Core Viewpoint - The company reported a significant decline in revenue and profit for Q2 2025, indicating challenges in both domestic and external markets due to policy impacts and competition [1][2][4]. Revenue Summary - Q2 2025 revenue was 1.113 billion yuan, down 24.13% year-on-year, while H1 2025 revenue was 3.160 billion yuan, down 16.89% year-on-year [1]. - By product category, mid-to-high-end and ordinary liquor revenues fell by 23.6% and 32.9% respectively, with low-end products undergoing continuous adjustments [2]. - Regionally, domestic revenue decreased by 20.3% and external revenue by 36.4%, with the domestic market still showing some resilience led by the Dongcang series [2]. Profit Summary - The company's gross margin decreased by 2.8 percentage points due to weakened scale effects, while net profit margin fell by 4.8 percentage points [3]. - Sales cash collection dropped by 18%, but the combined revenue and contract liabilities showed a smaller decline of 22%, indicating stronger channel cooperation for the Dongcang series [3]. Investment Outlook - Despite external pressures from policies and competition, the company maintains strong operational momentum domestically, particularly with the Dongcang series [4]. - Revised profit forecasts for 2025-2027 predict total revenues of 6.233 billion, 6.540 billion, and 7.049 billion yuan, with corresponding net profits of 2.145 billion, 2.323 billion, and 2.561 billion yuan [4].