Core Insights - The National Taxation Administration of China is monitoring national enterprise sales revenue using value-added tax invoice data, reflecting the macroeconomic situation [1] Group 1: Sales Revenue Growth - In April, the sales revenue growth rate of national enterprises accelerated, with a year-on-year increase of 4.3%, continuing the steady growth trend since the fourth quarter of last year [2] - Domestic sales revenue of enterprises engaged in exports to the U.S. increased by 4.7% year-on-year, with the proportion of domestic sales in total sales rising by 2 percentage points compared to the first quarter [4] Group 2: Sector Performance - Among 31 manufacturing categories, 21 industries saw an increase in the proportion of domestic sales for enterprises exporting to the U.S. compared to the same period last year, with notable increases in the leather and footwear industry (10 percentage points) and in computer communication equipment, black metals, furniture, and food industries (over 5 percentage points) [4] - The sales revenue of industrial enterprises showed significant growth in April, with a year-on-year growth rate of 3.7%, and manufacturing sales revenue increased by 4.4%, driven by policies such as "two new" [4] Group 3: Regional Performance - Economic provinces like Zhejiang, Guangdong, and Beijing experienced strong growth in sales revenue in April, with year-on-year increases of 7.3%, 6.6%, and 5.4% respectively, significantly outpacing the national average [4] - The growth in these regions is particularly driven by innovative industries such as artificial intelligence, leading to accelerated development in equipment manufacturing and high-tech industries [4]

Core Viewpoint - The company is shifting its focus back to its core liquor business, as evidenced by the changes in its product offerings and exhibition strategy at the 2025 National Sugar and Wine Products Trade Fair, moving away from non-alcoholic products like ice cream and chocolate [1][2]. Group 1: Product Strategy - The ice cream division of the company was dissolved in February 2024, and the flagship store in Beijing has closed, indicating a strategic retreat from the ice cream market [2]. - The company previously achieved significant sales with its ice cream products, including a record of over 200,000 yuan in sales within 7 hours at the flagship store opening and a total of nearly 10 million cups sold nationwide [2]. - Despite the retreat from ice cream, the company plans to maintain a presence in the market through select channels, linking sales to tourism and dining experiences [3]. Group 2: Leadership and Strategic Direction - The new chairman, Zhang Deqin, emphasized the importance of innovation while maintaining the essence of the brand, indicating a balanced approach to traditional and innovative strategies [3]. - The company has stated that the ice cream business has fulfilled its goal of attracting younger consumers, leading to the decision to strategically scale back [3].