According to the Guohai Securities Research Report, Shede Liquor expects to achieve net profit of 135 million to 175 million yuan in 2026H1, a year-on-year decrease of 60.52% to 69.55%; Q2's net profit for the single quarter is expected to be -57 million yuan to -97 million yuan, compared with 97 million yuan in the same period last year. Active control compounded the rigidity of costs, and the results for the second quarter continued to clear. Core products still need to be repaired, and mass prices and e-commerce channels provide structural increases. The marketing system innovates and empowers channels, and the second half of the year focuses on revenue realization and cost efficiency. The company took the initiative to control prices and rationalize channel inventories. Popular products and e-commerce formed a structural increase, compounding the decline in the base in the second half of the year, and the supporting logic for profit restoration was further strengthened; if subsequent terminal sales continue to pick up and the price market stabilizes, the potential for performance repair will gradually be unleashed. The company's revenue for 2026-2028 is estimated to be 44/47/5.1 billion yuan, respectively, -1%/+7%/+10% year-on-year; net profit to mother will be 2.5/2.9/360 million yuan, respectively, +13%/+14%/+25% year-on-year, covered for the first time, giving a “buy” rating.

According to the Guohai Securities Research Report, Shede Liquor expects to achieve net profit of 135 million to 175 million yuan in 2026H1, a year-on-year decrease of 60.52% to 69.55%; Q2's net profit for the single quarter is expected to be -57 million yuan to -97 million yuan, compared with 97 million yuan in the same period last year. Active control compounded the rigidity of costs, and the results for the second quarter continued to clear. Core products still need to be repaired, and mass prices and e-commerce channels provide structural increases. The marketing system innovates and empowers channels, and the second half of the year focuses on revenue realization and cost efficiency. The company took the initiative to control prices and rationalize channel inventories. Popular products and e-commerce formed a structural increase, compounding the decline in the base in the second half of the year, and the supporting logic for profit restoration was further strengthened; if subsequent terminal sales continue to pick up and the price market stabilizes, the potential for performance repair will gradually be unleashed. The company's revenue for 2026-2028 is estimated to be 44/47/5.1 billion yuan, respectively, -1%/+7%/+10% year-on-year; net profit to mother will be 2.5/2.9/360 million yuan, respectively, +13%/+14%/+25% year-on-year, covered for the first time, giving a “buy” rating.