Luzhou Laojiao said at the analysts' meeting that in the first half of the year, the liquor industry was in a phase of stock adjustment and weak recovery. Demand for terminals was more biased towards self-drinking and pragmatic consumption, and the revenue and profits of wine companies were under pressure. The company actively optimizes channel inventory, maintains the price system, and strives to enhance brand value. Overall opening data remains stable year over year, and barriers to brand profitability and pricing power are stable. In the second half of the year, as the channel side continued to clear, the differentiation between brands further intensified, and inventory levels will continue to return to a healthy range. The combination of the Mid-Autumn Festival and National Day festivals this year is expected to bring about a phased increase in consumption, and the sales flow rate is expected to pick up.

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