民生证券给予老白干酒“推荐”评级，2025年三季报点评：Q3盈利承压，静待场景修复

Core Viewpoint - Minsheng Securities has issued a "recommended" rating for Laobaigan Liquor (600559.SH) based on its analysis of the company's performance and market conditions, highlighting the weak demand under current circumstances and the relative resilience in Shandong province [1] Group 1: Company Performance - Laobaigan Liquor's Q3 profitability is under pressure, indicating challenges in the current market environment [1] - The report suggests that the demand for Laobaigan Liquor is relatively weak due to scene constraints, but the company shows resilience in its home province of Shandong [1] Group 2: Market Outlook - The analysis anticipates a potential recovery in market conditions, which could positively impact Laobaigan Liquor's performance in the future [1]