经营性现金流为负，老白干酒回应来了！

Core Viewpoint - The white liquor industry is undergoing a deep adjustment period due to policy changes, shifts in consumer structure, and intensified competition, with only a few companies, including the company, managing to achieve growth in a challenging environment [1][2]. Financial Performance - The company reported a revenue of 2.481 billion yuan for the first half of the year, a year-on-year increase of 0.48%, and a net profit attributable to shareholders of 320 million yuan, up 5.42% year-on-year [1][2]. - The net cash flow from operating activities was -45.8 million yuan, a decrease of 120% year-on-year, attributed to reduced cash collection as the company promotes healthy channel development [1][2]. - Contract liabilities decreased by 8.78% to 1.275 billion yuan, indicating reduced willingness of downstream distributors to stock products [2]. Market and Sales Strategy - The company's revenue target for the year is set at 5.47 billion yuan, representing a 2.1% year-on-year growth, with a focus on controlling operating costs and expenses [3]. - Sales expenses increased by 3.14% to 684 million yuan, with a sales expense ratio of approximately 27.6%, indicating a high level of marketing efficiency compared to other companies in the industry [3]. Regional Performance - The company's primary market is Hebei, contributing about 60% of revenue, with revenue from this region reaching 1.482 billion yuan, a 3.74% increase year-on-year [5]. - The Hunan market, benefiting from the expansion of Wuling liquor, saw revenue growth of 11.34% to 524 million yuan, while other regions like Anhui and Shandong experienced double-digit declines [5]. - The company is focusing on enhancing market presence in key areas such as Hefei and Fuyang to improve coverage of terminal outlets [5]. Product Structure - The company categorizes its products into two price segments: above and below 100 yuan, with revenue from products above 100 yuan reaching 1.317 billion yuan, a 5.1% increase, while products below 100 yuan saw a 3.81% decrease in revenue [5][6].