当"服务消费"从一个商业概念升级为国家层面的战略部署，一场围绕未来商业竞争力的竞赛已悄然开 启。 在"坚定实施扩大内需战略"成为国家宏观政策重要部署的背景下，一场围绕未来商业核心竞争力的深度 变革已全面展开。2026年中央经济工作会议进一步强调"着力扩大国内需求，激发有潜能的消费"， 这 为服务消费的深化与创新注入了更强的政策动能。 国庆前夕，商务部等九部门也联合印发《关于扩大服务消费的若干政策措施》（以下简称"服务消费十 九条"），为这场竞赛划下清晰的起跑线。这份文件不仅明确了服务消费的发展方向，更向相关行业提 出关键命题：在商品消费之外，企业如何通过服务创造差异化价值？ 国家税务总局数据显示，2025年国庆中秋假期，全国服务消费同比增长7.6%。服务消费高、乘数效应 强正成为拉动消费的新引擎。随着我国人均GDP达到1.3万美元，消费结构正从商品消费转向商品与服 务消费并重的新阶段。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 深耕文化价值：用中国故事赋能品牌内涵 "服务消费十九条"中特别强调了"挖掘传统文化IP市场价值"。华夏文明与传统文化正以更现代的表达形 式，通过国潮、文旅、IP产品等方 ...

Group 1: Market Overview - In 2024, the domestic liquor consumption market entered a phase of deep adjustment due to macroeconomic fluctuations and structural industry changes, leading to a significant decline in terminal consumption demand [2][3] - The price system of top liquor brands is under pressure, compounded by prolonged inventory destocking cycles and imbalances in terminal price transmission mechanisms [2][3] Group 2: Strategic Adjustments - The company initiated operational strategy adjustments focusing on internal management reforms, organizational structure optimization, and talent development to enhance overall team effectiveness [3] - The "18-character action guideline" emphasizes inventory reduction, sales promotion, price stabilization, team strengthening, structural adjustment, and model optimization [3] Group 3: Business Expansion - The company is expanding its store strategy by innovating the 3.0 store format, integrating premium liquor tasting, high-end dining, and entertainment to enhance consumer experience [3] - Strategic partnerships with international brands like Penfolds and local liquor producers are being deepened to enrich the product matrix and maintain market leadership in imported wines [3][4] Group 4: Operational Efficiency - Inventory management improvements have enhanced cash flow and reduced operational risks, while sales promotions have helped stores manage excess inventory [4] - The "Qingfeng Action" aims to standardize pricing policies across online and offline channels, restoring customer confidence and stabilizing prices [4] Group 5: Organizational Development - The company is optimizing its workforce by adjusting underperforming employees and launching a "Fire Plan" to streamline operations and reduce management layers [5] - Future strategic direction focuses on a core business model of "genuine liquor channel brand + supply chain service platform" to enhance long-term value [5] Group 6: Profitability Enhancement - The company plans to improve gross margins through product matrix optimization, channel efficiency enhancement, team capability strengthening, and meticulous cost management [8] - Strategies include targeted product development based on market trends, increasing store density in key areas, and digitalizing supply chain operations to reduce costs [8]

Core Viewpoint - The financial performance of Huazhi Wine Industry has significantly declined in Q1 2025, with revenue dropping by 31% year-on-year to 2.852 billion yuan and net profit decreasing by approximately 34% to about 85.39 million yuan, attributed to industry adjustments and cautious inventory management [1] Financial Performance - In Q1 2025, Huazhi Wine Industry reported revenue of 2.852 billion yuan, a 31% decrease compared to the previous year [1] - The net profit attributable to shareholders was approximately 85.39 million yuan, down about 34% year-on-year [1] - For the entire year of 2024, the company experienced a revenue decline of 6.49% to approximately 9.464 billion yuan and a net profit drop of 81% to about 44.45 million yuan [1] E-commerce Growth - E-commerce emerged as the only growth channel for Huazhi Wine Industry, with revenue from this segment reaching 2.092 billion yuan in 2024, a year-on-year increase of 72.87%, accounting for 22.11% of total revenue [2] - Wu Qirong, responsible for e-commerce in both Huazhi Wine Industry and the Hong Kong-listed Zhenjiu Lidu, has focused on digital marketing and online sales [2][3] Management Changes - Wu Qirong, son of the founder, joined the board as a non-independent director, alongside a new general manager, Yang Wuyong, who replaced the former general manager, Li Wei [1][4] - The company has undergone organizational restructuring, dividing the national market into 16 battle zones and establishing various support centers to enhance operational efficiency [5] Cost Management and Strategy - Huazhi Wine Industry has implemented cost-cutting measures, including a 21.81% reduction in sales expenses due to decreased promotional spending and a reduction in staff [6] - The company aims to recruit operational and service-oriented talent to shift its marketing model from traditional sales to an operations-driven approach [6] - The management has initiated a reform strategy focusing on inventory reduction, sales promotion, price stabilization, structural adjustment, team strengthening, and model optimization [7]