According to the Open Source Securities Research Report, Shanxi Fenjiu's net profit for the first three quarters was 8.338 billion yuan, -26.89% over the same period last year. Net profit for Q3 was 1,899 million yuan, -34.52% YoY. Actual demand is resilient, and adjustments are gradually coming to an end. Beginning in 2026, the company took the initiative to adjust the pace and remove historical inventory, but there is a clear differentiation between different regions and products. The year-on-year decline in blue and white in the first three quarters was slightly above average, and the decline in waist products was small. From an inventory perspective, Bofen has strong circulation properties, and inventory fluctuations are greater; the blue and white series are more strictly controlled, and inventory is removed in an orderly manner. The company reduced repayment tasks, handled historical burdens as soon as possible, and the actual market order was good. The company has a perfect product structure, strong channels, and is resilient and flexible in development. Currently, it actively removes the pace of inventory adjustment, which is conducive to long-term development and maintains a “buy” rating.

According to the Open Source Securities Research Report, Shanxi Fenjiu's net profit for the first three quarters was 8.338 billion yuan, -26.89% over the same period last year. Net profit for Q3 was 1,899 million yuan, -34.52% YoY. Actual demand is resilient, and adjustments are gradually coming to an end. Beginning in 2026, the company took the initiative to adjust the pace and remove historical inventory, but there is a clear differentiation between different regions and products. The year-on-year decline in blue and white in the first three quarters was slightly above average, and the decline in waist products was small. From an inventory perspective, Bofen has strong circulation properties, and inventory fluctuations are greater; the blue and white series are more strictly controlled, and inventory is removed in an orderly manner. The company reduced repayment tasks, handled historical burdens as soon as possible, and the actual market order was good. The company has a perfect product structure, strong channels, and is resilient and flexible in development. Currently, it actively removes the pace of inventory adjustment, which is conducive to long-term development and maintains a “buy” rating.