Core Viewpoint - The company is facing significant performance challenges despite efforts to leverage resources from China Resources Beer for product development tailored to beer channels [1][9]. Financial Performance - Revenue for the years 2022 to 2024 was 1.186 billion, 1.469 billion, and 0.925 billion respectively, with year-on-year growth rates of -2.11%, 23.92%, and -37.04% [1]. - Net profit attributable to shareholders for the same years was -187 million, -22.07 million, and -258 million [1]. - In the first half of 2025, revenue was 484 million, a decrease of 27.47% year-on-year, and net profit was -72.2 million, a staggering drop of 750.54% [1]. Strategic Adjustments - The company has undergone a comprehensive organizational restructuring since the investment from China Resources, focusing on sales support and regional market strategies [2][3]. - A brand strategy called "one body, two wings" has been established, aiming to enhance product offerings across different market segments [3]. Market Performance - The company has not achieved significant success in its market strategies, with provincial revenue dropping by 38.01% in 2024 and continuing to decline in 2025 [4]. - Product lines are also experiencing declines, with low-end products making up 67.71% of revenue in the first half of 2025 [4]. Management Stability - The company is currently facing management instability, with the position of General Manager vacant following the resignation of He Xiuxia [7][8]. - Frequent personnel changes have been noted, with a significant turnover in middle management, which has led to execution gaps in policies [8]. Future Outlook - The company is attempting to pivot its strategy by focusing on consumer engagement for its products, particularly the "Fuhuo Xiang" series [9]. - The integration of beer channel products is seen as a potential avenue for recovery, but challenges remain due to differing consumption patterns between beer and liquor [9].