Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on the sales of pre-mixed drinks, while accelerating its layout in the whisky segment [1] - The overall consumption demand is under pressure, but the company's profitability remains relatively stable [5] - The company is focusing on high-quality and stable operations, with a successful response to new product launches in the pre-mixed drinks and whisky segments [7] Financial Performance - In H1 2025, the company's total revenue was 1.489 billion yuan, a decrease of 9% year-on-year, and the net profit attributable to shareholders was 389 million yuan, down 3% year-on-year [4] - In Q2 2025, total revenue was 752 million yuan, a decrease of 9% year-on-year, and the net profit attributable to shareholders was 208 million yuan, down 11% year-on-year [4] - The company's gross margin in Q2 2025 decreased by 1 percentage point to 71.00%, while the net profit margin decreased by 0.4 percentage points to 27.63% [5] Product Development - The company's sales revenue from alcoholic products in H1 2025 was 1.297 billion yuan, a decrease of 9% year-on-year, with sales volume down 13% to 15.0327 million boxes [6] - The pre-mixed drinks segment continues to expand, with successful new product launches such as the "358" product matrix and various whisky series [6] - The company has launched over 10 SKUs in the whisky segment, with ongoing upgrades to production bases [6] Earnings Forecast - The company is expected to achieve EPS of 0.71, 0.81, and 0.94 yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 36, 31, and 27 times [7] - The company anticipates broad incremental space driven by the dual engines of the pre-mixed drinks and whisky segments [7]