Core Insights - The liquor industry is experiencing continued pressure in 2025, with intensified competition and a trend towards industry concentration and differentiation [1][2] - Shanxi Fenjiu reported a revenue of 23.964 billion yuan, a year-on-year increase of 5.35%, and a net profit of 8.505 billion yuan, a year-on-year increase of 1.13% for the first half of 2025, showcasing resilience in a declining market [1][2] Company Performance - Shanxi Fenjiu has strengthened its supply chain resilience by establishing backup procurement channels for raw materials and optimizing logistics and procurement mechanisms [1] - The company is accelerating its core capacity layout and advancing projects such as the "2030" production and storage capacity and Fenqing original liquor base [1] - A comprehensive budget management system has been successfully deployed to enhance digital transformation and management efficiency [1] Market Strategy - The company is actively expanding its national layout through the Nationalization 2.0 strategy, focusing on key regions like the Yangtze River Delta and Pearl River Delta, which are showing high growth [2] - Shanxi Fenjiu's sales revenue from agency channels reached 22.519 billion yuan, a year-on-year increase of 7.17%, with provincial and out-of-province sales revenues of 8.732 billion yuan and 15.143 billion yuan, respectively [2] - The number of distributors in Shanxi province increased to 553, while out-of-province distributors rose to 2,613, indicating a robust expansion strategy [2] Industry Context - The liquor industry has shifted from rapid growth to a phase of deep differentiation, with Shanxi Fenjiu's positive growth reflecting its resilience amid overall industry slowdown [3] - The company emphasizes stability over speed in its marketing strategy for 2025, focusing on price stability and channel management while optimizing structure instead of pursuing aggressive scale [3] - The implementation of a direct supply system to 2 million paid terminals has enhanced profitability for distributors, driving enthusiasm for sales in key regions [3]

Group 1 - The food and beverage sector continues to experience a pullback, with the Food ETF (515710) showing a decline of 0.31% at the close after a drop of nearly 2% during the day [1][3] - Major consumer goods stocks, particularly leading liquor brands, have also performed poorly, with companies like Qianhe Flavor, Miaokelando, and others dropping over 3% [3] - The launch of three Moutai cultural experience centers in Xinjiang and Zhengzhou is seen as a strategic move to deepen market penetration in the northwest and central regions, enhancing consumer engagement and cultural marketing [3] Group 2 - The current valuation of the food and beverage sector is considered low, with the food index's price-to-earnings ratio at 20.8 times, indicating a favorable long-term investment opportunity [4] - Analysts from Ping An Securities suggest that the liquor sector is stabilizing, with expectations for increased consumption during the upcoming Mid-Autumn Festival and National Day [5] - Huashang Securities notes that the liquor demand has been under pressure since the second quarter, but the marginal impact of policies is expected to diminish, setting a foundation for recovery [5] Group 3 - The Food ETF (515710) is recommended for investment, with approximately 60% of its portfolio allocated to leading high-end and mid-range liquor stocks, and nearly 40% in other beverage and dairy segments [5] - The top ten weighted stocks in the ETF include major brands like Moutai, Wuliangye, and Yili, indicating a strong focus on established market leaders [5]

Core Viewpoint - Shanxi Fenjiu reported stable revenue growth in the first half of 2025, achieving operating income of 23.964 billion yuan, a year-on-year increase of 5.35%, and a net profit attributable to shareholders of 8.505 billion yuan, up 1.13% [2][3] Revenue Performance - The company maintained its position among the top three in the liquor industry, further solidifying its relative advantage [3] - In Q2 2025, revenue was 7.441 billion yuan, with a year-on-year growth of 0.45%, while net profit dropped by double digits [3] - Total revenue for the first half of 2025 reached 23.875 billion yuan, compared to 22.659 billion yuan in the same period of 2024, indicating a positive growth trend [5] Regional Distribution - Revenue from outside Shanxi exceeded 15.1 billion yuan, growing by 6.15%, which outpaced the 4.04% growth from within Shanxi [3][5] - Over 60% of the company's revenue now comes from outside Shanxi, reflecting successful market expansion efforts [3] Strategic Initiatives - The management emphasized the implementation of the Nationalization 2.0 strategy, focusing on market penetration in regions like the Yangtze River Delta and Pearl River Delta [7] - The number of distributors outside Shanxi surpassed 3,200, indicating a robust distribution network [7] Product Performance - Main products, particularly Fenjiu, continued to grow, with a revenue increase of 5.75% in the first half of 2025 [7] - The company has adopted a strategy to control the volume of certain products while increasing the volume of others, which has positively impacted brand pricing [7] Future Outlook - The company has a significant "reservoir" of potential, with a contract liability balance of 5.983 billion yuan at the end of the first half, marking a new high for the same period [7]

21世纪经济报道记者肖夏 8月28日傍晚，山西汾酒（600809）披露半年报：2025年上半年实现营业收入239.64亿元，同比增长5.35%；实现归母净利润85.05亿元，同比增长1.13%。 可以确定，山西汾酒上半年营收体量稳定在白酒行业前三，并且进一步巩固了相对优势。 按照汾酒的规划，2025年汾酒进入复兴纲领第二阶段，目标是全要素、高质量、又好又快扎根中国酒业第一方阵，并将汾酒打造为全球有影响力的酒类品 牌。 二季度以来，白酒消费形势更为严峻，汾酒也出现降速。其二季度实现营收74.41亿元，同比增长0.45%；实现归母净利润18.57亿元，出现两位数下降。 但过去几年汾酒在省外市场的布局，在此时展现出了效果。 21世纪经济报道记者注意到，上半年其省外收入超过151亿元，同比增长6.15%，增速快于省内(同比增长4.04%)。汾酒目前超过六成的收入是来自山西省 外。 展望下半年，汾酒的"蓄水池"还有空间。上半年结束，其合同负债余额为59.83亿元，再创同期新高。 | 地区分布 | 2025 年 1-6 月 | 2024 年 1-6 月 | 增减变动幅 | | --- | --- | --- | --- ...

二季度以来，白酒消费形势更为严峻，汾酒也出现降速。其二季度实现营收74.41亿元，同比增长 0.45%；实现归母净利润18.57亿元，出现两位数下降。 21世纪经济报道记者肖夏 8月28日傍晚，山西汾酒披露半年报：2025年上半年实现营业收入239.64亿元，同比增长5.35%；实现归 母净利润85.05亿元，同比增长1.13%。 可以确定，山西汾酒上半年营收体量稳定在白酒行业前三，并且进一步巩固了相对优势。 按照汾酒的规划，2025年汾酒进入复兴纲领第二阶段，目标是全要素、高质量、又好又快扎根中国酒业 第一方阵，并将汾酒打造为全球有影响力的酒类品牌。 但过去几年汾酒在省外市场的布局，在此时展现出了效果。 21世纪经济报道记者注意到，上半年其省外收入超过151亿元，同比增长6.15%，增速快于省内（同比 增长4.04%）。汾酒目前超过六成的收入是来自山西省外。 | 地区分布 | 2025年1-6月 | 2024年1-6月 | 增减变动幅度(%) | | --- | --- | --- | --- | | | 销售收入 | 销售收入 | | | 省内 | 873. 231. 23 | 839, 354. 88 ...

格隆汇8月28日丨山西汾酒(600809.SH)公布2025年半年报，报告期公司营业收入为239.6亿元，同比上升 5.4%；归母净利润为85.1亿元，同比上升1.2%；扣非归母净利润为85.2亿元，同比上升1.3%。 公司在2025年半年度报告中指出，主要业务未发生变化，仍专注于汾酒、竹叶青酒及杏花村酒的生产与 销售。公司继续作为清香型白酒的标准制定者之一，保持其在行业中的领先地位。报告期内，公司通过 市场调研与消费者需求分析，推动了产品研发和体验式营销。 ...

财报数据显示，上半年山西汾酒旗下汾酒、其他酒类分别实现销售收入233.91亿元、4.84亿元，同比提 升5.75%、-10.55%。从销售区域来看，上半年山西汾酒省内、省外分别实现销售收入87.32亿元、151.43 亿元，同比提升4.04%、6.15%。 北京商报讯（记者 刘一博 冯若男）8月28日，山西杏花村汾酒厂股份有限公司（以下简称"山西汾酒"） 发布《2025年半年度报告》显示，上半年公司实现营业收入239.64亿元，同比提升5.35%；实现归属于 上市公司股东的净利润为85.05亿元，同比提升1.13%。 ...

格隆汇8月28日｜山西汾酒2025年上半年核心经营指标实现稳健增长，盈利能力与财务结构保持良好态 势。上半年，公司实现营收239.64亿元，同比增长5.35%，归母净利润 85.05亿元，同比增长1.13%。上 半年公司聚焦高质量发展，在治理优化、产能建设、科技创新及文化赋能、全国化市场布局成效显著。 其中长三角、珠三角区域高速增长，5项科研成果达到国际领先水平，推动数字化管理落地，夯实高质 量发展底盘。 ...

人民财讯8月28日电，山西汾酒（600809）8月28日晚间披露半年报，2025年上半年，公司实现营业收入 239.64亿元，同比增长5.35%；归属于上市公司股东的净利润85.05亿元，同比增长1.13%；基本每股收 益6.9716元。 ...

一、董事会会议召开情况 证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-020 山西杏花村汾酒厂股份有限公司 第八届董事会第七十六次会议决议公告 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。 3.会议审议通过《关于修订公司其他治理制度的议案》；（其中， 《独立董事工作制度》《关联交易管理办法》尚需股东大会审议） 同意票 9 票，反对票 0 票，弃权票 0 票。 1 特此公告 公司于2025年8月15日以书面和电子邮件方式向全体董事发出关 于召开第八届董事会第七十六次会议的通知。会议于2025年8月27日 以会签方式召开，应出席董事9人，实际出席董事9人。会议的召开、 表决程序符合《公司法》、公司《章程》和《董事会议事规则》的规 定，合法有效。 二、董事会会议审议情况 1.会议审议通过公司《2025 年半年度报告》及其摘要；（详见 上海证券交易所网站 www.sse.com.cn） 本事项已经公司审计委员会审议通过。 同意票 9 票，反对票 0 票，弃权票 0 票。 2.会议审议通过《关于修订公司<章程> ...