古井贡酒｜点评：主动纾解库存压力，省内势能仍稳固（国金食饮刘宸倩）

Group 1 - The company's performance exceeded expectations, primarily due to proactive measures to alleviate channel inventory pressure and reduce collection requirements during the dual festival period [1] - Feedback from the dual festival indicates that the overall market in Anhui province is impacted by economic conditions, with expected sales volume declining by over 20%, while the company's sales feedback remains superior with a projected smaller decline [1] Group 2 - In Q3 2025, the company's net profit margin decreased by 10.6 percentage points to 11.7%, with a year-on-year increase in gross margin of 2.0 percentage points, sales expense ratio up by 16.1%, management expense ratio up by 5.7%, and financial expense ratio down by 4.2% [1] - As of the end of Q3 2025, the balance of contract liabilities stood at 1.34 billion yuan [1]