深夜！600779，紧急澄清！

Core Viewpoint - Water Margin (600779) issued a clarification announcement on December 25, stating that reports of a potential acquisition by another liquor company are false, aiming to prevent market rumors from misleading investors [1]. Group 1: Company Performance - For the first three quarters of the year, the company reported revenue of 2.348 billion, a year-on-year decrease of 38.01% [9]. - The net profit attributable to shareholders was 326 million, down 71.02% year-on-year [9]. - The total profit for the reporting period was 293 million, reflecting a decline of 75.05% compared to the previous year [6]. Group 2: Market and Industry Analysis - The liquor industry is currently in a deep adjustment phase, with demand declining and prices continuing to drop [7]. - Companies are shifting from scale expansion to competition within existing markets, focusing on real consumer demand [7]. - Major companies are moving away from purely performance-driven strategies, opting instead to alleviate channel pressures and optimize supply-demand structures [7]. - The valuation of the liquor sector is at a low point, with market expectations and chip structures being favorable, indicating potential investment value as the fundamentals approach a bottom [7]. Group 3: Company Strategy - The company is stabilizing its value chain through measures such as halting shipments, reducing promotional efforts, and enhancing control measures [6]. - The banquet market's opening volume is increasing, allowing the company to capture market share while awaiting improvements in sales dynamics post-clearance [6]. - Analysts suggest that the industry will require time for inventory digestion and channel order restructuring, with potential turning points expected to be observed in the first half of 2026 [6].