Core Viewpoint - After successfully divesting its real estate business, Shunxin Agriculture has turned a profit in 2024 with a net profit of 231 million yuan, despite facing significant challenges in its core liquor business [1][2]. Financial Performance - In 2024, Shunxin Agriculture reported a revenue of 9.126 billion yuan, a decrease of 13.85% year-on-year, while net profit was 231 million yuan, an increase of 178.2% compared to previous losses of 673 million yuan in 2022 and 296 million yuan in 2023 [2]. - The liquor segment accounted for 77.15% of total revenue in 2024, with liquor revenue reaching 7.041 billion yuan, a year-on-year increase of 3.19% after two years of decline [2]. Market Challenges - The liquor industry is currently experiencing a deep adjustment period, with traditional peak seasons like the Spring Festival seeing reduced consumption [4]. - In Q1 2025, Shunxin Agriculture's revenue fell to 3.258 billion yuan, a decrease of 19.69%, and net profit dropped by 37.34% to 282 million yuan [4]. Product Performance - The main products of the liquor brand Niulanshan, particularly the flagship products "Bai Niu Er" and "Jin Biao Chen Nian," are facing declining sales, with "Bai Niu Er" sales volume decreasing by 2.95% in 2024 [5][6]. - The newly launched "Jin Biao Chen Nian" also saw a significant sales decline of 19.8% in 2024, following a 41.86% drop in 2023 [6]. Strategic Adjustments - In response to market pressures, Shunxin Agriculture is reducing its pork business and optimizing resource allocation, including plans to cancel two pork-related companies [6]. - The company aims to leverage its brand and marketing network to enhance the reputation of "Niulanshan" and implement a dual strategy focusing on "Bai Niu Er" and "Jin Biao" [7].