Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for selected stocks and sectors within the industry [4]. Core Insights - The white liquor sector is showing signs of recovery, with Shanxi Fenjiu focusing on national expansion, youth engagement, and internationalization strategies for 2026. The company is optimizing inventory and enhancing market capacity, which is expected to support growth [2]. - In the beverage sector, companies like Nongfu Spring are planning to strengthen their water and tea product lines while introducing new products. The beer segment is diversifying with new flavors to cater to changing consumer preferences [3]. - The report highlights the potential for growth in consumer staples, with companies like Three Squirrels expanding into a full-category strategy and Mengniu Dairy leading in deep processing innovations [7]. Summary by Sections White Liquor - Shanxi Fenjiu's 2026 marketing strategy focuses on nationalization, youth engagement, and precise consumer service. The company is targeting key markets and optimizing inventory to enhance growth potential [2]. - The white liquor industry is characterized by bottoming out in sales, clearing financial reports, and low expectations, suggesting a favorable environment for quality asset allocation [2]. Beer and Beverage - The beer sector is witnessing the launch of new products like Jin Xing Beer’s winter flavor, reflecting a shift in consumption patterns towards home and outdoor settings [3]. - Nongfu Spring's strategy for 2026 includes strengthening its core water products and expanding its tea offerings, indicating a focus on product diversification and market penetration [3]. Consumer Staples - Three Squirrels is advancing its full-category strategy with the opening of flagship stores, emphasizing community engagement and a wide range of products [7]. - Mengniu Dairy is enhancing its product line with deep processing innovations, which are expected to drive demand and improve the utilization of raw milk [7]. - The frozen food sector is recovering, with companies like Anjuke benefiting from new product launches and channel optimizations, indicating a positive market response [7].

#五粮液回应降价传闻#【#公司回应第八代五粮液开票价降至900元#】有市场消息称，2026年五粮液将 对核心单品52度第八代五粮液调整价格 ——在1019元/瓶的出厂价基础上给予折扣，经销商开票直降119 元，为900元/瓶；若叠加费用支持、返利等政策，该单品经销商端实际成本甚至可低至800多元/瓶。针 对此消息，记者第一时间联系五粮液方面。公司明确回应，第八代五粮液1019元/瓶的出厂价并未调 整，市场所传 "降价"，实为公司相关补贴支持政策落地后的价格变化。（每经） ...

五粮液方面表示，第八代五粮液1019元/瓶的出厂价并未调整，市场所传 "降价"，实为公司相关补贴支 持政策落地后的价格变化。 （来源：消费日报官方平台） 转自：消费日报官方平台 近日，有市场消息称，五粮液将从明年起调整第八代五粮液价格，在1019元/瓶打款价不变的基础上， 给予打款折扣119元/瓶，即开票价为900元/瓶。 有媒体了解到，多位行业人士确认上述消息属实，"如果算上厂家补贴的话可以降至800多元/瓶"。 对于酒厂来说，打款价通常相对稳定，一旦调整属于重大营销决策；而开票价更为灵活，常作为渠道激 励、返利计算的基准，是厂家调控渠道的工具。 五粮液2025年三季度报告显示，今年前三季度，五粮液实现收入609.45亿元，同比下降10.26%，实现归 母净利润215.11亿元，同比下降13.72%。这是五粮液自2015年以来首次出现营收负增长，净利润增速也 创下2016年以来的最低水平。第三季度，五粮液实现收入81.74亿元，同比下降52.66%，实现归母净利 润20.19亿元，同比下降65.62%。 从市场表现看，三季度白酒市场的全价格带产品均面临不同程度的挑战。高端酒批价持续回落，中低端 酒为清理库存 ...

Core Viewpoint - Wuliangye is reportedly adjusting its pricing strategy for the eighth generation of its product, with a new invoice price set at 900 yuan per bottle, which includes a discount of 119 yuan from the unchanged payment price of 1019 yuan per bottle. This move is aimed at supporting distribution channels and stimulating sales amid a challenging market environment [1][2]. Company Summary - Wuliangye's recent pricing adjustments are part of a broader strategy to enhance channel support and reduce burdens on distributors, especially in light of significant price discrepancies in the market [2]. - The last formal price adjustment for the eighth generation of Wuliangye occurred in 2014, when the price was reduced from 729 yuan to 609 yuan per bottle. The price was subsequently raised to over 1000 yuan in February 2024 [1]. Financial Performance - For the first three quarters of the year, Wuliangye reported revenues of 609.45 billion yuan, a year-on-year decline of 10.26%, and a net profit of 215.11 billion yuan, down 13.72%. This marks the first revenue decline since 2015 and the lowest net profit growth rate since 2016 [2]. - In the third quarter alone, Wuliangye's revenue fell to 81.74 billion yuan, a decrease of 52.66%, with net profit dropping to 20.19 billion yuan, down 65.62% year-on-year. The company attributed these declines to a deep adjustment in the liquor industry and insufficient recovery in effective demand [2]. Market Context - The liquor sector, particularly Wuliangye, has been experiencing a continuous market adjustment, with the company's stock price falling over 11% in the past three months as of December 5 [2].

Core Viewpoint - Wuliangye is adjusting its pricing strategy for the eighth generation of its liquor, with a new invoice price set at 900 yuan per bottle, which may further decrease to around 800 yuan with manufacturer subsidies, aimed at supporting distribution channels and boosting sales [1][2]. Pricing Strategy - Starting from next year, Wuliangye will maintain the payment price at 1019 yuan per bottle but will offer a discount of 119 yuan, leading to an invoice price of 900 yuan per bottle [1]. - The last formal price adjustment for the eighth generation Wuliangye occurred in 2014, when the price was reduced from 729 yuan to 609 yuan per bottle [1]. Market Conditions - The liquor industry is currently experiencing significant price inversion, and the new invoice price is expected to alleviate some financial pressure on distribution channels [2]. - As of December 7, the market price for the 500ml bottle of the eighth generation Wuliangye was reported at 850 yuan, indicating that even with the new pricing, the market remains in a state of price inversion [2]. Financial Performance - In the first three quarters of this year, Wuliangye reported revenues of 609.45 billion yuan, a year-on-year decline of 10.26%, and a net profit of 215.11 billion yuan, down 13.72%, marking the first revenue decline since 2015 [3][4]. - The third quarter alone saw a revenue drop of 52.66% to 81.74 billion yuan and a net profit decrease of 65.62% to 20.19 billion yuan [3][4]. Market Response - The decline in revenue and profit is attributed to a deep adjustment period in the liquor industry and insufficient recovery in effective demand [4]. - Wuliangye's stock has seen a decline of over 11% in the past three months, reflecting ongoing challenges in the market [4].

Core Viewpoint - The news discusses the potential price adjustment of Wuliangye's core product, with rumors suggesting a decrease in price to 900 yuan per bottle, but the company maintains that the factory price remains unchanged at 1019 yuan per bottle [1][2]. Group 1: Price Adjustment Rumors - There are circulating rumors that Wuliangye's price for its eighth generation product may drop to 900 yuan per bottle, with some industry insiders suggesting that after various fees and rebates, the price could be as low as 800 yuan per bottle [1]. - A Wuliangye distributor indicated that while specific details of the price adjustment are not confirmed, the general sentiment aligns with the idea of a price reduction [1]. Group 2: Pricing Structure - The company clarified that the factory price (referred to as the "payment price") for the eighth generation Wuliangye remains at 1019 yuan per bottle, and any perceived price drop is due to company-supported subsidy policies [2]. - The current market prices for the eighth generation Wuliangye on platforms like Tmall and JD are reported to be between 820 yuan and 850 yuan per bottle, indicating a price discrepancy in the market [2].

Core Viewpoint - The major price adjustment of Wuliangye's core product, the 52-degree Eighth Generation Wuliangye, has sparked significant market attention, with reports suggesting a price drop to 900 yuan per bottle, although the company clarifies that the factory price remains unchanged at 1019 yuan per bottle, and the perceived price drop is due to subsidy policies [1][4][10] Pricing and Policy Changes - Wuliangye is reportedly offering a discount of 119 yuan on the factory price, leading to a potential dealer cost as low as 800 yuan per bottle when factoring in additional support and rebates [1][3][5] - The current market prices for the Eighth Generation Wuliangye on platforms like Tmall and JD are between 820 yuan and 850 yuan per bottle, indicating a price inversion phenomenon in the industry [5] Industry Context - The white liquor industry is undergoing structural adjustments, and the pricing strategies of leading companies like Wuliangye can significantly influence the entire sector [3][8] - Other major liquor companies have recently raised their product prices, indicating a trend of price increases across the industry, contrasting with Wuliangye's current strategy [8] Strategic Implications - The pricing and subsidy strategy is viewed as a "structural benefit" aimed at supporting dealers who effectively serve consumers, thereby enhancing the overall consumer experience [8][10] - Historical context shows that previous price adjustments by Wuliangye led to significant revenue declines, but the current market dynamics and company fundamentals differ from a decade ago [9][10]

据每日经济新闻报道，五粮液方面回应称，第八代五粮液1019元/瓶的出厂价并未调整，市场所传 "降价"，实为公司相关补贴支持政策落地后的价格变 化。 红星资本局12月7日消息，有市场消息称，五粮液（000858.SZ）将从明年起调整第八代五粮液价格，在1019元/瓶打款价不变的基础上，给予打款折扣119 元/瓶，即开票价为900元/瓶。若叠加费用支持、返利等政策，该单品经销商端实际成本甚至可低至800多元/瓶。 有酒商也特别提到了自己对五粮液此次政策的解读，"政策设计意在奖励支持那些真正服务消费者的经销商。"如果努力把酒卖给终端消费者，完成扫码等 动作，就能获得全部奖励；而直接倒手给某平台或其他区域，则可能就拿不到全部的奖励。"毕竟让消费者喝掉（白酒），这才是最终的目的！"从这个角 度来说，五粮液算率先打响第一枪的名酒。 白酒专家肖竹青表示，五粮液降价是非常务实的决策。五粮液降价有助于缓解渠道的资金和库存压力，并将资源导向真实消费环节。目前很多企业价格虚 高，不少酒厂通过补贴费用来笼络经销商，出现了个别经销商和一线业务员弄虚作假套取厂家费用补贴商家的现象。五粮液直接降价以后，经销商可以把 更多精力用于争夺消费场 ...

南方财经12月7日电，有市场消息称，2026年五粮液将对核心单品52度第八代五粮液调整价格，在每瓶 1019元的打款价基础上给予折扣，经销商开票减少119元，为900元/瓶。 新一年的渠道政策，包括具体打款方式、如何补贴，还有待明确。针对2025年，五粮液采取的是阶梯式 补贴支持，补贴费用是打款后分阶段后返。 对此，21记者向五粮液方面求证，获得的回应是，目前并非打款价调整，而是针对渠道的支持政策力度 加大。 21记者今年中秋国庆走访各类终端了解到，五粮液今年加大了对渠道的费用支持，目的是提振动销。有 知情人士介绍，今年五粮液的渠道费用进一步与开瓶扫码绑定，目的是让经销商实际销售给C端消费 者，避免窜货。 五粮液上次正式下调第八代五粮液的出厂价，还是2014年的上一轮调整期，当时价格由729元下降到609 元/瓶。2024年2月，第八代五粮液出厂价上调了50元，首次站上千元。 ...

Group 1 - The core point of the news is that Wuliangye will adjust the pricing of its eighth-generation product starting next year, maintaining the payment price at 1019 yuan per bottle while offering a discount of 119 yuan, resulting in an invoice price of 900 yuan per bottle [1] - Wuliangye clarified that the factory price of 1019 yuan per bottle has not changed, and the so-called "price reduction" is due to the implementation of a subsidy support policy [1] - Industry insiders confirmed that with the manufacturer's subsidy, the price could drop to over 800 yuan per bottle, indicating significant marketing decisions are being made [1] Group 2 - Wuliangye's Q3 2025 report shows a revenue of 60.945 billion yuan for the first three quarters, a year-on-year decline of 10.26%, and a net profit of 21.511 billion yuan, down 13.72%, marking the first revenue decline since 2015 [5] - In Q3 alone, Wuliangye's revenue was 8.174 billion yuan, a significant drop of 52.66%, with net profit falling by 65.62% to 2.019 billion yuan [5] - The white liquor market is facing challenges across all price segments, with high-end liquor prices declining and mid-range products engaged in price wars, leading to a situation of price "inversion" for multiple brands [5]