The Zheshang Securities Research Report pointed out that Kouzijiao continued to clear Q2, and the decline in revenue narrowed month-on-month. 26H1's operating revenue/net profit to mother was $1,952/365 million yuan, respectively. 26Q2's revenue/net profit to mother was $576/036 million, respectively. It is believed that the company will accelerate the optimization of the product line and product structure, promote the transformation from “selling alcohol” to “selling lifestyle”, and develop differentiated product promotion strategies. Continue intensive cultivation within the province, create a model market outside the province; increase marketing efforts online. A month-on-month improvement is expected at a low base of 26H2. Revenue for 2026-2028 is estimated to be 32.50/34.37/3.668 billion yuan, respectively, -19%/+6%/+7%; realized net profit to mother of 4.91/5.38/591 million yuan, -27%/+10%/+10% YoY, corresponding PE is 24/22/20 times. It is believed that the company's 26H1 is still in a state of deep clearance, but the 26Q2 decline narrowed month-on-month, and deep removal is conducive to medium- to long-term development, and the 25H2 base is low. 26H2 is expected to improve month-on-month and achieve positive growth in '27, so it maintains a “buy” rating.

The Zheshang Securities Research Report pointed out that Kouzijiao continued to clear Q2, and the decline in revenue narrowed month-on-month. 26H1's operating revenue/net profit to mother was $1,952/365 million yuan, respectively. 26Q2's revenue/net profit to mother was $576/036 million, respectively. It is believed that the company will accelerate the optimization of the product line and product structure, promote the transformation from “selling alcohol” to “selling lifestyle”, and develop differentiated product promotion strategies. Continue intensive cultivation within the province, create a model market outside the province; increase marketing efforts online. A month-on-month improvement is expected at a low base of 26H2. Revenue for 2026-2028 is estimated to be 32.50/34.37/3.668 billion yuan, respectively, -19%/+6%/+7%; realized net profit to mother of 4.91/5.38/591 million yuan, -27%/+10%/+10% YoY, corresponding PE is 24/22/20 times. It is believed that the company's 26H1 is still in a state of deep clearance, but the 26Q2 decline narrowed month-on-month, and deep removal is conducive to medium- to long-term development, and the 25H2 base is low. 26H2 is expected to improve month-on-month and achieve positive growth in '27, so it maintains a “buy” rating.