Core Viewpoint - Shanxi Fenjiu's performance demonstrates significant resilience compared to peers during the industry's deep adjustment cycle, with a diversified product matrix and enhanced brand influence [1] Financial Performance - Gross margin increased by 0.3 percentage points to 74.63% in Q3 2025 - Sales and management expense ratios decreased by 0.4 percentage points and 1 percentage point to 10.17% and 3.86% respectively - Net profit margin decreased by 1 percentage point to 32.66%, primarily due to an increase in business taxes and additional charges [1] Sales and Liabilities - Sales revenue decreased by 3% to 8.343 billion yuan - Contract liabilities increased by 5% to 5.781 billion yuan [1] Competitive Position - The company's differentiated competitive advantage is becoming more pronounced as the national strategy accelerates - The internal control mechanism is gradually improving, contributing to strong operational resilience [1]