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]