WLY(SZ:000858) Ge Long Hui·2025-11-04 09:48Core Viewpoint - The report from Zhongyou Securities indicates that Wuliangye's financial performance for the first three quarters of 2025 has seen significant declines in revenue and profit metrics, prompting the company to take proactive measures to manage inventory and prepare for future market recovery [1] Financial Performance - Wuliangye's total operating revenue, operating income, net profit attributable to shareholders, and net profit excluding non-recurring items decreased by 10.26%, 10.26%, 13.72%, and 13.44% respectively [1] - The decline in net profit margin is primarily attributed to a drop in gross margin and an increase in expense ratio [1] Market Strategy - In response to market pressures, the company has actively reduced inventory levels to alleviate pressure on distributors and end-users, setting the stage for future growth [1] - Despite the weak pricing environment for its flagship product, the actual sales performance of Wuliangye is reported to be better than other products in the same price range, indicating a strong brand competitive advantage [1] Product Innovation - The company launched a new product, "Wuliangye Yijian Qingshin," with a lower alcohol content of 29 degrees, which achieved sales of over 100 million yuan within 60 days of its launch [1] - This product innovation, combined with a youthful marketing approach, has successfully tapped into the younger consumer market and established a new sales system prioritizing online direct sales and e-commerce [1] Future Outlook - Wuliangye is expected to continue to respect market conditions and gradually release pressure in the fourth quarter, with an anticipated improvement in external demand leading to a sequential recovery in performance next year [1]