Ge Long Hui A P P·2025-09-29 06:43Core Insights - Luzhou Laojiao achieved a net profit attributable to shareholders of 7.663 billion yuan in the first half of 2025, a decrease of 4.55% year-on-year [1] - In the second quarter of 2025, the net profit attributable to shareholders was 3.070 billion yuan, down 11.12% year-on-year [1] - The revenue and single-quarter contract liability change amount for Q2 2025 was 7.565 billion yuan, an increase of 0.56% [1] - The liquor industry has faced pressure since 2025, but the company's brand strength is becoming more prominent [1] - The company is expected to show performance elasticity during the industry's recovery phase [1] - The profit forecast has been adjusted considering the company's mid-year performance and industry pressures, with current stock prices corresponding to PE ratios of 15, 14, and 13 times for 2025-2027 [1] - The company maintains a "Buy" rating [1]