12月18日，以"新形势 新机遇 新征程"为主题的五粮液第二十九届12·18共识共建共享大会在宜宾召开。 五粮液股份公司党委副书记、副董事长、总经理华涛在现场总结了五粮液2026营销工作，并解读了2026 年五粮液营销工作思路。 在新兴渠道方面，包括重点建设团购渠道、拓展异业合作渠道、拓宽线下直销渠道。 华涛介绍，2025年，第八代五粮液坚持2025年五粮液主品牌营销运营更加科学有效。其中第八代五粮液 坚持量价平衡原则，实施"阶段性"激励政策；低度五粮液宴席场次、宴席开瓶量均实现30%以上增长； 1618产品开瓶扫码率提升至59%，宴席活动同比增长20%以上；"一见倾心"上市两个月销售强势破亿。 此外，2025年五粮液深耕细作拓展渠道网络，渠道力进一步提升。其中传统渠道持续优化，新增474 家"三店一家"，终止运营不佳客户合作55家；电商渠道持续深化，着力优化电商供应结构，深化与京东 战略合作，集中走访7家头部平台，新品发布主要平台，上线240家即时零售门店。 公司新兴渠道持续发力，与企业级客户合作建立直销网络，开展"名酒进名企"，实现销售收入45亿元， 团拜企业数4000余家，销售转化率70%，动销9亿元， ...

Investment Rating - The investment rating for Wuliangye is "Buy" (maintained) [1][4] Core Views - The company reported a revenue of 52.77 billion yuan in H1 2025, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 19.50 billion yuan, up 2.28% year-on-year. Q2 revenue was 15.83 billion yuan, with a slight increase of 0.1% year-on-year, while net profit decreased by 7.6% year-on-year to 4.63 billion yuan [4][5] - The company aims to control volume and maintain prices in the second half of the year, focusing on increasing investment in lower-priced products to capture market share from competitors. The forecast for net profit from 2025 to 2027 is 32.03 billion, 32.86 billion, and 34.38 billion yuan, representing year-on-year growth of 0.5%, 2.6%, and 4.6% respectively [4][5] - The company has committed to a cash dividend policy, ensuring that the total cash dividends for the years 2024-2026 will not be less than 70% of the net profit attributable to shareholders, with a total dividend amount of no less than 20 billion yuan, resulting in a dividend yield of 4% [4] Financial Summary - In H1 2025, Wuliangye's product revenue was 41.0 billion yuan, a year-on-year increase of 4.6%, with sales volume and price per ton increasing by 12.8% and decreasing by 7.3% respectively. Other liquor products generated revenue of 8.12 billion yuan, up 2.7% year-on-year [5][6] - As of the end of Q2 2025, the contract liability balance was 10.08 billion yuan, a year-on-year increase of 1.92 billion yuan, while cash receipts increased by 12.03% year-on-year to 31.23 billion yuan [6] - The gross margin for Q2 2025 was 74.69%, a decrease of 0.32 percentage points year-on-year, primarily due to a significant drop in product prices. The net profit margin for Q2 was 29.26%, down 2.43 percentage points year-on-year [7][11] Financial Projections - Revenue projections for Wuliangye from 2023 to 2027 are as follows: 83.27 billion, 89.18 billion, 91.45 billion, 94.17 billion, and 98.26 billion yuan, with year-on-year growth rates of 12.6%, 7.1%, 2.5%, 3.0%, and 4.3% respectively [8][11] - The projected net profit for the same period is 30.21 billion, 31.85 billion, 32.03 billion, 32.86 billion, and 34.38 billion yuan, with corresponding year-on-year growth rates of 13.2%, 5.4%, 0.5%, 2.6%, and 4.6% [8][11] - The earnings per share (EPS) are expected to be 7.78, 8.21, 8.25, 8.47, and 8.86 yuan from 2023 to 2027, with price-to-earnings (P/E) ratios of 16.5, 15.7, 15.6, 15.2, and 14.5 respectively [8][11]

Core Viewpoint - The company reported its 2Q25 performance, showing a slight revenue increase but a decline in net profit, indicating challenges in the current consumption environment and increased expenses [1][3]. Financial Performance - In 1H25, the company achieved revenue of approximately 52.771 billion yuan, a year-on-year increase of 4.19%, and a net profit of about 19.492 billion yuan, up 2.28% year-on-year [1]. - For 2Q25, revenue was 15.831 billion yuan, a marginal increase of 0.10% year-on-year, while net profit was 4.632 billion yuan, reflecting a decline of approximately 7.58% year-on-year [1]. Development Trends - The company's direct sales channels and low-alcohol products performed well in the first half of the year, with 1H25 revenue from Wuliangye products reaching 40.998 billion yuan, a year-on-year increase of 4.57% [2]. - The sales volume of Wuliangye products increased by 12.75%, while the price decreased by 7.25%, primarily due to the contribution from direct sales channels [2]. - The revenue from the series of wines in 1H25 was 8.122 billion yuan, up 2.73% year-on-year, with a significant increase in sales volume but a decrease in price [2]. - The company’s sales cash collection in 2Q25 was 31.23 billion yuan, a year-on-year increase of 12%, attributed to the concentration of bill maturities [2]. Profitability and Outlook - The net profit margin for 2Q25 decreased by 2.4 percentage points to 29.3%, mainly due to a weak consumption environment and increased expenses for promotions and logistics [3]. - The company plans to maintain high expenditure levels to support distributor confidence during peak seasons like the Mid-Autumn Festival and National Day [3]. - The company commits to a dividend payout of no less than 70% for 2025, projecting a dividend yield of 4.3% for the year [3]. Earnings Forecast and Valuation - Due to industry demand pressures, the company has revised its revenue forecasts for 2025 and 2026 down by 5.4% to 88.545 billion yuan and 92.717 billion yuan, respectively [4]. - The net profit forecasts for 2025 and 2026 have been reduced by 9.9% and 9.0% to 30.126 billion yuan and 32.133 billion yuan, respectively [4]. - The target price is maintained at 174 yuan, corresponding to a price-to-earnings ratio of 22.4x for 2025 and 21.0x for 2026, with the current stock price reflecting a significant upside potential of 37.4% [4].

Core Insights - The company reported a total revenue of 52.771 billion yuan (+4.19%) and a net profit attributable to shareholders of 19.492 billion yuan (+2.28%) for the first half of 2025 [1] - In Q2 2025, total revenue was 15.831 billion yuan (+0.10%), while net profit attributable to shareholders decreased to 4.632 billion yuan (-7.58%) [1] Revenue and Sales Performance - For H1 2025, the company's revenue from Wuliangye products and other liquor products was 40.998 billion yuan (+4.57%) and 8.122 billion yuan (+2.73%) respectively, with sales volumes of 273,000 tons (+12.75%) and 86,000 tons (+58.81%) [1] - The average price per 500ml for Wuliangye products decreased by 7.25% to 751.49 yuan, while other liquor products saw a significant drop of 35.31% to 47.22 yuan due to a shift towards lower-priced products [1] Channel Development - The company focused on channel development, with revenue from distribution and direct sales channels reaching 27.925 billion yuan (+1.20%) and 21.195 billion yuan (+8.60%) respectively in H1 2025 [1] - By the end of H1 2025, the number of Wuliangye distributors was 2,510, a net decrease of 20, while the number of specialty stores was 1,768, a net decrease of 18 [2] Regional Performance - Revenue growth was led by the eastern region, with H1 2025 revenues of 20.109 billion yuan (+7.88%), while the southern and northern regions reported revenues of 21.886 billion yuan (+1.93%) and 7.124 billion yuan (+1.82%) respectively [2] Profitability Metrics - The gross margin for Wuliangye products slightly decreased by 0.24 percentage points, with a company-wide gross margin of 76.83% (-0.53 percentage points) for H1 2025 [2] - The net profit margin attributable to shareholders for H1 2025 was 36.94% (-0.69 percentage points), while Q2 2025 saw a further decline to 29.26% (-2.43 percentage points) due to increased sales and financial expenses [3] Future Outlook - The company forecasts net profits attributable to shareholders of 30.835 billion yuan, 32.376 billion yuan, and 33.803 billion yuan for 2025, 2026, and 2027 respectively, with expected growth rates of -3.20%, 5.00%, and 4.41% [4]

Core Viewpoint - The liquor industry is undergoing a deep adjustment period, but Yibin Wuliangye Co., Ltd. has demonstrated strong performance with a steady growth in revenue and net profit, showcasing its brand strength and resilience in a challenging market environment [2][3]. Financial Performance - In the first half of 2025, Wuliangye achieved revenue of 52.771 billion yuan, a year-on-year increase of 4.19%, and a net profit attributable to shareholders of 19.492 billion yuan, up 2.28% year-on-year [2][3]. Market Strategy - Wuliangye is focusing on enhancing marketing execution, optimizing channels, and improving service capabilities to drive brand value and market share [3]. - The company launched several new products in April 2025, including various series targeting different consumer needs, from gift-giving to collection [3]. Youth Engagement - The introduction of the "29° Wuliangye·One Glance Heart" product aims to resonate with younger consumers, promoting a new consumption scenario for traditional liquor [4]. Brand Strength and Market Position - Wuliangye's brand power, cash flow, and efficient decision-making are seen as core barriers to navigating the industry adjustment period, allowing it to maintain high prices in the premium market while expanding in the mass market [5]. Marketing and Distribution Innovations - The company has reformed its marketing structure and expanded its e-commerce partnerships, enhancing its distribution network and adapting to changing consumer demands [6]. - In the first half of 2025, Wuliangye added 242 new stores and implemented direct distribution in 20 key cities, leading to significant growth in consumer engagement [6]. Brand Value Recognition - Wuliangye's brand value was reported at 487.657 billion yuan, with an increase of 8.40%, ranking 15th in the "China's 500 Most Valuable Brands" list [7]. - The company ranked 146th in the "Fortune China 500" list, maintaining its position as the highest-ranked in the beverage industry [7]. Research and Development Investment - Wuliangye's R&D expenses reached 210 million yuan in the reporting period, a 31% increase, reflecting a commitment to enhancing competitiveness through innovation [7]. Shareholder Returns - The company has a strong track record of returning value to shareholders, with cumulative dividends reaching 116.4 billion yuan since its listing, and a dividend payout ratio of 70% in 2024 [8].

Core Insights - The article highlights the importance of high-end international platforms for companies to showcase their strengths and seek cooperation in the context of a changing global economic landscape [1] Group 1: Event Participation - The third China International Supply Chain Promotion Expo attracted 651 enterprises and institutions from 75 countries and regions, with Wuliangye being the only designated liquor [3] - Wuliangye showcased its core products, including the Eighth Generation Wuliangye and various creative cocktails, enhancing its brand influence in the international business community [3] Group 2: Corporate Strategy - Wuliangye's management emphasizes the need for long-termism and innovation to navigate external uncertainties while maintaining its cultural roots and emotional attributes [5][6] - The company has been recognized as a model for ESG practices in the liquor industry, reflecting its commitment to high-quality development and effective governance [6] Group 3: Future Outlook - Wuliangye plans to continue leveraging high-end international platforms to deepen global exchanges and cooperation, aiming to enhance its brand influence and contribute to the internationalization of Chinese liquor [8]

Group 1 - Wuliangye is actively pursuing internationalization, participating in high-profile global events to enhance cultural exchange and cooperation [1][2] - The company showcased its products at the China International Supply Chain Promotion Expo, highlighting its core offerings and attracting significant attention [1] - Wuliangye's participation in the Boao Forum for Asia emphasizes its commitment to long-term development and quality growth amidst external uncertainties [2] Group 2 - The company is focusing on openness, inclusivity, and cultural exchange as key development themes, aiming to promote Chinese traditional culture globally [3] - Wuliangye plans to achieve over 20% growth in international market sales by 2024, enhancing its brand competitiveness [3] - The brand has been rated AAA+ in the Brand Finance 2025 Global Spirits Brand 50 list, marking the highest rating and demonstrating consistent growth in brand strength over the past decade [3]

Group 1 - Yang Weiguo has been removed from his positions as Chairman of Yanghe Group and other related companies, raising concerns about management stability and strategic continuity in the industry [1] - Yanghe Co. announced on June 11 that Yang Weiguo resigned from the board and strategic committee due to work adjustments, effective until the end of the current board term [1] Group 2 - Wuliangye reported good growth in banquet market size and opening rates in the first half of the year, indicating a positive market performance [2] - The company is adapting its market strategy for its products, including direct distribution to 20 key cities to reduce logistics costs and enhance control over the terminal network [2] - Wuliangye is focusing on high-quality development and increasing market investment through membership systems and marketing activities to cultivate consumer engagement [2] Group 3 - *ST Yanshi has received a civil lawsuit regarding a service contract dispute, with the plaintiff seeking 25.75 million yuan [3] - The company has stated that it cannot assess the potential impact of the lawsuit on current or future profits as the case has not yet been formally heard [4]

Industry Insights - The liquor industry exhibits a wave-like progression and spiral ascent, with cultural, emotional, and spiritual attributes remaining unchanged [1] - The aspiration for a better life among the populace presents the greatest opportunity for the liquor industry [1] - Long-term thinking is essential for navigating the fluctuations in the Chinese liquor market and identifying new opportunities amid economic transitions [2] Strategic Focus - The company aims to enhance its brand value in 2025, focusing on product sales, channel optimization, and service capabilities [2] - Key strategies include: - Fine-tuning operations to expand market share through systematic marketing policies [2] - Emphasizing youthfulness, fashion, and internationalization to attract younger consumers [2] - Adopting a balanced pricing strategy and responsive market mechanisms to adapt to demand [2] Product Development - The banquet market has shown good growth in both scale and opening rates in the first half of the year [3] - The company is dynamically adjusting sales plans based on market conditions and has implemented direct distribution in 20 key cities to reduce logistics costs [3] - High-quality development is prioritized for the 1618 and low-alcohol products, with increased market investment and consumer engagement efforts [4] Brand and Market Expansion - The strong brand backing of the liquor series and its high cost-performance ratio cater to diverse daily consumption needs [4] - The company is focusing on channel development, particularly in e-commerce and new retail channels, while enhancing brand culture through personalized marketing [4] - Internationally, the company has launched cocktails in Europe and sparkling wines in Korea, receiving positive market feedback [5] Youth Engagement - The company is advancing its brand's youthfulness through product innovation, channel expansion, and marketing strategies [5] - New products with lower alcohol content and trendy designs are being introduced to appeal to younger consumers [5] - Initiatives like the "Five Grains·Zhi Zao" experience store aim to attract young consumers and enhance brand engagement [6] Investor Relations - The company emphasizes investor returns, with a planned dividend rate of 70% for 2024, a 10 percentage point increase from the previous year [6]

Core Viewpoint - The article highlights the participation of Wuliangye at the 20th China Western International Expo, showcasing its cross-industry integration and innovation in the liquor industry, emphasizing its development strategy of "strengthening liquor, optimizing non-liquor, and expanding platforms" [1][3][10]. Group 1: Event Overview - The 20th China Western International Expo was held in Chengdu from May 25 to 29, focusing on "deepening reform to increase momentum and expanding openness to promote development" [1]. - The expo serves as a significant platform for open cooperation in the western region, having been established in 2000 and successfully hosting 19 previous events [3]. Group 2: Wuliangye's Strategic Development - Wuliangye has evolved into a large state-owned enterprise group, with its core business in liquor and expansions into green packaging, machinery manufacturing, smart logistics, financial investment, and health industries [3][10]. - The company aims to create a win-win development model that integrates ecological, economic, and social aspects through its innovative practices [4][10]. Group 3: Exhibition Highlights - Wuliangye's exhibition showcased the entire industry chain from seed planting to liquor production, emphasizing its commitment to quality and innovation [6][9]. - The exhibition featured core products and demonstrated the traditional brewing techniques that have been passed down for over 700 years [9][10]. Group 4: Technological Innovation - Wuliangye has established multiple national and provincial innovation platforms, focusing on various aspects of the liquor production process, and has received numerous awards for technological advancements [9][11]. - The company is committed to continuous technological investment, enhancing its core liquor business and expanding its product and service range [11][12]. Group 5: Collaborative Partnerships - Wuliangye collaborates with various companies, such as Universal Group and Lichai Group, to enhance packaging and logistics, thereby improving the overall quality and efficiency of its operations [12][15][18]. - The logistics partner, Anji Logistics Group, has been instrumental in providing customized solutions for efficient and green management of the liquor supply chain [18].