泸州老窖渠道交流

Financial Data and Key Metrics Changes - The sales revenue of Guojiao 1573 in Tianjin for 2023 is approximately 900 million yuan, with a target of 1 billion yuan for 2024, achieving a payment completion rate of about 90% [1][2] - The sales of Bai Nian Jiao Ling in Tianjin for 2023 is 150 million yuan, with a target of 200 million yuan for 2024, but currently only 80 million yuan has been completed, indicating a struggle to meet the target [1][2] - The sales of Lao Zi Hao Te Qu in Tianjin for 2023 is 200 million yuan, with expectations to meet the target for 2024 [1] Business Line Data and Key Metrics Changes - The price of low-degree Guojiao products in Tianjin has increased from 630 yuan to between 640-650 yuan, while high-degree products have risen from 880 yuan to 890 yuan [1][2] - The inventory for Guojiao 1573 is approximately 200-300 million yuan, accounting for about 10%-15% of the market [2][3] - The social inventory of Jiao Ling series products is around 40 million yuan, representing 10%-25% of annual sales [2] Market Data and Key Metrics Changes - The overall inventory in Tianjin is at its highest level in four years, approximately 30% [3] - The market for low-degree products is experiencing a stable demand, particularly in the banquet market, despite overall economic pressures [1][3] - The competition in Tianjin is significant, with Wuliangye being a major competitor, targeting sales of 800 million yuan and achieving a payment completion rate of about 75% [1][3] Company Strategy and Development Direction - The company plans to reform its distribution model in Tianjin from a large platform company to smaller regional platform companies to address distribution depth and inventory issues [1][2] - Future investments in Tianjin will be more precise and reasonable, with no significant increase in total expenses but adjustments in specific areas to better support the market [1][5] - The company aims to enhance its digital promotion strategy to ensure healthy market returns, despite potential short-term resistance from some distributors [5] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the overall economic environment has impacted sales, particularly in the banquet market, with expectations of a decline in demand for wedding banquets [1][2] - Despite inventory pressures, distributors maintain confidence in the future market due to good dividend performance in recent years [1][2] - The company expects a slight increase in high-end product sales during the Mid-Autumn Festival and National Day, but overall market demand is anticipated to decline [4] Other Important Information - The company has introduced new policies in distribution that have caused confusion among traditional distributors, impacting their confidence in payment and shipment [4] - The company is focusing on refining its marketing strategies to improve sales efficiency and brand promotion [4][5] Q&A Session Summary Question: What is the overall situation of Luzhou Laojiao in Tianjin, including major product series prices, inventory, and sales? - The main product series includes Guojiao 1573, Bai Nian Jiao Ling, and Lao Zi Hao Te Qu, with Guojiao 1573 achieving sales of 900 million yuan last year and a target of 1 billion yuan this year, with a payment completion rate of about 90% [1][2] Question: What is the current price and inventory level of Guojiao 1573? - The low-degree product price has risen to between 640-650 yuan, while the high-degree product price is around 890 yuan [2] Question: How is the sales situation of the Jiao Ling series products? - The sales situation is not optimistic, with an expected completion of only 100 million yuan this year [2] Question: What is the market performance of the Te Qu series in Tianjin? - The Te Qu series is performing better than the Jiao Ling series, with stable performance in core markets [2] Question: How does the company evaluate its market actions this year? - The company acknowledges market pressures but believes the Tianjin market remains relatively healthy compared to other regions [2] Question: What is the current inventory situation in Tianjin? - The inventory includes about 1 billion yuan from last year and some unsold inventory from this year, totaling around 30% [3]