Core Viewpoint - The report from Guohai Securities indicates that Kouzi Jiao's net profit attributable to shareholders for the first three quarters of 2025 is 742 million yuan, a year-on-year decrease of 43.39%, with Q3 net profit at 27 million yuan, down 92.55% year-on-year. The report suggests that the Q3 financial statements reflect the overall pressure on demand in the liquor industry [1] Company Summary - As of the end of Q3 2025, the number of distributors in Anhui Province is 557, with an increase of 60 and a decrease of 5 in the first three quarters. The number of distributors outside the province is 564, with an increase of 86 and a decrease of 39 in the same period [1] - The company has actively adjusted its operations in recent years, implementing significant changes in areas such as new product launches, market expansion in Hefei, and channel flattening reforms [1] - The company is expected to gradually release its potential as external conditions improve, following the clearing of channels and financial statements [1] Industry Summary - The report highlights the overall pressure on demand within the liquor industry, which is reflected in the company's financial performance [1] - Due to the macroeconomic demand pressure, the company's profit forecast has been revised downward, but the "buy" rating is maintained [1]

Core Viewpoint - The liquor distribution industry is at a critical turning point, facing challenges such as weak market demand, inventory reduction, and the rise of e-commerce and price wars, which are pressuring distributors [2] Group 1: Industry Challenges - Traditional sales models relying on a multi-level distribution system are becoming less effective, leading to a shift in the roles of distributors [2] - Distributors are increasingly being relegated to the role of product "delivery agents," as manufacturers explore direct-to-store models [2] Group 2: Strategic Adjustments for Distributors - Distributors need to shift their focus from merely selling liquor to managing customer relationships, emphasizing trust and service [3] - There is a need to adjust product offerings by incorporating non-liquor items, with an initial target of 10-20% of total products [3] - Organizational changes are necessary, including redefining employee roles and maintaining proactive relationships with existing customers [3] Group 3: Implementation Measures - Distributors should visit long-term inactive customers to strengthen relationships and gather competitive intelligence [4] - Establishing connections with neighboring stores can enhance customer traffic, while also focusing on attracting walk-in customers [4] - Innovative marketing strategies should be employed, such as pairing liquor with various types of water and other products to create a "liquor plus" marketing approach [4] Group 4: Expanding Business Opportunities - There is potential to innovate in the banquet liquor business by offering free consultation services and enhancing customer engagement [5] - Broadening the scope of business projects by analyzing customer needs can lead to new opportunities in various sectors, such as home delivery services and insurance [5] - The industry is experiencing a shift from "channel dominance" to "consumer sovereignty," necessitating distributors to adapt their business models to remain relevant [5]

格力电器（ [Table_StockNameRptType] 000651） 公司点评 渠道经营持续提效 ——格力电器 24A&25Q1 点评 | 主要观点： | | --- | ➢ 25Q1 超市场预期。 ⚫ 收入分析：国补支撑家用空调内销 ⚫ 利润分析：渠道经营继续提效 [Table_CompanyReport] 相关报告 1.格力电器 24Q3：经营提质增效 2024-10-31 2.格力电器 24Q2：盈利水平提升 2024-09-01 3.格力电器：渠道改革收效，以旧换新 加码 2024-06-12 敬请参阅末页重要声明及评级说明 证券研究报告 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-04-28 | | | [Table_BaseData] 收盘价（元） | | 45.22 | | 近 12 个月最高/最低（元） | 52.73/36.74 | | | 总股本（百万股） | | 5,601 | | 流通股本（百万股） | | 5,515 | 流通股比例（%） 98.46 总市值（亿元） 2,533 流通市 ...

格力电器（ [Table_StockNameRptType] 000651） 公司点评 渠道经营持续提效 ——格力电器 24A&25Q1 点评 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-04-28 | | | [Table_BaseData] 收盘价（元） | | 45.22 | | 近 12 个月最高/最低（元） | 52.73/36.74 | | | 总股本（百万股） | | 5,601 | | 流通股本（百万股） | | 5,515 | | 主要观点： | | --- | ➢ 25Q1 超市场预期。 ⚫ 收入分析：国补支撑家用空调内销 ⚫ 利润分析：渠道经营继续提效 [Table_CompanyReport] 相关报告 联系人：唐楚彦 1.格力电器 24Q3：经营提质增效 2024-10-31 2.格力电器 24Q2：盈利水平提升 2024-09-01 3.格力电器：渠道改革收效，以旧换新 加码 2024-06-12 敬请参阅末页重要声明及评级说明 证券研究报告 流通股比例（%） 98.46 总市值（亿元） 2 ...