Core Viewpoint - The company, Xinhecheng, announced on September 5 that it is focused on the nutrition, flavor and fragrance, high polymer new materials, and active pharmaceutical ingredients sectors, emphasizing innovation-driven growth and product matrix enhancement to increase revenue scale [2] Group 1 - The company is committed to the nutrition products sector [2] - The company is involved in the flavor and fragrance business [2] - The company is developing high polymer new materials [2] Group 2 - The company is engaged in the active pharmaceutical ingredients sector [2] - The company plans to continue deepening its product matrix construction [2] - The company will have new product plans across all segments to enhance revenue [2]

Core Insights - The company reported a revenue of 1.489 billion yuan for the first half of 2025, a year-on-year decrease of 8.56% [1] - The net profit attributable to shareholders was 389 million yuan, down 3.32% year-on-year [1] - Operating cash flow improved significantly, reaching 491 million yuan, an increase of 67.06% year-on-year [1] Business Performance - The company actively conducted various business activities, ensuring stable development of existing businesses and accelerating the cultivation of new ones [1] - The liquor and flavoring businesses operated steadily, maintaining high gross and net profit margins [1] - The ready-to-drink cocktail segment saw the introduction of new products, including a limited edition flavor and a jelly wine, which received positive consumer feedback [1] Whiskey Business Development - The company successfully launched multiple whiskey products, establishing a product matrix for Laizhou whiskey [2] - A professional marketing team was formed to explore high-quality partnerships and enhance brand awareness through experiential marketing [2] - The whiskey distillery upgrade project is progressing as planned, with a steady increase in barrel aging quantity [2]