WLY(SZ:000858) Xin Lang Cai Jing·2025-12-07 07:23Core Viewpoint - Wuliangye will adjust the pricing strategy for its eighth-generation product starting next year, maintaining the factory price at 1019 yuan per bottle while offering a discount that effectively lowers the invoice price to 900 yuan per bottle, which is a result of the company's subsidy support policy rather than a price reduction [1][2]. Pricing Strategy - The adjustment includes a discount of 119 yuan per bottle, allowing the effective price to drop to around 800 yuan per bottle when factoring in manufacturer subsidies [2]. - The last official price reduction by Wuliangye occurred in 2014, when the factory price for a core product was reduced significantly [2]. Financial Performance - In the first three quarters of 2025, Wuliangye reported revenues of 609.45 billion yuan, a year-on-year decline of 10.26%, and a net profit of 215.11 billion yuan, down 13.72%, marking the first revenue decline since 2015 and the lowest profit growth since 2016 [4]. - The third quarter alone saw a revenue drop of 52.66% to 81.74 billion yuan and a net profit decrease of 65.62% to 20.19 billion yuan [4]. Market Context - The entire white liquor market is facing challenges across all price segments, with high-end products experiencing price declines and mid-range products engaged in price wars due to inventory clearance [4]. - Experts indicate that the white liquor industry is undergoing a transition from a focus on scale expansion to emphasizing brand value, driven by market adjustments, consumer differentiation, and competitive pressures [4].