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].