A-share liquor stocks fluctuated and rose sharply, with Chiway suddenly surging to the daily limit after oscillating around the flat line in the morning, closing at 3.34 yuan, up 9.87%, achieving a two-day limit up. In addition, Gu Jing, YINGJIA DISTILLERY, and Shede Spirits were among the top gainers

Shede Spirits released its performance for the first three quarters, with a net profit attributable to the parent company of 472 million yuan, a year-on-year decrease of 29.43%

According to the Zhitong Finance APP, Shede Spirits disclosed its third-quarter report for 2025. The company's revenue for the first three quarters reached 3.702 billion yuan, a year-on-year decrease of 17%; net profit attributable to shareholders was 472 million yuan, a year-on-year decrease of 29.43%; net profit excluding non-recurring items was 460 million yuan, a year-on-year decrease of 29.69%; basic earnings per share were 1.4441 yuan

Zhejiang Merchants Securities: The sales performance during the Double Festival is flat, and it is expected that most liquor companies' performance in Q3 2025 will still decline year-on-year

ZheShang Securities released a research report indicating that in the third quarter of 2025, the overall cash collection progress in the liquor industry is slow, inventory is rising, and wholesale prices are weak. Affected by the "alcohol ban," government and business consumption is under pressure, and sales performance during the dual festivals is flat. It is expected that the performance of most liquor companies will decline year-on-year, while some companies may see a narrowing of the decline on a quarter-on-quarter basis. Although year-on-year sales are under pressure, there has been some improvement quarter-on-quarter, which may present allocation opportunities in the sector. Attention should be paid to new consumption investment opportunities represented by "Da Zhen."

Guotai Junan Securities: Liquor is approaching peak sales, focus on structural prosperity allocation

Guotai Junan Securities released a research report indicating that as the Mid-Autumn Festival and National Day peak seasons approach, the consumption scenarios in the liquor industry are expected to continue to recover, and the consumption sentiment of enterprises and residents is likely to improve. Although the current liquor sales have declined by about 20% year-on-year, the decline has significantly narrowed compared to June and July. With the implementation of consumption promotion policies in various regions, the prosperity of the liquor industry is expected to stabilize and rebound

Minsheng Securities: The 25H1 liquor industry report relieves pressure and accelerates bottoming out

Minsheng Securities released a research report indicating that the liquor industry will face negative growth in revenue and net profit in the first half of 2025, and the industry is currently in an accelerated bottoming phase. Policy headwinds have increased channel pressure, and the industry consensus is that the mid-year report will accelerate clearance. With the concentrated release of demand, it is expected that the Mid-Autumn Festival and National Day peak season will accelerate the bottoming of the fundamentals, and a recovery in the financial statements is expected to begin in 2026. Market focus will shift from short-term sales changes to year-on-year trends to verify the demand bottom