CITIC Securities: It is expected that the performance of the liquor industry will continue to be under pressure in the second quarter.

The research report from CITIC Securities stated that in the second quarter of this year, relevant policies further standardized the standards for official banquets. After the Dragon Boat Festival, there was a noticeable weakening trend in demand for liquor. In addition, during the 618 shopping festival, offline immediate retail and online e-commerce platforms increased subsidies for the liquor category, leading to a certain degree of price decline. We expect the performance of the liquor industry to continue to be under pressure in the second quarter.