The traditional peak sales season hasn't arrived yet, but the wholesale price of eighth-generation Wuliangye has already started to rise. Recent market reports of a price increase for Wuliangye have garnered widespread attention. On August 6, numerous distributors of Wuliangye Yibin Co.,Ltd. (000858.SZ) confirmed to the media that the wholesale price of its core product, eighth-generation Wuliangye, has been raised, with a full box increasing by nearly 100 yuan in just two days, and in some regions with tight supply, the increase hitting 150 yuan per box. This translates to a rise of 15 to 30 yuan per bottle. Concurrently, some liquor merchants are actively seeking inventory at higher prices in the market.
On the retail front, the selling price of eighth-generation Wuliangye has also been adjusted upward, though the increase is relatively modest. Currently, multiple authorized Wuliangye dealerships in Shanghai are offering retail prices above 800 yuan per bottle, with some stores quoting 840 yuan per bottle, representing an overall increase of about 10 yuan per bottle compared to the start of the week. On August 6, a Wuliangye distributor in Shanghai posted on social media, "The price of eighth-generation Wuliangye has risen. Please refer to the current day's price; previous quotes are void," adding, "Due to market and cost factors, prices have been adjusted. Please confirm with the actual store price before purchasing." Just last week, retail prices at many authorized stores were still below 800 yuan per bottle, and wholesale prices had been languishing for an extended period.
Regarding the wholesale price recovery, a distributor from Henan province noted, "The recent price rebound for Wuliangye is mainly due to the company significantly reducing various channel support policies and tightening subsidies starting at the end of July. This directly increased the cost for distributors by nearly 50 yuan per bottle." Earlier this year, it was confirmed that from 2026, Wuliangye would lower the dealer invoice price from 1,019 yuan to 900 yuan per bottle, rather than directly cutting the ex-factory price. The company described this as a phased marketing incentive, including immediate discounts and consumer bottle-opening rebates, aimed at reducing the effective cost for dealers and boosting confidence. A distributor indicated that the tightened subsidies primarily cover broad-based incentives like phase-based bulk payment discounts and vague non-target rewards.
Another distributor from Shanghai shared, "On one hand, it's clearly the company controlling supply to support prices. On the other, with the Mid-Autumn Festival and National Day sales season approaching, this price increase is preparation for the peak period." One liquor merchant remarked, "Wuliangye has become a hot commodity again. Many peers are seeking products, but it seems that as prices rise, more distributors are holding back from selling." Opinions among Wuliangye distributors about the future trend are divided. The Henan distributor believes, "During the off-season, we're already seeing rising costs and a market rebound. When the traditional peak season arrives with concentrated demand, prices are likely to steadily increase." Another distributor was less certain, saying, "It's hard to predict. I told clients not long ago to wait and see, and now prices have jumped this week."
In terms of wholesale prices, the Zhengzhou Bairong market, China's largest liquor wholesale hub, reported eighth-generation Wuliangye at 745 yuan per bottle on August 6, up from around 730 yuan per bottle for the past month, translating to a 90 yuan increase for a standard box of six bottles. Meanwhile, data from the third-party platform "Today's Liquor Price," which tracks 1,692 authorized Wuliangye stores nationwide, shows the wholesale price recently stabilizing at 830 yuan per bottle. An authorized store noted that, unlike regular distributors, they cooperate with the company's price control efforts. The current period remains the off-season for liquor sales. Previously, Feitian Moutai's second price increase this year sparked discussion, with analysts suggesting it could boost confidence in the industry. However, unlike Moutai's self-operated system price hike, Wuliangye's ex-factory price remains unchanged, with the current rise focused on channel prices.
Deng Min has now been leading Wuliangye for nearly two months. During the company's shareholder meeting on June 26, Deng outlined five key principles to navigate the industry's deep adjustment: upholding brand building without short-term profit-seeking, maintaining quality without over leveraging the company's heritage, focusing on the core business without reckless diversification, strengthening talent without relaxing team development, and pursuing mutual growth without sacrificing long-term gains. Deng emphasized an operational strategy of "seizing the day with long-termism and meticulous management with systematic thinking" to achieve goals, weather cycles, and ensure stability. He also committed to following the appointed market value management plan, strictly fulfilling dividend promises, and advancing share buybacks and stock increase plans. According to the latest announcement, the Wuliangye Group has cumulatively increased its holdings by 2.4113 million shares, representing 0.06% of total shares, with an investment of 199 million yuan. Additionally, as of July 31, Wuliangye has spent 1.002 billion yuan to repurchase 13.317 million shares. As of the close on August 6, shares of Wuliangye were trading at 74.48 yuan, down 1.35%, with a market capitalization of 289.1 billion yuan, and a year-to-date decline of 27.24%.
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