Core Viewpoint - The Chinese liquor industry is currently in a period of adjustment, with leading companies focusing on "steady development" as their primary strategy amidst challenges such as slowing consumer demand and intensified competition [2][3][6]. Group 1: Financial Performance and Dividends - Major liquor companies like Moutai, Wuliangye, and Yanghe are showing a trend of increasing dividend amounts and ratios, reflecting their strong financial performance and commitment to shareholder returns [7][8]. - Moutai plans to distribute a total cash dividend of 646.72 billion yuan for 2024, with a distribution rate of around 80% [7]. - Wuliangye announced a record high total dividend of 223 billion yuan for 2024, with a dividend yield of 4.9%, and committed to maintaining a dividend ratio of no less than 70% from 2024 to 2026 [7][8]. - Luzhou Laojiao has also set a three-year cash dividend plan, with rates increasing from 65% to 75% over the next three years [8]. Group 2: Strategic Focus and Market Positioning - The keyword for the liquor industry in 2025 is "stability," as companies prioritize maintaining market share and quality over rapid growth [3][6]. - Wuliangye reported a revenue growth of 7.09% and a net profit growth of 5.44% for 2024, continuing its trend of steady growth for ten consecutive years [5]. - Shanxi Fenjiu emphasized the shift in competition from speed to quality, focusing on stabilizing markets, channels, and prices [5]. Group 3: International Expansion - Moutai's international revenue reached 5.189 billion yuan in 2024, marking a significant milestone in its global strategy, which includes transitioning from product export to brand and cultural promotion [9]. - Wuliangye has successfully opened 21 new overseas markets and established 29 new distributors, enhancing its international presence [10]. - Fenjiu is implementing a differentiated international strategy, successfully filling market gaps in 11 countries and increasing its overseas revenue by over 50% [10]. Group 4: Product Innovation and Market Trends - The trend towards lower alcohol content beverages is gaining traction, with several leading companies, including Moutai and Wuliangye, planning to launch low-alcohol products to cater to younger consumers [13][16]. - Moutai has introduced a blueberry sparkling wine and is actively recruiting distributors to capture more market share in the low-alcohol segment [16]. - The industry is recognizing the need to adapt to changing consumer preferences, with companies exploring new product lines to meet diverse market demands [16].

泸州老窖：将适时推出28度国窖1573 更低度数考虑中 智通财经6月27日电，泸州老窖党委书记、董事长刘淼透露，泸州老窖今年将继续推进低度化，28度国 窖1573已经研发成功，将适时投放市场，并在考虑更低度数的产品。这将是头部酒企今年又一款重磅低 度化白酒单品。五粮液上周股东大会上透露，29度五粮液·一见倾心预计下半年会投放市场。 (21财经) ...

6月20日，五粮液（000858）2024年度股东大会在四川宜宾召开，五粮液集团（股份）公司党委书记、 董事长曾从钦，五粮液股份公司党委副书记、副董事长、总经理华涛等高管出席，同时吸引了数十家机 构及数百名投资者参与现场会议，知名私募投资人林园也现身会场。 "当前白酒消费深刻变革，消费年轻化、场景日常化、品质悦已化、渠道数字化、价值情感化等趋势变 量交织共振。"曾从钦表示，要以自身发展的确定性应对外部环境的不确定性。 重构白酒消费"人、货、场"规律 当前，中国白酒行业整体增速放缓，面临多重挑战。同时，白酒企业分化加剧，"马太效应"进一步显 现，区域集中度持续提升。 曾从钦表示，当前，白酒行业已经真正进入全面深度调整的"深水区"。从行业发展规律来看，白酒行业 历经了10年黄金期（2003—2012年）、深度调整期（2013—2015年）、结构性繁荣期（2016—2023年） 和当前的再次深度调整期（2024年至今），呈现出波浪式前进和螺旋式上升的行业发展规律。 无论产业如何演变和调整，都要清晰地看到白酒产业的文化载体特性、情感表达属性、精神寄托属性始 终没有改变。因此，人民对美好生活的向往就是白酒产业最大的机遇 ...

Core Viewpoint - Wuliangye Group emphasizes the importance of focusing on its own development amidst current uncertainties, aiming for quality and reasonable growth by 2025 [2] Market Strategy Adjustment - The eighth generation of Wuliangye will focus on direct distribution to 20 cities with a dynamic and flexible adjustment of quantities based on market demand [5][9] - In 2022, Wuliangye's product revenue reached 67.875 billion yuan, a year-on-year increase of 8.07%, with a gross margin of 87.02% [5] - The company has implemented a refined market strategy for the eighth generation of Wuliangye, with online sales increasing by 30% year-on-year during the Spring Festival [5] Market Development and Talent Strategy - Wuliangye is committed to enhancing its market competitiveness by optimizing its terminal network and expanding into emerging channels [9][10] - The company is focusing on market-oriented and professional talent development, with a new mechanism for selecting personnel in its e-commerce division [10] Incremental Market Expansion - Wuliangye plans to open 21 new overseas markets in 2024 and has appointed two young vice presidents to lead internationalization and youth-oriented strategies [18][14] - The company aims to integrate its products into mainstream consumer groups abroad through collaborations with Michelin restaurants [19] Youth-Oriented Strategy - Wuliangye is launching products with lower alcohol content to cater to the preferences of younger consumers, with plans to introduce a 29-degree product later this year [20] - The company is creating diverse consumption scenarios and engaging with young consumers through social media platforms and events [20]