Core Insights - The article highlights the importance of high-end international platforms for companies to showcase their strengths and seek cooperation in the context of a changing global economic landscape [1] Group 1: Event Participation - The third China International Supply Chain Promotion Expo attracted 651 enterprises and institutions from 75 countries and regions, with Wuliangye being the only designated liquor [3] - Wuliangye showcased its core products, including the Eighth Generation Wuliangye and various creative cocktails, enhancing its brand influence in the international business community [3] Group 2: Corporate Strategy - Wuliangye's management emphasizes the need for long-termism and innovation to navigate external uncertainties while maintaining its cultural roots and emotional attributes [5][6] - The company has been recognized as a model for ESG practices in the liquor industry, reflecting its commitment to high-quality development and effective governance [6] Group 3: Future Outlook - Wuliangye plans to continue leveraging high-end international platforms to deepen global exchanges and cooperation, aiming to enhance its brand influence and contribute to the internationalization of Chinese liquor [8]

Group 1 - Wuliangye is actively pursuing internationalization, participating in high-profile global events to enhance cultural exchange and cooperation [1][2] - The company showcased its products at the China International Supply Chain Promotion Expo, highlighting its core offerings and attracting significant attention [1] - Wuliangye's participation in the Boao Forum for Asia emphasizes its commitment to long-term development and quality growth amidst external uncertainties [2] Group 2 - The company is focusing on openness, inclusivity, and cultural exchange as key development themes, aiming to promote Chinese traditional culture globally [3] - Wuliangye plans to achieve over 20% growth in international market sales by 2024, enhancing its brand competitiveness [3] - The brand has been rated AAA+ in the Brand Finance 2025 Global Spirits Brand 50 list, marking the highest rating and demonstrating consistent growth in brand strength over the past decade [3]

Core Insights - The Chinese liquor industry, particularly the high-priced segment, is facing significant challenges, leading to uncertainty about the short-term outlook for the sector [1][2] - Wuliangye's management has emphasized a strategy of balancing volume and price, with plans to innovate product offerings and explore new market opportunities [1][2][4] Industry Challenges - The mid to high price segments of the liquor market are struggling, with the best-performing price ranges being 100-300 RMB, 300-500 RMB, and below 100 RMB [1] - The price pressure is particularly acute in the 500-800 RMB range, where products are finding it most difficult to survive [1] - E-commerce platforms are impacting traditional sales channels by offering lower prices, which could harm distributors and retailers [1][2] Company Strategy - Wuliangye is committed to a "volume-price balance" strategy, adapting its approach based on specific products and market conditions [2][4] - The company is implementing a flexible market response mechanism and has introduced a customer service hotline to enhance direct distribution and group purchasing [2][4] - Wuliangye is focusing on younger consumers and international markets, with plans to launch new products that cater to these demographics [6][9] Market Innovations - The company is testing instant retail platforms and has initiated a pilot program in Chengdu, aiming to modernize its sales approach [4] - Wuliangye is also enhancing its marketing strategies by recruiting talent with international experience to strengthen its global presence [8][9] Consumer Trends - There is a growing preference for lower-alcohol products among younger consumers, with over 60% indicating a preference for such options [9] - Wuliangye is responding by launching products with lower alcohol content and trendy designs to attract this demographic [9] Overall Outlook - Wuliangye's management believes that navigating through current market challenges is essential for long-term growth, likening the situation to a wine undergoing a critical aging process [10]

Core Viewpoint - The company is navigating a deep adjustment period in the liquor industry by implementing marketing reforms and reducing supply to enhance profitability for merchants, aiming for stable growth in both performance and market share in 2024 [1][3]. Financial Performance - In 2023, the company achieved revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit of 31.853 billion yuan, up 5.44% [1]. - For Q1 2024, revenue grew by 6.05% to 36.94 billion yuan, with net profit increasing by 5.80% to 14.86 billion yuan [4]. Marketing Strategy - The company has designated 2025 as the year for enhancing marketing execution, focusing on balancing volume and price, optimizing channels, cultivating consumption, promoting the brand, and taking industry responsibility [3]. - A significant marketing reform includes a flat management structure for 27 marketing regions and a focus on performance assessment and role suitability within the marketing team [3]. Supply Chain Adjustments - The company is reducing dealer quotas by approximately 15%-25% to align with actual sales capabilities, which helps mitigate the motivation for low-price sales and channel conflicts [4]. - The reduction in traditional channel quotas allows for better management of pricing and inventory, with a focus on direct sales to consumers [4]. Product Innovation - The company plans to launch 17 new product series targeting various consumption scenarios, including banquets and gifts, to stimulate demand and drive growth [6]. - Recent upgrades to cultural products aim to meet the increasing consumer demand for cultural and artistic value [6]. Market Positioning - The company is actively enhancing its recognition in the wedding market and has seen growth in business banquet demand, particularly in the engineering machinery sector [7]. - The brand's marketing efforts during the Spring Festival and collaborations with major media have significantly increased brand visibility and consumer engagement [8]. Industry Context - The liquor industry is experiencing intensified competition and structural changes, but it remains on a steady growth trajectory with good resilience and growth potential [5]. - The company emphasizes the importance of maintaining relationships with distributors and creating new market opportunities rather than succumbing to competitive pressures [10].

Investment Rating - The report maintains a "Buy" recommendation for key companies in the liquor industry, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others [4][5]. Core Insights - The liquor industry is experiencing a transformation driven by instant retail, which is expected to reduce the survival space of traditional distributors and retail stores, leading to increased concentration [1][11]. - Consumer demand has reached a bottom, with structural upgrades being the main supporting logic for recovery, dependent on the activity level of the economy [2][3]. - The report highlights the importance of brand proximity to consumers, with increased investment in consumer-facing marketing, although short-term profit growth may be impacted [2][18]. Summary by Sections Section 1: Industry Trends - The 112th National Sugar and Wine Products Trade Fair showed a decline in traditional trading functions, with a shift towards trend forums and new product showcases [10]. - Instant retail is becoming a crucial channel for brand promotion, with significant growth in the sector, projected to exceed 2 trillion yuan by 2030 [12][15]. - The report notes that the liquor industry is seeing a reduction in supply, with a stable profit growth forecast for 2024, despite a slight decline in production [27][31]. Section 2: Company Strategies - Wuliangye is reforming its marketing system and adjusting its organizational structure to enhance direct sales and control over pricing [38][39]. - Water Well Square is focusing on a dual-brand strategy to cater to different market segments, with plans to launch high-end products priced above 800 yuan [42][43]. - Shede Liquor is implementing an employee stock incentive plan to align interests and drive performance, with ambitious growth targets set for the coming years [47][48]. Section 3: Financial Projections - The report provides financial forecasts for key companies, indicating stable revenue and profit growth for leading brands like Guizhou Moutai and Jinhuijiu, while some mid-tier brands face profitability challenges [36][37].

Core Viewpoint - Wuliangye is positioned as a leader in the internationalization of Chinese liquor, showcasing its cultural confidence and innovative spirit through its participation in the Boao Forum for Asia 2025 Annual Conference [2][4][10]. Group 1: Internationalization Efforts - Wuliangye has over 110 years of international exploration, with its products now covering 62 countries and regions globally, establishing itself as a true representative of Chinese liquor on the world stage [2][5][9]. - The company has actively engaged in the international liquor market, launching products like "Wuliang Sparkling Wine" in South Korea and collaborating with international brands such as the Italian Campari Group and Chile's Concha y Toro [5][12]. - Wuliangye's international strategy includes establishing marketing centers in Europe, Asia-Pacific, and the Americas, aiming to build a comprehensive global market presence [11]. Group 2: Strategic Partnerships and Events - Since 2021, Wuliangye has been the honorary strategic partner and designated liquor for the Boao Forum, enhancing its role from a participant to a co-builder of the forum's vision [4][10]. - The company hosted a themed exhibition titled "With Harmony and Beauty, Respecting the World" during the forum, showcasing its brand and cultural confidence [6][12]. - Wuliangye's "Boao Month" activities in Hainan aim to boost sales and enhance consumer engagement through interactive experiences and promotional events [7][8]. Group 3: Cultural Exchange and Brand Promotion - Wuliangye's "He Mei Global Tour" promotes cultural exchange and the integration of different civilizations, with activities spanning 13 countries and regions [12][13]. - The company leverages high-profile international platforms to tell the story of Chinese culture and enhance brand recognition [12][13]. - Wuliangye's marketing strategy focuses on innovative approaches to activate consumer potential and deepen brand identity through cultural resonance [13].

Core Insights - The Boao Forum for Asia 2025 Annual Conference is held in Hainan from March 25 to 28, focusing on multilateralism and global governance to promote common development [1] - Wuliangye, as a strategic partner, emphasizes its role in fostering cooperation and cultural exchange through its participation in the forum [2][5] Group 1: Wuliangye's Role and Contributions - Wuliangye has been a partner of the Boao Forum for seven years, using its products to create cultural connections and facilitate dialogue among participants [2][5] - The company showcases its unique tasting method and products at the forum, enhancing the cultural experience for attendees [3] Group 2: Industry Challenges and Opportunities - China's baijiu exports are currently limited, accounting for only 2.4% of the global export market, with major markets concentrated in Southeast Asia [6] - Wuliangye aims to expand its international presence by aligning with global standards and enhancing its product offerings across various markets [6] Group 3: Future Vision and Cultural Exchange - Wuliangye is committed to promoting cultural exchange and understanding through participation in global events, enhancing the visibility of Chinese baijiu [7] - The company plans to continue its support for the Boao Forum, focusing on collaboration, innovation, and inclusive development [7]

Core Viewpoint - The 112th National Sugar and Wine Products Trade Fair showcased Wuliangye's diverse product matrix and innovative online-offline integration to enhance consumer experience and stimulate market potential [1][5][8] Group 1: Event Overview - The trade fair took place from March 25 to 27 in Chengdu, featuring Wuliangye as a leading representative of Chinese liquor [1] - Wuliangye presented a cultural exhibition hall that highlighted the unique charm of "Great Nation's Strong Aroma" [2][3] Group 2: Product Presentation - The exhibition hall featured a time-axis design that narrates Wuliangye's historical legacy, showcasing products like the eighth generation Wuliangye and the classic series [4][5] - The cultural significance of Wuliangye is emphasized, with its traditional brewing techniques recognized as a national intangible cultural heritage [4] Group 3: Consumer Engagement - Wuliangye set up a live streaming room during the fair to interact with online consumers, promoting key products with various incentives [6][8] - The company aims to enhance consumer willingness to purchase through a well-crafted product matrix and improved service offerings [8] Group 4: Industry Impact - The trade fair aims to facilitate industry upgrades and promote economic exchanges, marking its 70th anniversary and evolving into the "2025 Spring Sugar Season" [7] - Wuliangye is committed to protecting intellectual property and consumer rights, establishing a new governance model for industry challenges [9]

Core Viewpoint - Wuliangye has integrated a live streaming room into its exhibition space at the 112th National Sugar and Wine Products Trade Fair, enhancing consumer interaction and engagement while showcasing its diverse product offerings [3][5][9] Group 1: Event Participation - The 112th National Sugar and Wine Products Trade Fair commenced on March 25 in Chengdu, with Wuliangye's booth located at a prime position in the Century City International Exhibition Center [3] - Wuliangye is actively participating in the fair, conducting live streams daily from 9 AM to 6 PM, and offering various gifts and prizes to viewers [3][5] Group 2: Product Display - Wuliangye's exhibition features a rich product matrix, including the eighth generation of Wuliangye, various alcohol degrees, and cultural products like zodiac-themed wines, showcasing the brand's innovation and cultural heritage [5][7] - The booth design emphasizes historical heritage, featuring a three-dimensional display of the "Old Cellar Group" to narrate the brand's cultural legacy and craftsmanship [7] Group 3: Brand Strategy - Wuliangye aims to enhance brand influence and market competitiveness by providing quality products and services, while also focusing on consumer rights protection [9] - The company is committed to deepening brand value through cultural foundations and innovation, reflecting a strong confidence in high-quality development amidst evolving consumer sovereignty [9]

Core Insights - The 112th National Sugar and Wine Products Trade Fair, held in Chengdu, showcased Wuliangye's innovative product matrix and cultural expressions, aiming to stimulate consumer vitality in the liquor market [3][4] - The event, celebrating its 70th anniversary, featured over 6,600 exhibitors and an exhibition area of 325,000 square meters, highlighting a new model that integrates exhibitions with city-wide activities to enhance consumer engagement [3][4] Company Highlights - Wuliangye's exhibition emphasized the "He Mei" cultural concept, showcasing its rich history and craftsmanship through various product displays, including the eighth generation of Wuliangye and other culturally significant products [4][5] - The brand's exhibition hall served as a key platform for demonstrating its commitment to quality and innovation, featuring a blend of traditional and modern design elements [4] Market Engagement - Wuliangye leveraged online consumption opportunities by setting up live streaming sessions during the trade fair, promoting products like the eighth generation Wuliangye and enhancing consumer interaction [5] - The company is focused on improving consumer rights and experiences by establishing a customer service center and free identification service stations across the country [5]