Dongxing Securities Co., Ltd. research report points out that on November 19, 2024, the brand "Laizhou" and the Laizhou Single Malt Whisky Genesis Edition, the brand "Bailede" and the Bailede Blended Whisky Genesis Edition will officially be launched. Referring to BAIRUN CORPORATION's planning, starting from Q1 2025, the circulating products under the two major brands will be successively released. Currently, the circulating products under the Bailede brand have entered the production and shipping stage, and the overall progress of attracting investment is smooth, with active contract signing for annual targets. Subsequent tracking of distribution progress and actual sales feedback is needed, with a forecast of considerable annual revenue contribution and the gradual release of medium to long-term profit elasticity. From the feedback during the Spring Festival of 2025, the sales of the three major product series have all achieved year-on-year growth. At the same time, the company is expected to launch new products with an alcohol content of 8-20 based on the 358 product matrix in 2025, and the creation of new single products will also open up new consumer groups and scenarios, enhancing the stability of the RTD (Ready-to-Drink) basic market. Maintain a "Buy" rating