The Dongwu Securities Research Report pointed out that Shanxi Fenjiu has followed the trend of slowing down and relieving pressure, and the outside of the province has maintained resilience. 26H1's net profit to mother was 6.439 billion yuan, -24.29% year on year; of these, 26Q2 net profit to mother was 1,057 billion yuan, or -43.11% year over year. The company deeply promoted the nationalization 2.0 strategy, and strategic markets such as the Yangtze River Delta and Pearl River Delta grew steadily. High dividends strengthen the margin of safety, and medium- to long-term growth is still outstanding. In the short term, the liquor industry has now bottomed out, and is expected to improve marginally in the second half of '26. Currently, the liquor industry has entered the bottom-building stage, and the company's medium- to long-term growth is still outstanding. The trend of nationalization of Bofen and Qing20 is highly visible. At the same time, it is also expected that lower back products will be cultivated and gradually improved. The “buy” rating is maintained based on the judgment of gradually building a bottom in the short term and crossing the cycle in the medium term.

The Dongwu Securities Research Report pointed out that Shanxi Fenjiu has followed the trend of slowing down and relieving pressure, and the outside of the province has maintained resilience. 26H1's net profit to mother was 6.439 billion yuan, -24.29% year on year; of these, 26Q2 net profit to mother was 1,057 billion yuan, or -43.11% year over year. The company deeply promoted the nationalization 2.0 strategy, and strategic markets such as the Yangtze River Delta and Pearl River Delta grew steadily. High dividends strengthen the margin of safety, and medium- to long-term growth is still outstanding. In the short term, the liquor industry has now bottomed out, and is expected to improve marginally in the second half of '26. Currently, the liquor industry has entered the bottom-building stage, and the company's medium- to long-term growth is still outstanding. The trend of nationalization of Bofen and Qing20 is highly visible. At the same time, it is also expected that lower back products will be cultivated and gradually improved. The “buy” rating is maintained based on the judgment of gradually building a bottom in the short term and crossing the cycle in the medium term.