五粮液（000858.SZ）：明确产品结 构主线，强化营销变革 2026 年定位于"营销守正创新年"。在 2025 年底的"1218 大会"上，五粮液将 2026 年明确定位于"营销守正创新年"，以"一核心三强化双目标"为营销方 针：持续提升五粮液品牌价值为核心，强化营销变革、强化应市策略、强化执 行能力，全力推动高质量的市场动销、全力实现市场份额的有效提升。这一定 位背后，其核心目标已从初期的"梳理秩序、稳定价格"升级为"提升效能、 赋能终端、巩固品牌"。 持续深耕细作拓展渠道网络，渠道力得到进一步提升。2025 年，公司新增 474 家"三店一家"，上线大会员体系，终端直配覆盖 20 个核心城市，电商渠道积 极深化与京东、天猫等头部电商合作。2026 年，公司将持续完善"三店一家" 布局，计划新增专卖店 100 家、优化一批低质量专卖店，总量保持在 1700 家 左右；新增集合店 300 家、文化体验店 10 家。同时，公司将严管渠道供给， 聚焦终端建设，培育团购渠道与异业合作，深化电商与即时零售布局。在国际 市场，五粮液将进一步融入海外本地消费场景，持续拓展经销商网络。 构建主品牌"一核两擎两驱一新"的 ...

五粮液（000858.SZ）：明确产品结 构主线，强化营销变革 2026 年定位于"营销守正创新年"。在 2025 年底的"1218 大会"上，五粮液将 2026 年明确定位于"营销守正创新年"，以"一核心三强化双目标"为营销方 针：持续提升五粮液品牌价值为核心，强化营销变革、强化应市策略、强化执 行能力，全力推动高质量的市场动销、全力实现市场份额的有效提升。这一定 位背后，其核心目标已从初期的"梳理秩序、稳定价格"升级为"提升效能、 赋能终端、巩固品牌"。 持续深耕细作拓展渠道网络，渠道力得到进一步提升。2025 年，公司新增 474 家"三店一家"，上线大会员体系，终端直配覆盖 20 个核心城市，电商渠道积 极深化与京东、天猫等头部电商合作。2026 年，公司将持续完善"三店一家" 布局，计划新增专卖店 100 家、优化一批低质量专卖店，总量保持在 1700 家 左右；新增集合店 300 家、文化体验店 10 家。同时，公司将严管渠道供给， 聚焦终端建设，培育团购渠道与异业合作，深化电商与即时零售布局。在国际 市场，五粮液将进一步融入海外本地消费场景，持续拓展经销商网络。 构建主品牌"一核两擎两驱一新"的 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 据五粮液公众号消息，1月7日至12日，五粮液集团（股份）公司党委书记、董事长曾从钦带队，赴广 州、深圳、南京、杭州、嘉兴、三亚等市场，围绕市场营销策略优化、渠道体系建设升级、消费者服务 提质等核心工作开展深度调研。 调研期间，曾从钦指出，当前白酒行业正处于深度调整期，消费趋势加速迭代升级。面对新形势新挑 战，要准确识变、科学应变、主动求变，坚持以顾客和市场为中心，强化消费需求洞察和深度链接，大 力弘扬"悦己、悦人、共悦"的和美生活范式，聚焦"五新拓展"全面发力，加快拓展新人群、新渠道、新 场景、新市场、新机制，推动白酒消费全方位深入消费场景。新春佳节将至，要提前谋划、周密部署好 动销方案、保障旺季动销效率，全体营销人员要下沉一线、靠前服务，以精细化赋能助力商家抢抓市场 机遇，实现更高质量的终端动销。 曾从钦强调，2026年是"十五五"开局之年，也是五粮液的"营销守正创新年"，公司将坚定执行"一核心 三强化双目标"营销方针，持续强化营销变革、强化应市策略、强化执行能力，落实落细好"一品一策、 一商一策、一地一策、一渠一策、一群一策"，与广大商家一道，在宴 ...

Core Viewpoint - Wuliangye is transforming its dealer conference to adapt to market changes, focusing on long-term relationships with distributors and establishing a clearer market growth path for 2025, which is expected to be a challenging year for the industry [6][11]. Event Analysis - The event has generated a total of 2957 pieces of online public opinion information, with 2043 positive mentions (69.1%), 108 negative mentions (3.7%), and 806 neutral mentions (27.2%), indicating a significantly positive sentiment [7]. - The primary dissemination channel for this event is the Toutiao platform, accounting for 321 mentions (10.86%) [9]. Impact Analysis - Market sentiment is positively influenced as Wuliangye's dealer conference transformation demonstrates the company's quick response to market changes, potentially boosting investor confidence [11]. - The introduction of the "Wuxin Expansion" strategy is expected to enhance Wuliangye's brand image and attract more consumers and distributors [11]. - The shift from "policy blood transfusion" to "systemic blood production" indicates a focus on long-term partnerships with distributors, which may stabilize and expand the sales network [11]. - Providing a clear market growth path for distributors helps reduce uncertainty and positively impacts stock prices [12]. - The transformation of the conference from an "ordering ceremony" to a strategic consensus meeting reflects improvements in governance and operational efficiency, likely favorably impacting stock prices [12]. Stock Price Impact Trend - Short-term effects of the dealer conference transformation may lead to positive stock price movements due to enhanced market sentiment, brand influence, optimized distributor relationships, clarified market growth paths, and anticipated strategic transformation effects [12]. - Long-term success of these measures, if effectively executed, could further solidify the company's market position and sustain positive stock price impacts [12]. Professional Opinions - Haitong International Securities suggests that Wuliangye is addressing industry challenges with three core strategies and aims to innovate its marketing approach, projecting revenue and net profit growth from 2025 to 2027 despite potential risks [19]. - Huachuang Securities highlights Wuliangye's strategic focus on three major directions and its leadership in transforming the dealer conference [20]. - The company is expected to reform its marketing system significantly in 2025, with a focus on product diversity and channel planning, while also addressing inventory and pricing balance issues [21].

Company Dynamics - The company participated in the Wuliangye 2025 1218 dealer conference and communicated with management, indicating a proactive slowdown in 2025 to alleviate channel pressure [1] - The company has positioned 2026 as the "Year of Marketing Integrity and Innovation," focusing on balancing volume and price for its core product "Pu Wu" and enhancing market share [1] Comments - The company aims to establish the eighth generation of Wuliangye as the leading product in the 1,000 yuan price segment, utilizing phased incentive policies and volume-price balance strategies to achieve strong market share in the 800-1,000 yuan range [2] - The opening scan rate for 39-degree Wuliangye has increased from 50% to 60%, with banquet activities growing by over 20% year-on-year; the 1618 product is positioned as a protective product, achieving over 30% growth in banquet sessions and opening volume [2] - The company is optimizing traditional channels by implementing reverse incentives for distributors and terminal package incentives, while also restructuring channel supply to resist low-price sales from large wholesalers [2] - In 2026, the company plans to add 100 exclusive stores, bringing the total to 1,700; it will also add 300 "three stores and one" and 10 cultural experience stores [2] - The company is cultivating emerging channels, with direct sales network revenue from corporate clients reaching 4.5 billion yuan and "Famous Liquor into Famous Enterprises" achieving 900 million yuan in sales [2] - Looking ahead to 2026, the company will focus on balancing volume and price for Pu Wu, supported by phased subsidies to maintain distributor confidence [2] Profit Forecast and Valuation - The company maintains its 2025 profit forecast at 24.84 billion yuan but has reduced the 2026 profit forecast by 6.0% to 22.45 billion yuan due to intensified industry competition [3] - The target price has been lowered by 26.4% to 128 yuan, corresponding to 20.0/22.1 times P/E for 2025/26, while the current price corresponds to 17.1/19.0 times P/E, indicating a 16.7% upside potential [3]

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]

Core Viewpoint - The company is undergoing significant transformations in product, market, and consumption structures within the liquor industry, focusing on adjusting strategies to stabilize and grow market presence in 2026 [1][2][3]. Product Aspects - The eighth generation of Wuliangye adheres to a principle of balancing volume and price, implementing "phase-based incentive" policies to alleviate pressure on distributors [1] - Wuliangye 1618 has achieved over 30% growth in banquet sessions and opening bottle quantities, while the opening scan rate for Wuliangye 39 degrees increased from 50% to 60% [1] - The company launched the "Yijian Qingxin" product, which surpassed 100 million in sales within two months, and introduced 10 new products including the "Golden Panda Commemorative Wine" [1] - Daily opening scan volume and banquet sessions for Wuliangye's strong aroma category grew by 25% and 109% year-on-year, respectively [1][3] Channel Aspects - The traditional channel has been optimized with the addition of 474 "three stores and one" model outlets, while terminating cooperation with 55 underperforming clients [2] - E-commerce channels have been deepened, focusing on optimizing supply structures and enhancing strategic cooperation with JD.com, with 240 new instant retail stores launched [2] - The company has established a direct sales network with enterprise clients, generating 4.5 billion in sales revenue and achieving a 70% sales conversion rate [2] - The international market has been expanded with 20 new distributors, integrating into local consumption scenarios through platforms like Michelin and Chinese visa centers [2] Strategic Outlook - The year 2026 is positioned as a year of marketing innovation and adherence to core values, with a focus on enhancing brand value and executing effective market strategies [2] - The company aims to solidify its leading position in the 1,000 yuan price segment and expand its market presence in key regions [3] - The company plans to maintain a total of around 1,700 specialty stores while adding 80 new specialty stores and optimizing low-quality ones [3] Financial Forecast - The company anticipates revenues of 78.137 billion, 79.778 billion, and 84.366 billion for the years 2025, 2026, and 2027, respectively, with net profits of 25.510 billion, 25.824 billion, and 26.679 billion [4] - Corresponding P/E ratios are projected to be 16.82, 16.61, and 16.08 [4]

Core Viewpoint - The 29th 12.18 Consensus Conference held by Wuliangye serves as a significant industry event, showcasing the company's commitment to stable development and its role as a leader in navigating the challenges of the liquor industry [3][10]. Group 1: Company Performance and Achievements - Wuliangye has demonstrated robust development through various achievements, including maintaining a quality management system that earned the EFQM Global Quality Award with a record score of 733 points [5]. - The brand's visibility reached 32.1 billion exposures through various activities, and several products received prestigious design awards, reinforcing its strong brand value [5]. - The launch of the youth-oriented product "29° Wuliangye. One Glance in Love" achieved sales exceeding 100 million yuan within two months, indicating successful market penetration [5]. - The company expanded its distribution network by adding 474 new stores, enhancing its market presence in 20 core cities [5]. Group 2: Strategic Planning for Future Growth - Wuliangye's strategic focus for 2026 includes a "Three Channels Harmonization" approach, emphasizing core brands, new beverage categories, and sustainable practices [6]. - The company aims to target new demographics, including younger consumers and women, while developing a modernized channel system that integrates traditional and emerging sales channels [6]. - Marketing strategies for 2026 are centered on innovation and effective market execution, with a clear goal of increasing market share [6]. Group 3: Collaboration with Partners - The conference emphasized the importance of collaboration between manufacturers and distributors, with awards recognizing outstanding partners and promoting a shared growth philosophy [7]. - Feedback from distributors highlighted confidence in Wuliangye's strategies and the potential for growth in new consumer segments [7]. Group 4: Product Innovation - The launch of the Wuliangye Year of the Horse Zodiac liquor, featuring unique design and craftsmanship, adds to the high-end product lineup and enhances brand value through cultural significance [9].

Core Insights - The 29th "12·18 Consensus Building and Sharing Conference" held by Wuliangye is a key event for observing the development of the liquor industry and market confidence against the backdrop of deep industry adjustments [1][3] Group 1: Industry Context and Company Performance - The year 2025 marks the end of the "14th Five-Year Plan" and is characterized as a year of comprehensive deep adjustment for the liquor industry, with Wuliangye's management signaling positive responses to market uncertainties [3][4] - Wuliangye achieved significant recognition in 2025, receiving the highest score ever awarded to a Chinese company in the EFQM Global Award "Seven Diamonds" certification and nominations for prestigious domestic quality awards, reinforcing its high-end brand positioning [4] - The company opened 474 new "three stores and one" (experience stores, specialty stores, etc.) in 2025, demonstrating its commitment to channel expansion and refined management while focusing on sustainable growth [4] Group 2: Product Innovation and Market Strategy - Wuliangye launched the "29° Wuliangye·One Glance in Love" product as part of its youth-oriented strategy, achieving over 100 million in sales within two months, highlighting its efforts to engage younger consumers [5] - The company emphasizes a defensive yet progressive strategy, focusing on internal operational stability and efficiency during the industry's adjustment period, which is crucial for navigating through cycles [7][10] Group 3: Strategic Vision and Future Planning - Wuliangye's leadership outlined a strategic vision for the "15th Five-Year Plan," focusing on creating new advantages and fostering new momentum, with a mission to become a globally recognized leading liquor enterprise [8][10] - The company introduced a systematic strategic upgrade plan, emphasizing the balance between short-term pressures and long-term brand value, while also addressing the needs of distributors and partners [10][12] - The 2026 marketing strategy is defined as a "Year of Marketing Innovation," with a focus on enhancing brand value and market share through a core strategy of "one core, three reinforcements, and dual goals" [12][14]

Core Insights - The Chinese liquor industry is undergoing a significant transformation characterized by rational consumption attitudes and structural changes in products, markets, and consumer behavior [2][3] Group 1: Company Strategy - Wuliangye has positioned 2026 as the "Year of Marketing Integrity and Innovation," focusing on enhancing brand value and implementing various strategic initiatives [1][4] - The company aims to balance strategic stability with proactive changes to navigate through industry cycles effectively [1][4] - Wuliangye is adopting a systematic approach to prepare for market recovery and brand elevation, emphasizing collaboration with distributors and optimizing channel structures [1][2] Group 2: Industry Challenges - The liquor industry is facing four major issues: overcapacity, high inventory levels, price inversions, and lack of consumption scenarios [2] - In the first three quarters of the year, the combined revenue of 20 A-share liquor companies was 317.78 billion yuan, a year-on-year decrease of 5.90%, with net profits down by 6.93% to 12.26 billion yuan [2] - Despite these challenges, there are signs of recovery, including the optimization of capacity and a gradual improvement in inventory management [2][3] Group 3: Future Opportunities - The industry is expected to benefit from economic resilience and structural transformations, with new consumer demographics and scenarios emerging [3] - By 2026, the liquor market is anticipated to see improvements, with demand policies becoming less impactful and consumption scenarios steadily recovering [3] - Wuliangye's strategic shift towards a consumer-driven approach reflects a commitment to long-term competitiveness amid industry adjustments [6]