WLY(SZ:000858) 21世纪经济报道·2025-12-19 06:10Core Viewpoint - The year 2025 is marked as a challenging and transformative period for the Chinese liquor industry, undergoing significant changes in product, market, and consumption structures [1][3]. Industry Overview - The liquor industry is entering a deep adjustment phase, drawing attention from capital markets and public opinion, testing the operational resilience and trend judgment of various liquor companies [3]. - The current adjustment is characterized as cyclical, structural, and a return to fundamentals, necessitating the release of competitive tensions built up during years of rapid growth [7]. Company Strategy - Wuliangye has demonstrated strategic resilience by actively adjusting to market conditions, helping channels manage inventory, and innovating marketing mechanisms to stabilize and expand market presence [3][7]. - The company aims to enhance brand value and market share, focusing on high-quality market operations and effective sales strategies for the upcoming "15th Five-Year Plan" [3][11]. Marketing and Sales Initiatives - In 2025, Wuliangye added 474 new "three stores and one family" outlets, achieving significant sales through direct distribution and corporate partnerships, generating 4.5 billion yuan in revenue from enterprise collaborations [8]. - The company plans to focus on enhancing its product matrix, targeting younger consumers with new low-alcohol products, and optimizing its traditional and emerging sales channels [16][19]. Product Development - Wuliangye's product strategy for 2026 includes a refined product system centered around the eighth generation of Wuliangye, with specific positioning for various price segments to strengthen market presence [16][17]. - The company has seen significant growth in its key products, with the 1618 Wuliangye experiencing over 20% growth in banquet activities and the 39-degree variant achieving over 30% growth in both banquet sessions and opening volumes [16]. Future Outlook - Wuliangye views the current adjustment period as a strategic opportunity, supported by favorable macroeconomic conditions, industry policy shifts, and an expanding consumer base [11]. - The company emphasizes the importance of forming consensus with distributors to build a collaborative market environment, which is essential for achieving shared growth [5][7].