Ping An Securities Research Report pointed out that the Shede Liquor Industry actively controls volume and increases prices and actively digests inventory. In the first half of the year, net profit to mother was 145 million yuan, or -67.26% year-on-year; of these, net profit to mother for 26Q2 was -86 million yuan. Actively implement the “price control” strategy, actively digest inventory, continue to strengthen e-commerce channels, and optimize dealers. In the second half of 2026, the company will maintain its strategic strength, adhere to the old wine strategy as the cornerstone, promote multi-brand strategy, rejuvenation strategy and internationalization strategy go hand in hand, and continue to evolve. Maintain the 2026-28 net profit forecast of 2.3/27/310 million yuan, and maintain the “recommended” rating.

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