Core Viewpoint - The company anticipates a significant decline in net profit for the first half of 2025, attributed to economic uncertainties and recent policies affecting liquor consumption, particularly in business and social settings [1][2]. Financial Performance - In 2024, the company reported revenue of approximately 7.067 billion yuan, a year-on-year increase of 0.5%, while the net profit attributable to shareholders decreased by 43.1% to about 1.324 billion yuan [3]. - The company's inventory has been on the rise, with the balance increasing from 1.737 billion yuan in 2020 to 7.503 billion yuan in 2024, a growth of 5.766 billion yuan over four years. The inventory turnover days increased from 517 days in 2020 to 855 days in 2024 [3]. Strategic Initiatives - To address the decline in liquor demand and promote business growth, the company has implemented several strategic measures, including: 1. Launching a new flagship product in June 2025 to tackle industry challenges and meet demand, expected to contribute significantly to sales in the second half of the year [2]. 2. Strengthening the competitive position of existing flagship products through detailed sales policies and enhancing market penetration in core areas [2]. 3. Capturing incremental consumer demand by exploring emerging consumption trends and scenarios, such as mid-range and premium products for events like birthdays and weddings [2]. New Product Development - The company plans to introduce a new super beer named "Bull Market" on August 8, aiming to promote a new lifestyle [3][6].

Core Viewpoint - The company expects a significant decline in revenue and net profit for the six months ending June 30, 2025, compared to the same period in 2024, primarily due to economic uncertainty and recent policy changes affecting liquor consumption [1] Revenue Summary - Projected revenue for the six months ending June 30, 2025, is estimated to be between RMB 2.4 billion and RMB 2.55 billion, representing a year-on-year decline of approximately 38.3% to 41.9% from RMB 4.13 billion for the same period in 2024 [1] Profit Summary - Expected net profit attributable to shareholders for the six months ending June 30, 2025, is anticipated to decrease by 23% to 24% [1] - Adjusted net profit (non-IFRS measure) for the same period is projected to decline by 39% to 40% [1] Contributing Factors - The decline in revenue and profit is attributed to economic uncertainty and recent policies that have led to reduced liquor consumption, particularly in business and social dining and gifting occasions [1]