五粮液三季度收入再降38%，渠道去库存仍缓慢
去年同期业绩重述带来的低基数未能阻止收入下滑；销售回款和退回库存相关负债显示渠道压力仍在。Bernstein下调盈利预测和目标价，认为回购可能提供短期支撑。
Bernstein ·
Topic：Wuliangye
Unhidea explains global investment research, selected interviews and market briefs. Explore source attribution, dates, key assumptions and the reasoning behind each article.
Wuliangye’s third-quarter net profit falls 48% as higher gross margin fails to offset expense pressure
Third-quarter revenue fell 38% year over year, while operating cash flow for the first three quarters dropped to 47 million yuan from 28.247 billion yuan a year earlier. Citi maintained its sell rating, citing operational uncertainty from 2026 to 2027.
Citi ·
Wuliangye’s third-quarter revenue and profit fall short of Goldman Sachs estimates as shipment controls and inventory reduction weigh on results
Wuliangye’s third-quarter revenue fell 38% year on year, while net profit dropped 48%. Goldman Sachs believes the company may be controlling shipments to distributors and accelerating the reduction of legacy inventory. Although operating cash flow improved, further destocking may be needed before new orders and shipments return to normal.
Goldman Sachs ·