Zhang Liandong, Chairman of Jiangsu Yanghe Brewery Joint-Stock, recently mentioned at a forum that the baijiu (Chinese liquor) industry is in its most difficult period, "transitioning from the gold age to the silver age, and then to the bronze age, we are under great pressure now." Zhang Liandong also pointed out that whether companies are performing well or poorly, they are all "de-stocking," including Moutai, Wuliangye Yibin, Fenjiu, and Laojiao, all are doing the same. Zhang Liandong emphasized that Yanghe will insist on brand differentiation, specialization, and innovation to promote the continual development of the enterprise. (Rui Jian)