Fangzheng Securities' research report pointed out that from 2022 to 2024, as the first stage of the Fenjiu revival plan, Shanxi Xinghuacun Fen Wine Factory (600809.SH) continuously promoted the ongoing optimization of its product structure. The sales of the Qinghua series in 2022 and 2023 exceeded 12/15 billion respectively, while starting from 2023, the full implementation of the Fenyang Liyu program commenced, focusing on refined channel system management. Starting from 2025 to 2026, the company will enter the second stage of the revival plan, an element adjustment period for re-establishing the foundation. The company will proactively control its speed and prioritize stable growth, aiming to enhance brand value during the industry adjustment period. From 2027 to 2030, there will be a comprehensive increase in product prices to stimulate the long-term revenue growth potential. As a leading enterprise in the light fragrance category, the company's revenue has been steadily increasing in recent years. With the combined effects of the macroeconomic cycle and the baijiu industry cycle, it has maintained stable and rising performance. Accelerating its presence in branding, channels, and other aspects is expected to lead the light fragrance category to achieve high-quality revival. The "Strongly Recommend" rating is maintained.