泸州老窖 20250923 摘要 受中秋国庆连假旅游倾向及禁酒令影响，预计 2025 年双节白酒动销或 不及去年，下半年白酒行业整体仍面临挑战，消费需求复苏缓慢。 泸州老窖经销商备货谨慎，公司坚持控价策略，维持品牌影响力和渠道 利润空间，库存保持良性可控，避免短期降价促销。 泸州老窖将以国窖 1,573 为重心，资源倾斜至中档和大众产品，推进 "终端大基建"战略，扩大乡镇县域市场覆盖，提升有效终端至 110 万 家。 低度白酒占比提升，国窖 1,573 高低度比例接近五五开，公司顺应低度 化趋势，推广低度产品，满足消费者多元需求，不设定特定营收目标。 面对五粮液批价下跌，泸州老窖短期内坚持稳价策略，旨在提升品牌影 响力，缩小与五粮液的价格差距，伺机实现价格反超。 公司已启动 2025 年营收规划，但受行业深度调整影响，需深入研究市 场并与相关部门沟通，暂未确定 155 亿营收目标。 中档产品如老字号特曲和特曲 60 版表现稳定，上半年实现个位数增长， 宴席市场表现良好，下半年将加强推广和导入，尤其在主销区和宴席市 场。 Q&A 今年（2025 年）双节临近，白酒行业的市场动态如何？泸州老窖对未来的展 望是什么 ...

Summary of the Conference Call for Luzhou Laojiao Industry Overview - The high-end liquor market is under pressure due to the impact of the alcohol ban, with slow recovery in business banquet scenarios affecting high-end products like Guojiao 1573 significantly. However, mid-to-low-end products such as Luzhou Laojiao Tequ and Erqu are performing relatively stable in rural markets [2][4][5]. Key Points and Arguments - **Market Performance**: Since June, the liquor industry has faced challenges due to macroeconomic conditions and weak consumer demand, particularly in high-end business banquet consumption, leading to a sales decline of approximately 30-40% in June and July. A slight improvement was noted from late July to early August, continuing into September [4][5]. - **Product Strategy**: Luzhou Laojiao is optimistic about the low-alcohol liquor market, adjusting its product structure based on market demand without strictly differentiating between high and low alcohol content. The low-alcohol Guojiao is performing well in regions like North China and Jiangsu-Zhejiang [2][7][12]. - **Youth Market Engagement**: The company is actively targeting younger consumers by opening "liquor cafes," developing low-alcohol and craft beer products, and sponsoring sports events to create a youthful brand image [9][19]. - **Pricing Strategy**: Luzhou Laojiao is committed to maintaining stable pricing for Guojiao 1573 to avoid price wars and protect brand image, preparing for future price increases [17][18]. - **Channel Expansion**: The company is increasing investments in emerging channels such as instant retail, online sales, and membership supermarkets, collaborating with partners like Pang Donglai for flexible customization [19][20]. Additional Important Insights - **Sales Distribution**: The revenue share between high and low alcohol products for Guojiao 1573 is nearly equal, with a long-term trend towards lower alcohol content expected, although the exact changes in proportion remain to be seen [11]. - **Market Potential**: Luzhou Laojiao sees significant growth potential in low-alcohol products, particularly in regions where market share is currently underperforming, such as East China and Jiangsu-Zhejiang [13][16]. - **Competition Management**: The company is adopting a flexible channel strategy, including direct sales and enhanced management of distributors to ensure market stability amid competition [3][23]. - **Impact of Alcohol Ban**: The company acknowledges that while the most severe effects of the alcohol ban have passed, the overall consumption demand has not yet improved significantly, posing ongoing challenges for the industry [24]. - **Sales Forecast**: The company is cautious about predicting sales performance for the upcoming Mid-Autumn Festival and National Day, noting that consumer behavior may be affected by travel plans [5][25]. This summary encapsulates the key insights and strategic directions of Luzhou Laojiao as discussed in the conference call, highlighting the challenges and opportunities within the current market landscape.