Core Viewpoint - The company reported a significant decline in net profit and revenue for the first half of the year, with challenges in both the liquor and pork segments, while making strategic adjustments to improve performance and brand recognition [1][2][3][4]. Financial Performance - The company achieved a net profit attributable to shareholders of 173 million yuan, down 59.1% year-on-year, and a non-recurring net profit of 177 million yuan, down 58.0% year-on-year [1]. - In Q2 2025, the company reported an operating revenue of 1.334 billion yuan, a decrease of 18.1% year-on-year, and a net loss attributable to shareholders of 109 million yuan, an increase in loss of 290.9% [1]. - The overall gross margin for H1 2025 was 34.4%, down 1.90 percentage points year-on-year, with liquor and pork gross margins at 42.4% and 0.01%, respectively [3]. Business Segments - The liquor business faced increased competition and a decline in revenue, with H1 2025 liquor revenue at 360.6 million yuan, down 23.3% year-on-year, while pork revenue was relatively stable at 78.2 million yuan, down only 0.5% [2]. - High-end liquor products were less affected, with sales of certain products showing resilience, while overall sales in the liquor segment were pressured by market dynamics [2][4]. Strategic Adjustments - The company is actively adjusting its strategies in the liquor segment by upgrading product formulations and enhancing brand visibility through marketing initiatives [4]. - In the pork segment, the company is optimizing its product structure and improving operational efficiency through innovation and brand marketing [4]. Future Outlook - The company forecasts revenues of 7.243 billion yuan and 7.630 billion yuan for 2024 and 2025, respectively, with expected net profits of 396 million yuan and 414 million yuan, indicating a recovery trend [4].