Core Viewpoint - The company reported a slight decline in revenue and net profit for the first half of 2025, while maintaining stable sales volume, particularly in the northwest region of China [1] Financial Performance - In H1 2025, the company achieved revenue of 8.839 billion yuan, a year-on-year decrease of 0.24%, and a net profit attributable to shareholders of 865 million yuan, down 4.03% year-on-year [1] - In Q2 2025, revenue was 4.484 billion yuan, reflecting a year-on-year decline of 1.84% [1] - The company’s sales volume in H1 2025 was 1.8008 million tons, an increase of 0.95% year-on-year, with an average price of 4,908 yuan per ton, down 1.4% year-on-year [1] Regional Performance - In H1 2025, revenue from the northwest, central, and southern regions was 3.53 billion, 2.60 billion, and 2.48 billion yuan, respectively, with year-on-year changes of -0.7%, +1.8%, and -1.5% [1] - In Q2 2025, revenue from these regions was 1.42 billion, 1.70 billion, and 1.25 billion yuan, with year-on-year changes of -0.7%, +1.8%, and -1.5% [1] Cost and Profitability - The gross profit margins for H1 2025 and Q2 2025 were 49.8% and 51.2%, respectively, showing an increase of 0.6 and 0.8 percentage points year-on-year [1] - The improvement in gross margin is attributed to favorable cost conditions [1] Product and Channel Development - In response to the sluggish traditional beer consumption, the company is actively seeking new breakthroughs by developing canned products suitable for new channels and expanding into non-beer products, such as Tianshan Fresh Fruit Orchard orange-flavored soda and electric energy drinks [1] Investment Recommendations - The company has revised its revenue forecasts for 2025-2027 down to 14.617 billion, 14.779 billion, and 14.940 billion yuan, respectively, and adjusted its EPS forecasts to 2.58, 2.72, and 2.79 yuan [1]