Wuliangye Yibin Co.,Ltd. (000858) has disclosed its 2025 annual report, accompanied by restatements of financial data for the first three quarters of 2025, drawing significant attention from capital markets and the liquor industry.
On the evening of April 30, the company announced a review of its 2025 business model, leading to adjustments in revenue recognition accounting for certain operations based on the principle of prudence. Following these adjustments, Wuliangye Yibin Co.,Ltd. reported 2025 operating revenue of 40.529 billion yuan, a decrease of 54.55% year-on-year, and a net profit of 8.954 billion yuan, down 71.89% year-on-year. Revenue and net profit for the first three quarters were reduced by 30.308 billion yuan and 15.425 billion yuan, respectively.
Frankly, prior to the first trading day after the Labor Day holiday, the majority of Wuliangye Yibin Co.,Ltd. investors were likely prepared for the stock to hit the daily downward limit.
Contrary to external expectations, the stock of Wuliangye Yibin Co.,Ltd. did not open at the limit-down price. Instead, it opened over 6% lower but staged a strong recovery, with intraday losses narrowing to within 3%. However, by the market close, the stock had failed to reverse its losses and turn positive, finishing down 4.96% at 92.26 yuan per share, with a total daily trading volume of approximately 8 billion yuan.
Against this backdrop, Wuliangye Yibin Co.,Ltd. announced on the evening of May 6 that it had received a notification from its parent company, Sichuan Yibin Wuliangye Group Co., Ltd. Based on confidence in the listed company's future stable development and recognition of its long-term value, Wuliangye Group plans to increase its shareholding in Wuliangye Yibin Co.,Ltd. using its own funds over the next six months. The intended buyback amount is no less than 3 billion yuan and no more than 5 billion yuan.
Notably, this share purchase plan does not set a specific price range. The Group will implement the buyback gradually, based on overall capital market trends and a reasonable assessment of the stock's value. This demonstrates Wuliangye Group's strong support and substantial commitment to the listed company.
As of now, the controlling shareholder, Yibin Development Holding Group Co., Ltd., directly holds 34.43% of the listed company's shares, while Wuliangye Group holds 20.65%. As concerted parties, their combined shareholding in Wuliangye Yibin Co.,Ltd. totals 55.08%.
It is important to note that besides the supportive buyback from its parent group, Wuliangye Yibin Co.,Ltd. had already unveiled a market support plan featuring "high dividends + high repurchases" before the holiday.
For the 2025 fiscal year, the company will maintain its plan for total dividend distribution of no less than 20 billion yuan. Based on 3.882 billion shares, it plans to distribute a cash dividend of 25.78 yuan per 10 shares (pre-tax) to all shareholders, with the annual total dividend payout amounting to no less than 20 billion yuan. Concurrently, Wuliangye Yibin Co.,Ltd. introduced its first-ever share repurchase plan for capital reduction since listing. It intends to use its own funds to repurchase shares via centralized bidding, with a total amount between 8 billion and 10 billion yuan, at a repurchase price not exceeding 153.59 yuan per share. The repurchased shares will be used to reduce the company's registered capital.
On May 4, the official WeChat account of the China Alcoholic Drinks Association stated that, according to its understanding, Wuliangye Yibin Co.,Ltd.'s fundamental business position remains unchanged. The company possesses ample monetary funds and a稳健的资产负债结构, maintaining a good level of overall risk resilience, which provides support for navigating market changes and advancing operational optimization.
In the first quarter of 2026, the number of terminal merchants purchasing Wuliangye Yibin Co.,Ltd. products increased by 60% year-on-year, and the consumer unboxing rate reached 70%, a 17% increase compared to the average levels in 2024 and 2025. These indicators reflecting actual market demand are showing a gradual recovery trend.
Looking ahead, the China Alcoholic Drinks Association stated that as a historical and classic industry, the baijiu sector will continue to follow market principles and adhere to its industrial essence. It expressed hope that Wuliangye Yibin Co.,Ltd.'s proactive adjustments would inspire industry transformation, encouraging companies to further focus on quality, branding, and channels. The aim is to jointly maintain a stable and orderly industrial ecosystem, promoting high-quality and healthy development for the industry through平稳调整.
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