老白干酒：现金流净额为负，系为促进渠道健康现金回款减少所致

Core Viewpoint - The company reported a negative net cash flow from operating activities in the mid-year report, primarily due to reduced cash collection to promote healthy channel development [1][2]. Group 1: Market Performance and Strategy - The company anticipates improved market demand with the upcoming Mid-Autumn Festival and National Day [1]. - The company is focusing on regional markets, enhancing banquet and business meal development, and increasing coverage in core markets like Hefei and Fuyang [1]. - The company is leveraging digital marketing strategies, including private traffic pools (WeChat mini-programs and communities), to boost repurchase rates [1]. Group 2: Brand and Marketing Efforts - The management highlighted that advertising on CCTV can effectively enhance brand influence and subsequently boost sales [2]. - The company is committed to improving product quality and brand influence through optimized product structure, enhanced marketing, and cost control [2]. Group 3: Financial Management and Shareholder Returns - The company emphasizes the importance of cash dividends for investors, balancing short-term benefits with long-term sustainable development [2]. - The management indicated that any future share buybacks or increases in dividends will be disclosed in accordance with relevant laws and regulations [2].