 4: Performance Improvement and Investor Relations - The management is actively taking measures to improve performance and is focused on enhancing brand influence through channel development and consumer activities [1] - The company is committed to balancing the interests of employees and shareholders through its collaboration with Pang Donglai, which is expected to enhance management and employee capabilities [1] - The company's market value management strategy revolves around improving fundamentals and operational performance while strengthening communication with the capital market and investors [1]

在湖南本土市场，重点开展"扫雷"行动二阶段工作，针对已摸排的网点精准释放定向政策，提高终端激 活成功率，有效扩张终端覆盖网络。对于省外重点市场，将持续强化"扫雷"行动力度，进一步下沉聚焦 县、镇市场，深耕县域消费潜力，扩大省外市场份额。 谈及下半年规划，管理层表示，公司持续推进BC联动的营销模式改革，强化渠道建设和终端动销，目 前已取得一定成效，终端库存持续下降。下半年公司管理团队将立足全局，凝聚攻坚合力，以积极姿态 直面压力与挑战。比如持续推进 BC 联动模式，将 B 端核心店建设与 C 端宴席场景、开瓶扫码互动、 回厂游体验等深度绑定，打通产品从分销到动销的链路建设； 9月12日，酒鬼酒举办2025年半年度报告网上业绩说明会。会上管理层介绍，公司与胖东来合作的联名 产品的"酒鬼酒·自由爱"上市以来获得了消费者的广泛认可，目前该产品正按照合作计划进行发货。公 司业绩近两年承压一方面是因为白酒行业正处于深度调整期，白酒消费偏弱，行业竞争加剧；二是公司 营销模式转型仍在推进，加大C端费用投放强化终端动销，短期经销端与实际终端动销不同频，终端动 销传导到公司业绩改善需要一定的时间。 公司产能能够满足"酒鬼酒·自由 ...

Core Viewpoint - The collaboration between JiuGui Jiu and Pang Dong Lai on the "JiuGui·ZiYouAi" product has become a focal point for investors, especially in light of the overall decline in the liquor consumption market [1][2]. Group 1: Product Performance and Sales - The "JiuGui·ZiYouAi" product was launched in July through Pang Dong Lai's channels and quickly sold out, leading to purchase limits being imposed [1]. - JiuGui Jiu has also expanded the product's availability to Hunan BuBuGao supermarkets [2]. - Despite investor inquiries about sales data during the performance briefing, management did not provide specific figures, indicating that the product is being shipped according to the cooperation agreement [2]. Group 2: Financial Performance and Market Response - JiuGui Jiu's revenue and net profit for the first half of the year have continued to decline year-on-year, reflecting a broader trend of weakening demand in the liquor market [2]. - The strong sales of "JiuGui·ZiYouAi" have created potential for a rebound in JiuGui Jiu's performance, contributing to multiple stock price surges this year, with a 26% increase in stock price as of September 12, making it the second-highest gainer among A-share liquor companies [2]. Group 3: Strategic Initiatives and Future Plans - The company is focusing on optimizing channel inventory and fostering healthy supply-demand dynamics, with inventory reduction being a key future task [2]. - The management team plans to continue the BC linkage marketing model, enhancing channel construction and terminal sales, while also targeting specific market segments through the "扫雷" action plan [3]. - JiuGui Jiu aims to develop a "2+2+2" product matrix to cater to younger consumers and self-drinking scenarios, which includes two strategic products, two key products, and two base products [3].

Core Viewpoint - In 2024, the company experienced a significant decline in performance, with a nearly halved revenue and a 67% drop in sales of its high-end brand, Neican [1][2] Group 1: Revenue and Sales Performance - The company's revenue for 2024 was 1.423 billion, a year-on-year decrease of nearly 50% [2] - The Neican brand, positioned as high-end, saw the largest decline in revenue, amounting to 235 million, which is a 67.06% decrease year-on-year [2] Group 2: Market Conditions and Strategic Response - The decline in sales is attributed to a weak industry cycle, leading to a noticeable drop in overall demand for high-end liquor and increased competition from leading companies [1][2] - The company plans to maintain stable pricing for the Neican brand and does not aim for a significant increase in volume in the short term [2] Group 3: Future Strategies - In 2025, the company aims to enhance sales quality through improvements in brand strength, product strength, channel strength, and system strength [3] - The product strategy includes a "2+2+2" framework, focusing on two strategic products, two key products, and two basic products [3] Group 4: Marketing and Distribution Adjustments - The company has reduced its SKU by 50% to streamline product structure and eliminate low-efficiency products [4] - The company is implementing a BC linkage marketing model to improve market activity, with a focus on cost reform and enhancing the quality of distributors [4][5] - The number of distributors decreased by approximately 24.7% from 1,774 in 2023 to 1,336 in 2024, indicating a focus on improving distributor quality [4][5]

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].