Haitong International's research report points out that the deep adjustment in the industry has become a consensus, and most liquor companies' performance is under pressure in Q2 2025. Recently, several liquor companies have released performance forecasts, indicating that revenue and profit in Q2 2025 are generally under pressure. Some liquor companies have stated that traditional consumption scenarios such as business banquets and receptions continue to be under pressure, and the market recovery pace is slowing down. From 2015 to 2024, JINHUI's revenue and net profit attributable to the parent company have compound growth rates of +11.0% and +9.9%, respectively. Benefiting from high-end product development and expansion outside the province, the company's total revenue steadily increased, breaking through 3 billion yuan for the first time in 2024, a year-on-year increase of +18.6%. In terms of net profit, the company experienced a temporary adjustment in net profit from 2020 to 2022 due to rising costs; however, it began to achieve positive growth in 2023, mainly due to the increase in high-end product sales. In 2025, the company has set its growth rate in line with industry trends, targeting total revenue of 3.28 billion yuan and net profit of 410 million yuan, aiming for steady progress. In recent years, the company's product structure has been characterized by breakthroughs in high-end products, stability in mid-range products, and contraction in low-end products. Considering the upward potential of the company's structural upgrade and the ample expansion space outside the province, and referencing the valuation levels of comparable companies, we assign a 27x PE for the company in 2025, with a target price of 22 yuan, maintaining an "outperform the market" rating