研报掘金丨华鑫证券：维持酒鬼酒“买入”评级，业绩底部企稳，渠道开拓顺利

Core Viewpoint - The report from Huaxin Securities indicates that the company Jiugui Liquor has shown mixed financial performance in Q3 2025, with a decrease in gross margin and contract liabilities, but an increase in net profit margin, driven by strong performance in banquet scenarios and innovative marketing strategies [1] Financial Performance - In Q3 2025, the gross margin decreased by 3 percentage points to 61.22% [1] - The sales expense ratio decreased by 31% to 34.98% [1] - The management expense ratio decreased by 3% to 15.86% [1] - The net profit margin increased by 23% to -9.45% [1] - Contract liabilities amounted to 117 million yuan, a decrease of 43% year-on-year [1] Market and Sales Strategy - The company has seen strong performance in banquet scenarios, particularly in the Hunan region, with an increase in graduation banquet events year-on-year [1] - The company continues to deepen its BC linkage marketing model, achieving good sales performance through banquet events and consumer QR code promotions [1] - The company is actively innovating its channels, expanding into chain KA, corporate group purchases, and international channels [1] - The co-branded product "Jiugui·Freedom Love" launched in Q3 with Pang Donglai quickly became a hit among consumers [1] Future Outlook - The company plans to continue promoting product-sales linkage, strengthen channel construction, and enhance terminal sales [1] - There is a focus on cost control and optimizing operational performance, with new products in supermarkets receiving high market recognition [1] - The improvement of the product system and deepening of channels are expected to contribute to sustained incremental growth for the company [1] - The investment rating is maintained at "Buy" [1]