Core Viewpoint - The company, Xinjiang Yili Industrial Co., Ltd., is set to hold a semi-annual performance briefing on September 10, 2025, to discuss its operational results and financial status for the first half of 2025, allowing for interactive communication with investors [1][2]. Group 1: Meeting Details - The performance briefing will take place on September 10, 2025, from 11:00 AM to 12:00 PM [1][2]. - The meeting will be conducted in an online interactive format via the China Securities Network Roadshow Center [2][3]. - Investors can submit questions in writing to the company's investor relations email before the meeting [2][3]. Group 2: Participants - Key attendees of the briefing will include Chairman Chen Zhi, Independent Director Xiao Jianfeng, Board Secretary Jun Jie, and Chief Financial Officer Yan Jun [2]. Group 3: Contact Information - For inquiries, investors can contact the Strategic Investment Securities Department at 0991-3667490 or via email at yilitedm@163.com [3]. Group 4: Additional Information - After the briefing, investors can access the meeting's details and main content through the China Securities Network Roadshow Center [3].

新疆伊力特实业股份有限公司关于召开 2025 年半年度业绩说明会的公告 证券简称：伊力特 股票代码：600197 公告编号：2025-040 新疆伊力特实业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●会议召开时间：2025 年 9 月 10 日（周三）上午 11:00—12:00 ●会议地点：上海证券报·中国证券网路演中心 https://roadshow.cnstock.com/ ●会议召开方式：网络互动方式 ●问题征集方式：投资者可在 2025 年 9 月 10 日前，以文字形式提交问题发送至公司 投资者关系邮箱 yilitedm@163.com，公司将在说明会上就投资者普遍关注的问题进行 解答交流。 新疆伊力特实业股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日在上海 证券交易所网站(www.sse.com.cn)披露《新疆伊力特实业股份有限公司 2025 年半年 度报告》。为便于广大投资者更全面深入地了解公司 2025 ...

Market Overview - The liquor sector experienced a decline of 0.98% on September 3, with Yili Te leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Key stocks in the liquor sector showed varied performance, with the following notable changes: - Shede Liquor: Closed at 67.25, up 0.13% [1] - Kweichow Moutai: Closed at 1480.55, down 0.72% with a trading volume of 45,000 shares and a transaction value of 6.656 billion [1] - Wuliangye: Closed at 126.62, down 1.51% with a trading volume of 302,900 shares and a transaction value of 3.883 billion [1] - Yili Te: Closed at 15.56, down 3.35% with a trading volume of 78,800 shares and a transaction value of 1.25 billion [2] Capital Flow Analysis - The liquor sector saw a net outflow of 726 million from institutional investors, while retail investors contributed a net inflow of 479 million [2] - The following stocks had significant capital flow: - Shede Liquor: Net inflow from institutional investors was 59.79 million, while retail investors had a net outflow of 17.44 million [3] - Kweichow Moutai: Experienced a net outflow of 14 million from institutional investors [3] - Yili Te: Had a net outflow of 2.68 million from institutional investors [3]

Group 1 - The A-share market saw a broad decline in liquor stocks, with notable drops in companies such as Jiu Gui Jiu, Lao Bai Gan Jiu, Yi Li Te, Jin Zhong Zi Jiu, Shui Jing Fang, and Gu Jing Gong Jiu, all falling over 2% [1] - Specific stock performance includes Jiu Gui Jiu down 2.79% with a market cap of 21.2 billion and a year-to-date increase of 18.57%, Lao Bai Gan Jiu down 2.72% with a market cap of 16.4 billion and a year-to-date decrease of 11.80%, and Yi Li Te down 2.48% with a market cap of 7.429 billion and a year-to-date decrease of 6.18% [2] - Other companies experiencing declines include Jin Zhong Zi Jiu down 2.22%, Shui Jing Fang down 2.16%, and Gu Jing Gong Jiu down 2.02%, with respective market caps of 7.229 billion, 22.1 billion, and 88.1 billion [2] Group 2 - The overall trend indicates a challenging environment for the liquor sector, as several companies have reported negative year-to-date performance, with Jin Zhong Zi Jiu showing a significant decline of 17.37% [2] - The market capitalization of major players in the sector varies significantly, with Lu Zhou Lao Jiao leading at 198.1 billion, despite a decline of 1.78% [2] - The performance of these stocks reflects broader market sentiments and potential challenges facing the liquor industry in the current economic climate [1][2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to decreased market demand and sales performance [1] Financial Performance - For 25H1, revenue was 1.07 billion yuan, down 19.5% year-on-year; net profit attributable to shareholders was 160 million yuan, down 17.8% year-on-year [1] - In 25Q2, revenue was 270 million yuan, down 44.9% year-on-year; net profit attributable to shareholders was 20 million yuan, down 52.8% year-on-year [1] - The gross profit margin for 25H1 was 49.3%, a decrease of 1.2 percentage points year-on-year, mainly due to reduced scale effects from declining revenue [3] - The net profit margin for 25H1 was 15.2%, an increase of 0.1 percentage points year-on-year, attributed to significant reductions in sales expenses [3] Product and Market Strategy - The company is undergoing product structure adjustments, with revenue from high-end, mid-range, and low-end products in 25H1 being 800 million, 200 million, and 70 million yuan respectively, showing declines of 8.0%, 42.3%, and 36.0% year-on-year [2] - The company is focusing on the "stabilize domestic, expand outside" strategy, with key markets identified as Xi'an and Lanzhou, and new product "Yili Jinbiao" achieving sales of 5 million yuan [2] - The direct sales channel saw a revenue increase of 59.8% year-on-year in 25H1, while traditional distribution channels faced pressure, leading to a 34.7% decline in revenue [2] Cost Control and Cash Flow - The sales expense ratio for 25H1 was 7.2%, down 3.7 percentage points year-on-year, due to reduced advertising and promotional expenses [3] - Cash flow from operating activities in 25Q2 was -150 million yuan, slightly improved from -170 million yuan in the same period last year [3] - As of the end of 25Q2, the company's contract liabilities and other current liabilities were 40 million yuan, showing a decrease both year-on-year and quarter-on-quarter [3] Future Outlook - The company is expected to see improvements in the second half of 2025 as it consolidates its core products and optimizes its marketing system [4] - Profit forecasts for 2025-2027 project net profits of 230 million, 250 million, and 280 million yuan respectively, with EPS of 0.49, 0.53, and 0.59 yuan [4] - The company is in a deep reform phase with a clear strategic direction, benefiting from channel structure optimization and national market expansion [4]

Core Viewpoint - The stock price of Yili Te has experienced a decline of 4.76% year-to-date, with a recent drop of 2.02% on September 2, 2023, indicating potential challenges in the company's market performance [1]. Financial Performance - For the first half of 2025, Yili Te reported a revenue of 1.07 billion yuan, a year-on-year decrease of 19.51%, and a net profit attributable to shareholders of 163 million yuan, down 17.82% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 2.842 billion yuan, with 591 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Yili Te decreased by 2.39% to 59,400, while the average number of circulating shares per person increased by 2.45% to 7,962 shares [2]. - The top ten circulating shareholders include significant institutional investors, with notable increases in holdings from various ETFs, indicating a shift in shareholder composition [3].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, with challenges in both high-end and mid/low-end product segments, as well as in regional sales performance [1][2][3] Financial Performance - For 25H1, the company achieved revenue of 1.07 billion and net profit of 163 million, representing year-on-year declines of 19.5% and 17.8% respectively [1] - In 25Q2, revenue and net profit were 275 million and 18 million, showing year-on-year declines of 44.9% and 52.7% respectively [1] - The company's gross margin in 25Q2 increased by 2.6 percentage points to 50.84%, primarily due to the increased contribution from the high-end product 伊力王 [2] - Sales expenses in 25Q2 decreased significantly by 59.6%, reflecting a more precise market investment strategy [2] Product and Regional Analysis - In terms of product performance, high-end liquor revenue for 25H1 was 800 million, with declines of 8.0% and 39.8% in H1 and Q2 respectively [1] - Mid and low-end liquor revenues fell by 42.3% and 36.0% year-on-year, indicating weak demand from the mass consumer segment [1] - Regionally, revenue from the company's domestic market declined by 10.0%, while revenue from outside the region dropped by 47.9% [1] Strategic Initiatives - The company is focusing on stabilizing its domestic market while enhancing terminal control and self-operated team building [3] - New marketing strategies, including "direct sales + partners + recommenders," are being implemented to penetrate key markets such as Xi'an and Lanzhou [3] - The product matrix is centered around 伊力王, with efforts to curb declines in core products and introduce new offerings like 伊力金标 [3] Profit Forecast and Investment Rating - The profit forecast for 2025-2027 has been adjusted to 260 million, 290 million, and 350 million, reflecting a slower recovery in demand [3] - The corresponding price-to-earnings ratios for 2025-2027 are projected to be 29, 26, and 22 times [3]

Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment period, facing challenges such as production contraction, consumption differentiation, and weak terminal sales, leading to a shift from rapid growth to declining production and sales profits [1] Industry Overview - The release of half-year reports from listed liquor companies indicates a significant change in the industry, with increased sales expenses and fierce competition among well-known brands for first-tier markets [1][12] - The overall profitability of the industry is declining, with many companies experiencing double-digit declines in revenue and profit, alongside rising inventory pressures and deteriorating product liquidity [11] Company Performance - Guizhou Moutai reported a total revenue of 91.094 billion, a year-on-year increase of 9.16%, and a net profit of 45.403 billion, up 8.89% [3] - Wuliangye achieved a revenue of 52.771 billion, growing 4.19%, and a net profit of 19.492 billion, up 2.28% [3] - Shanxi Fenjiu's revenue reached 23.964 billion, a 5.35% increase, with a net profit of 8.505 billion, up 1.13% [3] - Luzhou Laojiao reported a revenue of 16.454 billion, down 2.67%, and a net profit of 7.663 billion, down 4.54% [5] - Yanghe's revenue was 14.796 billion, down 35.32%, with a net profit of 4.344 billion, down 45.34% [5] - Other companies like Water Well and Shede also reported significant declines in revenue and profit, indicating the widespread impact of the industry's challenges [5][6][7] Market Trends - The industry is seeing a shift towards product innovation and channel transformation, with companies launching lower-alcohol and light bottle products to attract younger consumers [12][13] - The market is characterized by a need for companies to adapt to changing consumer preferences and enhance brand influence and channel efficiency [7][12] - Analysts suggest that the current environment is not isolated, and the liquor industry will eventually recover as consumption and the economy improve [13]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company is experiencing significant pressure in the mid-to-low-end liquor market, with a notable decline in demand and traditional distribution channels facing challenges. The high-end liquor segment shows a smaller decline, indicating a shift in consumer preferences [1][3] - The company is focusing on expanding its market presence in key areas such as Xi'an and Lanzhou while optimizing its sales channels through a new model combining direct sales, partnerships, and recommendations [1][3] - Despite short-term pressures, the long-term outlook remains positive due to potential reform benefits and market expansion strategies [3] Financial Performance Summary - For the first half of 2025, the company reported revenue of 1.07 billion yuan, a year-on-year decrease of 19.51%, and a net profit attributable to shareholders of 163 million yuan, down 17.82% [1] - The revenue breakdown shows high-end liquor contributing 800 million yuan (75.30%), mid-range liquor at 197 million yuan (18.58%), and low-end liquor at 65 million yuan (6.12%) [1] - The gross margin for the first half of 2025 was 49.30%, a slight decrease of 1.22 percentage points year-on-year, while the net profit margin increased by 0.31 percentage points to 15.19% [2] - The company expects revenues of 1.836 billion yuan, 1.968 billion yuan, and 2.164 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 239 million yuan, 256 million yuan, and 284 million yuan for the same years [4][3]

Financial Performance - The company reported a total revenue of 1.07 billion yuan for the first half of 2025, a year-on-year decrease of 19.51% [1] - The net profit attributable to shareholders was 163 million yuan, down 17.82% year-on-year [1] - In Q2 2025, total revenue was 275 million yuan, reflecting a significant decline of 44.86% compared to the same quarter last year [1] - The net profit for Q2 2025 was 18.36 million yuan, a decrease of 52.75% year-on-year [1] Key Financial Ratios - The gross margin was 49.3%, down 2.41% year-on-year [1] - The net profit margin increased slightly to 15.16%, up 0.48% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 121 million yuan, accounting for 11.29% of revenue, a decrease of 19.59% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased to 370 million yuan, a rise of 23.11% year-on-year, with accounts receivable representing 129.62% of net profit [1][3] - Interest-bearing debt surged to 527 million yuan, an increase of 176.59% year-on-year [1] - Cash and cash equivalents decreased to 406 million yuan, down 10.77% year-on-year [1] Earnings Per Share - Earnings per share (EPS) was reported at 0.34 yuan, a decline of 17.97% year-on-year [1] - The operating cash flow per share was -0.45 yuan, a significant decrease of 1355.23% year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 7.58%, indicating average capital returns [3] - Historical data shows a median ROIC of 11.28% over the past decade, with the worst year being 2022 at 4.24% [3] - Analysts expect the company's performance in 2025 to reach 226 million yuan, with an average EPS forecast of 0.48 yuan [3] Fund Holdings - The largest fund holding the company’s shares is Nord Quantitative Core A, with 109,300 shares held [4] - The fund has shown a significant increase of 78.53% over the past year [4]