1、Morningstar Equity Company Report|Report as of 28 Aug 2025 07:47,UTC|Reporting Currency:CNY|Trading Currency:CNY|Exchange:SHENZHEN STOCK EXCHANGEPage 1 of 24?Wuliangye Yibin Co Ltd Class A 000858 QQQQ 28 Aug 2025 07:40,UTCLast Price126.62 CNY27 Aug 2025Fair Value Estimate175.00 CNY28 Aug 2025 07:37,

2、UTCPrice/FVE0.72Market Cap487.03 CNY Bil28 Aug 2025Economic MoatTMWideEquity Style Box2 Large BlendUncertaintyHighCapital AllocationPoorESG Risk Rating Assessment1;4 Jun 2025 05:00,UTCJennifer SongSenior Equity AnalystMorningstar86 755 3311 ContentsAnalyst Note(28 Aug 2025)Business DescriptionBusine

3、ss Strategy&Outlook(28 Apr 2025)Bulls Say/Bears Say(28 Aug 2025)Fair Value and Profit Drivers(28 Aug 2025)Economic Moat(28 Apr 2025)Risk and Uncertainty(28 Apr 2025)Financial Strength(28 Aug 2025)Capital Allocation(28 Aug 2025)FinancialsESG RiskRecent Analyst NotesResearch Methodology for Valuing Co

4、mpaniesImportant DisclosureThe conduct of Morningstars analysts is governed by Code of Ethics/Code of Conduct Policy,Personal Security Trading Policy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ primary analyst covering this

5、company does not own its stock.Reporting Currency:CNY|Trading Currency:CNYCurrency amounts expressed with$are in U.S.dollars(USD)unless otherwise denoted.1The ESG Risk Rating Assessment is a representation of Sustainalytics ESG Risk Rating.Wuliangye Earnings:Slower Sales Growth,but Dividend Yield Re

6、mains DecentAnalyst Note Jennifer Song,Senior Equity Analyst,28 Aug 2025Wuliangyes second-quarter growth decelerated,with revenue rising just 0.1%year on year and net profit falling 7.6%.Persistent macroeconomic challenges and the newly implemented alcohol ban measures have intensified demand pressu