Wang Li: To survive this current cycle, Maotai needs to first objectively and rationally understand this current cycle from three different perspectives.

On May 19th, the 2024 annual shareholder meeting of Guizhou Maotai was held at the Maotai Conference Center. Wang Li, the Deputy Secretary of the Party Committee, a director, and the acting General Manager of Guizhou Maotai Liquor Co., Ltd., believes that in order for Maotai to navigate through this current cycle, it must first objectively and rationally understand this cycle. Wang Li stated that this cycle has the core characteristic of "three overlapping periods". The first is the macroeconomic cycle. Currently, the economy is going through a period of adjustment in the transition from old to new growth drivers. At the same time, with the arrival of the era of rational consumption, there is a new trend in consumption. The second is the mid-term industry cycle. The liquor industry itself is entering a period of cyclical adjustment, transitioning from the stage of disorderly growth to the stage of resolving conflicts. Additionally, the traditional distribution system in the liquor industry is facing transformation and upgrading. The third is the microeconomic cycle of Maotai liquor itself. Maotai liquor has multiple attributes such as social and collectible, and these attributes go through a cycle of "growth here leads to decline there" and "mutual balancing".