The Zheshang Securities Research Report pointed out that Wuliangye's statements have been thoroughly clarified, and the price is relatively stable. 2026Q1-3 achieved revenue/net profit attributable to mothers/net profit excluding non-attributable net profit of RMB 328.58/97.11/9.441 billion yuan, +7.25%/+49.98%/+46.18% year-on-year. I believe that the worst time for sales has passed, and the report is in a state of in-depth adjustment. Currently, the batch price for the Eighth Generation Five has stabilized at around 750 yuan. Previously, the company's statements were in the process of deep adjustment; buyback/increase of holdings were active: Wuliangye completed 1.8 billion repurchases; the group has now increased its holdings by a total of 2,714 billion yuan. After adjustment, the 25Q4 base is lower, and the 26Q4 performance is expected to remain steady. As the company's statements are cleared, it is expected to go to battle lightly next year and maintain a “buy” rating.

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