Investment Rating - The investment rating for the company is maintained at Buy-A with a target price of 21.31 CNY for the next six months [4][6]. Core Views - The company reported a stable operating performance with a revenue of 2.481 billion CNY in H1 2025, representing a year-on-year growth of 48%. The net profit attributable to shareholders was 321 million CNY, up 5.42% year-on-year [1]. - The company is focusing on cost reduction and efficiency improvement, which has led to a decrease in expense ratios and an increase in profit margins [3]. - The company is expected to experience revenue growth rates of -1.2%, 3.6%, and 6.2% from 2025 to 2027, with net profit growth rates of 1.2%, 7.3%, and 10.5% respectively [4]. Financial Performance Summary - In H1 2025, the gross profit margin was 67.97%, an increase of 2.12 percentage points year-on-year. The sales expense ratio and management expense ratio decreased by 0.71 percentage points and 0.10 percentage points respectively [3]. - For Q2 2025, the company achieved a revenue of 1.314 billion CNY, a decrease of 1.95% year-on-year, while the net profit was 168 million CNY, a slight increase of 0.16% year-on-year [1][2]. - The company’s revenue from high-end products decreased by 9.69%, while the revenue from mid-to-low-end products increased by 7.84% due to enhanced channel penetration and terminal coverage [2]. Brand and Channel Performance - The revenue breakdown for H1 2025 shows that the core brands, Laobai Gan and Wuling, generated revenues of 1.277 billion CNY and 526 million CNY respectively, with year-on-year growth rates of 1.97% and 7.01% [2]. - The distribution channels for Q2 2025 indicated that the dealer model generated 1.215 billion CNY, a year-on-year increase of 12.68%, while direct sales (including group purchases and online sales) generated 93 million CNY, a decrease of 2.68% [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total revenue of 5.358 billion yuan in 2024, representing a year-on-year growth of 1.91%, while the net profit attributable to shareholders was 787 million yuan, up 18.19% year-on-year [2][4][9]. - In Q4 2024, the company reported a total revenue of 1.27 billion yuan, a decrease of 10.03% year-on-year, and a net profit of 231 million yuan, down 6.79% year-on-year [2][4][9]. - For Q1 2025, the company recorded a total revenue of 1.168 billion yuan, an increase of 3.36% year-on-year, with a net profit of 152 million yuan, up 11.91% year-on-year [2][4][9]. Financial Performance - The company's revenue from the Laobai Gan series in 2024 was 2.59 billion yuan, a year-on-year increase of 10%, while the Ban Cheng series revenue was 858 million yuan, down 10.3% [9]. - The Wuling wine generated revenue of 1.099 billion yuan, up 12.3% year-on-year, primarily due to an increase in average price [9]. - The company achieved a sales volume of 54,141 thousand liters in 2024, a year-on-year increase of 1.1%, with an average price of 98,400 yuan per thousand liters, up 5.0% year-on-year [9]. Profitability and Cost Management - The company's net profit margin improved by 2.02 percentage points to 14.69%, while the gross profit margin decreased by 1.21 percentage points to 65.95% [9]. - The company plans to achieve a revenue target of 5.47 billion yuan in 2025, with operating costs controlled within 1.826 billion yuan [9]. - The estimated EPS for 2025 and 2026 is 0.96 yuan and 1.09 yuan, respectively, corresponding to a PE ratio of 18 and 16 times [9].