Core Insights - The company has launched its "Bailide" blended whisky series and "Laizhou" single malt whisky series in March and June of this year, respectively, with over 10 SKUs introduced [1] - In September, the company released a limited edition of single malt whisky aged in Mongolian oak barrels, emphasizing its commitment to creating "China's own whisky" [1] - The distribution of the company's whisky products has begun this year, with major spirits products, including Bailide and Laizhou, still in the process of being rolled out [1] Company Developments - The company is actively expanding its presence in the whisky market with a focus on product variety and local production [1] - The initial product matrix for Laizhou whisky is taking shape, indicating a strategic approach to market penetration [1] - The company is committed to maintaining its brand identity and mission in the competitive spirits market [1]

Group 1: Overall Business Performance - In the first half of 2025, the domestic economy showed signs of recovery, with a moderate rebound in the macro consumption environment [2] - The company actively conducted various business activities, ensuring high-quality and stable development of existing businesses while accelerating the cultivation of new businesses [2][3] - The operating cash flow significantly improved, indicating a positive outlook for the company's performance in the second half of 2025 [3] Group 2: Liquor Business Development - The company launched over 10 SKUs of its "Bailide" blended whiskey and "Laizhou" single malt whiskey series, establishing a preliminary product matrix [3] - The Laizhou distillery's experience center opened in April 2025, and by June 2025, the total number of barrels filled reached 500,000 [3] - A professional marketing team was formed to enhance brand awareness and expand sales channels through experiential marketing and in-depth market research [3] Group 3: Ready-to-Drink Cocktail Products - The company continued to enhance its "358" product matrix, launching new flavors such as the Qingmei Longjing limited edition and Jelly Wine, which received positive consumer feedback [4] - The Jasmine Green Grape flavor was introduced alongside a series of short dramas for promotion, leading to strong sales performance [4] - In August 2025, the company launched the Light Enjoy series to further diversify its ready-to-drink cocktail offerings and expand its consumer base [4]