Guosen Securities: Wuliangye's dividend assets have prominent attributes, supporting valuation, emphasizing the "outperform the market" rating.

Guosen Securities research report pointed out that Wuliangye held the 29th 12.18 Consensus Building Conference, summarizing the operating results of 2025, deploying marketing strategies for 2026 in response to current industry and company challenges, and conveying confidence in development. In the face of industry demand pressure, the company took the initiative to respond to the market, effectively addressing market concerns: 1) increasing incentives for distributors and terminals, reducing repayment prices, protecting channel profits and confidence; 2) respecting market demand for the 2026 Spring Festival, consolidating product and channel foundations. Looking ahead to the operation of 2026, on the product end, it will adhere to the position of products priced at 1,000 yuan, develop synergistically across all price points, and continue to strengthen incentives on the channel end and diversify to explore supplements and increments. Considering the short-term industry demand pressure, the previous revenue and profit forecasts were slightly lowered, with a cash dividend of 20 billion yuan corresponding to a 4.7% dividend yield in 2026, highlighting the outstanding dividend asset attributes that support valuation, and emphasizing a "better than market" rating.