Core Viewpoint - The overall white liquor industry is still in an adjustment period, leading to a downward revision of the profit forecast for Zhenjiu Lidu (06979) for 2025-2027, with expected revenues of 5.978 billion, 6.590 billion, and 7.141 billion yuan, and net profits of 1.073 billion, 1.294 billion, and 1.700 billion yuan respectively, maintaining a "buy" rating [1] Revenue and Profit Analysis - In H1 2025, the company's liquor business revenue was 2.497 billion yuan, a year-on-year decrease of 39.58%, with sales volume down 35.58% to 9,125 tons and average price down 6.20% to 273,700 yuan per ton [1] - By brand, revenues for Zhenjiu, Lidu, Xiangjiao, and Kaikouxiao were 1.492 billion, 611 million, 277 million, and 81 million yuan respectively, with year-on-year changes of -44.80%, -9.40%, -38.73%, and -63.91% [2] - The gross profit margins for Zhenjiu, Lidu, Xiangjiao, and Kaikouxiao were 58.3%, 66.5%, 58.7%, and 41.7% respectively, with slight year-on-year changes [2] Channel and Cost Structure - In H1 2025, revenue from distributors and direct sales was 2.197 billion and 300 million yuan respectively, with year-on-year declines of 41.78% and 16.57% [3] - The company’s gross profit margin increased by 0.28 percentage points to 59.04%, and net profit margin increased by 4.83 percentage points to 23.02% [4] Strategic Outlook - The company is focusing on mid-to-high-end products and expanding banquet scenarios to drive stable growth in 2025, despite the overall industry adjustment [5] - The profit forecast for 2025-2027 has been revised downwards, with expected revenues and net profits reflecting the current market conditions [5]