新京报讯（记者秦胜南）记者从五粮液第二十九届12·18共识共建共享大会获悉，今年五粮液1618、39 度五粮液等产品开瓶量、瓶扫码率实现同比上涨。2026年，五粮液将实施"一核两擎两驱一新"的产品体 系，着力打造1618五粮液、39度五粮液为百亿级大单品。渠道方面，新增专卖店80家，同时调整优化传 统渠道，整顿渠道供给；加大电商直采力度，逐步扭转乱商无序的供货局面。此外，还明确不会为了短 期增速而恶性竞争，保证经销商合理的市场经营回报。 五粮液集团（股份）公司党委书记、董事长曾从钦表示，2025年中国酒业正在经历一场涉及产品结构、 市场结构、消费结构的全方位、颠覆性深刻变革。为此，五粮液主动应市调整，积极帮助渠道消化库 存，修复市场生态；主动纾压解困，减缓发货节奏，协调资源赋能市场动销；创新营销机制体制，积极 应对行业深度调整。 大会透露，2025年，第八代五粮液坚持量价平衡原则，为经销商切实减压；五粮液1618深耕宴席市场， 宴席场次和宴席开瓶量实现30%以上增长；五粮液39度开瓶扫码率从50%提升至60%，宴席活动同比增 长20%以上；五粮液·一见倾心上市两个月销售破亿，最新数据显示已突破1.8亿元；五粮 ...

Core Insights - The company reported significant growth in various product lines during the 29th 12·18 Consensus Conference, highlighting a focus on balancing volume and price to alleviate pressure on distributors [1][2] Product Performance - The eighth generation of Wuliangye maintains a principle of volume-price balance, effectively reducing pressure on distributors [1][2] - Wuliangye 1618 has deepened its focus on the banquet market, achieving over 30% growth in both banquet sessions and bottle openings [1][2] - The QR code scanning rate for Wuliangye 39-degree bottles increased from 50% to 59%, with banquet activities growing by over 20% year-on-year [1][2] - The new product "Wuliangye·Yijianqingxin" achieved sales exceeding 100 million within two months of its launch [1][2] - Daily bottle opening scanning volume and banquet sessions for Wuliangye's fragrant liquor grew by 25% and 109% year-on-year, respectively [1][2] New Product Launches - The company introduced new fruit wines, including Shuxun Lychee-flavored fruit wine and Mars Era sparkling wine, under the Xianlin Ecological Wine brand [1][2]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage & commercial sectors [9][56] Core Insights - The white liquor sector is showing signs of bottoming out, with market sentiment improving, presenting a good opportunity for low-level positioning. Recent CPI recovery and consensus on destocking, along with the Double 11 shopping festival, have contributed to this trend. The Federal Reserve's dovish signals on November 21 have also created favorable conditions for the market [5][54] - Long-term prospects for leading liquor companies are promising due to their strong risk resistance and increasing market concentration, supported by domestic demand policies and recovering consumer sentiment. The industry is still in a destocking phase, with demand at a low point [5][54] - The consumer goods sector is experiencing structural differentiation, with the snack food segment remaining robust and soft drink leaders maintaining stability during the off-season. The dairy sector is approaching a supply-demand improvement point, while the restaurant industry is shifting from incremental to stock competition due to demand pressure [55] Summary by Sections Industry News - From January to October, white liquor production decreased by 11.5% [16] - The overall sentiment in the sector is improving, driven by the upcoming holiday season and promotional activities [5][54] Company News - Guizhou Moutai has initiated its annual meeting season for Moutai liquor [4] - Wuliangye is launching a new zodiac-themed product for the Year of the Horse [4] Key Company Feedback - The report highlights key companies with strong long-term investment value, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, as well as more flexible stocks like Jiu Gui Jiu and Shede Liquor [5][54][57] Core Data Trends - The cumulative production of white liquor in 2024 is projected at 4.145 million tons, a decrease of 7.72% year-on-year, while industry revenue is expected to reach 796.4 billion yuan, an increase of 5.3% [32][33]

Group 1: Industry Overview - The liquor industry is entering a "deep contraction" phase, facing dual challenges from both demand and supply sides, necessitating a shift from B2B to C2C strategies to adapt [1][2] - The white liquor sector is experiencing a significant adjustment, with a 7.2% decrease in production and a notable price drop of over 36% for Moutai, driven by an aging consumer base and shrinking consumption scenarios [2][3] - The trend towards lower alcohol content is gaining traction, particularly among younger consumers, with the low-alcohol liquor market expected to reach 74 billion yuan by 2025, growing at a compound annual growth rate of 25% [4][8] Group 2: Market Dynamics - The white liquor price war is a concern, as it risks replicating the detrimental effects seen in the beer industry, where aggressive pricing led to brand homogenization and quality perception decline [5] - The online liquor market is thriving, with a projected scale exceeding 500 billion yuan, driven by the popularity of high-flowing name brands and low-priced products [12] - The industry is witnessing a shift towards instant retail, with traditional liquor distributors adapting to new consumer habits and leveraging technology for operational upgrades [9] Group 3: Company Strategies - Wuliangye is focusing on building a user-centric ecosystem through its "3K operation system," enhancing brand engagement with younger consumers [14][15] - The introduction of new products targeting the banquet market, such as "Zhen Shi," aims to capture the growing demand for quality liquor in celebratory contexts [28] - Jinsha Liquor is adopting a dual strategy of brand and market development to navigate the current challenges, emphasizing collaboration and consumer engagement [22] Group 4: Consumer Trends - The younger demographic is becoming a core driver of the liquor market, with a 41% increase in new consumer groups, prompting brands to innovate in product offerings and marketing strategies [26] - The rise of "light drinking" culture is reshaping consumer preferences, with brands like Wuliangye and Luzhou Laojiao launching lower-alcohol products to cater to health-conscious consumers [10][8] - The concept of "trust economy" is emerging, where transparency and quality are paramount, as demonstrated by the success of brands like Pang Donglai [17]

Core Viewpoint - Wuliangye held an online performance briefing for 2024 and the first quarter of 2025, focusing on dividend distribution, stock buyback, product competition, and sales performance, as well as revenue targets and strategic layout for the year [4][5][17]. Dividend and Share Buyback - Wuliangye plans to distribute a cash dividend of 31.69 yuan per 10 shares in 2024, totaling 12.3 billion yuan, with a total dividend amount reaching 22.3 billion yuan, resulting in a dividend rate of 70%, the highest since its listing [5][17]. - The company has distributed dividends 24 times, with a total amount of 116.4 billion yuan, which is 31 times the funds raised since its listing [5][6]. Financial Performance - In Q4 2024, the company's net profit attributable to shareholders was 6.922 billion yuan, a decline of 6.17% year-on-year, marking the first drop since 2013, attributed to increased market expenses and incentives for distributors and consumers [8][10]. - For Q1 2025, Wuliangye reported a net cash flow from operating activities of 15.849 billion yuan, a significant increase of 2970.31% year-on-year, and contract liabilities reached 10.17 billion yuan, up 101.42% [10][17]. Product Competition and Sales - Wuliangye's eighth-generation product saw a 21% year-on-year increase in sales on e-commerce platforms like JD and Tmall, establishing a price stability advantage in the 1,000 yuan price range [4][11][13]. - The company has implemented a controlled pricing strategy for its eighth-generation product, resulting in sustained market price increases and low social inventory [13][14]. Strategic Outlook - Wuliangye aims to achieve its 100 billion yuan target for the 14th Five-Year Plan by adapting to market changes and focusing on sustainable growth [15][16]. - The company plans to expand its market share among younger consumers by introducing products with lower alcohol content and modern packaging [18]. - Wuliangye is also focusing on developing mid-tier products and enhancing its brand matrix to capture market demand effectively [19].