投资建议与盈利预测：公司坚定长期发展战略，主动实施控量挺价策略，积极协助经销商提升动销，消 化渠道库存。8 月30 日将上市首款低酒度畅饮型老酒"舍得自在"，顺应白酒年轻化及低度化趋势。公司 将坚持以老酒战略为基石，推动多品牌矩阵、年轻化和国际化战略，业绩有望企稳回升。预计公司25- 27 年实现营业收入56.31/60.65/66.44 亿元；实现归母净利润9.08/10.28/11.09 亿元；PE 分别为 22.34/19.74/18.29x，维持"推荐"评级。 风险提示：宏观经济下行风险；终端库存消化不及预期；居民消费恢复不及预期；行业竞争加剧等 电商销售稳步增长，全渠道布局持续深化。25H1 省内/省外分别实现营收7.83/16.35 亿元，同 比-13.91%/-21.24%。从渠道端来看，批发代理/电商分别实现收入20.82/3.36 亿元，同 比-23.72%/+31.38%。近年来，公司不断加强对市场、渠道及消费者的研究与运营，在服务上千家一级 经销商及数万家烟酒店渠道为核心终端的基础上，不断拓展电商、C2M、企业团购、现代商超、餐饮 等新渠道，全渠道销售能力不断提升。通过生态融通、数字化会 ...

Core Insights - The "2025 Thailand Appointment: China (Sichuan) Boutique Shopping Festival" commenced in Bangkok, showcasing over 3,500 selected products from 35 Chengdu enterprises, achieving unexpected cooperation results through a three-dimensional model of "product exhibition + cultural exchange + business matching" [1][4] Group 1: Event Overview - The event features a strong representation of Sichuan products, including notable brands in liquor and tea, such as Dali Qingmei Wine, Shede, and Emei Mountain Organic Tea, highlighting the appeal of Sichuan's "mountain and water dual charm" [3] - The event attracted significant media attention, with 27 mainstream media outlets in Thailand covering it extensively, particularly the "Tianfu Reception Hall" showcasing cultural and creative products [3] Group 2: Business Engagement - A business exchange meeting attracted nearly 100 Thai buyers, including representatives from over 30 well-known companies, facilitating a vibrant B2B negotiation atmosphere [4] - The Chengdu delegation secured nearly 20 million RMB in intended purchases on the opening day, exceeding expectations, with specific orders including 2 million RMB for spicy konjac food products [4] Group 3: Market Exploration - Prior to the festival, the Chengdu business group conducted site visits to major Thai beverage companies and retail chains, paving the way for Sichuan products to enter the Thai market [5]