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].

Core Viewpoint - The company, Lao Baigan Liquor, reported a modest revenue growth of 0.48% year-on-year, achieving 2.481 billion yuan in revenue and a net profit of 321 million yuan, reflecting a 5.42% increase, amidst a challenging environment in the liquor industry [1][2]. Group 1: Financial Performance - The company achieved a revenue of 2.481 billion yuan in the first half of the year, with a year-on-year growth of 0.48% [1]. - The net profit attributable to shareholders reached 321 million yuan, marking a 5.42% increase compared to the previous year [1]. - Operating costs decreased by 5.76%, significantly contributing to the net profit growth [2]. Group 2: Cost Management and Efficiency - The company has been actively conducting cost reduction and efficiency enhancement activities, leading to a decrease in financial expenses [2]. - There has been a continuous optimization of the supply chain through strategic cooperation with core suppliers and dynamic evaluation methods [2]. - The company transferred the equity of three wholly-owned subsidiaries to enhance operational efficiency [2]. Group 3: Brand and Marketing Expansion - Sales expenses increased by 3.14% to 680 million yuan, as the company engaged in diverse activities to enhance brand influence [2]. - The company was recognized as one of the first "Chinese Consumer Famous Brands" by the Ministry of Industry and Information Technology, becoming the only liquor company from Hebei province on the list [2]. Group 4: Subsidiary Performance - The subsidiary Hunan Wuling Liquor generated 526 million yuan in revenue and 183 million yuan in net profit, accounting for 42.56% of the company's total profit [3]. - Anhui Wenwang Liquor reported revenue of 240 million yuan and a net profit of approximately 5.83 million yuan [3]. - Chengde Qianlongzui achieved revenue of 363 million yuan and a net profit of about 2.95 million yuan, while Qufu Kongfu Family Liquor generated 93.2 million yuan in revenue with a net profit of approximately 909,980 yuan [3].

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].

Core Viewpoint - The performance of Laobai Ganjiu in the first half of the year shows slight revenue growth, but challenges are increasing, particularly in the second quarter, raising concerns about its ability to meet future targets [1][2]. Financial Performance - Laobai Ganjiu reported a revenue of 2.481 billion yuan in the first half of the year, a year-on-year increase of 0.48%, and a net profit attributable to shareholders of 321 million yuan, up 5.42% [1][4]. - The second quarter revenue was 1.314 billion yuan, reflecting a decline of 1.95% year-on-year, while net profit for the same period was 168 million yuan, a slight increase of 0.16% [1]. - The company’s revenue growth was primarily driven by its core markets in Hebei and Hunan, which saw increases of 3.74% and 11.34%, respectively [1]. Market Challenges - The Anhui market experienced the most significant decline, with Wenwang Gongjiu's revenue dropping nearly 20% to 240 million yuan [2]. - Despite the slight revenue growth, Laobai Ganjiu is not on track to meet its annual revenue target of 5.47 billion yuan, requiring only a 2% year-on-year growth to achieve this [2]. Cash Flow and Liabilities - The company’s contract liabilities decreased significantly to approximately 1.275 billion yuan, returning to levels seen in 2021, compared to 1.862 billion yuan, 1.872 billion yuan, and 1.705 billion yuan in the previous three years [3]. - Operating cash flow turned negative for the first time in years, with a net cash flow of -45.8 million yuan, a substantial decline of 120% year-on-year [3][4]. Cost Management - Laobai Ganjiu managed to reduce its operating costs by 3% and management expenses by nearly 1% in the first half of the year, contributing to an increase in gross profit margin to nearly 68% [5].

Core Viewpoint - The financial performance of Laobai Ganjiu (老白干酒) shows slight revenue growth in the first half of the year, but challenges are increasing, particularly in the second quarter, raising concerns about meeting annual targets [1][2]. Group 1: Financial Performance - Laobai Ganjiu reported a revenue of 2.48 billion yuan in the first half of the year, a year-on-year increase of 0.48% [3]. - The net profit attributable to shareholders was 321 million yuan, reflecting a year-on-year growth of 5.42% [1]. - In the second quarter, revenue declined by 1.95% to 1.31 billion yuan, while net profit increased slightly by 0.16% to 168 million yuan [1]. Group 2: Market Dynamics - The growth in revenue was primarily driven by the Hebei and Hunan markets, which saw increases of 3.74% and 11.34%, respectively [1]. - The Anhui market experienced the most significant decline, with revenue dropping nearly 20% to 240 million yuan [1]. Group 3: Operational Insights - The company’s contract liabilities decreased to approximately 1.275 billion yuan, returning to levels seen in 2021, indicating a reduction in future revenue obligations [2]. - Operating cash flow turned negative at -45.8 million yuan, a significant decline of 120% compared to previous years [2]. - Cost management efforts led to a 3% reduction in operating costs and a nearly 1% decrease in management expenses, contributing to an increase in gross profit margin to nearly 68% [4].

从各档位产品来看，上半年老白干酒主销产品以100元以上产品为主。财报数据显示，1—6月老白干酒 100元以上、100元以下营业收入分别实现营业收入13.17亿元、11.53亿元，同比提升5.1%，-3.81%。从 销售区域来看，上半年河北市场营收成为业绩主要贡献者。财报数据显示，1—6月老白干酒在河北、湖 南、安徽、山东以及其他省份分别实现营业收入14.82亿元、5.24亿元、2.22亿元、0.86亿元以及1.5亿 元，同比提升3.74%、11.34%、-18.52%、2.95%以及-20.39%。 北京商报讯（记者 刘一博 冯若男）8月28日，河北衡水老白干酒业股份有限公司（以下简称"老白干 酒"）发布《2025年半年度报告》显示，上半年公司实现营业收入24.81亿元，同比提升0.48%；实现归 属于上市公司股东的净利润为3.21亿元，同比提升5.42%；实现经营活动产生的现金流量净额亏损0.46 亿元，同比下降120.51%。 对于现金流下降原因，老白干酒在公告中指出，主要原因为本期现金回款减少所致。 ...

证券代码：600559 证券简称:老白干酒 公告编号：2025-022 河北衡水老白干酒业股份有限公司 2025 年半年度经营数据公告 单位：万元 币种：人民币 | | | 单位:万元 币种:人民币 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 5.10 100 元以下 115,308.00 119,872.44 -3.81 | 线上销售） | | | | | --- | --- | --- | --- | | 直销（含团购、 经销商模式 | 18,572.06 228,394.44 | 16,006.10 229,140.00 | 16.03 -0.33 | 三、按地区分类情况 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》 之《第十二号——酒制造》第十六条相关规定，河北衡水老白干酒业股份有限公 司现将 2025 年半年度主要经营数据（未经审计）披露如下 ...

河北衡水老白干酒业股份有限公司2025 年半年度报告 公司代码：600559 公司简称：老白干酒 河北衡水老白干酒业股份有限公司 2025 年半年度报告 1 / 143 河北衡水老白干酒业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘彦龙、主管会计工作负责人吴东壮及会计机构负责人（会计主管人员）李广 民声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，投资者及相关人士均 应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异，请投资者注意投资 风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事 ...