The Zheshang Securities Research Report pointed out that Gujing Gongjiu's revenue growth rate has been corrected, and taxes have affected net profit. 26Q3's revenue/net profit attributable to mothers/net profit net profit excluding non-return to mother was RMB 2,639/0.95/087 billion, respectively. Revenue improved in 26Q3, and advance receipts increased month-on-month. 26Q3 revenue has returned to the growth channel, and the withdrawal is nearing its end. The profit side is slightly downward, and the increase in income tax affects profit performance. It is expected that Furui's inventory has reached its end, and α is still strong. According to the three-quarter report, adjusted profit forecasts, revenue for 2026-2028 is expected to be -20%/+7%, respectively; net profit to mother is -35%/+23%/+13%, corresponding PE is 24/19/17 times. Currently, the company continues to approach warehouse+clearance, and it is expected that 26Q4 will continue to improve month-on-month. At the same time, the company's PE has been at a relatively low level for nearly 10 years, so it maintains a “buy” rating.

The Zheshang Securities Research Report pointed out that Gujing Gongjiu's revenue growth rate has been corrected, and taxes have affected net profit. 26Q3's revenue/net profit attributable to mothers/net profit net profit excluding non-return to mother was RMB 2,639/0.95/087 billion, respectively. Revenue improved in 26Q3, and advance receipts increased month-on-month. 26Q3 revenue has returned to the growth channel, and the withdrawal is nearing its end. The profit side is slightly downward, and the increase in income tax affects profit performance. It is expected that Furui's inventory has reached its end, and α is still strong. According to the three-quarter report, adjusted profit forecasts, revenue for 2026-2028 is expected to be -20%/+7% year-on-year, respectively; net profit to mother of -35%/+23%/+13%, corresponding PE is 24/19/17 times. Currently, the company continues to approach warehousing and clearance, and it is expected that 26Q4 will continue to improve month-on-month. At the same time, the company's PE has been at a relatively low level for nearly 10 years, so it maintains a “buy” rating.