On June 7th, Guosen Securities' research report pointed out that Shanxi Xinghuacun Fen Wine Factory's (600809.SH) new version of Laobai Fen has been fully upgraded, with Qinghua 20 imported into the five-code system. At the Kunming dealer conference of Shanxi Xinghuacun Fen Wine Factory, Qinghua 20 and Laobai Fen 10 have been fully upgraded and launched. The invoicing price for all Laobai Fen wine has increased by 5 yuan per bottle, and the five-code correlation system has been completely implemented. With the trial operation of the Qinghua 20 five-code system in the Shaanxi market, we predict that the company will fully upgrade to the new scanning system in 2024Q3, achieving the manufacturer's "control and profit sharing." Afterwards, after continuously complementing the channel’s short board, the company is expected to actively improve the quality of market marketing around the three levels of "cultural reshaping, organizational reshaping, and competitiveness reshaping," and in the top-level design and product segmentation of Qinghua 30·Renaissance version. Considered the continuation of the company's operational momentum and orderly promotion of the Renaissance version, we maintain a rating of "outperforming the market."