Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The pre-mixed cocktail business remains under pressure, while the whiskey segment is expected to provide new growth momentum [4][9] - The company has launched new products in the pre-mixed cocktail category and is focusing on expanding its whiskey offerings [7][8] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.49 billion yuan, a year-on-year decrease of 8.6%, and a net profit attributable to shareholders of 390 million yuan, down 3.3% year-on-year [4] - The sales volume of alcoholic products in the first half of 2025 was 15.03 million boxes, a decline of 12.68% year-on-year, attributed to weak demand for pre-mixed cocktails [5] Product and Channel Analysis - The company’s main business revenue from alcoholic products was 1.297 billion yuan in the first half of 2025, down 9.35% year-on-year [5] - The digital retail channel showed resilience, generating revenue of 155 million yuan, a slight decline of 0.57% year-on-year, while offline channels saw a revenue drop of 9.63% [5] Profitability and Cost Management - The gross margin for the first half of 2025 was 70.33%, with a slight year-on-year increase of 0.26 percentage points [6] - The company reduced its sales expense ratio to 20.21% in the first half of 2025, down 4.18 percentage points year-on-year, mainly due to optimized expense allocation [6] Future Outlook - The company is enhancing its product matrix for pre-mixed cocktails and has introduced new flavors to stabilize category growth [7] - The whiskey business is expected to drive revenue growth, with the company having launched new whiskey products and expanding its distribution channels [8][9] Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted to 767 million, 909 million, and 1.055 billion yuan, respectively, reflecting a downward revision of 5% for 2025 [9] - The current stock price corresponds to a price-to-earnings ratio of 38x for 2025, 32x for 2026, and 28x for 2027 [9]

Core Insights - The company reported a revenue of 1.489 billion yuan for the first half of 2025, a year-on-year decrease of 8.56% [1] - The net profit attributable to shareholders was 389 million yuan, down 3.32% year-on-year [1] - Operating cash flow improved significantly, reaching 491 million yuan, an increase of 67.06% year-on-year [1] Business Performance - The company actively conducted various business activities, ensuring stable development of existing businesses and accelerating the cultivation of new ones [1] - The liquor and flavoring businesses operated steadily, maintaining high gross and net profit margins [1] - The ready-to-drink cocktail segment saw the introduction of new products, including a limited edition flavor and a jelly wine, which received positive consumer feedback [1] Whiskey Business Development - The company successfully launched multiple whiskey products, establishing a product matrix for Laizhou whiskey [2] - A professional marketing team was formed to explore high-quality partnerships and enhance brand awareness through experiential marketing [2] - The whiskey distillery upgrade project is progressing as planned, with a steady increase in barrel aging quantity [2]