8月29日，山西汾酒大宗交易成交1.8万股，成交额387.72万元，占当日总成交额的0.22%，成交价215.4元，较市场收盘价202.02元溢价6.62%。 | 2025-08-29 | 山西汾酒 | 600809 | 215.4 387.72 | 1.8 | 东北证券股份有限 | 粤开证券股份有限 | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | 公司上海北艾路证 | 卖出营业部 公司深圳分公司 | ...

2025年，山西汾酒全面启动复兴纲领第二阶段，标志着其全国化战略正式迈入2.0时代。这一阶段的核 心是从规模化扩张转向高质量深耕，通过区域聚焦、渠道下沉和精细化运营，提升单市场贡献率和品牌 深度，实现从量增到质变的战略升级。 山西汾酒表示，公司将持续拓展全国化布局，以战略定力统筹全局，激发市场增长新动能，全力实现公 司的高质量发展。 中证报中证网讯(王珞)8月28日晚，山西汾酒（600809）发布2025年半年度报告，上半年公司营业收入 为239.64亿元，同比增长5.35%；归属于上市公司股东的净利润为85.05亿元，同比增长1.13%；归属于 上市公司股东的扣除非经常性损益的净利润为85.16亿元，同比增长1.27%；基本每股收益为6.9716元。 报告显示，上半年，面对复杂多变的市场环境与行业发展新态势，山西汾酒在治理效能提升、市场布局 拓展、科技赋能升级、文化价值传播等领域协同发力，经营工作稳中有进、质效双升。 2025年上半年，公司全面推进全国化2.0战略，产品销量在长三角、珠三角等潜力区域保持高速增长态 势。从销售渠道来看，山西汾酒代理商渠道实现销售收入225.19亿元，同比增长7.17%；地区分 ...

公司发布2025 年半年报，25H1 总营收/归母净利/扣非净利239.6/85.1/85.2亿， 同比+5.4%/+1.1%/+1.3% ； 25Q2 总营收/ 归母净利/ 扣非净利74.4/18.6/18.6 亿，同比+0.4%/-13.5%/-13.4%。24 年公司圆满完成 汾酒复兴计划的第一阶段，25 年是公司汾酒复兴纲领第二阶段，公司定调"稳健"，上半年也顺利实现 稳健增长，为未来长期发展打下坚实基础。展望全年，产品端公司将坚持四轮驱动；渠道端优化经销商 考核结构；市场端在稳固基地市场基础上，发力全国化市场扩张，经营向上趋势不改。维持"买入"。 25H1 公司毛利率同比持平为76.7%（25Q2 同比-3.2pct 至71.9%），Q2下滑我们预计系产品结构下行所 致。费用端，25H1 销售费用率同比+1.1pct至9.9%（25Q2 同比持平为11.5%）；25H1 管理费用率同 比-0.2pct 至2.6%（25Q2 同比+0.1pct 至4.3%）；25H1 税金及附加比率同比+0.9pct 至16.3%（25Q2 同比 +2.6pct 至22.3%）；最终得25H1 归母净利率35.5%（ ...

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a steady revenue and profit growth in the first half of 2025, with total revenue and net profit reaching 23.96 billion and 8.51 billion respectively, representing year-on-year increases of 5.4% and 1.1% [7] - The report indicates that the company is adjusting its growth pace in response to macroeconomic conditions, with expectations for moderate growth in the second half of 2025 [7] - The product mix has impacted gross margin performance, with a noted decline in the second quarter due to changes in product revenue contributions [7] Financial Summary - Total revenue forecast for 2023A is 31.93 billion, with a projected increase to 36.36 billion in 2025E, reflecting a year-on-year growth of 0.97% [1] - The net profit attributable to shareholders is expected to be 12.03 billion in 2025E, showing a slight decline of 1.75% compared to the previous year [1] - The earnings per share (EPS) for 2025E is projected at 9.86 yuan, with a price-to-earnings (P/E) ratio of 20.04 based on the current price [1] Product and Market Analysis - The company has seen balanced growth in both domestic and external markets, with revenue increases of 4.0% and 6.1% respectively in the first half of 2025 [7] - The report highlights the importance of product structure in maintaining revenue stability, particularly for key products like Qinghua and Glass Fen [7] - The company is focusing on the nationwide expansion of its flagship product, Lao Bai Fen, with dedicated resources allocated for market promotion and channel management [7]

Core Viewpoint - The food and beverage industry is experiencing a recovery phase, particularly in the liquor sector, with a focus on high-quality brands like Kweichow Moutai and Wuliangye as potential investment opportunities [2][3][7]. Market Performance - The Shanghai and Shenzhen 300 Index rose by 2.71%, mirroring the increase in the Shenwan Food and Beverage Index during the week of August 25-29, 2025 [1]. Institutional Insights - Dongxing Securities suggests that liquor stocks are at the bottom of their asset pricing cycle, indicating a potential recovery despite a weak overall consumption rebound [2]. - Aijian Securities highlights that with easing policy pressures and consumption promotion measures, there is potential for a weak recovery in liquor demand, recommending investment in leading companies with stable pricing and attractive dividend yields [3]. Macro Events - The State Administration for Market Regulation emphasizes the need for comprehensive food safety oversight, focusing on risk management and the integration of technology in regulatory practices [4]. Consumption Data - Hangzhou's retail sales reached 527.1 billion yuan from January to July 2025, showing a year-on-year growth of 5.1%, driven by consumption policies and a shift towards green and smart consumption [5]. - Shanghai's retail sales totaled 129.14 billion yuan in July 2025, reflecting a 7.8% year-on-year increase, with strong performance in clothing, high-quality food, and communication devices [6]. Industry News - The A-share liquor sector is still in a cyclical downturn, with total revenue of 176.88 billion yuan and a net profit of 74.14 billion yuan for 13 listed companies, both showing slight declines year-on-year [7]. - The average gross margin for the industry has decreased to 64.61%, with inventory levels rising by 11.55% [7]. Company Performance - Wuliangye reported a net profit of 19.5 billion yuan for the first half of 2025, a growth of 2.28%, with total revenue of 52.77 billion yuan, up 4.19% [10]. - Laobaigan achieved a net profit of 321 million yuan, reflecting a growth of 5.4%, with total revenue of 2.481 billion yuan [11]. - Shanxi Fenjiu's revenue reached 23.964 billion yuan, a 5.35% increase, with a net profit of 8.505 billion yuan, growing by 1.1% [12]. Industry Developments - Five liquor companies have been recognized as 5G factories, indicating advancements in technology within the industry [9].

证券研究报告 山西汾酒 (600809 CH) 延续稳健表现，全国布局展开 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 239.6/85.1/85.2 | | --- | | 亿，同比 +5.4%/+1.1%/+1.3% ； 25Q2 总营收 / 归母净利 / 扣非净利 | | 74.4/18.6/18.6 亿，同比+0.4%/-13.5%/-13.4%。24 年公司圆满完成汾酒复 | | 兴计划的第一阶段，25 年是公司汾酒复兴纲领第二阶段，公司定调"稳健"， | | 上半年也顺利实现稳健增长，为未来长期发展打下坚实基础。展望全年，产 | | 品端公司将坚持四轮驱动；渠道端优化经销商考核结构；市场端在稳固基地 | | 市场基础上，发力全国化市场扩张，经营向上趋势不改。维持"买入"。 | 汾酒稳健增长，全国布局展开 1）产品结构：25H1 汾酒/其他酒类营收 233.9/4.8 亿（同比+5.8%/-10.5%）， 25Q2 营收同比变化+0.6%/-3.5%；上半年汾酒占营收比重同比+0.4pct 至 98.0%。公司积极打造全方位 ...

Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [1][5][8]. Core Insights - The company reported a total revenue of 23.964 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.35%, while the net profit attributable to shareholders was 8.505 billion yuan, up 1.13% year-on-year [5]. - In Q2 2025, the company adjusted its operational pace due to a traditional consumption off-season, resulting in a revenue of 7.441 billion yuan, a slight increase of 0.45% year-on-year, but a net profit decline of 13.50% to 1.857 billion yuan [5]. - The company continues to expand its national presence, with revenue from domestic markets reaching 8.732 billion yuan (up 4.04% year-on-year) and from external markets at 15.143 billion yuan (up 6.15% year-on-year) in the first half of 2025 [5]. - The gross margin for Q2 2025 decreased by 3.21 percentage points to 71.88%, while the net profit margin fell by 4.03 percentage points to 25.10% due to weak demand recovery and channel adjustments [5]. Summary by Sections Financial Performance - Total revenue for the first half of 2025 was 23.964 billion yuan, with a 5.35% increase year-on-year [5]. - Q2 revenue was 7.441 billion yuan, showing a 0.45% increase year-on-year, while net profit was 1.857 billion yuan, down 13.50% [5]. - The company achieved a gross margin of 71.88% in Q2 2025, down from the previous year [5]. Product and Market Strategy - The company reported a revenue of 23.391 billion yuan from Fenjiu products, up 5.75% year-on-year, while other liquor categories saw a decline of 10.55% to 0.484 billion yuan [5]. - The company is focusing on enhancing its national market presence, with significant revenue growth in both domestic and external markets [5]. Earnings Forecast - The expected earnings per share (EPS) for 2025 and 2026 are projected to be 9.77 yuan and 10.41 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 20 and 19 [5][6].

Investment Rating - The report maintains a "Strong Buy" rating for Shanxi Fenjiu, with a target price of 285 CNY [2][6]. Core Views - The company reported a revenue of 23.96 billion CNY for the first half of 2025, a year-on-year increase of 5.4%, while the net profit attributable to shareholders was 8.51 billion CNY, up 1.1% year-on-year. However, Q2 revenue was 7.44 billion CNY, a slight increase of 0.4%, and net profit decreased by 13.5% to 1.86 billion CNY [2][6]. - The company is actively optimizing its channel structure, with a reduction of 467 distributors in Q2 compared to Q1, indicating a strategic approach to manage inventory and sales channels [6][7]. - Despite external demand challenges, the company is expected to maintain stable operating quality, with a projected slight increase in revenue for the year, although profits may decline [6][7]. Financial Summary - Total revenue forecast for 2024 is 36.01 billion CNY, with a growth rate of 12.8%. For 2025, the forecast is 36.38 billion CNY, with a growth rate of 1.0% [2][10]. - The net profit attributable to shareholders is projected to be 12.24 billion CNY in 2024, decreasing to 11.73 billion CNY in 2025, reflecting a decline of 4.2% [2][10]. - The earnings per share (EPS) is expected to be 10.04 CNY in 2024, decreasing to 9.62 CNY in 2025 [2][10]. Market Performance - The current stock price is 197.61 CNY, with a market capitalization of approximately 241.08 billion CNY [3][6]. - The company has a debt-to-asset ratio of 35.80%, indicating a relatively stable financial position [3][6]. Operational Insights - The company’s gross margin for Q2 was 71.9%, down 3.2 percentage points year-on-year, primarily due to a shift in product mix [6][7]. - The company’s cash flow from operating activities showed a net outflow of 1.05 billion CNY in Q2, compared to an inflow of 889 million CNY in the same period last year [6][7].

事件：公司披露2025 半年报，25H1 实现营业收入239.64 亿元，同比+5.35%，实现归母净利润85.05 亿 元，同比+1.13%，实现扣非净利润85.16 亿元，同比+1.27%。其中25Q2 实现营业收入74.41 亿元，同比 +0.45%，实现归母净利润18.57 亿元，同比-13.50%，实现扣非净利润18.61 亿元，同比-13.40%。 盈利预测及投资建议：公司凭借研产供销一体化强化经营韧性，在经济弱复苏、行业承压的背景下展现 较强韧性，主业汾酒业绩稳中有进。我们预计25-27 年实现营收395.59/444.66/509.05 亿元，归母净利润 134.06/150.67/174.79 亿元，对应PE 分别为17.98/16.00/13.79x，维持强烈推荐评级。 青花汾酒稳中有进，展现强劲经营韧性。25H1 公司汾酒/其他酒类分别实现营收233.91/4.84 亿元，分别 同比+5.75%/-10.55%。其中Q2 公司汾酒/其他酒类分别实现营收71.79/2.16 亿元，分别同比 +0.56%/-3.54%。在行业整体承压的背景下，汾酒系列维持稳健。公司构建了清晰的价格带产品体系 ...