Guotai Junan Securities (Hong Kong) research report pointed out that Shanxi Fenjiu (600809.SH) achieved expected revenue in the first half of the year. In terms of categories, high-priced liquor realized an income of 16.43 billion, a year-on-year increase of 17.4%. In addition to the Blue and White series leading the way, the company has strengthened the development of core products this year. Old Bai Fenjiu and Panama series performed well, and other types of liquor achieved an income of 6.23 billion, a year-on-year increase of 27.4%. In Q2, high-priced liquor achieved an income of 4.57 billion, a year-on-year increase of 1.5%. Other liquors achieved an income of about 2.8 billion, a year-on-year increase of 58.3%, benefiting from the continuous optimization of the market layout of Zhu Ye Qing and the strengthening of the dealer network system. Currently, the company's operation is stable, and the pace of payment and delivery is normal. In the second half of the year, the company is expected to strengthen overall management, optimize channel refined management, and stimulate the vitality of the sales team. Due to the lower-than-expected terminal consumption during the Mid-Autumn Festival, it is recommended to adopt a "range operation" investment strategy.