失速阵痛下，今世缘抢滩低度酒市场！

Core Viewpoint - The performance of Jinse Yuan is expected to continue declining in the second half of the year, with challenges in breaking regional constraints [1] Group 1: Product Development - Jinse Yuan has launched a new low-alcohol product, "Jinse Yuan•Duo Shao," with an alcohol content of 22 degrees, the lowest among recent low-alcohol offerings [2] - The company aims to transform the perception of low-alcohol beverages from being "bland" to embodying a "new drinking philosophy," and plans to develop health-oriented products using traditional Chinese medicinal ingredients [2] - The company acknowledges that low-alcohol beverages are more suited for casual drinking scenarios, emphasizing the importance of taste and comfort in future product development [2][3] Group 2: Financial Performance - Jinse Yuan reported a revenue of 6.95 billion yuan in the first half of the year, a year-on-year decrease of 4.84%, and a net profit of 2.229 billion yuan, down 9.46% [4] - The second quarter saw a significant decline, with revenue dropping by 29.69% to 1.852 billion yuan and net profit decreasing by approximately 37% [4] - The company anticipates that the performance in the third and fourth quarters will follow a similar trend to the second quarter, with a slight narrowing of the decline [4] Group 3: Market Dynamics - The Jiangsu market, which accounts for about 90% of Jinse Yuan's revenue, experienced a revenue drop of 6.07% to 6.254 billion yuan in the first half of the year [4][5] - The largest decline was observed in the Nanjing region, with a year-on-year drop of 7.94%, while other regions also reported varying declines [5] - Jinse Yuan is focusing on expanding its presence in surrounding provinces, such as Anhui, Shandong, Shanghai, and Zhejiang, despite facing challenges in these markets [6] Group 4: Strategic Outlook - The company has set a revenue growth target of 5% to 12% by 2025, with net profit growth expected to be slightly lower than revenue growth [6] - Jinse Yuan is currently prioritizing market share over absolute revenue figures, indicating a flexible approach to adjusting targets based on market conditions [6]