五粮液开票价降至900元：补贴后成本800+，高端白酒降价求生 ！

Core Viewpoint - The adjustment of the price for Wuliangye's core product, the eighth generation of Pu Wu, from 1019 yuan to 900 yuan per bottle, represents a significant move in response to high inventory levels and severe price inversion in the high-end liquor industry [2][3][9] Group 1: Price Adjustment Details - The price reduction of 11.7% is accompanied by various subsidies from the manufacturer, potentially lowering the actual cost for distributors to around 800 yuan per bottle [2][3] - The market price for Pu Wu has been hovering around 850 yuan, with some e-commerce platforms selling it for as low as 750 yuan, indicating a significant price inversion where distributors are losing money on each sale [3][7] Group 2: Industry Context and Performance - The high-end liquor industry has faced a downturn since 2025, with Wuliangye experiencing a 52.66% drop in quarterly revenue to 8.174 billion yuan and a 65.62% decline in net profit to 2.019 billion yuan [3][8] - Wuliangye's market share has been overtaken by Shanxi Fenjiu, raising concerns about its position as the second-largest player in the industry [3][8] Group 3: Challenges and Future Outlook - The price adjustment may not fully resolve the underlying issues, as the new price of 900 yuan remains higher than the current market price of 850 yuan, indicating persistent price inversion [9] - The overall demand for high-end liquor has declined by over 20% since 2025, with key consumption scenarios such as business banquets and gifting shrinking, complicating the recovery of terminal sales [9][10] - The reduction in price may weaken brand premium, posing a challenge for Wuliangye to balance channel relief with brand value maintenance [10]