Core Viewpoint - The company reported a nearly 30% year-on-year decline in revenue for Q2, aligning with market conditions, and anticipates similar performance trends for Q3 and Q4, albeit with a slight narrowing of the decline [1][2] Financial Performance - In the first half of the year, the company achieved revenue of 6.95 billion yuan, a year-on-year decrease of 4.8%, and a net profit of 2.23 billion yuan, down 9.5% [2] - Q2 revenue fell by 29.7% year-on-year, with net profit declining by 37.1% [2] Market Strategy - The company is shifting its focus from revenue growth to maintaining market share, indicating a strategic pivot in response to market conditions [1][3] - The 2025 revenue target is set for a growth of 5%-12%, with net profit growth expected to be slightly lower than revenue growth, aiming for a balance between profit growth and operational quality [1] Industry Context - The white liquor market is entering a new normal, with many companies transitioning from growth to stability, facing both external competition and internal structural upgrades [1][3] - The overall revenue of 17 major white liquor companies declined by 0.4% in the first half of the year, with a more significant drop of nearly 5% in Q2 [4] Regional Focus - The company primarily operates in Jiangsu, where it holds a market share exceeding 17%, ranking second in the province's 60 billion yuan market [3][4] - The company is adopting a regional strategy for expansion, focusing on nearby provinces with strong consumer power and similar cultural backgrounds [5] Product Strategy - The company is exploring product line extensions to capture a broader consumer base, particularly in the 100-300 yuan price range, which is expected to be a key segment in the market [6][7] - The company plans to enhance its product offerings by developing lower-priced products to offset declines in high-end product sales [7][8]