WLY(SZ:000858) 21世纪经济报道·2025-12-07 06:52Core Viewpoint - Wuliangye is adjusting its pricing strategy for the eighth generation of its liquor, with a new invoice price set at 900 yuan per bottle, which may further decrease to around 800 yuan with manufacturer subsidies, aimed at supporting distribution channels and boosting sales [1][2]. Pricing Strategy - Starting from next year, Wuliangye will maintain the payment price at 1019 yuan per bottle but will offer a discount of 119 yuan, leading to an invoice price of 900 yuan per bottle [1]. - The last formal price adjustment for the eighth generation Wuliangye occurred in 2014, when the price was reduced from 729 yuan to 609 yuan per bottle [1]. Market Conditions - The liquor industry is currently experiencing significant price inversion, and the new invoice price is expected to alleviate some financial pressure on distribution channels [2]. - As of December 7, the market price for the 500ml bottle of the eighth generation Wuliangye was reported at 850 yuan, indicating that even with the new pricing, the market remains in a state of price inversion [2]. Financial Performance - In the first three quarters of this year, Wuliangye reported revenues of 609.45 billion yuan, a year-on-year decline of 10.26%, and a net profit of 215.11 billion yuan, down 13.72%, marking the first revenue decline since 2015 [3][4]. - The third quarter alone saw a revenue drop of 52.66% to 81.74 billion yuan and a net profit decrease of 65.62% to 20.19 billion yuan [3][4]. Market Response - The decline in revenue and profit is attributed to a deep adjustment period in the liquor industry and insufficient recovery in effective demand [4]. - Wuliangye's stock has seen a decline of over 11% in the past three months, reflecting ongoing challenges in the market [4].