Core Viewpoint - The report from Guosheng Securities indicates that Laobai Ganjiu's net profit attributable to the parent company for Q1-Q3 2025 is projected to be 400 million yuan, representing a year-on-year decline of 28.0% [1] - For Q3 2025, the net profit attributable to the parent company is expected to be 80 million yuan, reflecting a significant year-on-year decrease of 68.5% [1] Summary by Category Financial Performance - The net profit for Laobai Ganjiu in Q1-Q3 2025 is forecasted at 400 million yuan, down 28.0% year-on-year [1] - The Q3 2025 net profit is anticipated to be 80 million yuan, which is a 68.5% decline compared to the same period last year [1] Market Segment Analysis - Overall, all price segments are under pressure, with the mass price segment performing relatively better, particularly for products priced around 100-200 yuan [1]