Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is undergoing a deep adjustment phase, facing significant challenges but is expected to recover as market demand improves [7] - The company reported a substantial decline in revenue and net profit for the first half of 2025, with revenue down 43.5% year-on-year and net profit down 92.6% [7] - The company is focusing on optimizing its product layout and enhancing multi-channel construction to drive sales growth [7] Financial Summary - Total revenue for 2023 is projected at 2,830 million, with a significant decline expected in 2024 to 1,423 million, and further down to 1,009 million in 2025 [1] - The net profit attributable to the parent company is forecasted to drop from 547.81 million in 2023 to just 12.49 million in 2024, and further to 6.84 million in 2025 [1] - The latest diluted EPS is expected to decrease from 1.69 in 2023 to 0.04 in 2024, and then to 0.02 in 2025 [1] - The P/E ratio is projected to be extremely high in 2024 at 1,647.36, reflecting the company's current challenges [1] Revenue and Profit Trends - The company experienced a 43.7% decline in liquor revenue in the first half of 2025, with significant drops in both volume and price for its main product lines [7] - The company is implementing a "2+2+2" product strategy to streamline its offerings and improve sales efficiency [7] - The sales net profit margin has decreased to 1.6%, down 10.6 percentage points year-on-year, indicating worsening profitability [7]