五粮液渠道补贴背后：白酒行业深度调整下的破局与困局

Group 1 - The core point of the article is that Wuliangye's recent channel policy adjustment, which effectively reduces the price of its flagship product, reflects the company's proactive response to operational pressures and the collective challenges faced by the liquor industry during a deep adjustment period [1][6] - Wuliangye's price adjustment is not a direct reduction of the factory price but rather an "official subsidy" to alleviate channel burdens, maintaining the factory price at 1019 yuan per bottle while allowing distributors to invoice at 900 yuan per bottle through discounts [2][7] - The adjustment is driven by significant pressures on channels and declining performance, with the market circulation price for Wuliangye's product on platforms like Tmall and JD.com being around 850 yuan per bottle, which is substantially lower than the factory price [2][8] Group 2 - Wuliangye's performance data indicates severe operational pressure, with a revenue of 60.945 billion yuan for the first three quarters of 2025, a year-on-year decline of 10.26%, and a net profit of 21.511 billion yuan, down 13.72%, marking the first revenue decline since 2015 [3][8] - The adjustment is historically significant, as it marks the first effective price reduction since 2014, when the factory price was lowered from 729 yuan to 609 yuan per bottle, highlighting a rapid market reversal within just over a year [3][8] - The high-end liquor market is experiencing collective pressure, with leading companies facing challenges to their traditional pricing strategies, leading to a shift from "volume decline with profit increase" to "decline in both volume and price" since 2025 [4][9] Group 3 - The price inversion phenomenon is widespread, particularly severe in the 800 to 1500 yuan price range, with different price segments showing distinct development trends [4][9] - The high-end market is trapped in a "volume-price decline" cycle due to reliance on business banquets and gift consumption, while the mid-range market faces intense competition with low consumer loyalty, leading to a common practice of "price for volume" [4][9] - The low-price market has seen growth in sales below 100 yuan, but the limited profit margins make it a strategic move for maintaining market share rather than supporting profit growth for leading companies [4][9]