Core Viewpoint - After three years under the control of China Resources, Jinzhongzi Liquor has not yet escaped its loss situation, with an expected net profit loss of 60 to 90 million yuan for the first half of 2025, compared to a profit of 11.1 million yuan in the same period last year [1][11] Group 1: Financial Performance - Jinzhongzi Liquor's expected net profit loss for the first half of 2025 is between 60 million and 90 million yuan, a significant decline from the previous year's profit of 11.1 million yuan [1] - The company reported a revenue of 9.25 billion yuan in 2024, achieving only 18.5% of its 50 billion yuan target for that year [11] - From 2020 to 2023, Jinzhongzi's revenue figures were 1.038 billion yuan, 1.211 billion yuan, 1.186 billion yuan, and 1.469 billion yuan, indicating a failure to meet growth targets [11][12] Group 2: Strategic Changes - Jinzhongzi Liquor has shifted its strategy from aggressively launching new products to restructuring its distribution channels, indicating a focus on internal strengthening [7][10] - The company has issued a suspension notice for the delivery of its high-end products, reflecting a strategic adjustment to address channel issues [1][2] - The previous strategy under former General Manager He Xiuxia emphasized product innovation, but the current focus is on channel management to improve sales performance [9][10] Group 3: Product and Market Dynamics - The company has faced challenges in the market, with the high-end Fuhuo Xiang series being a key focus for adjustments, as evidenced by multiple supply suspensions due to inventory pressures [2][8] - Despite significant marketing investments, including a 25.38% increase in sales expenses, the sales performance of new products has been disappointing, with some products showing minimal sales [6][8] - The Fuhuo Xiang series had a sales target of 500 million yuan for 2024 but only achieved 31.36 million yuan, representing just 6% of the goal [8][12] Group 4: Future Outlook - Jinzhongzi Liquor aims to achieve a sales scale of 50 billion yuan by 2025, but current performance indicates a significant gap to this target [11][12] - The company is expected to leverage China Resources' channel advantages to enhance market penetration and operational efficiency [10][12] - Long-term strategies include optimizing product structure and increasing the proportion of mid-to-high-end products to improve profitability [12]