WLY(SZ:000858) Cai Jing Wang·2025-12-18 14:05Core Viewpoint - The recent conference by Wuliangye has provided reassurance to the liquor industry amidst fluctuating pricing and sales strategies, emphasizing a commitment to long-term stability over short-term gains [1][7]. Group 1: Company Strategy and Reforms - Wuliangye has implemented unprecedented reforms linking executive compensation to market performance, establishing mechanisms for performance-based adjustments and dismissals for underperformance [1][8]. - The company is focusing on maintaining reasonable returns for distributors and avoiding destructive competition for short-term growth [1][7]. - Wuliangye is enhancing its marketing mechanisms and has shifted from a divisional to a company structure, with direct oversight from senior management [8][10]. Group 2: Industry Challenges and Responses - The liquor industry is currently facing four major issues: overcapacity, high inventory, price inversion, and lack of consumption scenarios [3][4]. - The industry is showing signs of recovery, with improved capacity optimization and a reduction in high inventory levels as premium brands adjust their market strategies [3][4]. - The Ministry of Industry and Information Technology has recognized the liquor industry as a historical classic industry, aiming to enhance its influence and promote high-quality development [4]. Group 3: Market Dynamics and Future Outlook - Wuliangye aims to balance volume and price, with specific targets for its products in the premium segment, including the eighth generation of Wuliangye and Wuliangye 1618 [9][10]. - The company is actively engaging with e-commerce platforms and has initiated a significant subsidy program to stabilize its supply chain and enhance market presence [10][11]. - The overall strategy emphasizes rational growth, with a focus on maintaining market order and preventing price disruptions [7][12].