Core Viewpoint - The report from Zheshang Securities indicates that the net profit attributable to the parent company of Jiu Gui Jiu for the first half of the year is 0.09 million yuan, representing a year-on-year decline of 92.60% [1] - The company is focusing on product system improvement and core terminal construction, particularly through the collaboration with Pang Donglai to develop the popular product Jiu Gui Jiu · Zi You Ai, with an emphasis on monitoring its sales performance [1] - Despite current sales pressures, the company is expected to benefit from policy catalysts that may restore demand in the liquor market, maintaining a "buy" rating due to its high elasticity [1] Financial Performance - The net profit for Q2 2025 is reported at -0.23 million yuan, showing a year-on-year decrease of 147.77% [1] - The company is adjusting its profit forecast due to ongoing sales challenges and inventory digestion issues, which have resulted in weaker financial performance compared to sales activity [1] Market Strategy - The focus is on the sales performance of the new product and the company's ability to leverage this product to enhance its market presence in Henan and Hunan provinces [1] - The report highlights the expectation of performance recovery driven by improved demand conditions in the liquor market [1]