e.Graphics.SmoothingMode = SmoothingMode.HighQuality;

GraphicsPath path = new GraphicsPath();

StringFormat strformat = new StringFormat();

strformat.Alignment = StringAlignment.Center;

strformat.LineAlignment = StringAlignment.Center;

path.AddString("中国", new FontFamily("黑体"), (int)this.Font.Style, 100f, new Point(10, 10), strformat);

Matrix m = new Matrix();

m.Scale(1f, 0.2f); //压扁

path.Transform(m);

e.Graphics.FillPath(new SolidBrush(Color.Red), path);