Tianfeng Securities: Maintains "Buy" rating on Gu Jing, Q2 slowdown releases pressure, paving the way for subsequent peak season efforts

Tianfeng Securities' research report points out that Gu Jing's operating revenue/net profit attributable to the parent company/net profit attributable to the parent company after deducting non-recurring gains and losses for Q2 2025 were 4.734 billion/1.332 billion/1.315 billion yuan, respectively. The proportion of year-round original liquor remains stable, while the ton price of each series is declining. In terms of the market: in H1 2025, North China/Central China/South China achieved revenues of 808 million/1.2297 billion/768 million yuan, among which Central China experienced counter-cyclical growth, likely due to the solid channel foundation in Anhui. As the leading brand of Huizhou liquor, the company has a solid foundation within the province. The company released pressure by slowing down in Q2 2025, preparing for the subsequent peak season. Considering the overall industry environment, the company's profit forecast has been moderately adjusted downward, with expected net profits attributable to the parent company for 2025-2027 being 5.620 billion/6.002 billion/6.810 billion yuan, maintaining a "Buy" rating