Company Performance - Kouzi Jiao reported a revenue of 2.531 billion yuan for the first half of 2025, representing a year-on-year decline of 20.07% [1] - The net profit attributable to the parent company was 715 million yuan, down 24.63% year-on-year [1] - Basic earnings per share stood at 1.20 yuan [1] Industry Overview - The white liquor industry is experiencing market differentiation and intensified channel changes [1] - Production continues to shrink, and sales growth is slowing down [1] - The overall industry is under pressure due to economic downturns and weak consumer demand, leading to high inventory levels and sluggish sales [1]