According to the Open Source Securities Research Report, the Luzhou Laojiao report continues to be cleared, and the decline in revenue has subsided. Net profit attributable to mother for the first three quarters was 5.671 billion yuan, -47.31% year-on-year. Net profit for Q3 was $1,332 million, or -57.03% YoY. Reduce short-term revenue requirements and stabilize channel ecology and profits. The decline in performance in 2026 is a strategic choice for the company to actively control goods, remove inventory through channels, and prioritize Guojiao's price protection. The industry is still in a cycle of deep adjustment and bottoming out. The company's core goal in this round is not to reduce the short-term revenue scale, but rather to repair the channel ecosystem, stabilize Guojiao's price base, and protect the long-term value of the brand and dealer profits. The 2026 $8.5 billion dividend promise remains unchanged, and the dividend plan has a basis for implementation. In 2026, the company took the initiative to clear channel inventory, but the company's product price system and dealer channels remained stable, and the brand height and consumer recognition were still there. Currently, the bottom signal is clear, and the “buy” rating is maintained.

According to the Open Source Securities Research Report, the Luzhou Laojiao report continues to be cleared, and the decline in revenue has subsided. Net profit attributable to mother for the first three quarters was 5.671 billion yuan, -47.31% year-on-year. Net profit for Q3 was $1,332 million, or -57.03% YoY. Reduce short-term revenue requirements and stabilize channel ecology and profits. The decline in performance in 2026 is a strategic choice for the company to actively control goods, remove inventory through channels, and prioritize Guojiao's price protection. The industry is still in a cycle of deep adjustment and bottoming out. The company's core goal in this round is not to reduce the short-term revenue scale, but rather to repair the channel ecosystem, stabilize Guojiao's price base, and protect the long-term value of the brand and dealer profits. The 2026 $8.5 billion dividend promise remains unchanged, and the dividend plan has a basis for implementation. In 2026, the company took the initiative to clear channel inventory, but the company's product price system and dealer channels remained stable, and the brand height and consumer recognition were still there. Currently, the bottom signal is clear, and the “buy” rating is maintained.