东吴证券给予酒鬼酒“增持”评级

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "Buy" rating to Jiugui Liquor (000799.SZ) based on several positive factors [1] - Emerging channels contributed positively to incremental growth in Q3 2025, while existing channels are gradually stabilizing [1] - Despite stagnant revenue putting continuous pressure on profitability, there has been marginal improvement in expense control [1] - The company plans to establish a "2+2+2" product layout by 2025, enhancing multi-channel development including terminal sales and group purchases [1]