First Securities: maintain a "buy" rating for Jiugui Liquor, continue to streamline and optimize product matrix.

The inaugural securities research report pointed out that Jiugui Liquor's net profit attributable to parent company for 24 years was 0.12 billion yuan, a year-on-year decrease of 97.72%; the net profit attributable to parent company for 25Q1 was 0.32 billion yuan, a year-on-year decrease of 56.78%. The industry and the company internally are both in an adjustment period, and short-term performance is still under pressure. In terms of products, the company continues to streamline and optimize its product matrix, focusing on the "2+2+2" strategy of single products, forming a product system in the high, medium, and low price segments. Currently, the internal reference mainly focuses on price stability, while the Jia Chen edition of the internal reference series gradually provides overall support. Inefficient and non-core products are being reduced and consolidated. In terms of the market, the company continues to advance marketing model reforms, focusing on consumer scan code red envelope and banquet activities for C-end dynamic sales, increasing expenditure, and at present, the social inventory reduction has achieved certain results. The "hold" rating is maintained.