近期，随着五粮液第二十九届12·18共识共建共享大会的闭幕，五粮液浓香酒公司向市场传递出清晰而坚定的发展信号，持续开展渠道分类分级管理，构 建起行业领先的竞争优势。 当前，白酒行业步入存量竞争时代，渠道信心成为厂商穿越周期的稀缺资产。 1 业内人士表示，五粮液浓香酒的政策稳定、运营精准、利润可靠，不仅为渠道经销商解决后顾之忧，还有效激活终端培育消费的主动性，为厂商协同穿越 周期注入强劲的确定性动能。 其次，资源投放的精准匹配。通过对经销商和终端的分类分级评估，公司建立起动态的资源调配支持机制。 经销商的经营规模、市场运营能力、品牌维护水平等关键指标，决定其能够获得的政策支持力度和市场发展空间。针对不同类型的终端，公司制定差异化 的营销支持方案，确保每一份市场投入都能产生最大效用。 再者，发展预期的精准对齐。分类分级管理使各级渠道伙伴对自身的定位和发展方向有了清晰认知，为经销商和终端精准赋能，让厂商之间达成真正的发 展共识，为长期合作奠定坚实基础。 五粮液浓香酒公司通过分类分级管理，保证政策执行的透明度和渠道发展的均衡性，为各级商家提供清晰的运营指引，让品牌投入精准触达目标市场和核 心消费人群、优质潜在消费人群 ...

Core Insights - The 29th "12·18 Consensus Co-construction and Sharing Conference" of Wuliangye was held in Yibin, focusing on "New Situation, New Opportunities, New Journey" [1][3] - The conference is significant as it marks a critical transition point for the liquor industry, emphasizing Wuliangye's leadership in navigating changes and promoting sustainable high-quality development [3][4] Group 1: Industry Dynamics - The year 2025 is anticipated to be challenging for the liquor industry, characterized by inventory and pricing pressures, alongside tests of confidence and partnership resilience [4] - The change in the conference's name from "Co-discussion, Co-construction, and Sharing" to "Consensus Co-construction and Sharing" symbolizes a strategic shift towards long-term value recognition and emotional connections with partners [6][8] Group 2: Company Strategy - Wuliangye's chairman highlighted that the current industry adjustment is cyclical, structural, and a return to market rationality, asserting the company's capability to seize opportunities during this phase [10] - The evolution of the partnership model reflects a deeper understanding of the industry chain, transitioning from a transactional relationship to a collaborative development community [10] Group 3: Product Strategy - Wuliangye is adapting to a "Three Rationality Era" in consumer behavior, focusing on the real value of products, cultural recognition, and emotional resonance [11] - The product strategy includes a clear framework with a core brand supported by various product lines, aiming to establish a comprehensive and competitive product matrix [11][13] - The introduction of the new Wuliangye zodiac wine reflects the brand's commitment to cultural and emotional value, expanding the product's significance beyond mere consumption [15] Group 4: Channel Strategy - Wuliangye is implementing a dual approach of strict management and optimization in its channel strategy to create a healthier and more efficient channel ecosystem [16] - The company is restructuring its organizational framework to enhance regional market responsiveness and improve marketing resource allocation [18] - Plans include the addition of new retail formats and partnerships with leading companies to expand market reach and enhance consumer engagement [18][19]

当下的白酒行业，正经历深度调整与周期寒意。龙头企业的一举一动，尤其受到关注。 12月18日，五粮液第二十九届12·18经销商大会如约举行。超过1500位经销商与投资者的到来，让 五粮液这场延续近三十年的盛会承载着不一样的期待。 谋篇"十五五"："五个统筹""三个突出" 其中，产品体系重构，是五粮液"品质为基"的重要支撑。 将2026定位"营销守正创新年"，并明确了"一核心三强化双目标"营销方针。 其中，针对渠道方面的调整，2026年，五粮液将调整优化传统渠道，聚焦终端建设包括经销商反向 激励，深耕当地团购与零售市场等；严管整顿渠道供给，坚决遏制低价抛售等冲击市场秩序的大批发行 为，取消跨省开箱、跨渠道窜货等不合规、低质量的销售奖励，坚决终止同扰乱市场秩序的商家合作； 持续完善"三店一家"网络布局，新增专卖店80家，保持总量在1700家左右，新增集合店300家，文化体 验店10家。此外，还将大力培育新兴渠道，积极拥抱电商渠道，进一步提升线上市场份额；加大电商直 采力度，逐步扭转乱商无序的供货局面。 站在"十四五"圆满收官与"十五五"即将启航的关键交汇点，五粮液明确将"十五五"视为塑造新优 势、培育新动能的重要窗 ...

Core Viewpoint - The year has been described as extraordinarily challenging for the liquor industry, with Wuliangye adapting through innovation, collaboration, and proactive measures to navigate market changes and pressures [3][9]. Group 1: Industry Challenges and Opportunities - Wuliangye has effectively advanced channel innovation, adding 474 new traditional channels and achieving direct distribution coverage in 20 core cities [3][9]. - The liquor industry is entering a complex fifth round of deep adjustment, characterized as "cyclical," "structural," and "regressive" [3][9]. - There are significant opportunities for industry growth, driven by a favorable macroeconomic environment and structural changes in consumer demographics and consumption scenarios [3][9][11]. Group 2: Policy and Market Trends - Recent industry policies have provided support for the liquor sector, emphasizing the importance of historical and cultural value in liquor production [4][10]. - Consumer trends such as youth engagement, female consumption, and the aging population are identified as key areas for market expansion [5][11]. Group 3: Strategic Initiatives - Wuliangye aims to leverage five key advantages: quality, brand, market, team, and financial strength [5][11]. - The company has outlined its mission to preserve historical classics and its vision to become a globally recognized leader in the liquor industry [5][11]. - A comprehensive strategy called "Five New Expansions" will focus on targeting new consumer groups, channels, scenarios, markets, and operational mechanisms [6][12]. Group 4: Product Development - Wuliangye plans to establish a product system centered around its eighth-generation liquor, with strategic products aimed at achieving significant sales milestones [6][12][13]. - The company intends to create four national strategic products in the fragrant liquor category, targeting sales tiers of 100 billion, 50 billion, 20 billion, and 10 billion [13].

五粮液集团（股份）公司党委书记、董事长曾从钦在会上表示，五粮液将着力构建主品牌"一核两擎两 驱一新"的产品体系。其中，"一核"以第八代五粮液为核心；"两擎"是经典系列、紫气东来定位超高 端；"两驱"是1618五粮液、39度五粮液定位为新增长点，着力打造成为两个百亿级大单品；"一新"是坚 持以五粮液一见倾心为新锐。五粮液浓香酒方面，要打造五粮春、尖庄、五粮特头曲、五粮醇四个全国 性战略大单品，形成100亿级、50亿级、20亿级、10亿级的梯队产品架构。 您对此有何看法，欢迎下面评论区留言分享。 您对此有何看法，欢迎下面评论区留言分享。 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。 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。 五粮液集团（股份）公司党委书记、董事长曾从钦在会上表示，五粮液将着力构建主品牌"一核两擎两 驱一新"的产品体系。其中，"一核"以第八代五粮液为核心；"两擎"是经典系列、紫气东来定位超高 端；"两驱"是1618五粮液、39度五粮液定位为新增长点，着力打造成为两个百亿级大单品 ...

"两擎"是经典系列，紫气东来，定位超高端主力产品，加力加劲开展市场培育，加快占领消费者心智， 真正树立价格标杆和价值标杆； 具体而言，"一核"是坚持以第八代五粮液为核心，定位为基本盘，加大量价关系平衡； 12月18日，五粮液第二十九届12·18共识共建共享大会上，五粮液集团（股份）公司党委书记、董事长 曾从钦表示，全方位重构产品体系，着力构建主品牌"一核两擎两驱一新"的产品体系，实施差异化、专 业化运营。 具体而言，"一核"是坚持以第八代五粮液为核心，定位为基本盘，加大量价关系平衡； "两擎"是经典系列，紫气东来，定位超高端主力产品，加力加劲开展市场培育，加快占领消费者心智， 真正树立价格标杆和价值标杆； "两驱"是1618五粮液、39度五粮液定位为新增长点，着力打造成为两个百亿级大单品；"一新"是坚持以 五粮液·一见倾心为新锐。 曾从钦还强调，五粮液浓香酒方面，要打造五粮春、尖庄、五粮特头曲、五粮醇四个全国性战略大单 品，形成100亿级、50亿级、20亿级、10亿级的梯队产品架构。 "两驱"是1618五粮液、39度五粮液定位为新增长点，着力打造成为两个百亿级大单品；"一新"是坚持以 五粮液·一见倾心为新锐。 ...

Core Viewpoint - The company experienced significant revenue and profit declines in Q3 2025, prompting a mid-term dividend announcement to boost market confidence [1][3]. Financial Performance - For Q1-Q3 2025, total revenue was 60.95 billion yuan, down 10.3% year-on-year, and net profit attributable to shareholders was 21.51 billion yuan, down 13.7% year-on-year [1]. - In Q3 2025, total revenue was 8.17 billion yuan, down 52.7% year-on-year, and net profit attributable to shareholders was 2.02 billion yuan, down 65.6% year-on-year, indicating an accelerated decline in performance [1]. - Q3 2025 operating cash flow was -2.889 billion yuan, a decrease of 117.7% year-on-year, attributed to reduced cash receipts and increased cash expenses [2]. Market Strategy - The company is actively relieving channel pressure and expects market sales performance to exceed reported revenue figures, focusing on inventory reduction and maintaining market health [1]. - Increased market expenses and channel subsidies were implemented to support distributor profit margins and encourage consumer purchases [2]. Profitability Metrics - Q3 2025 gross margin decreased by 13.53 percentage points to 62.6%, primarily due to channel subsidies and promotional efforts for certain product lines [2]. - Tax, sales, and management expense ratios increased year-on-year, reflecting fixed costs despite declining revenues [2]. Future Outlook - The company anticipates a slow recovery in high-end liquor consumption, with a focus on inventory reduction and stabilizing prices in Q4 2025 [3]. - Revenue forecasts for 2025-2027 have been revised downwards, with expected revenues of 75.82 billion yuan, 75.76 billion yuan, and 79.53 billion yuan, representing year-on-year changes of -15.0%, -0.1%, and +5.0% respectively [3]. - The company plans to distribute a cash dividend of 10.01 billion yuan, corresponding to a 39% payout ratio based on 2025 profit forecasts [3].

Core Insights - The Chinese liquor industry is undergoing a profound structural adjustment in 2025, with Wuliangye's third-quarter results reflecting deep adjustments and strategic foresight in a challenging market environment [1][2] Financial Performance - Wuliangye reported a revenue of 60.945 billion yuan and a net profit of 21.511 billion yuan for the first three quarters [1] - The company plans to distribute a cash dividend of 25.78 yuan per 10 shares, totaling 10.007 billion yuan, indicating strong confidence in future growth [1] Industry Context - The liquor industry is facing challenges such as a 9.9% year-on-year decline in production, with only a few listed companies showing slight growth [3] - Wuliangye's performance is seen as a normal reflection of the industry's adjustment period, with its fundamentals remaining solid [3] Strategic Initiatives - Wuliangye is undergoing a comprehensive transformation, including product matrix restructuring, channel optimization, and international expansion [1][5] - The launch of the new product "29° Wuliangye·First Encounter" has successfully tapped into the young consumer market, achieving over 100 million yuan in sales within two months [5][6] Channel Development - The company has expanded its market presence by adding over 10,000 new retail outlets and increasing its contract liabilities by 31% to 9.267 billion yuan, reflecting market confidence [4][6] - Digital sales have increased by 8%, with a membership system exceeding 20 million members, enhancing direct consumer connections [6] International Expansion - Wuliangye has accelerated its international outreach through initiatives like "He Mei Global Tour," reaching over 1.4 billion people across 18 countries [7] - The partnership with FIFA for the 2026 World Cup is expected to enhance the brand's global influence [7] Long-term Outlook - Despite short-term pressures, the liquor industry is expected to stabilize and recover, supported by national policies aimed at boosting domestic demand [8][9] - Wuliangye's proactive strategies during this adjustment period position it well for future growth, leveraging its brand strength and operational excellence [9]

Core Viewpoint - The decline of the real estate industry in China has significantly impacted the high-end liquor market, leading to a need for transformation and new consumption drivers in the liquor sector [1][4][7]. Group 1: Real Estate and Liquor Industry Interconnection - The real estate sector's growth has historically driven the high-end liquor market, with a notable increase in business-related consumption [2][4]. - From 2004 to 2013, real estate investment surged over 520%, while the liquor industry experienced a "golden decade" with production up 293%, revenue up 719%, and profits soaring 1272% [5]. - The collapse of major real estate companies like Evergrande and the subsequent economic downturn have led to a significant decline in the liquor industry, which is now facing intense competition and adjustment [7][8]. Group 2: Current State of the Liquor Industry - As of early 2025, the number of large-scale liquor enterprises has decreased to 887, with a slight revenue increase of 0.19% but a significant profit drop of 10.93% [8]. - Major liquor companies have initiated strategic transformations, focusing on new consumer demographics, international markets, and affordable product lines to adapt to changing market conditions [10][11][12]. Group 3: Strategic Transformations in the Liquor Industry - Companies like Moutai are targeting new consumer groups in emerging industries and enhancing personalized service offerings [10]. - The liquor industry is also expanding its international presence, with initiatives aimed at promoting Chinese liquor globally [10]. - There is a growing emphasis on affordable products, with several brands launching new offerings to capture the mass market [11][12]. Group 4: Future Outlook and Challenges - Despite initial successes in transformation, the liquor industry faces ongoing challenges, including the need to find new consumption drivers to replace the real estate sector [14]. - The export market for Chinese liquor is still in its infancy, and the profitability of mass-market products lags behind that of premium offerings [14].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 52.771 billion yuan for H1 2025, 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] - In Q2 2025, the company achieved a revenue of 15.831 billion yuan, a slight increase of 0.10% year-on-year, while the net profit attributable to shareholders was 4.632 billion yuan, down 7.58% year-on-year [3] - The company maintained a stable market share for its flagship product, with a focus on volume growth in the series of products [4] - The distribution model showed slight changes, with both wholesale and direct sales channels achieving revenue growth [5] - The gross margin was slightly pressured due to a decline in unit price, with a Q2 gross margin of 74.69%, down 0.32 percentage points year-on-year [6][7] - The company has adjusted its earnings forecast slightly downward for 2025-2027, with expected revenues of 92.022 billion yuan, 94.365 billion yuan, and 97.108 billion yuan respectively [8] Summary by Sections Financial Performance - For H1 2025, the company reported a revenue of 52.771 billion yuan and a net profit of 19.492 billion yuan [2] - Q2 2025 revenue was 15.831 billion yuan, with a net profit of 4.632 billion yuan [3] Market Position - The company’s flagship product maintained a stable market share, with revenue from its main product reaching 40.998 billion yuan, a year-on-year increase of 4.57% [4] - The sales volume for the flagship product increased by 12.75% year-on-year, while the average price per ton decreased by 7.25% [4] Distribution Channels - The revenue from the wholesale model was 27.925 billion yuan, up 1.20%, while direct sales revenue was 21.195 billion yuan, up 8.60% [5] - The direct sales channel accounted for 43.15% of total revenue in H1 2025 [5] Profitability - The gross margin for Q2 2025 was 74.69%, reflecting a slight decline due to lower unit prices [6] - The net profit margin decreased by 2.71 percentage points year-on-year [7] Earnings Forecast - The company has revised its revenue forecasts for 2025-2027, with expected revenues of 92.022 billion yuan, 94.365 billion yuan, and 97.108 billion yuan respectively [8]