Investment Rating - Investment Rating: Buy (Maintain) [4] Core Views - The company's liquor business has stabilized with a year-on-year revenue increase of 1.5% in Q3 2025, while the flavoring segment saw a 14.5% increase. The overall trend indicates a clear improvement in the liquor business after a decline earlier in the year [8] - The gross profit margin for Q3 2025 remained stable at 70.2%. However, the net profit margin decreased by 2.14 percentage points to 20.52% due to increased costs associated with new product launches and capital expenditures related to the whiskey segment [9] - The outlook for 2026 is positive, with expectations for steady growth driven by the stabilization of the pre-mixed liquor segment and the orderly expansion of the whiskey business [10] Financial Summary - Q3 2025: Revenue of 781 million yuan (+2.99%), net profit attributable to shareholders of 160 million yuan (-6.76%) [11] - Revenue for the first three quarters of 2025 was 2.27 billion yuan (-4.89%), with a net profit of 549 million yuan (-4.35%) [11] - Revenue projections for 2025-2027 are adjusted to 3.056 billion yuan, 3.520 billion yuan, and 4.069 billion yuan respectively, reflecting a cautious outlook due to ongoing industry pressures [12]