武大靖，作为中国短道速滑队的领军人物，不仅是短道速滑男子500米世界纪录和奥运纪录保持者，更 是连续在2018年平昌冬奥会与2022年北京冬奥会上斩获金牌的"双奥冠军"。赛场上，他以惊人的爆发力 和永不言弃的坚韧意志，一次次突破极限、为国争光，"更快的速度"、"更强的力量"是他驰骋冰场、屡 创佳绩的硬核标签。 五粮特曲秉承酿造"冠军品质"，也是名副其实的"双料冠军"。2013年，在中国食品工业协会白酒国家评 委年会上，五粮特曲荣获"2013年度中国白酒酒体设计奖"，名列浓香型白酒榜首；2018年，在中国国际 酒业博览会上，五粮特曲再获细分价格带"盲评冠军"。两项冠军荣誉既是行业对其品质的权威认可，也 见证了特曲在专业赛道上的持续精进。 以冠军标准，酿更好特曲 五粮特曲始终以"更好的特曲，给只为更好的你"为品牌主张。作为五粮液旗下战略品牌，它坚守传统酿 造工艺，在品质上不断自我超越，以精益求精的态度酿造每一滴白酒。正如武大靖在训练与比赛中不断 突破自我、追求更快更强，五粮特曲也以同样的冠军标准，在酒液中注入了匠心与诚意。 双向奔赴，让年味浓起来 2026年1月18日，五粮液旗下战略品牌——五粮特曲正式官宣：短道 ...

Core Viewpoint - The Chinese liquor industry is transitioning from "quantity" to "quality," with a clear trend of structural differentiation and concentration towards leading brands, companies, and production areas [1][2]. Industry Performance - In 2024, the liquor industry saw a production decline of 1.8% to 4.145 million kiloliters, while sales revenue increased by 5.3% to 796.384 billion yuan, and profit rose by 7.76% to 250.865 billion yuan [2]. - Despite the overall production decline, the industry's revenue and net profit growth demonstrate resilience [3]. Company Performance - Wuliangye achieved a revenue of 89.175 billion yuan in 2024, a year-on-year increase of 7.09%, and a net profit of 31.853 billion yuan, up 5.44% [3]. - In Q1 2025, Wuliangye reported a revenue of 36.940 billion yuan, growing by 6.05%, and a net profit of 14.860 billion yuan, increasing by 5.80% [3]. - Wuliangye has maintained steady growth in revenue and net profit for ten consecutive years, showcasing its ability to navigate a shrinking competitive landscape [3]. Product and Market Strategy - Wuliangye has enhanced its high-end product structure, launching new products to meet personalized demands, and optimizing market deployment strategies [4]. - The company's product revenue reached 67.875 billion yuan, up 8.07%, while other liquor products generated 15.251 billion yuan, a growth of 11.79% [4]. - The gross profit margin for the liquor business reached a record high of 82.21% [4]. Channel and Marketing Strategy - Wuliangye's direct sales channels generated 34.389 billion yuan, while the distribution model accounted for 48.738 billion yuan, with an increase in the number of distributors to 2,652 [4]. - The company implemented precise market strategies, including adjusting supply rhythms and enhancing channel management, which contributed to significant market performance [5]. Shareholder Returns - Wuliangye has distributed a total of 104.1 billion yuan in cash dividends over 27 years, with a proposed cash dividend of 12.3 billion yuan for 2024, leading to a total of 22.3 billion yuan in dividends, representing a 70% payout ratio [6]. - The company has consistently increased its dividend payout ratio, reflecting its commitment to shareholder returns [6]. Organizational and Structural Reforms - Wuliangye has undertaken comprehensive reforms to enhance its adaptability, including restructuring its organizational framework and innovating its channel models [7]. - The company has initiated a direct supply model in 20 markets to improve channel control and reduce costs for distributors [7]. Brand Promotion - Wuliangye has leveraged high-profile events for brand promotion, achieving significant brand exposure and engagement through strategic marketing initiatives [8]. - The company aims to strengthen its high-end brand positioning and enhance its market response capabilities through ongoing reforms [8].