Group 1 - The core product "Pu Wu" of Wuliangye has seen a continuous price drop this year, with retail prices falling to 949 yuan per bottle, and a wholesale price of 860 yuan per bottle, indicating a significant margin loss for retailers [1] - Wuliangye's stock price has been on a downward trend, closing at 110.88 yuan per share on December 9, with a total market value of 430.39 billion yuan, down approximately 67.9% from its peak market value of 1.34 trillion yuan in February 2021 [2] - The overall performance of the liquor sector has been weak, with the Wande liquor index down 15.09%, and most leading liquor companies experiencing stock price pressure, with Wuliangye down 17.44% year-to-date [2] Group 2 - The white liquor industry is facing a significant decline, with production in the first ten months of 2025 down 11.50% year-on-year, and Wuliangye's revenue and net profit also declining by 10.26% and 14.38% respectively [3] - The demand for high-end liquor is under pressure due to weak consumption in core scenarios such as business banquets and government consumption, leading to a decline in sales [3] - The average inventory turnover days for the liquor industry reached 900 days in the first half of 2025, with over 58.1% of distributors reporting increased inventory, indicating severe inventory issues and price inversion [4] - In Q3 2025, Wuliangye's quarterly revenue and net profit saw drastic declines of 52.66% and 65.62% respectively, reflecting a broader trend of underperformance in the liquor sector [4]