Market Performance - The liquor sector rose by 2.52% on August 29, with Jinhuijiu leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Jinhuijiu (code: 616809) closed at 22.07, up 7.71% with a trading volume of 250,500 shares and a turnover of 551 million yuan [1] - Shede Liquor (code: 600702) closed at 68.38, up 6.02% with a trading volume of 305,100 shares and a turnover of 2.07 billion yuan [1] - Other notable stocks include Zhi Si Li (code: 000799) up 5.26%, Gujing Gongjiu (code: 000596) up 4.45%, and Wuliangye (code: 000858) up 3.24% [1] Capital Flow Analysis - The liquor sector saw a net inflow of 1.886 billion yuan from main funds, while retail funds experienced a net outflow of 833 million yuan [1] - Main funds showed significant net inflows in stocks like Kweichow Moutai (code: 600519) with 61.3 million yuan and Wuliangye (code: 000858) with 486 million yuan [2] - Retail investors had net outflows in several stocks, including Kweichow Moutai and Wuliangye, indicating a shift in investor sentiment [2]

Core Insights - The company reported a total revenue of 2.48 billion in the first half of 2025, a year-on-year increase of 0.48%, and a net profit attributable to shareholders of 321 million, a year-on-year increase of 5.42% [1] - In Q2 2025, the company achieved a total revenue of 1.31 billion, a year-on-year decrease of 1.95%, while the net profit attributable to shareholders was 168 million, a year-on-year increase of 0.16% [1] - The company slightly exceeded revenue and profit expectations compared to prior forecasts [1] Financial Performance - Q2 2025 revenue from liquor was 1.31 billion, a year-on-year decrease of 1.73% [2] - Revenue breakdown: - Revenue above 100 million was 656 million, a year-on-year decrease of 9.69% - Revenue below 100 million was 652 million, a year-on-year increase of 7.84% [2] - Regional performance: - Hebei: 760 million, down 0.01% - Shandong: 45 million, down 1.16% - Anhui: 91 million, down 37.2% - Hunan: 317 million, up 12.5% - Other provinces: 90 million, down 4.20% - Overseas: 4 million, down 0.32% [2] - Q2 2025 net profit margin was 12.8%, an increase of 0.27 percentage points, primarily due to a decrease in sales expense ratio and income tax rate [2] - Q2 2025 gross margin was 67.4%, a decrease of 1.06 percentage points [2] - Q2 2025 operating cash flow was -224 million, compared to -187 million in the same period last year [2] Investment Rating and Valuation - Due to ongoing external demand pressures, the company has revised down its profit forecasts for 2025-2027, expecting net profits of 708 million, 769 million, and 855 million respectively, with year-on-year changes of -10.0%, 8.6%, and 11.2% [1] - Current stock price corresponds to a PE ratio of 23x, 21x, and 19x for 2025-2027, which remains within a reasonable range compared to peer valuations, maintaining a "buy" rating [1] Catalysts for Stock Performance - Core product growth rate exceeded expectations - Net profit growth rate also exceeded expectations [3]

证券研究报告 老白干酒 (600559 CH) 本部表现稳健，盈利能力稳中有升 2025 年 8 月 29 日│中国内地 饮料 公司发布 2025 年半年报，25H1 总营收/归母净利/扣非净利 24.8/3.2/3.0 亿， 同比+0.5%/+5.4%/+6.5%；25Q2 总营收/归母净利/扣非净利 13.1/1.7/1.5 亿，同比-1.9%/+0.2%/+0.9%。25Q2 受外部环境影响市场需求偏弱，公司 经营略有承压，但整体来看，公司作为河北省酒龙头，聚焦产品/渠道/品牌 改革，持续提升经营业绩和核心竞争力；随省内竞争格局优化，经营景气度 有望稳步向上，利润弹性持续释放。展望未来，公司省内市场份额提升+武 陵酒等分部品牌增量+费效比提升下利润率改善逻辑坚实，维持"买入"评 级。 老白干本部表现稳健，武陵酒增速靠前，多品牌联动赋能 分产品，25H1 公司白酒业务实现营收 24.7 亿（同比+0.7%），其中百元以 上/百元以下产品同比分别+5.1%/-3.8%，产品结构进一步优化；25Q2 白酒 业务 13.1 亿（同比-1.7%），其中百元以上/百元以下产品同比分别 -9.7%/+7.8%。分品牌 ...

2025 年 08 月 29 日 老白干酒 (600559) ——经营韧性凸显，费用改革持续落地 报告原因：有业绩公布需要点评 增持（维持） 上 市 公 司 食品饮料 | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 17.62 | | 一年内最高/最低（元） | 25.54/15.81 | | 市净率 | 3.0 | | 股息率%（分红/股价） | 3.12 | | 流通 A 股市值（百万元） | 16,026 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 5.68 | | 资产负债率% | 42.07 | | 总股本/流通 A 股（百万） | 915/910 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-28 09-28 10-28 11-28 12-28 01-28 02-28 03-31 04-30 05-31 0 ...

| 产品档次 | 2025年1-6 月营业收入 | 2024 年 1-6 月营业收入 | 同比(%) | | --- | --- | --- | --- | | 100 元以上 | 131, 658. 50 | 125, 273. 66 | 5.1 | | 100 元以下 | 115, 308. 00 | 119, 872. 44 | -3.8 | 2025年上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归属于上市公司股东的净利润3.21亿元，同比增长5.42%；归属于上市公司股东的扣除 非经常性损益的净利润2.96亿元，同比增长6.45%。 | | | | 早V: 几 巾 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 不打 | | | (1-6月) | | 年同 | | 营业收入 | 2, 481, 485, 505. 53 | 2, 469, 670, 941. 54 | | | 利润总额 | 430. 442. 388. 47 | 412, 832, 515. 99 | | | 归属于上市公司股东的净利润 | 320. 838 ...

Core Viewpoint - The article highlights the rebound of the liquor sector, particularly the significant rise in Jinhuijiu's stock price, indicating a positive trend in the industry [3]. Group 1: Liquor Sector Performance - Jinhuijiu's stock reached the daily limit, while other liquor companies such as Shede Liquor, Laobai Ganjiu, and others saw increases of around 5% [3]. - The overall performance of the liquor sector suggests a recovery, with multiple companies experiencing notable gains [3]. Group 2: Market Overview - The total trading volume in the Shanghai and Shenzhen markets exceeded 500 billion [6]. - The ChiNext 50 Index experienced a decline, with a drop of 3% [7]. - The A-share market opened with mixed results, with the insurance sector showing strong performance [9]. Group 3: Company-Specific News - Cambrian Technology opened down by 6.8%, with an announcement projecting annual revenue between 5 billion to 7 billion for 2025 [8].

内部挖潜外部扩张 老白干酒（600559）8月28日晚发布上半年业绩报告。公司上半年实现营业收入24.81亿元，同比增长 0.48%。实现归属于上市公司股东的净利润3.21亿元，同比增长5.42%。在白酒行业深度调整的背景下， 公司营收和利润能维持增长实属不易。 公司上半年营收增长，营业成本下降5.76%，为净利润的增长贡献了绝大多数的力量。此外，公司的财 务费用也有微幅下降。上半年公司内部持续开展降本增效活动，确保费用的精准投入和有效使用，有效 地降低费销比和各项费用，不断地提升盈利水平。同时，公司还加强供应链管理，深化与核心供应商的 战略合作，通过动态评价、分级管理等措施持续优化供应链体系，推动产业链高质量发展。此外，为了 提高经营效率和管理效能，公司将安徽文王所持有的承德乾隆醉、湖南武陵、曲阜孔府家三家全资子公 司的股权无偿划转至公司。 公司上半年在保持老白干酒稳健发展的同时，其下属的酱酒湖南武陵酒上半年实现营收5.26亿元，净利 润达到1.83亿元，占公司总利润4.3亿元的42.56%。安徽文王酒上半年营收2.4亿元，净利润5825.53万 元。承德乾隆醉实现营收3.63亿元，净利润2951.9万元。 ...

Core Viewpoint - The company, Laobai Ganjiu, reported a slight increase in revenue and net profit for the first half of the year, but faces challenges in maintaining growth amid market fluctuations and increased sales expenses [2][3]. Financial Performance - Laobai Ganjiu's revenue for the first half of the year was 2.481 billion, a year-on-year increase of 0.48%, while net profit attributable to shareholders was 321 million, up 5.42% [2][5]. - In the second quarter, revenue declined to 1.314 billion, a decrease of 1.95% year-on-year, with net profit at 168 million, showing a minimal increase of 0.16% [2]. - The company’s revenue growth was primarily driven by its core markets in Hebei and Hunan, which grew by 3.74% and 11.34% respectively [2]. Market Challenges - The company struggled in the Anhui market, where revenue fell by nearly 20% to 240 million [3]. - Despite the slight revenue growth, Laobai Ganjiu is not on track to meet its annual revenue target of 5.47 billion, requiring only a 2% year-on-year growth to achieve this [3]. Cash Flow and Liabilities - The company’s contract liabilities decreased significantly to 1.275 billion, returning to levels seen in 2021, compared to 1.862 billion, 1.872 billion, and 1.705 billion in the previous three years [4]. - Operating cash flow turned negative for the first time in years, at -45.8 million, a decline of 120% year-on-year [4][5]. Cost Management - Laobai Ganjiu managed to reduce its operating costs by 3% and management expenses by nearly 1% during the first half of the year [7]. - The gross profit margin improved to nearly 68%, indicating successful cost-cutting measures [7].

21世纪经济报道肖夏 多品牌、多区域布局，能否更好抵御市场波动？ 老白干酒8月28日傍晚披露了半年报，上半年营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿 元，同比增长5.42%。 在截至目前披露半年报的白酒上市公司中，能保持营收正增长的是少数。其二季度实现营收13.14亿 元，同比下滑1.95%；归母净利润1.68亿元，同比增长0.16%，显示出二季度以来挑战加剧。 老白干酒上半年能保持正增长，主要是依靠大本营河北市场和第二支柱湖南市场，上半年分别增长 3.74%和11.34%。在河北市场，衡水老白干和承德乾隆醉两大业务板块上半年实现收入超过16亿元，主 要在湖南市场的武陵酒上半年实现收入5.26亿元。几块业务中规模最小的山东孔府家酒，则保持了小幅 增长。 而安徽毫不意外是上半年其下滑最严重的市场。文王贡酒上半年收入2.4亿元，同比下滑近两成。 不过即便是如此，老白干酒也未能赶上全年经营目标。老白干酒2025年的目标营收是54.7亿元，按此推 算今年营收只需要同比增长2%即可完成任务。 为了动销，上半年老白干酒的销售费用增长了三个多 点，增速高于营收。 翻看财报数据能注意到，老白干酒上半年 ...

21世纪经济报道肖夏 多品牌、多区域布局，能否更好抵御市场波动？ 老白干酒（600559）8月28日傍晚披露了半年报，上半年营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增长 5.42%。 在截至目前披露半年报的白酒上市公司中，能保持营收正增长的是少数。其二季度实现营收13.14亿元，同比下滑1.95%；归母 净利润1.68亿元，同比增长0.16%，显示出二季度以来挑战加剧。 老白干酒上半年能保持正增长，主要是依靠大本营河北市场和第二支柱湖南市场，上半年分别增长3.74%和11.34%。在河北市 场，衡水老白干和承德乾隆醉两大业务板块上半年实现收入超过16亿元，主要在湖南市场的武陵酒上半年实现收入5.26亿元。几 块业务中规模最小的山东孔府家酒，则保持了小幅增长。 (来自财报) 半年报中也有一些经营改善的信号。 上半年老白干酒的营业成本同比减少3%，管理费用同比减少近1%。老白干酒近年一直在开展降本增效活动，以此提升盈利水 平。上半年其销售毛利率提升至近68%。 而安徽毫不意外是上半年其下滑最严重的市场。文王贡酒上半年收入2.4亿元，同比下滑近两成。 不过即便是如此，老白干酒也未能赶 ...