Open Source Securities: Maintains Gold Emperor Liquor's "Buy" rating, firmly promotes marketing reform, and continues structural upgrading.

The open-source securities research report pointed out that Jinhui liquor recently held an online communication meeting on its performance target for 2025, detailing the performance details for 2025 and the business plan for 2026. The company adheres to the strategy of "deploying nationwide, deepening the northwest, and focusing on breakthroughs". It focuses on the northwest market, with room for further development and upgrades in the province. Xinjiang and Shaanxi have a good foundation. The company will expand the market in East China in an orderly manner, providing potential and flexibility in the future. In 2026, with the full implementation of the national "15th Five-Year Plan" and the continued implementation of the expansion of domestic demand policy, the liquor industry will usher in new development opportunities, and also enter a critical stage of industry restructuring. The company responds to changes while adhering to its strategy, forges ahead in adjustments, and stabilizes its development in a complex market environment, demonstrating strong resilience in growth. It is expected to continue to perform well in 2026. The company will continue its steady development, push forward marketing reforms firmly, continue upgrading its structure, adjust its operations outside the province in an orderly manner, and maintain a "buy" rating.