CICC: Maintains the "Outperform" rating on Jiugui Liquor, lowers target price by 23% to 48 yuan.

The research report from Zhongjin Company pointed out that Jiugui Liquor's sales in the second quarter are still under pressure, and the company is focusing on promoting products such as Hongtan and Miaopin. The company also stated that in the future, if there are customized products, they will demand higher requirements for scale and distribution capabilities. Due to the significant pressure on sales and collections, the profit forecast for 2025 was lowered by 81% to 102 million yuan, and the profit forecast for 2026 was introduced at 149 million yuan. Considering the unique rich aroma of the company's products and the good consumer awareness of the brand in Hunan, North China and other regions, there is still considerable room for long-term development. The target price was lowered by 23% to 48 yuan, maintaining a "outperform industry" rating with a 19% upside potential in the target price.