Dongxing Securities Co., Ltd.: Maintains WLY "Buy" rating, short-term aggressive destocking is beneficial for solidifying long-term development foundation

Soochow Securities' research report points out that Wuliangye's net profit attributable to shareholders for Q1-Q3 of 2025 was 21.511 billion yuan, a year-on-year decrease of 13.72%; the net profit attributable to shareholders for Q3 was 2.019 billion yuan, a year-on-year decrease of 65.62%. The pressure from the financial statements is accelerating, and channel transformation is continuously advancing. In the face of a deep adjustment in the liquor industry, the company is responding to the uncertainty of the external environment by consolidating the certainty of its own development. Currently facing demand pressure from the external environment, the company hopes to focus on the long term, fully leverage the advantages of a specialized company system, and explore new cross-border marketing models for win-win cooperation with corporate group purchasing clients, focusing on developing new demands and new scenarios for resources. Referring to the situation in the Q3 2025 report, considering the relatively moderate recovery process of high-end demand, and the company's increased efforts to clear inventory, it is believed that the company's short-term strong inventory clearance is beneficial for solidifying the foundation for long-term development, and the medium- to long-term profit center is expected to achieve some recovery compared to the current value, maintaining a "buy" rating