Core Viewpoint - Recently, Yunyang Dayuanba Old Wine Co., Ltd. was established with a registered capital of 50,000 RMB, focusing on the production and sale of alcoholic beverages [1] Company Summary - The legal representative of the company is Huang Xiaoyan [1] - The company is authorized to engage in the production of alcoholic products and the operation of alcoholic beverages, subject to necessary approvals from relevant authorities [1] - The general business scope includes the sale of grains, daily necessities, and retail of edible agricultural products [1]

Group 1 - The company, Jimi Fang Group, has entered into a share transfer agreement to acquire a total of 52% equity in Guizhou Yijinze Liquor Industry Co., Ltd. through its wholly-owned subsidiary, Futong Asia Investment Co., Ltd. [1] - The target company is a limited liability company established in 2025 in Zunyi City, Guizhou Province, China, focusing on liquor business operations and liquor product manufacturing [1]. - Prior to the acquisition, the target company was held by three individuals with ownership stakes of 70%, 24%, and 6% [1]. Group 2 - The acquisition will result in Futong Asia holding 52% of the target company, while two individuals will hold 33.6% and 14.4% respectively [1]. - The acquisition aligns with the company's strategic initiative to develop liquor supply-related businesses in China, providing operational advantages and flexibility in product offerings and sales channels [1][2]. - The company believes that the acquisition will enhance its operational efficiency in the liquor business over time, supporting its strategic goal of solidifying its position as a well-known liquor supplier in China [2].

香港交 易及結算 所有限公司 及香港聯 合交易所 有限公司（「聯交所」）對本公 佈 的 內容 概 不 負 責 ，對 其 準 確 性或 完 整 性 亦 不發 表 任 何 聲 明， 並 明 確 表示 概 不 就因 本 公 佈 全 部或 任 何 部 分內 容 而 產 生 或因 依 賴 該 等 內容 而 引 致 的任 何損失承擔任何責任。 JIN MI FANG GROUP HOLDINGS LIMITED 今 米 房 集 團 控 股 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：8300） 自願性公佈 GEM上市規則的涵義 收購目標公司52% 股權 本 公 佈 由 今 米 房 集 團 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 ， 統 稱 為 「本集團」）自願作出，旨在讓本公司股東（「股東」）及潛在投資者知悉本集團 的最新業務發展。 誠 如 本公 司 截 至 二 零二 五 年 三 月三 十 一 日 止 年度 的 年 報 所 披露 ， 本 集 團於 中華人民共和國（「中國」）從事（ 其中包括 ）酒品供應業務。其業務範圍包括 但 不 限於 優 質 酒 品 的品 牌 管 理 ...

Core Insights - The global liquor market is experiencing significant changes, with Chinese liquor, particularly Baijiu, showing strong growth and potential for international expansion [1][15] - The inaugural "Chinese and Foreign Famous Liquor Development Index" indicates that Baijiu ranks second globally in 2024, surpassing whiskey, highlighting its historical significance and innovative capabilities [1][4] Industry Overview - The index evaluates nine major liquor categories, including Baijiu, whiskey, and beer, assessing their development levels and potential through a comprehensive framework [4][6] - Baijiu's index score has steadily increased over the past six years, particularly in the areas of driving force and development capability, supported by leading brands like Moutai and Wuliangye [6][12] Ranking and Performance - In the 2024 index, beer ranks first with a score of 95.85, followed by Baijiu at 63.80 and whiskey at 56.21, indicating Baijiu's strong market presence despite lower overall consumption compared to beer [4][9] - The report highlights that Baijiu's high-end market competitiveness is notable, with brands like Moutai becoming investment and collectible items [9][15] Cultural and Market Dynamics - The index emphasizes the cultural, social, and economic attributes of liquor, with Baijiu needing to enhance its global recognition and acceptance, as its export share is only 2.4% of the global spirits market [15][16] - The report suggests that the liquor industry's core competitiveness lies not only in the product but also in its cultural and historical value, advocating for a systematic cultural output strategy for Baijiu [15][16] Future Strategies - To enhance international competitiveness, the report recommends establishing international standards for Baijiu, promoting cultural narratives, and integrating ESG practices into business strategies [15][16] - The industry is urged to adapt to changing consumer preferences, focusing on product innovation and marketing strategies that cater to younger demographics and emerging markets [16]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed signs of recovery in Q3 with positive revenue growth driven by new product launches and effective marketing strategies [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.27 billion yuan, a year-on-year decrease of 4.9%, and a net profit attributable to shareholders of 549 million yuan, down 4.4% year-on-year [1]. - In Q3 2025, the company recorded revenue of 781 million yuan, an increase of 3.0% year-on-year, and a net profit of 160 million yuan, a decrease of 6.8% year-on-year [1]. - The gross profit margin for Q3 2025 was 70.2%, reflecting a slight increase of 0.01 percentage points year-on-year [2]. Product and Market Development - The company’s alcoholic beverage segment generated revenue of 681 million yuan in Q3 2025, up 1.5% year-on-year, attributed to the market performance of new products like jelly wine and flavored spirits [1]. - The company has been actively engaging in brand marketing through partnerships with popular mobile games, enhancing brand exposure among younger consumers [2]. Future Outlook - The company is optimistic about the continued contribution of new products as the weather cools, anticipating a peak season for its "micro-drunk" product line [1]. - The company is focusing on inventory management and channel optimization, with expectations for improved sales performance in Q4 2025 due to seasonal factors and new product introductions [2]. Profit Forecast and Investment Recommendation - The company is projected to achieve revenues of 2.96 billion yuan and 3.20 billion yuan in 2025 and 2026, respectively, with net profits expected to be 649 million yuan and 711 million yuan [3].

Market Overview - The market experienced a pullback after reaching new highs, with all three major indices closing in the red. The Shanghai Composite Index briefly surpassed the 4000-point mark, marking a ten-year high. The total trading volume in the Shanghai and Shenzhen markets was 2.15 trillion yuan, a decrease of 192.3 billion yuan from the previous trading day [1][7]. Sector Performance - The Fujian sector saw a surge with over 20 stocks hitting the daily limit, driven by news of significant investment projects totaling over 200 billion yuan related to the 2025 World Maritime Equipment Conference [2][6]. - The military industry sector also showed strength, with stocks like Jianglong Shipbuilding and Changcheng Military Industry hitting the daily limit, supported by the emphasis on national defense in the recently released 15th Five-Year Plan [3][6]. - The robotics sector gained momentum, with stocks such as Qingdao Double Star and Yashichuangneng achieving three consecutive daily limits, fueled by recent announcements from major companies regarding advancements in robotics technology [3][5]. Individual Stock Highlights - In the storage chip sector, stocks like Yingxin Development and Shikong Technology maintained strong performance, with Yingxin achieving seven consecutive daily limits. Other high-profile stocks are also showing resilience despite some experiencing consolidation [5][6]. - In the computing hardware sector, stocks such as Zhongji Xuchuang and Xinyisheng continued to reach new highs, although some stocks faced selling pressure due to declining quarterly profit growth [5][7]. Future Outlook - The market is expected to continue its focus on technology stocks, particularly in the computing and storage sectors, as they face challenges in maintaining upward momentum. The potential for new sub-sectors to emerge as leaders will be a key area of observation [7].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a positive revenue growth in Q3 2025, driven by new product launches such as jelly wine and light enjoyment series, alongside the gradual market entry of its whiskey business [7] - The report anticipates that the company will achieve revenue of 30.7 billion, 35.25 billion, and 40.5 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 7.09 billion, 8.53 billion, and 9.78 billion RMB [7] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 2.27 billion RMB, a year-on-year decrease of 4.89%, and a net profit of 549 million RMB, down 4.35% year-on-year [7] - In Q3 2025, revenue reached 781 million RMB, reflecting a year-on-year increase of 2.99%, while net profit was 160 million RMB, a decrease of 6.76% year-on-year [7] - The company's sales net profit margin in Q3 2025 was 20.52%, down 2.15 percentage points year-on-year, attributed to increased sales expenses and a rise in tax rates [7] Earnings Forecast - The projected earnings for the company are as follows: - Revenue (in million RMB): 3,070 (2025E), 3,525 (2026E), 4,050 (2027E) - Net profit (in million RMB): 709 (2025E), 853 (2026E), 978 (2027E) - EPS (in RMB): 0.68 (2025E), 0.81 (2026E), 0.93 (2027E) - PE ratios: 40.3 (2025E), 33.5 (2026E), 29.2 (2027E) [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a recovery growth in Q3 2025, with a focus on sales feedback [7] - The report highlights that the pre-mixed liquor business is stabilizing, while whiskey is contributing to incremental growth [7] - Short-term growth is expected to continue into Q4, driven by new product launches and whiskey sales [7] Financial Summary - Total revenue for 2023 is projected at 3,264 million RMB, with a year-on-year growth of 25.85% [1] - The net profit attributable to the parent company for 2023 is estimated at 809.42 million RMB, reflecting a year-on-year increase of 55.28% [1] - The earnings per share (EPS) for 2023 is forecasted to be 0.77 RMB, with a price-to-earnings (P/E) ratio of 35.34 [1] - Revenue for Q3 2025 is reported at 7.81 billion RMB, showing a year-on-year increase of 2.99% [7] - The net profit for Q3 2025 is 1.60 billion RMB, with a year-on-year decrease of 6.76% [7] - The report updates the net profit forecast for 2025-2027 to 7.28 billion, 8.78 billion, and 10.23 billion RMB respectively [7]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating a need for strategic adjustments to maintain stable operations in the future [4]. Financial Performance - The company achieved operating revenue of 2,269.52 million yuan, a year-on-year decrease of 4.89% [4]. - The net profit attributable to shareholders was 549.28 million yuan, down 4.35% year-on-year [4]. - The liquor business generated a main business income of 1,978.33 million yuan and a net profit of 380.59 million yuan [4]. Balance Sheet Highlights - The balance of trading financial assets increased by 100.34% compared to the end of the previous year, primarily due to holdings in money market funds [5]. - Accounts receivable decreased by 65.50%, attributed to improved management practices [6]. - Other current assets decreased by 31.70%, mainly due to a reduction in deductible VAT [7]. - The balance of construction in progress decreased by 70.25%, reflecting project completions and ongoing investments [7]. - Long-term prepaid expenses increased by 135.39%, linked to renovation costs associated with project completions [7]. Profit and Loss Statement - Other income increased by 186.54% year-on-year, mainly due to increased supportive funding [9]. - Investment income decreased by 69.95%, influenced by changes in investment scale, duration, and yield [9]. - Credit impairment losses shifted from -1.88 million yuan to 2.16 million yuan, reflecting enhanced accounts receivable management [9]. Cash Flow Analysis - Net cash flow from operating activities rose from 538.73 million yuan to 755.39 million yuan, driven by improved accounts receivable management and receipt of supportive funds [11]. - Net cash flow from investing activities improved from -740.91 million yuan to -428.80 million yuan, due to reduced capital expenditures and acquisition costs [11]. - Net cash flow from financing activities changed from 246.28 million yuan to -346.81 million yuan, primarily due to profit distribution and debt repayments [11]. Shareholder Information - The company issued 11,274,695 convertible bonds with a remaining amount of 1,127.47 million yuan as of the report date [15]. - The company plans to hold a temporary shareholders' meeting to discuss various proposals, including amendments to the company’s articles of association [29][54].

Core Insights - The company Baijiu Co., which focuses on pre-mixed cocktails under the brand RIO, reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year, with total revenue at 2.27 billion yuan, down 4.9%, and net profit at 549 million yuan, down 4.4% [1] - The third quarter showed a slight revenue increase of 3.0% year-on-year, but net profit decreased by 6.8% [1] - RIO has been a market leader in the pre-mixed cocktail segment, but its growth has significantly slowed in recent years [1] Financial Performance - For the first three quarters of 2025, the liquor business generated 1.978 billion yuan in revenue and 380 million yuan in net profit [1] - In the first three quarters of 2024, the pre-mixed cocktail business achieved 2.102 billion yuan in revenue and 409 million yuan in net profit [1] - The operating cash flow for the company increased by 40.2% to 755 million yuan [1] Market Trends - In 2024, pre-mixed cocktails accounted for 87.83% of Baijiu Co.'s revenue, but this segment experienced a revenue decline of 7.17% and a decrease in sales volume by 8.81% to 32.3782 million boxes [2] - The decline in sales volume represented a reduction of 3.127 million boxes year-on-year, which was a significant factor in the overall revenue decline for the company [2]