Ge Long Hui A P P·2025-11-13 08:00Core Viewpoint - Wuliangye's net profit for the first three quarters of 2025 is 21.511 billion yuan, reflecting a decrease of 13.72%, with Q3 net profit at 2.019 billion yuan, down 65.62% [1] Financial Performance - The company has initiated an adjustment period, breaking the rigid target constraints, which is expected to alleviate pressure on distributors and gradually reduce inventory [1] - The downward pressure on wholesale prices is anticipated to ease over time [1] Future Outlook - Given the company's strong brand advantage, it is expected that performance will steadily recover alongside industry demand recovery [1] - Projected EPS for 2025 and 2026 are 6.8 yuan and 6.97 yuan respectively, corresponding to a PE ratio of 17 times at the current stock price [1] - The investment rating is maintained at "Buy" [1]