WLY(SZ:000858) Sou Hu Cai Jing·2025-12-09 06:00Core Viewpoint - The recent news about Wuliangye's core product price "stealth reduction" has stirred the market, reflecting a significant shift in the liquor industry driven by market forces [1][3] Group 1: Price Adjustments and Market Dynamics - Wuliangye clarified that the factory price of its eighth-generation product remains at 1019 yuan per bottle, but the actual invoicing price has dropped to 900 yuan, potentially falling to over 800 yuan after rebates [1][3] - This marks the first price drop for the product in nearly a decade, indicating a deep adjustment in the liquor industry [1][3] - The price reduction is seen as a tactical compromise in response to channel pressures, as the market has shifted from a "price increase wave" to a "hidden current" of price reductions within a year [3] Group 2: Industry Challenges and Consumer Behavior - The liquor consumption landscape is shifting towards rationality, with a noticeable decline in gift and business consumption impacting mid-to-high-end markets, leading to high channel inventories and significant price discrepancies [3][4] - Wuliangye's revenue and net profit have both experienced negative growth for the first time in nearly a decade, highlighting the industry's challenges [3][4] - The current situation reflects a broader industry trend where many companies, except for a few like Moutai and Fenjiu, are facing performance declines, indicating a transition from a period of universal price increases to a more competitive environment [4] Group 3: Future Outlook and Strategic Shifts - The future of Wuliangye and the entire liquor industry hinges on moving away from reliance on "price increases and stockpiling" and achieving a sustainable growth model [6] - The company has diversified into sectors like aviation and new energy, but the core of its business remains dependent on market health [6] - A successful transition requires a focus on consumer insights, brand value construction, efficient channel management, and aligning product structures with the real consumption needs of emerging middle-class consumers [6]