研报掘金丨东吴证券:维持五粮液“买入”评级,中长期利润中枢有望企稳修复
Ge Long Hui A P P·2025-12-22 06:32

Core Viewpoint - Wuliangye held its annual dealer conference on December 18, outlining its marketing strategy for 2026 as the "Year of Marketing Integrity and Innovation," focusing on market rules, merchant interests, and consumer rights to enhance marketing transformation and execution capabilities [1] Group 1: Marketing Strategy - The company aims to achieve high-quality market activation and effective market share growth through a multi-dimensional approach involving channels, products, and mechanisms [1] - For 2025, the company has set the marketing guideline of "stabilizing prices, boosting sales, improving efficiency, and changing work style" [1] Group 2: Industry Context - In response to the deep adjustments in the liquor industry, the company is focused on consolidating its development certainty to address external uncertainties [1] - The short-term inventory reduction is expected to solidify the foundation for long-term development, with a stable recovery of mid-to-long-term profit levels anticipated [1]