WLY(SZ:000858) Xin Lang Cai Jing·2025-10-24 08:49Core Insights - The core message of the article highlights the challenges faced by Wuliangye as it navigates a turbulent market environment characterized by price declines, channel disarray, and performance pressures, prompting the company to take a strong stance against unauthorized sales channels [1][3]. Group 1: Market Dynamics - Wuliangye's announcement of a list of 46 unauthorized stores across major platforms like Douyin and JD.com reflects a proactive approach to protect consumer rights amid a backdrop of price erosion [1]. - The price of Wuliangye's core product, the eighth generation of Pu Wu, has seen significant discrepancies, with the factory price set at 1019 yuan and the official retail price at 1499 yuan, while unauthorized sellers are offering it for as low as 750 yuan per bottle [1]. - The company is facing a critical situation with its wholesale price dropping to approximately 820 yuan, which is significantly below the factory price, indicating a serious pricing conflict [1]. Group 2: Sales Channels and Challenges - The traditional distribution model for Wuliangye is showing signs of fatigue, with revenue growth from this channel only at 1.2% in the first half of 2025, alongside a decline in gross margin [2]. - The rise of e-commerce channels has exacerbated market confusion, with platforms offering substantial subsidies that complicate supply chain transparency and increase the risk of counterfeit products [2]. - Data from Wuliangye indicates that 16.65% of products sold through e-commerce channels were counterfeit, a rise from 12% during the previous year's Double 11 shopping festival, highlighting the risks associated with low-priced offerings [2]. Group 3: Financial Performance and Strategic Responses - Wuliangye's revenue for the first half of 2025 reached 52.77 billion yuan, reflecting a modest year-on-year growth of 4.19%, indicating mounting performance pressures [3]. - In response to these challenges, Wuliangye has implemented measures to stabilize prices, including controlling shipment volumes and increasing scrutiny on low-price sales practices among distributors [3]. - The broader context of the liquor industry reveals that 60% of companies are facing price inversions, with inventory turnover days reaching 900, underscoring the significant challenges within the market [3].