Among the liquor listed companies that have already announced their performance, most liquor companies experienced a rapid decline in performance in the third quarter, with some companies seeing a nearly triple-digit year-on-year drop in net profit. Cai Xuefei, General Manager of Zhiqu Consulting, told reporters that the third-quarter reports of liquor companies this year are generally bleak, mainly due to a weak macro consumption environment leading to a contraction in liquor consumption scenarios, especially for mid-to-high-end liquors that rely on business banquets; at the same time, the industry is also facing pressures from high inventory and price inversion, with overall industry overcapacity and insufficient market demand putting pressure on corporate performance. However, there is also a divergence within the industry, as leading companies like Kweichow Moutai continue to maintain stability, while many regional liquor companies have seen significant declines. It is worth noting that institutional research found that during this year's Mid-Autumn Festival and National Day, the demand side of the liquor industry still did not improve, with business banquets performing particularly poorly and the number of banquet events declining year-on-year; against this backdrop, the willingness of channels to make payments is low, which also affects the performance of liquor companies