Changyu, China's largest wine producer, has released its 2024 semi-annual report. Data show that in the first half of the year, the company achieved operating income of 1.522 billion yuan, down 22.6% year-on-year; Net profit returned to the mother was 221 million yuan, down 39.17% year-on-year, and revenue and net profit fell into a double decline.In the semi-annual report, Changyu official said that although the work in the first half of the year has achieved some results, operating income and net profit have declined in different amplitude, and the performance indicators determined by the 2024 financial budget and 2024 restricted stock incentive plan are under great pressure.Among the many operating data disclosed by Changyu Zhongbao, net profit is not optimistic. The net profit of less than 250 million yuan in the first half of the year has hit a new low since 2007, even less than the revenue in the fourth quarter of last year.Changyu has achieved only a third of its 2024 revenue target of 4.7 billion yuan. If you want to achieve the annual target, you need to accelerate the completion of the remaining two-thirds of the plan within half a year, which is not easy for Changyu Company.As for the reason for the decline in revenue, Changyu company summed it up as a decline in wine sales. The semi-annual report mentioned that the company's revenue decline was mainly caused by a decline in product sales. The domestic wine market demand is shrinking, the profitability of wine enterprises is deteriorating, the development trend of the industry is still hovering at a low level, and there is no obvious sign of a rebound.From the financial data, Changyu company's wine business is indeed greatly affected, revenue, sales, production are down, inventory rose. In the first half of 2024, the wine business revenue of Changyu Company was 1.105 billion yuan, down 19.42% year-on-year; Sales volume of wine products decreased by 12.65% year-on-year, production decreased by 8.18% year-on-year, and inventory increased by 1.54% year-on-year.At the same time, the company's brandy and other alcohol business revenue is also declining. In the first half of the year, the revenue of brandy business was 356 million yuan, down 33.36% year-on-year, product sales decreased 29.91% year-on-year, production increased 17.64% year-on-year, and inventory increased 37.17% year-on-year. The sales volume of wine and alcoholic beverage products decreased by 17.9%, the production volume decreased by 1.41%, and the inventory of 2.56 increased by 14.16%.In terms of sales regions, both domestic and international revenue declined. In the first half of the year, the revenue of the domestic business of Changyu Company was 1.277 billion yuan, down 24.31% year-on-year; The revenue of foreign business was 245 million yuan, down 12.26% year-on-year.