研报掘金丨华鑫证券：维持舍得酒业“买入”评级，业绩延续调整，电商表现亮眼

Core Viewpoint - The report from Huaxin Securities indicates that Shede Liquor's net profit attributable to shareholders for Q1-Q3 2025 is 472 million yuan, representing a 29% decrease year-on-year, with Q3 alone showing a net profit of 29 million yuan, down 63% year-on-year, reflecting ongoing performance adjustments, although e-commerce performance is strong [1] Financial Performance - For Q1-Q3 2025, Shede Liquor's net profit attributable to shareholders is 472 million yuan, a decrease of 29% compared to the previous year [1] - In Q3 2025, the net profit attributable to shareholders is 29 million yuan, marking a significant decline of 63% year-on-year [1] Product Performance - The report highlights that the mid-to-high-end product segment of Shede Liquor is performing well, despite the overall decline in net profit [1]