WLY(SZ:000858) Xin Lang Cai Jing·2025-10-24 09:11Core Viewpoint - The announcement from Wuliangye on the second day of the Double 11 pre-sale highlights the company's response to significant challenges in the liquor industry, including price declines, channel disruptions, and performance pressures, under the guise of "protecting consumer rights" [1] Group 1: Pricing and Sales Dynamics - Continuous price declines are the main reason for Wuliangye's strong statement, particularly concerning its core product, the eighth generation of Pu Wuliangye, which has a factory price of 1019 yuan and an official retail price of 1499 yuan, while actual transaction prices in unauthorized e-commerce stores are lower [2] - The traditional distribution model, which has been Wuliangye's foundation, is showing signs of fatigue, with revenue growth from this model only at 1.2% in the first half of 2025, and a corresponding decline in gross margin by 1 percentage point, alongside a decrease in the number of distributors [2] Group 2: E-commerce and Counterfeit Issues - Data from Wuliangye indicates that in the first five months of 2025, 16.65% of the 1610 product authentication services provided to e-commerce consumers identified counterfeit products, an increase from 12% during the previous year's Double 11 period, with many counterfeits originating from platforms [2] Group 3: Industry Context and Performance Pressure - Wuliangye faces increasing performance pressure, with only 52.77 billion yuan in revenue achieved in the first half of 2025, reflecting a year-on-year growth rate of 4.19%, which is concerning as 2025 is a critical year for the company to reach its 100 billion yuan revenue target [2] - The price fluctuations during Double 11 are merely a symptom of a deeper adjustment period in the liquor industry, where inventory turnover days have reached 900 days, and 60% of companies are facing price inversions, particularly affecting the 800-1500 yuan price range, which is crucial for Wuliangye [2] - The outcome of this price defense battle is not only vital for Wuliangye's revenue goals but also determines the market share and brand value of the second-largest player in the liquor industry during a period of intense competition [2]