Wuliangye (000858) investor relations material

Executive summary

• Revenue for 2025 was ¥40.53 billion, down 54.55% year-over-year; net profit attributable to shareholders was ¥8.95 billion, down 71.89% year-over-year.

• Gross margin for liquor products remained high at 83.75%, with direct sales margin at 90.36%.

• The company maintained strong cash flow from operations at ¥29.71 billion, though down 12.47% year-over-year.

• The board proposed a cash dividend of ¥25.78 per 10 shares, totaling ¥10.01 billion, with no bonus shares or capital increase.

• The chairman was placed under investigation for alleged serious violations, with the vice chairman acting as interim chairman.

Financial highlights

• Operating income: ¥40.53 billion, down 54.55% year-over-year.

• Net profit attributable to shareholders: ¥8.95 billion, down 71.89% year-over-year.

• Basic and diluted EPS: ¥2.3068, down from ¥8.2062 last year.

• Gross margin for liquor products: 83.75%, up 1.54 percentage points year-over-year.

• Operating cash flow: ¥29.71 billion, down 12.47% year-over-year.

• Total assets at year-end: ¥189.98 billion, up 0.92% from prior year.

• Net assets attributable to shareholders: ¥119.93 billion, down 10.02% year-over-year.

Outlook and guidance

• The company expects the liquor industry to remain in a deep adjustment phase, with intensified competition and uncertain demand recovery.

• 2026 goals focus on quality growth, market share improvement, and continued leadership in the premium liquor segment.

• Risks include macroeconomic uncertainty, demand recovery lagging expectations, and intensified competition among leading brands.