研报掘金丨国海证券：迎驾贡酒洞藏仍具韧性，维持“买入”评级

Core Viewpoint - Guojia Securities report indicates that Yingjia Gongjiu's performance is under short-term pressure, with the second quarter report fully releasing this pressure [1] Group 1: Financial Performance - In the first half of 2025, revenue and net profit attributable to the parent company decreased by 16.51% and 18.02% year-on-year, respectively [1] - In the second quarter of 2025, the company's revenue and net profit attributable to the parent company decreased by 23.81% and 35.22% year-on-year, respectively [1] - The second quarter report effectively released performance pressure [1] Group 2: Distribution Network - As of the end of the first half of 2025, the number of distributors in Anhui Province and outside the province was 761 and 622, respectively, with increases of 32 and 25 distributors, while there were decreases of 29 and 24 distributors [1] Group 3: Strategic Insights - The company’s decision to release performance pressure in the second quarter is considered a wise move [1] - The Dongcang series products are still in a high momentum expansion phase within Anhui Province, shifting from high channel profit-driven to consumer self-order rate improvement [1] - Due to macroeconomic demand pressure, the company has adjusted its profit forecast but maintains a "buy" rating [1]