WLY(SZ:000858) Guo Ji Jin Rong Bao·2025-12-09 05:22Core Viewpoint - The liquor industry, particularly the baijiu sector, is facing challenges with insufficient sales and high channel inventory, prompting companies like Wuliangye to adjust pricing strategies to support distributors and stabilize the market [2][4]. Group 1: Market Performance - As of December 8, the liquor industry experienced a net outflow of 1.88 billion yuan, with the baijiu index declining by 1% despite initial gains [2]. - Wuliangye's price adjustment for its core product, the 52-degree eighth generation Wuliangye, involves a discount for distributors, reducing the invoice price from 1,019 yuan to 900 yuan per bottle [2][4]. Group 2: Strategic Adjustments - This marks the first price reduction by Wuliangye in ten years, with the last adjustment occurring in 2014 [4]. - Analysts view Wuliangye's strategy as a proactive measure to alleviate financial pressure on distributors and shift the industry focus from channel-driven sales to consumer value [4][5]. Group 3: Financial Performance - In the first three quarters of the year, Wuliangye reported revenue of 60.945 billion yuan and a net profit of 21.511 billion yuan [6]. - The company has been implementing measures to stabilize prices and manage inventory, including reducing traditional channel quotas and providing subsidies to distributors [5][6]. Group 4: Future Outlook - East Wu Securities suggests that Wuliangye's long-term profit potential may recover as high-end demand gradually improves and the company increases its inventory clearance efforts [7].