The Zheshang Securities Research Report pointed out that Shede Liquor's performance is in line with forecasts and is still undergoing a period of deep adjustment. 26Q2 achieved operating income of 806 million yuan, -28.40% year-on-year; net profit to mother of -86 million yuan, turning a year-on-year loss. Results are in line with previous forecasts. For 26 years, the company has been adhering to the core principles of “price stability, inventory control, and strong sales”, moderately controlling delivery, actively supporting dealers in inventory digestion and stabilizing market prices. It is expected that 26H2 will improve month-on-month. It is believed that the company's deep clean-up in the first half of the year is conducive to medium- to long-term development, and the 25H2 base is low. It is expected that 26H2 is expected to improve month-on-month and achieve positive growth in '27, so it maintains a “buy” rating.

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