VATS released its performance for the first three quarters, with a net loss attributable to the parent company of 199 million yuan

According to the Zhitong Finance APP, VATS released its third-quarter report for 2025, stating that the company's operating revenue for the first three quarters was 5.164 billion yuan. The net loss attributable to shareholders of the listed company was 199 million yuan. The net loss attributable to shareholders of the listed company, excluding non-recurring gains and losses, was 239 million yuan. The basic loss per share was 0.48 yuan

Tianfeng Securities: The sales during the Double Festival meet expectations, and the sentiment in the liquor sector may be expected to recover

Tianfeng Securities released a research report indicating that with the disclosure of Q3 performance, the sentiment in the liquor sector is expected to recover. Although the market atmosphere during the "Double Festivals" was subdued, sales performance met expectations, with an overall decline anticipated at 20%-30%. In September, terminal sales showed a month-on-month recovery but remained under pressure, with wholesale prices declining year-on-year and channel profits narrowing. Distributor inventories are high, and the willingness to collect payments has weakened. The market is showing overall pressure with regional differentiation characteristics, while high-end famous liquors and regional leaders demonstrate resilience. It is recommended to pay attention to the bottom of the sector cycle

The A-share consumer sector continues to be active, with food and beverage and retail sectors leading the gains. Ziyan Food hit the daily limit in the afternoon, following the limit-up of Shede Spirits, KJS, and QUANJUDE. Other stocks such as Yizhi Moyu, VATS, Wanchen Group, and inm also rose

VATS: Actively laying out instant retail business

On August 19th, VATS stated at an analyst meeting that the company is actively laying out its instant retail business. By integrating existing store resources and supply chain advantages, and focusing on the innovative store model "VATS Select," the company is promoting a service upgrade: through lightweight and intelligent transformation of traditional tobacco and liquor stores, quickly connecting to mainstream instant delivery platforms such as Meituan Waimai, JD Instant Delivery, and Douyin Hourly Delivery, to build a service closed loop of "online ordering - store shipping - delivery in as fast as 15 minutes."

Dongfang Securities: Maintains "Buy" rating on VATS, target price of 20.14 yuan

Dongfang Securities maintains a "Buy" rating on VATS, with a target price of 20.14 yuan. The research report points out that VATS has a natural advantage in instant retail channels, with a wide store layout that addresses consumers' pain points regarding product authenticity. The company actively expands its business on platforms such as WeChat Mini Programs, Meituan, and JD.com, with 2,000 stores and over 30,000 service outlets covering core cities. Long-term cooperation with leading liquor companies ensures product authenticity, maintaining the FCFF valuation method, with an equity value of 8.4 billion yuan