五粮液继续“发”补贴，核心大单品普五降至900元/瓶

Core Viewpoint - The liquor industry is facing challenges, with Wuliangye taking proactive measures to support distributors by adjusting the price of its core product, the 52-degree eighth-generation Wuliangye, to stimulate sales and alleviate inventory pressure [1][4]. Group 1: Industry Performance - As of December 8, the liquor industry experienced a net capital outflow of 1.88 billion yuan, with the white liquor index declining by 1% [1]. - The overall market sentiment remains weak, impacting the performance of the liquor sector despite a high opening of the A-share indices [1]. Group 2: Company Strategy - Wuliangye is set to reduce the factory price of its eighth-generation product from 1,019 yuan to 900 yuan per bottle, providing a discount of 119 yuan to distributors [1][3]. - This marks the first price reduction by Wuliangye in ten years, with the last adjustment occurring in 2014 [3]. - The company aims to alleviate financial pressure on distributors and shift focus towards genuine consumer demand, moving away from a reliance on inventory pressure tactics [4]. 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 implemented measures to stabilize prices and manage inventory, including reducing traditional channel quotas and providing subsidies to distributors [6]. Group 4: Market Outlook - Analysts suggest that Wuliangye's actions may prompt other liquor companies facing similar pressures to optimize their channel policies and address pricing issues [4]. - The long-term profit potential for Wuliangye is expected to recover as high-end demand gradually improves and inventory management efforts take effect [6].