Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The pre-mixed beverage business is under pressure, while the whiskey business has significant growth potential that needs to be demonstrated [5] - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue of 1.489 billion yuan, down 8.56% year-on-year, and a net profit of 389 million yuan, down 3.32% year-on-year [5][6] - The company is actively expanding its distributor network, which increased by 200 to a total of 2,328 distributors, and expects revenue growth from new products and improved sales in the second half of 2025 [6] Financial Performance - In the first half of 2025, the company achieved a gross margin of 70.33%, with a significant improvement in cash flow, turning from a negative 215 million yuan to a positive 273 million yuan [7] - The company forecasts net profits of 765 million yuan, 931 million yuan, and 1.123 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.35%, 21.75%, and 20.56% [7][8] - The current price-to-earnings ratio (P/E) is projected to be 39, 32, and 26 times for 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [7][8]