华鑫证券研报指出，洋河股份2025H1归母净利润43.44亿元（同减45%），Q2归母净利润7.07亿元（同减63%）。分区域来看，2025H1公司省内/省外营收分别为71.21/73.92亿元，分别同减26%/43%，省内前期去库节奏推进较快，2025H1表现优于省外。目前白酒市场消费承压，公司步入改革深水期，主动降速调整，目前管理层变动落地，后续公司持续控货稳价，释放渠道压力，在品牌托底下，改革有望逐渐释放积极成效。该行预计2025-2027年EPS分别为2.42/2.60/2.89元，当前股价对应PE分别为31/28/26倍，维持“买入”投资评级。
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