The Zheshang Securities Research Report pointed out that Wuliangye's Q2 revenue was in line with expectations, and the performance of major core products was stable. 26Q2's revenue/net profit attributable to mothers/net profit after deduction of non-net profit was RMB 5,579/6.90/447 million yuan. It is expected that Pu Wu will actively remove inventory and increase sales; Wuliangye will perform well at 1618 and 39 degrees, and is deeply involved in the banquet scene, and the number of banquets and bottle openers will continue to grow; the cumulative number of people opening bottles and code scanning will continue to increase by 12% compared to the same period; the number of people participating in code scanning +10% compared to the same period, and product sales will continue to improve. The company's H1 Eighth Generation benefited from high batch prices and cost-effective sales performance. In July, the company raised prices by reducing channel fees, etc., and now the batch price is gradually returning to close to 800 yuan; the repurchase/increase of holdings is active: Wuliangye has completed 1.1 billion repurchases; the group has now increased its total holdings by 199 million yuan. After adjustment, the 25H2 base is low, and the growth trend is expected to continue in the second half of the year. Maintain a “buy” rating.

The Zheshang Securities Research Report pointed out that Wuliangye's Q2 revenue was in line with expectations, and the performance of major core products was stable. 26Q2's revenue/net profit attributable to mothers/net profit after deduction of non-net profit was RMB 5,579/6.90/447 million yuan. It is expected that Pu Wu will actively remove inventory and increase sales; Wuliangye will perform well at 1618 and 39 degrees, and is deeply involved in the banquet scene, and the number of banquets and bottle openers will continue to grow; the cumulative number of people opening bottles and code scanning will continue to increase by 12% compared to the same period; the number of people participating in code scanning +10% compared to the same period, and product sales will continue to improve. The company's H1 Eighth Generation benefited from high batch prices and cost-effective sales performance. In July, the company raised prices by reducing channel fees, etc., and now the batch price is gradually returning to close to 800 yuan; the repurchase/increase of holdings is active: Wuliangye has completed 1.1 billion repurchases; the group has now increased its total holdings by 199 million yuan. After adjustment, the 25H2 base is low, and the growth trend is expected to continue in the second half of the year. Maintain a “buy” rating.