Huaxin Securities: Jiushi Yuan's performance continues to improve, stability is the priority, maintaining a "buy" rating.

Huaxin Securities research report pointed out that Jiushiyuan's performance continues to improve, with stability as the priority. The net profit attributable to shareholders in 2025 is 2.604 billion yuan, and the net profit attributable to shareholders in Q1 of 2026 is 1.385 billion yuan. 2026 is the year of the start of the "14th Five-Year Plan" and also the 30th anniversary of the establishment of the Jiushiyuan brand. The company's strategic goal is "high-quality development, seeking progress while maintaining stability", stabilizing the basic market in the province, orderly promoting the development of markets outside the province and overseas, gradually increasing market share, with better quality development than the industry average; stabilizing the core flagship product strategy, enhancing the brand, actively entering new beverage markets and laying out a new media communication matrix, strengthening consumer interaction and embracing the diversification of consumer trends. According to the 2025 annual report and the Q1 report for 2026, it is estimated that the EPS for 2026-2028 will be 2.10/2.24/2.50 yuan respectively, with corresponding PE ratios of 13/12/11 times. The investment rating is maintained as "buy".