Tianfeng Securities' Research Reports indicate that Shanxi Xinghuacun Fen Wine Factory (600809.SH) is implementing the strategy of 'focusing on blue flowers, strengthening the mid-range, and stabilizing glass Fen', which aligns with the current market's actual demand while anchoring a long-term high-end strategy. Additionally, the digital operation of Fen Wine, benefiting from preferential treatment, helps stabilize pricing, ensuring long-term channel profits and market order. A 'Buy' rating is maintained. 2025 plan: The second phase of the revitalization program, firmly asserting 'stability over everything'. The years 2025-2030 mark the second phase of Fen Wine's revitalization program, serving as a period for consolidating achievements and adjusting elements. It is expected that the domestic market capacity will upgrade in 2025, and the external market will experience expansion and upgrade, fully integrating channel strength, brand strength, and product strength, continuously enhancing operational capability.