Core Viewpoint - The company is actively progressing with the construction of a new specialized malt production line with a capacity of 50,000 tons per year, while maintaining high capacity utilization and adapting sales strategies based on market changes [1] Group 1: Production and Capacity - The company’s subsidiary, Baomai, is currently constructing a new specialized malt production line with a planned capacity of 50,000 tons per year [1] - The company has maintained a high capacity utilization rate in recent years [1] Group 2: Sales and Marketing Strategy - The company aims to adjust its sales strategies in response to market changes while ensuring the needs of key customers are met [1] - The company is committed to building strong cooperative relationships with various customers [1] Group 3: Accounts Receivable Management - The company places a high emphasis on managing accounts receivable risks and has implemented a credit rating system for customers [1] - The company has not experienced any bad debts in recent years due to strict accounts receivable control measures [1] - The company accelerates settlement efficiency and strengthens the tracking management of delivery and invoicing [1]

Group 1 - The company achieved a revenue of 2.223 billion yuan in the first half of 2025, representing a year-on-year growth of 2.55% [2] - The net profit attributable to shareholders reached 169 million yuan, with a year-on-year increase of 0.96% [2] - The company is the largest malt manufacturer in China and ranks first in Asia and fourth in the world in terms of production capacity [2] Group 2 - The company is responding to the high-end transformation of the Chinese beer market by increasing the production capacity of specialty malts, including wheat malt and whiskey malt [2] - A new project for a 50,000 tons/year specialty malt production line is being implemented to optimize product structure and enhance competitive differentiation [2] - The company has accelerated the construction progress of the new production line and conducted preliminary research for industry expansion [2][3] Group 3 - The company has strengthened the coordination of production, procurement, and sales, leading to an increase in both domestic and international business [3] - Quality management has been enhanced through 20 rounds of micro malting tests and quality evaluations of potential raw materials and new barley varieties [3] - These efforts are aimed at improving overall performance and providing strong support for the company's growth [3]

Group 1: Business Overview - The company specializes in specialty malt production, which has a more complex processing procedure than regular malt, resulting in higher prices [2] - The company has a total malt production capacity of 1.08 million tons per year, with a utilization rate of 98.90% as of 2024 [2] Group 2: Sales and Market Strategy - Domestic sales account for the majority, with exports typically representing 25-30% of total sales, depending on domestic market conditions [2] - The company aims to balance domestic and overseas sales, actively exploring opportunities in Southeast Asia, Central and South America, Japan, Korea, and Africa [2] Group 3: Production and Capacity Expansion - A new production line for specialty malt with a capacity of 50,000 tons per year is under construction, with a total investment of 259 million yuan, expected to be completed by the end of 2025 [2] - Recent projects have increased production capacity by 27%, with two major projects already achieving full production [3] Group 4: Pricing and Procurement - Pricing for large clients is determined through annual tenders, while small clients have more flexible pricing based on market conditions [3] - The company employs a coordinated procurement strategy to mitigate risks associated with raw material price fluctuations [3] Group 5: Industry Outlook and Development Plans - The domestic beer production has remained stable, with a slight decline of 0.3% in the first half of 2025, but there is a growing demand for high-end products [3] - The company plans to enhance its innovation capabilities and seek acquisition opportunities to achieve sustainable growth and improve product quality [3]

Group 1 - The board of directors, supervisory board, and senior management guarantee the authenticity, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibilities [2] - The company confirms that the quarterly report has not been audited [3][7] - The company has no non-recurring gains and losses items to report [3] Group 2 - The company is implementing a new project to build a special malt production line with an annual capacity of 50,000 tons to enhance its product structure and competitive edge [5]