Core Viewpoint - Shanxi Fenjiu reported a slight increase in revenue for Q3 2025, but a decline in net profit compared to the previous year [2] Financial Performance - In Q3 2025, the company achieved an operating income of 8.96 billion yuan, representing a year-on-year growth of 4.05% [2] - The net profit attributable to shareholders was 2.899 billion yuan, showing a year-on-year decrease of 1.38% [2] - Basic earnings per share for Q3 2025 were 2.38 yuan [2] Year-to-Date Performance - For the first three quarters of 2025, the company reported an operating income of 32.924 billion yuan, which is a year-on-year increase of 5% [2] - The net profit attributable to shareholders for the first three quarters was 11.405 billion yuan, reflecting a year-on-year growth of 0.48% [2] - Basic earnings per share for the first three quarters were 9.35 yuan [2]

Core Viewpoint - The liquor sector shows signs of demand recovery, with market expectations for performance and pricing becoming more optimistic, leading to potential valuation improvements as demand enhances [1] Industry Summary - The Shanghai Composite Index opened at 4018.86 points, up 0.06%, while the liquor sector closed at 2260.38 points, up 0.39% [1] - Guizhou Moutai's stock price closed at 1429.61 CNY per share, down 0.16%; Wuliangye closed at 118.95 CNY, up 0.10%; Shanxi Fenjiu closed at 190.21 CNY, up 1.95%; Luzhou Laojiao closed at 131.06 CNY [1] - Guizhou Moutai and Wuliangye are key players in the sector, with their stock performance reflecting broader market trends [1] Company Summary - According to Guosen Securities, the industry is experiencing a recovery in demand, particularly noted during the recent holiday sales [1] - The market is sensitive to policy expectations and liquidity improvements, with valuations likely to recover alongside demand [1]

人民财讯10月30日电，山西汾酒（600809）10月30日发布2025年三季报，公司第三季度营业收入89.6亿 元，同比增长4.05%；净利润28.99亿元，同比下降1.38%。2025年前三季度营业收入329.24亿元，同比 增长5%；净利润114.05亿元，同比增长0.48%。 ...

Core Viewpoint - Shanxi Fenjiu reported a revenue of 32.924 billion for the first three quarters of 2025, reflecting a year-on-year growth of 5% [1] - The net profit attributable to shareholders for the same period was 11.405 billion, showing a slight increase of 0.48% year-on-year [1] Financial Performance Summary - Revenue for Q3 2025 reached 8.96 billion, marking a year-on-year increase of 4.05% [1] - Net profit attributable to shareholders in Q3 2025 was 2.899 billion, which represents a year-on-year decline of 1.38% [1]

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-029 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。 山西杏花村汾酒厂股份有限公司 2025年前三季度经营数据公告 3.按地区分类情况 二、经销商变动情况 | 地区分 布 | 产品种类 | 报告期末经销商 | 期初至报告期末经 | 期初至报告期末经 | | --- | --- | --- | --- | --- | | | | 数量（户） | 销商增加数量（户） | 销商减少数量（户） | | 省内 | 汾酒 | 572 | 22 | 7 | | | 其他酒类 | 225 | 56 | 109 | | 省外 | 汾酒 | 2872 | 223 | 206 | | | 其他酒类 | 690 | 283 | 456 | 1.按产品分类情况 2.按销售渠道分类情况 单位：万元 币种：人民币 | 渠道类型 | 2025 年 | | 1-9 | 月 | 2024 年 1-9 月 | 增减变动 | | | --- | --- | --- | --- | --- | - ...

Financial Performance - The company's operating revenue for the third quarter reached ¥8,960,447,604.09, representing a year-on-year increase of 4.05%[4] - The total profit for the quarter was ¥3,971,035,642.55, showing a slight increase of 0.85% compared to the same period last year[4] - The net profit attributable to shareholders was ¥2,899,431,789.53, which is a decrease of 1.38% year-on-year[4] - Total operating revenue for the first three quarters of 2025 reached ¥32.92 billion, an increase of 4.99% compared to ¥31.36 billion in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥11.45 billion, a slight increase of 0.78% from ¥11.36 billion in 2024[20] - The company reported a total profit of ¥15.41 billion for the first three quarters of 2025, compared to ¥15.24 billion in 2024, reflecting a growth of 1.16%[20] Cash Flow and Assets - The cash flow from operating activities for the year-to-date period was ¥8,982,107,362.78, reflecting a decrease of 21.45% compared to the previous year[5] - Cash flow from operating activities generated a net amount of ¥8.98 billion, down 21.43% from ¥11.43 billion in 2024[22] - Cash flow from investment activities showed a net inflow of ¥3.76 billion, significantly up from ¥1.40 billion in the previous year[23] - Cash and cash equivalents at the end of the period totaled ¥11.28 billion, an increase from ¥10.93 billion at the end of 2024[23] - The company's cash and cash equivalents increased significantly to RMB 11.31 billion from RMB 6.28 billion, representing a growth of approximately 80.45%[14] - Total assets at the end of the reporting period amounted to ¥54,550,849,056.82, an increase of 1.97% from the end of the previous year[5] Shareholder Equity - The equity attributable to shareholders increased by 11.58% year-on-year, reaching ¥38,779,847,796.72[5] - The equity attributable to shareholders increased to RMB 38.78 billion from RMB 34.75 billion, reflecting a growth of approximately 11.5%[16] - The total number of ordinary shareholders at the end of the reporting period was 79,985[9] Costs and Expenses - Total operating costs increased to ¥17.63 billion, up 8.33% from ¥16.28 billion year-over-year[19] - Tax expenses for the first three quarters of 2025 were ¥3.96 billion, an increase from ¥3.88 billion in the same period last year[20] - The company's research and development expenses increased to ¥122.47 million, up from ¥101.72 million in 2024, indicating a focus on innovation[19] Other Financial Metrics - The basic earnings per share for the quarter was ¥2.38, down by 1.24% from the same period last year[5] - Earnings per share for the first three quarters of 2025 was ¥9.35, compared to ¥9.30 in the same period last year[20] - The weighted average return on equity for the quarter was 8.05%, an increase of 1.17 percentage points year-on-year[5] Changes in Liabilities and Investments - Total liabilities decreased to RMB 15.27 billion from RMB 18.29 billion, a reduction of approximately 16.5%[16] - The long-term equity investments increased to RMB 110.72 million from RMB 95.60 million, a growth of approximately 15.77%[14] - The company reported a significant increase in other receivables, which decreased to RMB 19.88 million from RMB 33.12 million, indicating a reduction of approximately 40.06%[14] Accounting Standards - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of the year[24]

Core Viewpoint - The liquor industry is experiencing a recovery in demand, with market expectations for performance and pricing becoming more optimistic, leading to a potential valuation recovery as supply-demand dynamics improve [1] Industry Summary - The Shanghai Composite Index rose by 0.06% to 4018.86 points on October 30, with the liquor sector closing at 2260.38 points, up 0.39% [1] - Guizhou Moutai's stock price closed at 1429.61 CNY per share, down 0.16%; Wuliangye closed at 118.95 CNY, up 0.10%; Shanxi Fenjiu closed at 190.21 CNY, up 1.95%; Luzhou Laojiao closed at 131.06 CNY, up 0.92%; and Yanghe Brewery closed at 71.16 CNY, up 2.55% [1] - Guizhou Moutai and Wuliangye showed slight declines, while Shanxi Fenjiu, Luzhou Laojiao, and Yanghe Brewery experienced notable gains [1] Company Summary - Guizhou Moutai's stock performance indicates a slight decline, reflecting market adjustments [1] - Wuliangye's minor increase suggests stable demand amidst market fluctuations [1] - The overall performance of liquor companies indicates a mixed response to market conditions, with some companies showing resilience and growth [1]

Core Insights - Shanxi Fenjiu reported Q3 revenue of 8.96 billion, a year-on-year increase of 4.05% while net profit was 2.899 billion, a year-on-year decrease of 1.38% [1] - For the first three quarters, revenue reached 32.924 billion, reflecting a year-on-year growth of 5.00%, and net profit was 11.405 billion, showing a year-on-year increase of 0.48% [1] Financial Performance - Q3 revenue: 8.96 billion, up 4.05% year-on-year [1] - Q3 net profit: 2.899 billion, down 1.38% year-on-year [1] - Year-to-date revenue: 32.924 billion, up 5.00% year-on-year [1] - Year-to-date net profit: 11.405 billion, up 0.48% year-on-year [1]

Core Insights - The liquor sector experienced a slight decline of 0.09% on October 30, with Huangtai Liquor leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Liquor Sector Performance - Notable gainers in the liquor sector included: - Macau Sina: Closed at 40.08, up 2.59% with a trading volume of 137,600 shares and a transaction value of 556 million [1] - ST Yanshi: Closed at 5.67, up 2.35% with a trading volume of 51,300 shares and a transaction value of 29.27 million [1] - Yanghe Distillery: Closed at 70.82, up 2.06% with a trading volume of 81,100 shares and a transaction value of 574 million [1] - Other companies like Kweichow Moutai and Wuliangye saw minor declines of 0.36% and 0.30% respectively [2] Capital Flow Analysis - The liquor sector saw a net outflow of 586 million from institutional investors, while retail investors contributed a net inflow of 65.5 million [2] - Major stocks with significant capital inflows included: - Yingjia Gongjiu: Net inflow of 52.03 million from institutional investors [3] - Luzhou Laojiao: Net inflow of 37.36 million from institutional investors [3] - Conversely, stocks like Yanghe Distillery and Kweichow Moutai experienced net outflows from both institutional and retail investors [3]

Group 1 - The food and beverage sector experienced a significant reversal on October 30, with the Food ETF (515710) opening lower but then rising to a gain of 0.33% as of the report [1] - Notable stocks in the sector included strong performances from liquor brands, with companies like Yingjia Gongjiu and Tangchen Beijian both rising over 4%, and New Dairy rising over 3% [1] - Guizhou Moutai reported a total revenue of 130.904 billion yuan for the first nine months of the year, a year-on-year increase of 6.32%, with a net profit of 64.626 billion yuan, also reflecting a growth of 6.25% [2][3] Group 2 - Huatai Securities highlighted that the food and beverage sector is currently at a low valuation, making it a potentially good time for investment, with the Food ETF's price-to-earnings ratio at 19.99, which is in the 4.7% percentile of the last decade [3] - Guizhou Moutai's third-quarter revenue reached 39.81 billion yuan, showing a slight year-on-year increase of 0.35%, indicating stable performance amidst market fluctuations [2][3] - The food and beverage sector is expected to enter a recovery phase as consumer policies from the second quarter begin to wane, with signs of improved supply chain dynamics and industry consolidation [4]