To The Moon

On the evening of October 27, Wuliangye Yibin Co., Ltd. (hereinafter referred to as "Wuliangye") disclosed its performance for the first three quarters of 2026.

During the first three quarters, the company achieved operating revenue of 32.858 billion yuan, a year-on-year increase of 7.25%; it realized a net profit attributable to shareholders of the listed company of 9.711 billion yuan, a year-on-year increase of 49.98%.

Xiao Zhuqing, Chairman of Wuhan Jingkui Technology Co., Ltd., told reporters that against the backdrop of the baijiu industry still being in a period of deep adjustment, the third-quarter report delivered by Wuliangye demonstrates the operational resilience of a leading liquor enterprise. The improvement in profitability was driven both by the steady recovery on the revenue side and by structural optimization on the cost and expense side.

From the perspective of profit quality, Wuliangye achieved a net profit excluding non-recurring gains and losses of 9.441 billion yuan in the first three quarters, a year-on-year increase of 46.18%; basic earnings per share were 2.50 yuan, a year-on-year increase of 50.14%; the weighted average return on equity was 8.09%, up 3.2 percentage points from the same period last year, with multiple core indicators improving simultaneously.

From the perspective of the income statement structure, Wuliangye's total operating costs for the first three quarters were 20.033 billion yuan, lower than the 21.871 billion yuan in the same period last year. Reporters noted that in the face of industry adjustment, Wuliangye has paid more attention to the health of distributor inventories, helping distributors digest social inventory, rather than seeking short-term report growth by pushing goods into channels. This leaves room for channel repair in the next cycle.

"Against the backdrop of intensifying industry divergence, the certainty of Wuliangye's self-development is rooted in its irreplicable core competitive barriers," said Xiao Zhuqing. "Its unique production region, ancient cellaring pits, quality, brand, and consumer base constitute Wuliangye's irreplicable core competitiveness. These barriers are not weakened by short-term cyclical fluctuations; instead, they become more prominent amid industry divergence."

In Xiao Zhuqing's view, Wuliangye has voluntarily given up the short-term impulse to boost performance by pushing inventory, and instead helps distributors destock and focuses on increasing the bottle-opening rate. This helps strengthen investors' confidence in the company's future sustainable development. As channel inventories are gradually cleared and the price system stabilizes, whether Wuliangye can extend the profit improvement of the first three quarters to the full year is worth continued attention.