证券日报网讯老白干酒11月24日在互动平台回答投资者提问时表示，公司5家白酒企业均是地方区域酒 企，现在各自聚焦本地区域市场发展，公司在不断深化本地区域市场建设的同时，也在有序的扩展省外 市场，目前在全国大多数省份均有销售网点，并依托在不同区域市场的优势和客户资源，有效整合和共 享双方的销售渠道，优化资源配置，协同发展。近年来，面对一线名优酒渠道下沉，公司作为区域酒企 在与一线名优酒企的竞争中，需要不断的加强品牌建设、渠道建设，加大产品的市场推广力度。公司在 加大市场投入，不断扩展市场的同时，严格预算管理，对费用进行精细管控，公司每月都会对销售费用 的使用情况进行分析，力求实现销售费用的最有效使用。同时，加强监管与考核，合理控制成本，不断 提升公司的营利水平。回购股票是上市公司的重大事项，后续如有相关事项会按照相关规定履行信息披 露义务。 （文章来源：证券日报） ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025, reflecting challenges in the regional liquor market and the need for new growth avenues [2][4][6]. Financial Performance - For the first half of 2025, the company achieved revenue of 2.531 billion yuan, a year-on-year decrease of 20.07%, and a net profit attributable to shareholders of 715 million yuan, down 24.63% [4][5]. - In Q2 2025, revenue dropped to 721 million yuan, a decline of 48.48%, while net profit fell sharply by 70.91% to 105 million yuan [11][12]. - The company's cash flow from operating activities was negative 383 million yuan, a drastic decline of 9854.35% compared to the previous year [7][8]. Product Performance - High-end liquor sales accounted for nearly 96% of the company's revenue, with high-end product sales down 19.80% to 2.385 billion yuan [14][17]. - Mid-range and low-end products also saw declines, with revenues of 323 million yuan and 681 million yuan, down 10.82% and 2.59% respectively [15][18]. Market Dynamics - The liquor industry is experiencing market differentiation and channel changes, with overall production and sales growth slowing down due to economic downturns and low consumer demand [4][6]. - The company heavily relies on its home market in Anhui, with 84.54% of its revenue coming from this region, and sales in Anhui and outside Anhui both declined by approximately 19% [20][21]. Strategic Challenges - Experts suggest that the company faces multiple internal challenges, including outdated product strategies, channel profit issues, and an aging distribution system [23]. - The company needs to adapt its product offerings to align with changing consumer preferences, particularly in the mid-range price segment [18][12].