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Core Viewpoint - Guizhou Moutai is facing challenges due to industry cyclical adjustments and changing consumer trends, but it aims to maintain stable growth through strategic market optimization and product deployment [5][6]. Financial Performance - In the first half of 2025, Guizhou Moutai achieved total revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit attributable to shareholders of 45.403 billion yuan, up 8.89% year-on-year [4]. - The company's revenue growth rate in Q2 2025 was 7.28%, a decrease from 10.54% in Q1 2025 [4]. Market Conditions - The overall production of major liquor companies in China decreased by 5.8% year-on-year in the first half of 2025, indicating a downward trend in the industry since its peak in 2016 [4]. - There has been a notable recovery in terminal market sales since late August, with significant month-on-month growth compared to June and July [4]. Stock Split Discussion - There is ongoing debate regarding a potential stock split, with mixed opinions among shareholders. Some believe it could enhance trading volume and attract new investments, while others argue it may increase stock price volatility [6][7]. - The company is considering the implications of a stock split on its long-term health and shareholder interests, emphasizing a cautious approach [7][8]. Consumer Engagement and Market Strategy - Guizhou Moutai is focusing on transforming consumer engagement through innovative marketing and expanding consumption scenarios, aiming to shift from product-oriented to scenario-oriented strategies [9][10]. - The company plans to enhance its product offerings and market presence by adapting to rational consumption trends and increasing market investment [10].