Ge Long Hui A P P·2025-11-03 08:35Core Viewpoint - Dongwu Securities report indicates that Wuliangye's net profit attributable to shareholders for Q1-Q3 of 2025 is 21.511 billion yuan, a year-on-year decrease of 13.72%, with Q3 net profit at 2.019 billion yuan, down 65.62% year-on-year [1] Group 1: Financial Performance - The financial statements show increasing pressure, with a significant decline in net profit for both the overall period and specifically in Q3 [1] - The company is facing external demand pressures due to a deep adjustment in the liquor industry [1] Group 2: Strategic Response - In response to external uncertainties, the company aims to consolidate its development certainty and is actively pursuing channel transformation [1] - The company is exploring new cross-border marketing models in collaboration with corporate group purchasing clients to leverage its specialized company system advantages [1] Group 3: Future Outlook - Considering the relatively slow recovery of high-end demand and the company's increased efforts in inventory clearance, there is potential for a certain degree of profit recovery in the medium to long term [1] - The report maintains a "buy" rating, suggesting that the company's short-term inventory clearance efforts will help solidify its long-term development foundation [1]