Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in its traditional brewing business while showing growth in its ready-to-drink segment [1][2] Financial Performance - The company achieved revenue of 1.035 billion yuan in the first half of 2025, a year-on-year decrease of 12.21% [1] - The net profit was a loss of 97 million yuan, representing a year-on-year decline of 230.13% [1] - The brewing business generated revenue of 423 million yuan, down 31.04% year-on-year [1] - The ready-to-drink business reported revenue of 591 million yuan, an increase of 8.03% year-on-year, accounting for 58.27% of total revenue [1] Market Trends - Consumer preferences are shifting towards ready-to-drink and freshly made beverages, which is impacting the market space for brewing products [1] - The competitive landscape for brewed tea has stabilized, with ready-to-drink and freshly made tea becoming mainstream [2] Strategic Response - The company has been launching new products in the brewing segment, but these have not yet significantly impacted overall performance [2] - The company is adopting a dual approach to business, focusing on both brewing and ready-to-drink segments, which is seen as a more stable strategy [2] - Future efforts will focus on reducing costs and improving efficiency in the ready-to-drink segment, which is viewed as the only viable path forward [2]