Zheshang Securities research reports pointed out that in the third quarter, liquor companies actively controlled their pace, striving to address the supply-demand imbalance and inventory pressure in their development. Revenue and profits from Kweichow Moutai, Anhui Gujing Distillery, Shanxi Xinghuacun Fen Wine Factory, Sichuan Swellfun, Hebei Hengshui Laobaigan Liquor matched expectations. In the third quarter, the revenue of the baijiu industry increased by 1.27% year-on-year to 96.382 billion yuan, and the net income attributable to the mother increased by 2.21% year-on-year to 35.986 billion yuan. After excluding Kweichow Moutai, the year-on-year revenue of the baijiu industry in the third quarter decreased by 6.8%, and the net income attributable to the mother decreased by 7.96%. Against the backdrop of performance differentiation in the third quarter report, there will be a focus on investment opportunities in leading symbols with strong brand potential, earlier inventory clearance, and reasonable growth targets, possibly validated during the 2025 Chinese New Year period. Recommended focuses: Kweichow Moutai, Luzhou Laojiao, Shanxi Xinghuacun Fen Wine Factory, etc.