Group 1 - The liquor sector experienced a strong performance on August 29, with the Tianhong Food and Beverage ETF (159736) rising by 2.16% and reaching an intraday high of 2.70%, with a trading volume exceeding 13 million yuan [1] - Key stocks in the sector included Kweichow Moutai, Yili, and Wuliangye, with Kweichow Moutai hitting the daily limit [2] - The Tianhong Food and Beverage ETF has seen a net inflow of over 75 million yuan during the week of August 25 to August 28, indicating strong investor interest [2] Group 2 - Ping An Securities noted that the liquor sector is stabilizing at a fundamental level, with mid-year reports addressing historical inventory issues and dividend yields supporting stock prices [3] - Hualong Securities highlighted that the current mid-year reporting period is seeing concentrated performance pressure in the liquor sector, while new consumer brands are experiencing rapid growth [3] - The upcoming Mid-Autumn Festival and National Day are expected to catalyze consumption in the liquor sector [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company achieved a total revenue of 23.96 billion yuan in H1 2025, representing a year-on-year increase of 5.4%, while the net profit attributable to the parent company was 8.51 billion yuan, up 1.1% year-on-year [2] - In Q2 2025, total revenue was 7.45 billion yuan, a slight increase of 0.4% year-on-year, but net profit decreased by 13.5% to 1.86 billion yuan [2] - The company is adjusting its product structure flexibly according to market demand, with strong performance expected from its two key product lines [2] Revenue and Profit Analysis - H1 2025 revenue from Fenjiu products was 23.39 billion yuan, up 5.8% year-on-year, with the Qinghua series performing better than the overall product line [2] - In Q2 2025, revenue from Fenjiu products was 7.18 billion yuan, a 0.6% increase year-on-year, but faced challenges due to market conditions [2][3] - Other liquor revenue in H1 2025 was 480 million yuan, down 10.5% year-on-year, with Q2 revenue at 220 million yuan, down 3.5% [2] Market Performance - In Q2 2025, revenue from the domestic market decreased by 5.3% to 2.65 billion yuan, while revenue from outside Shanxi increased by 4.0% to 4.75 billion yuan [3] - The company is optimizing its dealer structure, with a net decrease of 54 dealers in Shanxi and a net decrease of 250 dealers for Fenjiu outside Shanxi [3] Financial Metrics - The net profit margin in Q2 2025 decreased by 4.0 percentage points to 25%, with a year-on-year decline in gross margin of 3.21 percentage points [4] - The company’s cash flow reflects pressure on demand, with operating cash flow net amounting to -1.05 billion yuan, a 218% year-on-year decrease [4] - The company has adjusted its revenue and net profit forecasts for 2025-2027, expecting revenues of 37.03 billion, 39.01 billion, and 43.01 billion yuan, with year-on-year growth rates of 2.8%, 5.3%, and 10.3% respectively [5][6]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 29 年 月 日 山西汾酒（600809.SH） | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 31,928 | 36,011 | 36,507 | 38,347 | 40,506 | | 增长率 yoy（%） | 21.8 | 12.8 | 1.4 | 5.0 | 5.6 | | 归母净利润（百万元） | 10,438 | 12,243 | 12,020 | 12,372 | 13,038 | | 增长率 yoy（%） | 28.9 | 17.3 | -1.8 | 2.9 | 5.4 | | EPS 最新摊薄（元/股） | 8.56 | 10.04 | 9.85 | 10.14 | 10.69 | | 净资产收益率（%） | 37.5 | 35.2 | 30.4 | 27.9 | 26.3 | | P/E（倍） | 23.1 | 19.7 | 20.1 | 19.5 | 18.5 | ...

Core Viewpoint - The A-share market has seen a significant acceleration in the disclosure of 2025 semi-annual reports, with nearly 80% of listed companies having reported their results, highlighting mid-term dividends as a key feature this year [1][2]. Group 1: Company Performance - As of August 28, among the 4,593 companies that disclosed their semi-annual reports, 3,583 companies achieved profitability, representing 78% [3]. - Notable performances include: - China Galaxy reported a revenue of 13.747 billion yuan, a year-on-year increase of 37.71%, and a net profit of 6.488 billion yuan, up 47.86% [4]. - Semiconductor company Zhongwei reported a revenue of 4.961 billion yuan, a growth of 43.88%, and a net profit of 706 million yuan, up 36.62% [4]. - Shanghai Pharmaceuticals achieved a revenue of 141.593 billion yuan, a 1.56% increase, and a net profit of 4.459 billion yuan, up 51.56% [4]. - Yili reported a revenue of 61.777 billion yuan, a 3.49% increase, but a net profit decrease of 4.39% to 7.2 billion yuan [4]. Group 2: Industry Insights - The brokerage industry showed particularly strong performance, with several firms reporting impressive results despite market fluctuations [4]. - The liquor industry, however, displayed mixed results, with Shanxi Fenjiu reporting a revenue of 23.964 billion yuan, a 5.35% increase, but a net profit increase of only 1.13% [5]. - Water Well Square reported a revenue decrease of 12.84% to 1.498 billion yuan and a significant net profit drop of 56.52% [5]. Group 3: Dividend Announcements - As of August 28, the total announced dividend amount reached 334.2 billion yuan, with many companies disclosing their mid-term dividend plans [6][7]. - Companies like Huadian International and Nanshan Aluminum announced cash dividends of 1.045 billion yuan and 465 million yuan, respectively [6]. - China Petroleum announced a mid-term dividend of 0.22 yuan per share, totaling approximately 40.265 billion yuan [7]. - A total of 627 companies have announced dividends, indicating a trend towards higher frequency and quality of dividends, driven by regulatory encouragement [7][8].

Core Viewpoint - Shanxi Fenjiu reported a total revenue of 23.964 billion yuan for 1H25, a year-on-year increase of 5.35%, and a net profit attributable to shareholders of 8.505 billion yuan, up 1.13% year-on-year. In 2Q25, revenue was 7.441 billion yuan, a slight increase of 0.45%, while net profit dropped by 13.50% year-on-year to 1.857 billion yuan [1][2]. Revenue and Profit Analysis - In 2Q25, the revenue from Fenjiu was 7.18 billion yuan, up 0.56% year-on-year, while other liquor revenues were 220 million yuan, down 3.5% year-on-year. The company increased the distribution of its glass Fenjiu due to a weak overall consumption environment [2]. - The revenue from Shanxi province in 2Q25 was 2.65 billion yuan, down 5.3% year-on-year, while revenue from outside the province was 4.75 billion yuan, up 4% year-on-year, indicating increased distribution efforts for glass Fenjiu outside the province [2]. Profitability and Cost Structure - The product structure shift negatively impacted profitability, with gross margin decreasing by 3.2 percentage points to 71.9%. The net profit margin fell by 4 percentage points to 25% [2]. - Sales cash receipts in 2Q25 were 6.94 billion yuan, down 6.1% year-on-year, while contract liabilities at the end of the period were 5.98 billion yuan, up 4.4% year-on-year [2]. Future Outlook - The company is expected to relieve pressure starting in Q3, gradually returning to healthy development. The increase in channel inventory and the shift in product structure reflect growth pressures, but the brand and product advantages remain strong [3]. - The company anticipates that the second half of 2025 will focus on promoting a healthy market development after alleviating growth pressures [3]. Earnings Forecast and Valuation - Due to restrictions in dining and other consumption scenarios, the earnings forecast for 2025 and 2026 has been lowered by 10.5% and 11.8% to 11.7 billion yuan and 12.3 billion yuan, respectively. The target price remains at 228 yuan, corresponding to 24/23 times P/E for 2025/26, with a current price corresponding to 21/20 times P/E, indicating a potential upside of 15.4% [4].

Core Viewpoint - Shanxi Fenjiu (600809.SH) reported a revenue of 23.964 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.35% [1] - The net profit attributable to shareholders reached 8.505 billion yuan, with a year-on-year increase of 1.13% [1] - The company is actively implementing its national strategy 2.0, focusing on market expansion in key regions such as the Yangtze River Delta and Pearl River Delta [1] Financial Performance - Revenue for the first half of 2025: 23.964 billion yuan, up 5.35% year-on-year [1] - Net profit attributable to shareholders: 8.505 billion yuan, up 1.13% year-on-year [1] - Net profit excluding non-recurring gains and losses: 8.516 billion yuan, up 1.27% year-on-year [1] - Basic earnings per share: 6.9716 yuan [1] Strategic Initiatives - The company is advancing its nationalization strategy 2.0 [1] - Focus on market positioning with the themes "One Round Red Sun, Five Stars Brilliant, Fragrant World" [1] - Significant growth observed in high-potential regions such as the Yangtze River Delta and Pearl River Delta [1]

业绩简评 2025 年 8 月 28 日，公司披露 2025 年半年报，期内实现营收 239.6 亿元，同比+5.4%；归母净利 85.1 亿元，同比+1.1%。其中，25Q2 实现营收 74.4 亿元，同比+0.4%；归母净利 18.6 亿元，同比-13.5%。 业绩符合市场预期。 经营分析 营收拆分情况：1）产品端：25H1 汾酒/其他酒类分别实现营收 233.9/4.8 亿元，同比分别+5.8%/-10.5%；25Q2 分别实现营收 71.8/2.2 亿元，同比分别+0.6%/-3.5%。25Q2 公司毛利率同比 -3.2pct 至 71.9%。 2）区域端：25H1 省内/省外分别实现营收 87.3/151.4 亿元，同比 分别+4.0%/+6.1%，省外占比提升至 63%；25Q2 分别实现营收 26.5/47.5 亿元，同比分别-5.3%/+4.0%。25H1 末汾酒省内/省外 经销商较 25Q1 末分别-7/-250 家至 553/2613 家。 从报表结构来看：1）25Q2 归母净利率-4.0pct 至 25.0%，其中毛 利率同比-3.2pct，税金及附加占比同比+2.6pct，销售费用率/ ...

上 市 公 司 食品饮料 2025 年 08 月 28 日 山西汾酒 (600809) 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 197.61 | | 一年内最高/最低（元） | 240.78/147.01 | | 市净率 | 6.3 | | 股息率%（分红/股价） | 3.07 | | 流通 A 股市值（百万元） | 241,077 | | 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） | 29.40 | | 资产负债率% | 35.80 | | 总股本/流通 A 股（百万） | 1,220/1,220 | | 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 04-3 ...

8月28日山西汾酒大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 1.70 | 368.56 | 216.80 | 9.71 | 东北证券股份有限公司上海 | 粤开证券股份有限公 | | | | | | 北艾路证券营业部 | 司深圳分公司 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 山西汾酒8月28日大宗交易平台出现一笔成交，成交量1.70万股，成交金额368.56万元，大宗交易成交价 为216.80元，相对今日收盘价溢价9.71%。该笔交易的买方营业部为东北证券股份有限公司上海北艾路 证券营业部，卖方营业部为粤开证券股份有限公司深圳分公司。 证券时报·数据宝统计显示，山西汾酒今日收盘价为197.61元，下跌0.67%，日换手率为0.64%，成交额 为15.34亿元，全天主力资金净流入5221.96万元，近5日该股累计上涨1.65%，近5日资金合计净流入 ...

Core Viewpoint - The news highlights various companies' financial performances, stock movements, and strategic decisions, indicating a mixed outlook across different sectors. Performance Summary - Anta Sports clarified it is not a potential acquirer of Canada Goose Holdings [3] - Lianyi Intelligent Manufacturing reported normal operations with no undisclosed significant matters [3] - Huon Electric's robot business is still in the R&D phase and has not generated revenue [3] - Tianfu Communication and Longyang Electronics both reported normal operations with no undisclosed significant matters [3] - Cambrian Technology expects annual revenue of 5 billion to 7 billion yuan in 2025 [3] - CITIC Securities reported a net profit of 13.719 billion yuan for the first half, up 29.8% year-on-year [3] - SMIC's net profit for the first half was 321 million USD, a 35.6% increase year-on-year [3] - Zhongwei Company reported a net profit of 706 million yuan, up 36.62% year-on-year [3] - Wancheng Group's net profit surged 50358.8% to 472 million yuan in the first half [3] - China Galaxy's net profit increased by 47.86% year-on-year, proposing a dividend of 1.25 yuan per 10 shares [3] - Zhujiang Beer reported a net profit of 612 million yuan, up 22.51% year-on-year [3] - Yili Group's net profit decreased by 4.39% to 7.2 billion yuan [3] - Zhongke Titanium White's net profit fell by 14.83% to 259 million yuan [3] - Huasheng Tiancheng turned a profit with a net profit of 140 million yuan [3] - Li Auto's second-quarter revenue totaled 30.2 billion yuan, down 4.5% year-on-year but up 16.7% quarter-on-quarter [3] - Bull Group's net profit decreased by 8% to 2.06 billion yuan [3] - Nanshan Aluminum reported a net profit of 2.625 billion yuan, proposing a dividend of 0.4 yuan per 10 shares [3] - Shuijingfang's net profit fell by 56.52% to 105 million yuan [3] - Huaneng International's net profit increased by 13.15% to 3.904 billion yuan [3] - SAIC Group's net profit decreased by 9.21% to 6.018 billion yuan [3] - SF Holding's net profit increased by 19.4% year-on-year, proposing a dividend of 4.6 yuan per 10 shares [3] - Zhongke Shuguang's net profit increased by 29.39% to 729 million yuan [3] - Shanxi Fenjiu's net profit increased by 1.13% to 8.505 billion yuan [3] - Haier Smart Home reported a net profit of 12.033 billion yuan, proposing a dividend of 2.69 yuan per 10 shares [3] - China State Construction's net profit increased by 3.2% to 30.404 billion yuan [3] - CITIC Construction Investment's net profit was 4.509 billion yuan, proposing a dividend of 1.65 yuan per 10 shares [3] - New China Life Insurance's net profit increased by 33.5% to 14.799 billion yuan [3] - China Southern Airlines reported a loss of 1.533 billion yuan in the first half [3] - Sanhuan Group's net profit increased by 20.63% to 1.237 billion yuan [3] - Yingshi Innovation's net profit increased by 0.25% to 520 million yuan [3] - ZTE's net profit decreased by 11.77% to 5.058 billion yuan [3] - Changxin Bochuang's net profit surged 1121.21% to 168 million yuan [3] Buyback and Shareholding Changes - Spring Airlines plans to repurchase shares worth 300 million to 500 million yuan [4] - Shenzhen Ruijie plans to repurchase 500,000 to 600,000 shares [4] - Haotong Technology's actual controller plans to reduce holdings by up to 3% [4] - Aojie Technology's shareholder Alibaba Network plans to reduce holdings by up to 3% [4] - Chunzong Technology's chairman plans to reduce holdings by up to 2.053% [4] - Zhejiang Shibao's controlling shareholder plans to reduce holdings by up to 2% [4] Contracts and Major Investments - Zhongding Co. signed a strategic cooperation agreement with the Baohe District government for the robotics industry [4] - Tongda Co. is pre-awarded a 122 million yuan procurement project by the State Grid [4] - Runjian Co. won a 392 million yuan project for green power supply in Ulanqab, Inner Mongolia [4] - Dash Intelligent signed a smart project contract for Hualun Century Plaza [4] - Huakang Clean signed a pre-award for a 136 million yuan medical purification project [4] - Shunyu Co. plans to establish a smart water management subsidiary [4] - Guanzhong Ecology plans to invest in a seedling breeding base in Kyrgyzstan [4] Mergers and Acquisitions - Beixin Building Materials intends to acquire 100% equity of an overseas building materials company [4] - Chip Origin plans to purchase equity in Chip Lai Zhirong, with stock suspension starting tomorrow [4] - Kaifa Electric plans to acquire 80% equity of Ouli Power Network for 52 million yuan [4] Other Developments - Jinghe Integration plans to issue H-shares and list on the Hong Kong Stock Exchange [4] - Huahai Qingke plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange [4] - Fuhanwei plans to issue H-shares and list on the Hong Kong Stock Exchange [4]