Group 1 - The core viewpoint of the report indicates that Zhenjiu Lidou (06979) experienced a significant decline in revenue and net profit for the first half of 2025, with revenue at 2.497 billion yuan, down 39.58% year-on-year, and net profit at 575 million yuan, down 23.54% year-on-year [1] - The company forecasts revenue growth rates for 2025-2027 to be -20.0%, 14.9%, and 9.4%, respectively, while net profit growth rates are expected to be -6.2%, 18.6%, and 10.0% [1] - The report assigns a "Buy-A" investment rating based on the average valuation of comparable companies for 2025 [1] Group 2 - In terms of product performance, the revenue for Zhenjiu, Lidou, Xiangjiao, Kaikouxiao, and others in 2025H1 was 1.492 billion, 611 million, 277 million, 81 million, and 36 million yuan, respectively, with year-on-year changes of -44.8%, -9.4%, -38.7%, -63.9%, and -54.7% [1] - The average price per ton for these products was 32.3, 34.9, 58.6, 13.7, and 2.1 thousand yuan, with year-on-year changes of -17.0%, -29.1%, -3.6%, -4.0%, and -5.3% [1] - Sales volume for these products was 4,612, 1,752, 473, 590, and 1,698 tons, with year-on-year changes of -33.5%, +27.8%, -36.4%, -62.4%, and -52.1% [1] Group 3 - The industry is currently experiencing a period of adjustment, with both volume and price declining [2] - The company launched new products, including Li Du Gao Liang 1965 and Li Du Wang series, targeting rigid consumption scenarios such as weddings and graduation celebrations, which led to an increase in Li Du brand sales [2] - Revenue from high-end, sub-high-end, mid-range, and below products in 2025H1 was 575 million, 982 million, and 940 million yuan, with year-on-year changes of -47.3%, -41.6%, and -30.9% [2] Group 4 - Revenue from distribution and direct sales channels in 2025H1 was 2.197 billion and 300 million yuan, with year-on-year changes of -41.8% and -16.6% [2] - As of the end of 2025H1, the company had 3,259 distribution partners, 1,025 experience stores, and 2,835 retailers, with changes of +55, -72, and -499 partners respectively [2]