Core Viewpoint - The liquor industry is entering a phase of stock game and shrinking competition, leading to a general performance decline among companies, including a slight revenue drop for Jinshiyuan [2] Financial Performance - In the first half of the year, the company achieved revenue of 6.95 billion yuan, a year-on-year decrease of 4.84%; net profit attributable to shareholders was 2.23 billion yuan, down 9.46% [3] - In the second quarter, revenue was 1.85 billion yuan, a year-on-year decline of 29.69%; net profit was 585 million yuan, down 37.06%, marking the first decline since 2014 [7] Market Dynamics - The company relies heavily on the domestic market, with nearly 90% of revenue coming from Jiangsu province, which generated 6.25 billion yuan, a year-on-year decrease of 6.07%; revenue from outside the province was 628 million yuan, up 4.84% [4] - The product structure shows that the only growth category was the Te A class products (factory price 100-300 yuan), with revenue of 2.23 billion yuan, up 0.74%; other price categories saw varying degrees of decline [4] Sales Channels - Direct sales (including group purchases) generated 142 million yuan, a significant year-on-year increase of 49.47%; however, wholesale and agency channels saw a revenue decline of 5.91%, still remaining the main sales channel [5] - E-commerce channels showed considerable growth due to strong online demand and continuous brand strength [5] Strategic Adjustments - The company plans to maintain its strategic direction but will make appropriate adjustments in market strategies in response to current policy environments [8] - To alleviate market pressure, the company may launch lower-alcohol products and adjust pricing strategies to enhance product competitiveness [9][13] Future Outlook - The company anticipates a potential improvement in the industry by the second half of 2026, with a possibility of a quarter-on-quarter revenue decline improvement in Q4 2025, although year-on-year performance remains uncertain [12]