Core Viewpoint - The company is progressing with the construction of a new specialized malt production line with a capacity of 50,000 tons per year, expected to be completed by the end of 2025, and emphasizes its strong technical capabilities and market influence to meet diverse customer demands in the brewing industry [1] Group 1: Project Development - The specialized malt production line project is planned to be completed by the end of 2025 [1] - The company encourages stakeholders to monitor its periodic reports for updates on the project's progress [1] Group 2: Market Position and Customer Relationships - The company has over 20 years of collaboration with major breweries such as Budweiser, Carlsberg, Heineken, China Resources Snow Beer, Tsingtao Brewery, Yanjing Beer, and Zhujiang Beer [1] - The company exports its products to various regions including Southeast Asia, Central and South America, Japan, South Korea, and Africa [1] Group 3: Product Flexibility and Customization - The company possesses deep technical expertise and market influence, allowing it to produce malt products that meet the quality standards of diverse brewing customers [1] - The specialized malt production line is designed to adapt to different flavor preparation needs, showcasing the company's ability to customize products based on downstream demand [1]

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]