[Zheshang Securities: Maintain the "buy" rating of Shede Liquor Industry in the first half of the year, which is beneficial to mid- and long-term development] On September 9, Zheshang Securities Research Report pointed out that the performance of Shede Liquor Industry was in line with the forecast and is still in a period of deep adjustment. In 26Q2, the company achieved operating income of 806 million yuan, -28.40% year-on-year; net profit attributable to the parent company was -86 million yuan, turning into a loss year-on-year. The results were in line with previous forecasts. It is believed that the company's deep liquidation in the first half of the year is conducive to medium and long-term development, and the base in 25H2 is low. It is expected that 26H2 is expected to improve month-on-month, and achieve positive growth in 2027, so the "buy" rating is maintained.