Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 9.46 billion yuan in 2024, a year-on-year decline of 6.5%, and a net profit attributable to shareholders of 44.45 million yuan, down 81.1% year-on-year. In the fourth quarter alone, revenue was 1.63 billion yuan, a decrease of 12.6% year-on-year, resulting in a net loss of 120 million yuan compared to a profit of 4.35 million yuan in the same period last year [2][6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 9.46 billion yuan, with a year-on-year decline of 6.5%. The net profit attributable to shareholders was 44.45 million yuan, down 81.1% year-on-year. The fourth quarter revenue was 1.63 billion yuan, a decrease of 12.6% year-on-year, leading to a net loss of 120 million yuan compared to a profit of 4.35 million yuan in the previous year [2][6] Industry Context - The demand in the liquor industry remains weak, with the cumulative production of liquor by large-scale enterprises in China in 2024 reaching 4.145 million kiloliters, a year-on-year decrease of 1.8%. This reflects a contraction in market demand, although the decline is less severe than the 2.8% drop in 2023 [12] Strategic Initiatives - The company is focusing on high-quality development by leveraging its brand advantages and enhancing product and channel construction. It aims to maintain resilience in operations despite industry challenges. The company plans to implement a strategy of "de-stocking, promoting sales, stabilizing prices, adjusting structures, optimizing models, and strengthening teams" in 2025 [12]