Core Viewpoint - The company believes that the Chinese liquor industry will surpass its cyclical challenges and continue to improve over time, despite facing pressures such as inventory issues and market fluctuations [5][8]. Company Performance - In 2024, the company achieved a total revenue of 5.217 billion yuan, a year-on-year increase of 5.32%, and a net profit of 1.341 billion yuan, up 5.69% year-on-year [4]. - For the first quarter of 2025, the company reported a revenue of 959 million yuan, a 2.74% increase year-on-year, and a net profit of 190 million yuan, up 2.15% year-on-year [4][6]. Market Strategy - The company is focusing on expanding traditional distribution channels and opening new stores to support business growth, with over 10,000 new stores opened in 2024 and approximately 24,000 in the first quarter of 2025 [5][6]. - The company is also enhancing its brand and product offerings, launching a dual-brand strategy with the introduction of the "First Fang" high-end liquor series [9]. Inventory Management - The company is actively managing inventory to stabilize its value chain, with a focus on sustainable and healthy growth in product sales [6][9]. - The company reported a 30.8% increase in consumer bottle opening numbers in 2024 and a 45.1% increase in the first quarter of 2025 [9]. Consumer Trends - The company is observing a trend towards younger consumers, particularly those aged 25-30, and plans to invest in this demographic through new retail channels and innovative product offerings [10].