According to the Ping An Securities Research Report, Jinhui Liquor continues to cultivate a second growth curve, and its share outside the province has increased. 26H1 achieved a total profit of 341 million yuan, -11.21% year-on-year; 26Q2 net profit to mother was 9.5032 million yuan, -85.26% year-on-year. Product performance is fragmented, and products at both ends have grown. In the first half of the year, in accordance with the strategic path of “laying out the whole country, deepening the northwest, and making key breakthroughs”, the company continued to consolidate the integration of Ganqing and the integrated construction of Shaanxi and Mongolia, steadily promoted market coordination and linkage within and outside the province, continuously increased market share, and built a strong base market in the northwest; at the same time, cultivating the East China market and the northern market became a new engine for performance growth and the second curve of sales growth. Jinhui Liquor implements the “investor-based” core value orientation, anchors the main line of high-quality development, and continues to consolidate the value foundation. At the same time, the company responds positively to shareholders' concerns, attaches importance to investor returns, and adheres to a stable cash dividend policy. Maintain the company's profit forecast for 2026-28 at 3.76/4.16/464 million yuan, and maintain the “recommended” rating.

According to the Ping An Securities Research Report, Jinhui Liquor continues to cultivate a second growth curve, and its share outside the province has increased. 26H1 achieved a total profit of 341 million yuan, -11.21% year-on-year; 26Q2 net profit to mother was 9.5032 million yuan, -85.26% year-on-year. Product performance is fragmented, and products at both ends have grown. In the first half of the year, in accordance with the strategic path of “laying out the whole country, deepening the northwest, and making key breakthroughs”, the company continued to consolidate the integration of Ganqing and the integrated construction of Shaanxi and Mongolia, steadily promoted market coordination and linkage within and outside the province, continuously increased market share, and built a strong base market in the northwest; at the same time, cultivating the East China market and the northern market became a new engine for performance growth and the second curve of sales growth. Jinhui Liquor implements the “investor-based” core value orientation, anchors the main line of high-quality development, and continues to consolidate the value foundation. At the same time, the company responds positively to shareholders' concerns, attaches importance to investor returns, and adheres to a stable cash dividend policy. Maintain the company's profit forecast for 2026-28 at 3.76/4.16/464 million yuan, and maintain the “recommended” rating.