Core Viewpoint - The company reported a decline in revenue and GMV in the first half of 2025, but showed resilience in the second quarter with a year-on-year increase in revenue despite industry pressures [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.858 billion yuan, a year-on-year decrease of 11.0%, and a net profit attributable to shareholders of 147 million yuan, an increase of 1.2% [1]. - The company's gross merchandise volume (GMV) for H1 2025 was 3.2 billion yuan, down 26% year-on-year [1]. - In Q2 2025, the company recorded revenue of 752 million yuan, a year-on-year increase of 9.6%, and a net profit of 54 million yuan, up 4.5% [1]. Margin and Cost Management - The gross margin for H1 2025 was 23.4%, a decrease of 0.94 percentage points year-on-year, with Q2 gross margin at 23.0%, down 2.40 percentage points [2]. - The company’s expense ratio in Q2 2025 was 14.9%, a decrease of 5.04 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing varied changes [2]. Strategic Initiatives - The company is leveraging AI and RPA technologies to optimize costs and improve operational efficiency, while also implementing employee stock ownership and incentive plans to retain key personnel [2]. - The company is focusing on the rapid expansion of online liquor sales and has established a robust supply chain and operational capabilities, positioning itself as a leader in the e-commerce liquor sector [3]. Growth Outlook - The company is expected to achieve revenues of 4.484 billion yuan and 5.506 billion yuan in 2025 and 2026, respectively, with net profits projected at 322 million yuan and 409 million yuan [3]. - The current stock price corresponds to a P/E ratio of 16X for 2025, indicating strong long-term growth potential [3].