Core Viewpoint - The opening of the Fenjiu (Shanghai) Digital Cultural Museum and the launch of the "Shanghai Blue and White" series mark a significant step for Fenjiu Group in integrating digital technology with traditional culture, aiming for brand internationalization, youth appeal, and modernization [1] Group 1 - The Fenjiu (Shanghai) Digital Cultural Museum represents an important practice of revitalizing traditional culture through digital technology [1] - The "Shanghai Blue and White" series is a result of Fenjiu's deepening engagement in regional markets and embracing contemporary changes [1] - The initiatives are part of Fenjiu's strategy to promote cultural integration and enhance brand image [1]

Group 1: Industry Insights - In October 2025, the national consumer price index rose by 0.2%, with alcoholic beverage prices decreasing by 2% year-on-year, indicating a "differentiated recovery" in the consumption market [1] - The liquor industry is currently undergoing a "de-bubbling and return to value" cycle, with price stabilization requiring further balance in supply and demand [1] Group 2: Company Developments - Wuliangye has a cash reserve of over 136.3 billion yuan, with a cash dividend rate of 70% for 2024, reflecting a 10 percentage point increase year-on-year, and a mid-term dividend plan of 10 billion yuan for 2025 [2] - The company emphasizes the importance of maintaining sufficient funds to address potential market challenges while ensuring sustainable shareholder returns [2] - Wuliangye's high cash and high dividend strategy aims to stabilize market confidence amid industry adjustments, highlighting cash flow management as a core competitive advantage [2] Group 3: Product and Brand Innovation - The launch of the "Shanghai Blue and White" series by Fenjiu represents a significant step towards brand internationalization and modernization, utilizing digital technology to enhance traditional culture [3] - The establishment of the Fenjiu Digital Cultural Museum aims to create an immersive experience that resonates with younger consumers, lowering cultural dissemination barriers [3]