Group 1 - The core viewpoint is that major Chinese liquor brands are shifting towards lower alcohol content products to attract younger consumers, breaking the traditional perception of high-alcohol, spicy, and traditional liquor [1][3] - Gujinggongjiu launched a 26-degree low-alcohol product, followed by Wuliangye with a 29-degree variant, marking a significant industry breakthrough as these brands lower the alcohol content below 30 degrees for the first time [1][2] - The low-alcohol products are positioned as "light drinking" options, maintaining the aromatic qualities of high-alcohol liquor while offering a smoother taste that appeals to younger consumers [1][2] Group 2 - The pricing of the new low-alcohol products is not significantly lower than their high-alcohol counterparts, with Gujinggongjiu priced at 375 yuan for 375ml and Wuliangye at 399 yuan for 500ml [2] - Sales of low-alcohol liquor are still in the early stages, with Gujinggongjiu's sales exceeding 100 units on Taobao and Wuliangye's product just entering pre-sale with over 200 orders [2] - The offline availability of these low-alcohol products is currently limited, with most stores still stocking higher alcohol content liquors, but this is expected to change as more brands announce plans to promote low-alcohol options [2][3] Group 3 - The collective push towards low-alcohol products is a necessary response to the current challenges in the liquor industry, including price inversions and high inventory levels, which have pressured company performance [3] - For instance, Shede Liquor reported a 25.14% year-on-year decline in revenue and a 37.10% drop in net profit in the first quarter [3] - The trend of "lower alcohol and fruit flavors" is becoming mainstream among Gen Z consumers, indicating a shift in consumer preferences that liquor companies must adapt to in order to tap into the underdeveloped young consumer market [3]

Core Viewpoint - Leading Chinese liquor companies, Kweichow Moutai and Wuliangye, are increasing their investments in technology research and development to enhance product quality and maintain market share during a period of industry adjustment [2][3]. Group 1: Company Initiatives - Kweichow Moutai announced the establishment of the Guizhou Moutai Distillery (Group) Science and Technology Research Institute with a registered capital of 1 billion RMB, where Moutai contributes 490 million RMB (49% stake) and Moutai Group contributes 510 million RMB (51% stake) [2]. - Wuliangye established Yibin Wuliangye Technology Innovation Co., Ltd. with a registered capital of 100 million RMB, focusing on technology intermediary services, fermentation process optimization, and engineering research [2]. - Both companies have shown a consistent increase in R&D expenditures, with Kweichow Moutai's R&D expenses projected to reach 218 million RMB in 2024, and Wuliangye's expected to reach 405 million RMB [2][3]. Group 2: Research Focus - The technology research in the liquor industry primarily revolves around raw materials, production, fermentation technology, and microbiological studies [2]. - Kweichow Moutai has released its "Top Ten Scientific Achievements for 2024," which includes advancements in raw material breeding and brewing microorganisms, such as the establishment of a high-temperature Daqu protein group analysis technology system [3]. - Wuliangye has publicly disclosed a "fingerprint" map of over 3,000 flavor substances in its liquor and has identified four new bacterial strains, showcasing its research capabilities [3]. Group 3: Future Research Directions - The China Alcoholic Drinks Association has indicated that future research in the liquor industry should focus on flavor personalization, micro-ecological studies, distillation technology innovation, low-alcohol flavor enhancement, storage technology, and high-value utilization of by-products [4].