Dongwu Securities: Maintaining a "buy" rating on Wuliangye, vigorous de-stocking in the short term is conducive to consolidating the foundation for long-term development.

Dongwu Securities research report pointed out that Wuliangye's net profit attributable to the mother in 25Q1~3 was 21.511 billion yuan, a year-on-year decrease of 13.72%; in 25Q3, the net profit attributable to the mother was 2.019 billion yuan, a year-on-year decrease of 65.62%. The pressure from the financial statements is accelerating, and channel reform is continuing to advance. Faced with the deep adjustment of the liquor industry, the company is responding to external uncertainties by consolidating its own development. Currently facing demand pressure from the external environment, the company is expected to focus on the long term, fully leverage the advantages of a specialized company system, explore a new cross-border marketing model for win-win cooperation with corporate group purchasing customers, and focus on resource development for new demand and new scenarios. Referring to the third quarter results in 2025, considering the relatively mild recovery process of high-end demand, and the company's increased efforts in reducing inventory clearance, it is considered that the company's strong short-term reduction in inventory is beneficial for solidifying the long-term development foundation, and the medium to long-term profit center is expected to achieve a certain level of recovery from the current value, maintaining a "buy" rating.