Core Insights - The 2025 China International Famous Liquor Expo opened in Yibin, showcasing Wuliangye as a representative of famous liquor and collaborating with international brands to promote sustainable development in the liquor industry [1][3] Group 1: Event Overview - The expo serves as a significant platform for the global liquor industry, evolving beyond traditional wine exhibitions to include cultural and consumer activities, creating immersive experiences for visitors [1] - Wuliangye established a brand exhibition hall featuring various interactive spaces, enhancing consumer engagement through a blend of tourism, culture, and consumption [1] Group 2: Tourism and Industry Integration - Wuliangye's tourism initiatives focus on "liquor and tourism integration," offering unique products such as industrial sightseeing tours and cultural experiences, which have been recognized as top cases in Sichuan's liquor tourism development [3][6] - The company aims to innovate new consumption methods by combining liquor with food, performances, and tea, enhancing the overall visitor experience [3] Group 3: Strategic Goals and Collaborations - Wuliangye is committed to enhancing visitor satisfaction, diversifying products, and creating deep experiential engagements while expanding its brand value chain [6] - The company collaborates with global liquor enterprises to promote the evolution of the liquor industry from classic traditions to innovative practices, contributing to the global exchange of liquor culture [6]

Core Insights - The 29th "12·18 Consensus Co-construction and Sharing Conference" of Wuliangye was held in Yibin, focusing on "New Situation, New Opportunities, New Journey" [1][3] - The conference is significant as it marks a critical transition point for the liquor industry, emphasizing Wuliangye's leadership in navigating changes and promoting sustainable high-quality development [3][4] Group 1: Industry Dynamics - The year 2025 is anticipated to be challenging for the liquor industry, characterized by inventory and pricing pressures, alongside tests of confidence and partnership resilience [4] - The change in the conference's name from "Co-discussion, Co-construction, and Sharing" to "Consensus Co-construction and Sharing" symbolizes a strategic shift towards long-term value recognition and emotional connections with partners [6][8] Group 2: Company Strategy - Wuliangye's chairman highlighted that the current industry adjustment is cyclical, structural, and a return to market rationality, asserting the company's capability to seize opportunities during this phase [10] - The evolution of the partnership model reflects a deeper understanding of the industry chain, transitioning from a transactional relationship to a collaborative development community [10] Group 3: Product Strategy - Wuliangye is adapting to a "Three Rationality Era" in consumer behavior, focusing on the real value of products, cultural recognition, and emotional resonance [11] - The product strategy includes a clear framework with a core brand supported by various product lines, aiming to establish a comprehensive and competitive product matrix [11][13] - The introduction of the new Wuliangye zodiac wine reflects the brand's commitment to cultural and emotional value, expanding the product's significance beyond mere consumption [15] Group 4: Channel Strategy - Wuliangye is implementing a dual approach of strict management and optimization in its channel strategy to create a healthier and more efficient channel ecosystem [16] - The company is restructuring its organizational framework to enhance regional market responsiveness and improve marketing resource allocation [18] - Plans include the addition of new retail formats and partnerships with leading companies to expand market reach and enhance consumer engagement [18][19]

Core Viewpoint - Wuliangye expresses a self-assessment of "stability with progress" and "stability with improvement," indicating confidence in navigating industry challenges and seizing new opportunities amid market adjustments [1] Group 1: Financial Performance - In the first three quarters of the year, Wuliangye's revenue decreased by 10.26%, and net profit attributable to shareholders fell by 13.72% [3] - In Q3, Wuliangye's revenue was 8.174 billion yuan, a significant decline of 52.66% year-on-year, while net profit was 2.019 billion yuan, down 65.62% year-on-year [3] - The price of Wuliangye's core product, the eighth generation of Wuliangye, is currently 850 yuan per bottle, with a factory price of 1,019 yuan and an official suggested retail price of 1,499 yuan [3] Group 2: Market Conditions and Opportunities - Wuliangye believes that the macroeconomic environment is improving, providing a solid economic foundation for the white liquor industry to undergo counter-cyclical adjustments [3] - The company identifies the emergence of new business demographics and consumption scenarios as a strong market foundation for continued white liquor consumption [3] - National policies have officially categorized liquor production as a "historical classic industry," with provinces like Sichuan and Guizhou incorporating high-quality development of this sector into their 14th Five-Year Plan [4] Group 3: Strategic Confidence - Wuliangye expresses confidence in its product quality, brand strength, and market advantages, supported by a loyal distributor network and a strong marketing team [4] - The company has over 100 billion yuan in cash reserves, which bolsters its ability to face challenges [4] Group 4: Strategic Measures - Wuliangye has elevated the concept of a "shared destiny with distributors," emphasizing the importance of channel profits and returns for distributors [5] - The product strategy includes a focus on the eighth generation of Wuliangye as the core, with plans to balance pricing and expand high-end product offerings [5] - The company plans to strictly manage channel supply, curtail low-price dumping, and enhance its retail presence by adding 100 exclusive stores and optimizing existing ones [5]

Core Insights - The Chinese liquor industry is undergoing a significant transformation characterized by rational consumption attitudes and structural changes in products, markets, and consumer behavior [2][3] Group 1: Company Strategy - Wuliangye has positioned 2026 as the "Year of Marketing Integrity and Innovation," focusing on enhancing brand value and implementing various strategic initiatives [1][4] - The company aims to balance strategic stability with proactive changes to navigate through industry cycles effectively [1][4] - Wuliangye is adopting a systematic approach to prepare for market recovery and brand elevation, emphasizing collaboration with distributors and optimizing channel structures [1][2] Group 2: Industry Challenges - The liquor industry is facing four major issues: overcapacity, high inventory levels, price inversions, and lack of consumption scenarios [2] - In the first three quarters of the year, the combined revenue of 20 A-share liquor companies was 317.78 billion yuan, a year-on-year decrease of 5.90%, with net profits down by 6.93% to 12.26 billion yuan [2] - Despite these challenges, there are signs of recovery, including the optimization of capacity and a gradual improvement in inventory management [2][3] Group 3: Future Opportunities - The industry is expected to benefit from economic resilience and structural transformations, with new consumer demographics and scenarios emerging [3] - By 2026, the liquor market is anticipated to see improvements, with demand policies becoming less impactful and consumption scenarios steadily recovering [3] - Wuliangye's strategic shift towards a consumer-driven approach reflects a commitment to long-term competitiveness amid industry adjustments [6]

当下的白酒行业，正经历深度调整与周期寒意。龙头企业的一举一动，尤其受到关注。 12月18日，五粮液第二十九届12·18经销商大会如约举行。超过1500位经销商与投资者的到来，让 五粮液这场延续近三十年的盛会承载着不一样的期待。 谋篇"十五五"："五个统筹""三个突出" 其中，产品体系重构，是五粮液"品质为基"的重要支撑。 将2026定位"营销守正创新年"，并明确了"一核心三强化双目标"营销方针。 其中，针对渠道方面的调整，2026年，五粮液将调整优化传统渠道，聚焦终端建设包括经销商反向 激励，深耕当地团购与零售市场等；严管整顿渠道供给，坚决遏制低价抛售等冲击市场秩序的大批发行 为，取消跨省开箱、跨渠道窜货等不合规、低质量的销售奖励，坚决终止同扰乱市场秩序的商家合作； 持续完善"三店一家"网络布局，新增专卖店80家，保持总量在1700家左右，新增集合店300家，文化体 验店10家。此外，还将大力培育新兴渠道，积极拥抱电商渠道，进一步提升线上市场份额；加大电商直 采力度，逐步扭转乱商无序的供货局面。 站在"十四五"圆满收官与"十五五"即将启航的关键交汇点，五粮液明确将"十五五"视为塑造新优 势、培育新动能的重要窗 ...

Core Viewpoint - The 2025 Fortune China 500 Summit held in Shanghai highlighted the strength and influence of Chinese enterprises, with Wuliangye being a key participant and showcasing its leadership in the liquor industry [1][5]. Group 1: Event Overview - The summit attracted leaders from the Fortune China 500 companies and innovative business figures, focusing on the theme "Navigating Trends and Expanding Territories: The Next 25 Years of the 21st Century" [1]. - Wuliangye served as the chief strategic partner and designated liquor for the summit, enhancing the event's cultural atmosphere [3]. Group 2: Wuliangye's Performance - Wuliangye ranked 146th in the 2025 Fortune China 500 list with a revenue of $27.142 billion in 2024, improving its position by 5 spots from the previous year and leading the beverage industry [3][5]. - The company's steady rise in the Fortune list reflects its strong product quality, brand value, and market performance, signaling the resilience of the Chinese liquor industry [5]. Group 3: Brand Presentation - Wuliangye showcased a variety of high-end products at the summit, including its classic series and the newly launched 29° Wuliangye "First Sight," which attracted significant attention from attendees [7]. - The company received the EFQM Global Award (7 Diamonds), a prestigious quality management certification, underscoring its commitment to excellence [7]. Group 4: Strategic Vision - Wuliangye aims to become a world-class enterprise characterized by product excellence, brand prestige, innovation leadership, and modern governance, aligning with China's high-quality development goals [10]. - The company is expanding its global market presence, leveraging international platforms like the Fortune China 500 Summit to promote Chinese liquor [10][12]. Group 5: Cultural Impact - Wuliangye's participation in high-profile international business events is establishing its image as a standard in global business, combining cultural confidence with international expression [12]. - The summit represents both challenges and opportunities for Chinese enterprises, with Wuliangye poised to contribute to a new chapter of "harmony and beauty" in business [13].

Group 1 - The 2025 Fortune China 500 Summit was held in Shanghai, where Wuliangye ranked 146th, leading the liquor industry [1] - The summit's theme was "Navigating Trends: The Next 25 Years of the 21st Century," featuring discussions on macroeconomics, global industrial layout, green transformation, and changing consumer trends [1] - Wuliangye showcased its brand culture through a specially designed exhibition and tasting events, highlighting the deep cultural heritage and exceptional quality of Chinese liquor [1] Group 2 - The Wuliangye brand culture exhibition focused on "Harmony and Beauty," blending traditional heritage with contemporary aesthetics [2] - The exhibition displayed various representative products, including the classic Wuliangye series and the 29° Wuliangye "First Encounter," which received positive feedback for its unique flavor profile [2] - Guests experienced a unique tasting method during the themed dinner, enhancing their understanding of the charm of Chinese liquor and fostering international business cooperation [2] Group 3 - As a representative of Chinese liquor, Wuliangye is committed to high-quality development, enhancing brand influence and value [3] - The company actively participates in international high-end platforms to share the cultural stories and quality of Chinese liquor, promoting sustainable high-quality development [3] - Wuliangye aims to deepen brand construction and promote the international dissemination of Chinese liquor culture, contributing to global cultural exchange [3]

Core Viewpoint - The eighth China International Import Expo (CIIE) showcases Wuliangye's commitment to global market integration and cultural exchange, highlighting its role as a leading Chinese liquor brand and its continuous participation in the event since its inception [1][4]. Group 1: Participation and Brand Representation - Wuliangye has been a consistent participant in the CIIE for eight years, evolving from an exhibitor to a "Senior Partner," thus playing a significant role in promoting Chinese brands globally [2][3]. - The Wuliangye cultural experience center at the National Exhibition and Convention Center (Shanghai) has undergone a comprehensive upgrade, featuring a core exhibition inspired by "water" that illustrates the brand's journey from Yibin to the world [2][3]. Group 2: Product Innovation and Cultural Exchange - Wuliangye showcased a variety of core products, including the 8th generation Wuliangye and creative cultural products, emphasizing the craftsmanship and flavors of Chinese liquor [2][4]. - The company launched the "He Mei Wu Zhou" series blind boxes as part of its "Wu Fu Jin Bao" initiative, promoting diversity and harmony while facilitating cultural exchange [2][4]. Group 3: Global Outreach and Market Expansion - Wuliangye has initiated the "He Mei Global Tour," a pioneering cross-national cultural exchange program that has reached 19 countries, enhancing the global presence of Chinese liquor [4][5]. - The brand's products are now available in multiple countries, with an increasing share in overseas markets, reflecting its commitment to global trade cooperation and cultural integration [4][5].

Core Viewpoint - The eighth China International Import Expo (CIIE) showcases China's commitment to openness and cooperation, with Wuliangye participating as a key partner, emphasizing the brand's cultural heritage and modern relevance [1][3]. Group 1: Event Overview - The CIIE serves as a significant platform for global economic engagement with China, highlighting the importance of mutual benefits in international trade [1]. - Wuliangye has been a consistent participant in the CIIE for eight years, aligning its brand philosophy with the expo's theme of "harmonious coexistence" [1][3]. Group 2: Wuliangye's Presentation - Wuliangye's upgraded cultural experience center features an immersive design that blends traditional and modern elements, symbolizing the brand's journey from Yibin to the world [1][2]. - The exhibition includes a narrative of Wuliangye's history and product experiences, showcasing its ancient brewing wisdom through interactive displays [2]. Group 3: Interactive Engagement - The event features themed interactive activities, such as "Five Moves of Youth," which engage attendees through fun quizzes and tasting sessions, promoting a vibrant atmosphere [3]. - Wuliangye continues to innovate with its cultural products, including the "He Mei Wu Zhou" series, which integrates diverse cultural elements to promote harmony and friendship across borders [3]. Group 4: Industry Context - The ongoing CIIE amidst global economic challenges reflects the vitality of the Chinese market and reinforces the consensus on free trade and mutual benefit [3]. - Wuliangye exemplifies a national brand's role in fostering international trade cooperation and cultural exchange through its participation in the CIIE [3].

Core Viewpoint - Wuliangye is leveraging its participation in the APEC summit to promote its brand and the "Harmony and Beauty" philosophy, aiming to enhance its global presence and appeal to younger consumers [3][10]. Group 1: APEC Participation - Wuliangye is a platinum sponsor and designated liquor partner for the 2025 APEC Business Leaders Summit, marking its seventh appearance at this international event [3][5]. - The company emphasizes its commitment to sustainability and cultural heritage, showcasing its ancient fermentation techniques and ecological practices [5][10]. Group 2: Cultural Engagement - The "Five Senses Micro-Intoxication" event held in Seoul aimed to engage younger audiences, transforming perceptions of Chinese liquor from traditional to modern and stylish [7][9]. - Wuliangye has initiated the "Harmony Global Tour," reaching 18 countries to promote cultural exchange and adapt to local consumption habits [9][10]. Group 3: Market Strategy - The company is conducting market research in key Korean retail channels, including duty-free shops, to better integrate into the local market [10][12]. - A promotional campaign tied to the APEC summit is running from October 15 to November 14, offering gifts with purchases to enhance brand visibility [12].