从个股来看，贵州茅台收盘价达1443.64元/股，下跌0.44%；五粮液收盘价达120.25元/股，下跌0.03%； 山西汾酒收盘价达183.75元/股，下跌0.34%；泸州老窖收盘价达130.15元/股，下跌0.07%；洋河股份收 盘价达69.70元/股，上涨0.69%。 天风证券在其研报中指出，考虑到9月终端动销环比温和回暖，同时25Q3预计将加速出清，当前申万白 酒指数PE-TTM为18.94X，处于近10年维度4.69%的合理偏低位置，龙头酒企股息回报已较为可观。 北京商报讯（记者 刘一博 冯若男）10月27日早盘，三大指数均涨逾1%，沪指3991.35点上涨1.04%。白 酒板块午盘2281.44点收盘上涨0.27%，其中12只白酒股上涨。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - In the first half of 2025, the company achieved total revenue of 1.391 billion yuan, a decrease of 5.24% year-on-year, while net profit attributable to shareholders was 190 million yuan, down 23.01% [1] - In Q2 2025, total revenue reached 749 million yuan, an increase of 21.93% year-on-year, and net profit attributable to shareholders was 115 million yuan, up 62.72% [1] - The company expects net profits for 2025, 2026, and 2027 to be 586 million, 656 million, and 721 million yuan respectively, with growth rates of -6.13%, 11.89%, and 9.89% [4] Revenue Performance - In H1 2025, offline and online channel revenues were 974 million and 407 million yuan, respectively, with year-on-year changes of -19.60% and +60.11% [2] - In Q2 2025, offline and online channel revenues grew by 9.54% and 66.69% year-on-year [2] - The company reported revenue from various product categories, with hot pot condiments at 428 million yuan (-12.85% YoY) and recipe-style condiments at 896 million yuan (+1.06% YoY) [2] Geographic Performance - In H1 2025, revenue growth was notable in the eastern region, with a year-on-year increase of 29.35%, while other regions experienced declines [2] Profitability Analysis - The company's gross margin for H1 2025 was 38.70%, a decrease of 0.86 percentage points year-on-year, while the net profit margin was 13.66%, down 3.16 percentage points [3] - In Q2 2025, the gross margin improved to 36.96%, an increase of 3.63 percentage points year-on-year, and the net profit margin was 15.39%, up 3.86 percentage points [3]