China's ** newspaper reporter Mi Luo Wu Haifei Following Moutai, Wuliangye also adjusted the price of core products. The reporter learned from the dealer that Wuliangye decided to raise the ex-factory price of the core product eighth generation Wuliangye (hereinafter referred to as "Eighth Generation Puwu") by 50 yuan to 1019 yuan bottles from February 5. "Now the terminal ** has not changed, but after February 5, it will definitely rise. The dealer told reporters. 
This is another price increase for Wuliangye after two years after raising the ex-factory price in 2021. Some industry insiders said that the price increase of the distillery is to let the dealers "stand in line", and the payment before the price increase can enjoy the old **, and the follow-up can only be purchased according to the new ** after the price increase. At present, the total market value of Wuliangye is 495.7 billion yuan, which has shrunk by half from the high in 2021. After the price increase, the ex-factory price has been higher than the current terminal priceIn the face of the ex-factory price, many dealers said that the market price will also increase, and some dealers give an increase in price expectations of 100 yuan bottles. "The current ** is 1000 yuan bottle, and we will definitely follow suit. A dealer in Shanghai told reporters. Dealers in Guangzhou told reporters that now the ** of the eighth generation of Puwu is 1030 yuan bottles, and there can be discounts if you buy more at a time. This means that if the terminal remains unchanged, the ex-factory price and the terminal will be inverted. Xiao Zhuqing, an expert in the wine industry, believes that Wuliangye has adjusted its prices smoothly at the beginning of the year, and has gone through in-depth and extensive market research and a careful and prudent decision-making process. It said that this will boost the confidence of the domestic consumer goods market, the industrial chain and the capital market, lead the strong aroma liquor camp and the ex-factory price of the main products of the Sichuan liquor sector to enter the era of 1,000 yuan for the first time, effectively drive the high-quality development of the strong flavor liquor and Sichuan liquor industry, and seize a new round of development opportunities in the liquor industry in advance. Xiao Zhuqing also reminded that the essence of the distillery's price increase is to force dealers to stand in line, the manufacturer stipulates the time before the customer pays to enjoy the old **, and after the specified time to pay to enjoy the new ** (after the price increase) Dare to raise the price needs to test the courage of the winery's decision-makers, through the price increase to grab the channel funds, the success of the price increase can kidnap the payment of all the customer's energy to promote the warehouse to spend a lot of money to purchase the brand wine. Xiao Zhuqing said. Closely following Moutai, the boots hit the groundFor the price increase of the eighth generation of Puwu, the market has long expected it. On November 1, Kweichow Moutai officially increased its price, raising the factory by 53%vol Kweichow Moutai (Feitian, Five-Star), with an average increase of about 20%. This adjustment does not involve market guidance for products**. This is since New Year's Day 2018, Feitian 53% vol 500ml Kweichow Moutai Liquor has maintained 969 yuan for nearly 6 years, according to about 20% of the price increase, about 200 yuan bottles, after this adjustment, about 1169 yuan bottles. After Feitian Moutai adjusts the price, who will keep up has always attracted much attention. As a strong fragrance faucet, Wuliangchun has become the focus of market attention. On December 18, 2023, at the 12.18 dealer conference of Wuliangye, Zeng Congqin, Secretary of the Party Committee and Chairman of Wuliangye Group, said that in 2024, Wuliangye will make every effort to promote the improvement of channel profits, and will take the opportunity to appropriately adjust the ex-factory price of the eighth generation of Wuliangye, and at the same time appropriately reduce the amount of input. Now, in the first month of 2024, the eight generations of Puwu price increase boots have landed. Inventory concerns are back on the horizonPrice increases have long been regarded as a powerful driver for liquor stocks to boost stock prices, and they are often recognized by investors. For the price increase of the eighth generation of Puwu, some investors said that it is expected to provide support for the stock price, and some investors are worried about the "inversion" of the ex-factory price after the price adjustment and the current terminal price. 
Affected by many factors, from 2023 onwards, the liquor industry will face greater inventory pressure, and the upcoming Spring Festival holiday will naturally become an important time window for liquor companies to destock. According to the research report of Guojin**, Wuliangye's current "good start" policy is to reduce the amount of 20% on the basis of the actual completed volume of the channel in the 2023 sales fiscal year as the base volume of the contract in the 2024 fiscal year; Gujing Gongjiu's "good start" requires a return ratio of 50%+, and the use of interest-free agreements and fee incentives tend to promote pre-holiday payment; In mid-to-late November 2023, the world will start the activity of "90 days of hard work and a good start"; After Yingjia Gongjiu rolled the accounts in advance, it has started to collect the payment before the Spring Festival in the fourth quarter of 2023. Some private equity sources said that in order to evaluate performance, many wine companies have pressed the goods to distributors, but they need to consider the affordability of distributors. "If the downstream demand is insufficient, blindly pressing the goods is likely to lead to dealers selling goods at low prices, which is not a good thing for the industry and the company. The private equity source said. Editor: Captain Review: Chen Siyang.