Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the current market environment and a need for strategic adjustments to maintain growth [1][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 3.16 billion yuan, a year-on-year decrease of 16.9% - The net profit attributable to shareholders was 1.13 billion yuan, down 18.2% year-on-year - The net profit after deducting non-recurring items was 1.09 billion yuan, a decline of 19.9% year-on-year - For Q2 2025, revenue was 1.11 billion yuan, down 23.8% year-on-year, with net profit at 302 million yuan, a decrease of 35.2% year-on-year [1][4]. Product and Regional Performance - In Q2 2025, revenue from high-end and regular white liquor was 817 million yuan and 210 million yuan, respectively, representing declines of 23.6% and 32.9% year-on-year - The revenue share of high-end white liquor increased by 2.19 percentage points to 79.5% - Revenue from domestic and foreign regions in Q2 2025 was 730 million yuan and 296 million yuan, down 20.3% and 36.4% year-on-year, respectively - The number of domestic and foreign distributors increased by 3 and 1, respectively, compared to Q1 2025 [2][4]. Cost and Profitability - The gross profit margin for the first half of 2025 was 73.6%, an increase of 0.18 percentage points year-on-year, while Q2 2025 gross profit margin was 68.3%, a decrease of 2.62 percentage points year-on-year - The sales, management, and R&D expense ratios for Q2 2024 were 13.4%, 5.5%, and 1.3%, respectively, with year-on-year increases of 3.43, 2.01, and 0.05 percentage points - The net profit margin for Q2 2024 was 27.1%, down 4.63 percentage points year-on-year [3][4]. Strategic Outlook - The company is focusing on consolidating core markets in the short term, differentiating competition and regional expansion in the medium term, and enhancing brand value through a "Cultural Welcome Strategy" in the long term - The company aims to maintain a healthy channel inventory by controlling shipment pace and expects stable growth in 2025 due to macroeconomic recovery and low base effects from the previous year - Revenue projections for 2025 and 2026 are 6.31 billion yuan and 6.70 billion yuan, with year-on-year changes of -14.0% and +6.1%, respectively [4].

Group 1 - Sichuan Gold achieved a net profit of 209 million yuan in the first half of 2025, a year-on-year increase of 48.41% [1] - Hai Xin Co. reported a net profit of 108 million yuan, up 5.62% year-on-year, despite a revenue decline of 8.35% [1] - Shanhe Pharmaceutical Auxiliary's net profit decreased by 2.61% to 93.04 million yuan, with a revenue increase of 4.65% [2] Group 2 - Donghua Software's net profit fell by 15.78% to 244 million yuan, with a slight revenue decline of 1.76% [2] - Zhongyuan Haike reported a significant net profit drop of 91.21% to 9.83 million yuan, alongside a revenue decrease of 9.97% [3] - Xingxin New Materials experienced a net profit decline of 21.72% to 33.64 million yuan, with a minimal revenue growth of 0.02% [4] Group 3 - Longban Media's net profit increased by 13.28% to 120 million yuan, despite a revenue drop of 24.01% [6] - Guangge Technology reported a net loss of 31.38 million yuan, worsening from a loss of 20.17 million yuan in the previous year, with a revenue increase of 71.44% [7] - Ge Ke Wei's net profit decreased by 61.59% to 29.76 million yuan, despite a revenue growth of 30.33% [8] Group 4 - Shaoyang Hydraulic's net profit fell by 31.68% to 7.11 million yuan, with a revenue decline of 12.84% [9] - Qianjiang Biochemical achieved a net profit of 107 million yuan, a year-on-year increase of 30.24%, despite a revenue decline of 9.64% [10] - Jianhui Information's net profit dropped by 82.99% to 502.52 million yuan, with a revenue increase of 9.03% [11] Group 5 - Nobon Co. reported a net profit of 65.33 million yuan, up 48.33% year-on-year, with a revenue increase of 33.35% [12] - Proya's net profit increased by 13.80% to 799 million yuan, with a revenue growth of 7.21% [13] - Huayuan Holdings reported a net loss of 22.48 million yuan, improving from a loss of 39.2 million yuan in the previous year, with a revenue decline of 94.74% [15] Group 6 - Chihong Zn & Ge's net profit increased by 3.27% to 932 million yuan, with a revenue growth of 7.67% [17] - Dae Oriental's net profit decreased by 45.33% to 59.04 million yuan, with a revenue decline of 5.20% [19] - Zhongnong Lihua's net profit fell by 10.06% to 142 million yuan, despite a revenue increase of 3.27% [20] Group 7 - Triangle Tire's net profit decreased by 35.31% to 396 million yuan, with a revenue decline of 4.50% [21] - Lianchuang Optoelectronics reported a net profit of 263 million yuan, up 15.18% year-on-year, with a revenue increase of 6.51% [22] - Taijing Technology's net profit fell by 61.59% to 22.04 million yuan, despite a revenue growth of 16.73% [23] Group 8 - Congsheng Co. announced plans to establish a wholly-owned subsidiary with an investment of 5 million yuan [24] - Yilian Network's net profit decreased by 8.84% to 1.24 billion yuan, with a slight revenue decline of 0.64% [25] - Weichuang Electric's net profit increased by 4.87% to 141 million yuan, with a revenue growth of 16.39% [26] Group 9 - Liuyuan Chemical reported a net loss of 149 million yuan, worsening from a profit of 29.37 million yuan in the previous year, with a revenue increase of 3.10% [28] - Luxshare Precision achieved a net profit of 6.644 billion yuan, a year-on-year increase of 23.13%, with a revenue growth of 20.18% [29] - Jiangfeng Electronics reported a net profit of 253 million yuan, up 56.79% year-on-year, with a revenue increase of 28.71% [30] Group 10 - Hongqiao Technology reported a net loss of 22.97 million yuan, worsening from a profit of 21.96 million yuan in the previous year, with a revenue decline of 11.76% [31] - Hong Sifang's net profit decreased by 47.10% to 43.97 million yuan, with a revenue decline of 8.18% [32] - Huaxia Happiness reported a net loss of 6.827 billion yuan, worsening from a loss of 4.849 billion yuan in the previous year, with a revenue decline of 50.90% [35] Group 11 - Watson Bio's net profit decreased by 74.69% to 43.16 million yuan, with a revenue decline of 19.47% [37] - Huayang Lianzhong's controlling shareholder plans to increase its stake by 1% to 2% [39] - Lanhua Ketech's net profit decreased by 89.58% to 57.48 million yuan, with a revenue decline of 26.05% [41] Group 12 - Aike Optoelectronics reported a net profit increase of 127.40% to 36.04 million yuan, with a revenue growth of 64.39% [43] - Guojia Automobile's net profit decreased by 14.32% to 21.3 million yuan, with a revenue decline of 11.64% [44] - Yingjia Gongjiu's net profit decreased by 18.19% to 1.13 billion yuan, with a revenue decline of 16.89% [46] Group 13 - China Shipbuilding Technology reported a net loss of 574 million yuan, worsening from a loss of 81.71 million yuan in the previous year, with a revenue increase of 30.79% [48] - Dayang Electric's net profit increased by 34.41% to 602 million yuan, with a revenue growth of 7.66% [49] - Shoukai Co. reported a net loss of 1.839 billion yuan, improving from a loss of 1.948 billion yuan in the previous year, with a revenue increase of 105.19% [51]

证券研究报告 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 8 月 | 26 日│中国内地 | | 饮料 | 目标价(人民币): | 59.02 | | 公司发布 总营收/归母净利/扣非净利 | 2025 年半年报，25H1 | | 31.6/11.3/10.9 | 龚源月 | 研究员 | | 亿，同比 25Q2 /归母净利 | -16.9%/-18.2%/-19.9% ； | 总 营 收 | /扣 非 净 利 | SAC No. S0570520100001 SFC No. BQL737 | gongyuanyue@htsc.com +(86) 21 2897 2228 | | 年上半年中高档酒业绩表 11.1/3.0/2.8 亿，同比-24.1%/-35.2%/-40.2%。25 | | | | | | | | | | | 宋英男 | 研究员 | 迎驾贡酒 (603198 CH) Q2 需求承压，省内经营更优 2025 年 8 月 26 日│中国内地 饮料 SAC No. S05705 ...

Core Viewpoint - The company has released its 2025 mid-year report, showing a significant decline in revenue and net profit, with a focus on inventory clearance in the mid-to-low-end liquor segment while maintaining stability in the cave-aged liquor category [2][4]. Financial Performance - For the first half of 2025, the company's revenue and net profit attributable to shareholders decreased by 16.9% and 18.2% year-on-year, respectively. In Q2 alone, revenue and net profit fell by 24.1% and 35.2% year-on-year [2]. - The liquor revenue for the first half of 2025 dropped by 17.4% year-on-year, with Q1 and Q2 showing declines of 12.3% and 25.7%, respectively, indicating a worsening trend in Q2 [2]. - The net profit margin in Q2 2025 decreased by 4.7 percentage points to 27.1%, primarily due to a 2.6 percentage point drop in gross margin [3]. Product and Market Strategy - The company is intensifying inventory clearance efforts for mid-to-low-end products, particularly the Jin Yin Xing brand, while the cave-aged series is expected to see only a slight decline [2]. - The company plans to update and upgrade products priced below 100 yuan, as these products are becoming outdated [2]. - The company is focusing on deepening channel management and product adjustments, emphasizing the core cave-aged products while optimizing the Jin Yin Xing and general liquor product lines [3]. Future Outlook - The company anticipates a gradual expansion in the 100-300 yuan price range for Anhui liquor, with expectations for a recovery in growth after the mid-to-low-end liquor clearance in 2025 [4]. - Adjusted net profit forecasts for 2025, 2026, and 2027 are 21.7 billion, 23.5 billion, and 27.1 billion yuan, respectively, with a current price-to-earnings ratio of 17/16/14 times [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing a significant decline in revenue and net profit in the first half of 2025, with a year-on-year decrease of 16.9% in revenue and 18.2% in net profit. The second quarter saw even steeper declines, with revenue down 24.1% and net profit down 35.2% [7] - The company is focusing on clearing out mid-to-low-end liquor products while maintaining stability in its cave-aged series. The company plans to upgrade its product offerings as the current low-end products are aging [7] - The company is expected to benefit from the steady expansion of the Anhui liquor market in the 100-300 RMB price range, with a potential recovery in growth after the clearance of mid-to-low-end products [7] Financial Summary - Total revenue for 2023 is projected at 6,771 million RMB, with a year-on-year growth of 22.99%. However, a decline of 12.63% is expected in 2025, followed by a recovery in subsequent years [1] - The net profit attributable to the parent company is forecasted to be 2,282 million RMB in 2023, with a growth of 33.85%. A decline of 16.31% is anticipated in 2025, with a gradual recovery thereafter [1] - The latest diluted EPS is expected to be 2.85 RMB in 2023, decreasing to 2.71 RMB in 2025, before recovering to 3.38 RMB by 2027 [1] - The current P/E ratio is 16.50 for 2023, projected to rise to 17.38 in 2025, before decreasing to 13.91 by 2027 [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company has proactively adjusted its strategy since Q3 2024, increasing efforts to clear inventory in Q2 2025, which has led to a significant reduction in burdens. The core products, particularly the "Dongcang" series, are expected to see demand recovery in H2 2025 due to corrections in the "ban on alcohol" policy [1][6]. - The company reported a revenue of 3.16 billion yuan and a net profit of 1.13 billion yuan for H1 2025, reflecting a year-on-year decline of 16.9% and 18.0%, respectively. The Q2 2025 figures showed a more pronounced decline of 24.1% in revenue and 35.2% in net profit compared to the previous year [1][6]. - The report forecasts EPS for 2025, 2026, and 2027 to be 2.78 yuan, 3.07 yuan, and 3.35 yuan, respectively, with the current stock price corresponding to a PE ratio of 16.9 for 2025 [1][6]. Financial Data Summary - For 2023, the total revenue is projected at 6.72 billion yuan, with a year-on-year growth of 22%. The revenue is expected to decline by 10% in 2025, followed by a recovery of 7% and 6% in 2026 and 2027, respectively [2][15]. - The operating profit for 2023 is estimated at 3.01 billion yuan, with a growth rate of 32%. However, a decline of 15% is anticipated in 2025, followed by growth rates of 10% and 9% in the subsequent years [2][15]. - The net profit attributable to the parent company is expected to be 2.288 billion yuan in 2023, with a projected decline to 2.226 billion yuan in 2025, before recovering to 2.456 billion yuan and 2.680 billion yuan in 2026 and 2027, respectively [2][15]. Key Financial Ratios - The report indicates a gross margin of 73.6% for H1 2025, which is consistent with the previous year, while the net margin slightly decreased to 35.9% [1][6]. - The return on equity (ROE) for the company is reported at 23.9% [3][16]. - The debt-to-asset ratio stands at 22.1%, indicating a relatively low level of leverage [3][16].

Core Viewpoint - The company, Huijiao Gongjiu, reported a significant decline in both revenue and net profit for the first half of 2025, attributing this to a deep adjustment in the liquor industry driven by weak consumer demand and market conditions [1][2]. Financial Performance - The company achieved operating revenue of 3.16 billion yuan, a year-on-year decrease of 16.89% [1]. - The net profit attributable to shareholders was 1.13 billion yuan, down 18.19% year-on-year [1]. - Sales of mid-to-high-end liquor decreased by 5.87 billion yuan, while ordinary liquor sales fell by 2.17 billion yuan [2]. Market Dynamics - Revenue from the domestic market was 2.36 billion yuan, while revenue from outside the province was 625 million yuan, indicating a decline of over 30% in the external market [3]. - The liquor industry is undergoing a new round of policy adjustments and structural transformations, with a reported 5.8% decrease in the production of large-scale industrial liquor in the first half of 2025 [1]. Cost and Cash Flow - Sales expenses were 307 million yuan, a slight increase of 1.39%, while management expenses rose by 17.08% to 126 million yuan, primarily due to increased depreciation and amortization [3]. - Operating cash flow was 317 million yuan, nearly halving compared to the previous year, attributed to reduced cash receipts from sales [3]. Strategic Moves - The company plans to sell 100% of its subsidiary, Anhui Huijiao Business Hotel Co., Ltd., for 31.73 million yuan, focusing on its core liquor business [1][4]. - The hotel has been operating at a loss or marginal profit due to its remote location and low occupancy rates [6][8].

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025, reflecting challenges in the white liquor industry due to weak consumer demand [1] Financial Performance - The company's operating revenue for the first half of 2025 was 3.16 billion, a year-on-year decrease of 16.89% [1] - The net profit attributable to shareholders was 1.13 billion, down 18.0% year-on-year [1] - The net profit excluding non-recurring items was 1.09 billion, a decline of 19.9% year-on-year [1] - In Q2 2025, operating revenue was 1.11 billion, a decrease of 23.8% year-on-year [1] - The net profit attributable to shareholders in Q2 was 302 million, down 35.2% year-on-year [1] - The net profit excluding non-recurring items in Q2 was 277 million, a decline of 40.2% year-on-year [1] - Earnings per share (EPS) for Q2 was 0.3771 [1] Asset and Equity Position - As of the end of Q2, total assets were 12.582 billion, a decrease of 6.0% from the end of the previous year [1] - The net assets attributable to shareholders were 9.774 billion, down 0.7% from the end of the previous year [1] Industry Context - The report highlighted that the white liquor industry is undergoing a deep adjustment, with weak consumer demand impacting financial performance [1] Strategic Initiatives - The company is focusing on enhancing brand influence through the "Cultural Yingjia" brand upgrade and planning a series of activities [1] - Various marketing strategies are being implemented to improve market penetration [1] - The company is optimizing its organizational structure and promoting innovation in sales models [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a 16.9% year-on-year decline in total revenue for the first half of 2025, amounting to 3.16 billion yuan, and an 18.2% decrease in net profit attributable to shareholders, totaling 1.13 billion yuan. The second quarter of 2025 saw a more significant decline, with total revenue of 1.11 billion yuan, down 24.1% year-on-year, and net profit of 302 million yuan, down 35.2% year-on-year. The performance was below expectations [4][6] - The external demand environment remains under pressure, leading to a downward revision of profit forecasts for 2025-2027. The expected net profits for these years are 2.16 billion, 2.30 billion, and 2.52 billion yuan, respectively, reflecting year-on-year changes of -16.5%, 6.5%, and 9.3% [6] - The company’s high-end liquor sales were particularly affected, with a 25.7% year-on-year decline in revenue for the second quarter, primarily due to insufficient recovery in banquet and business scenarios [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 6.26 billion yuan, with a year-on-year decline of 14.7%. Net profit is expected to be 2.16 billion yuan, down 16.5% year-on-year. The earnings per share for 2025 is estimated at 2.70 yuan [5][6] - The gross profit margin for 2025 is forecasted to be 73.7%, with a return on equity (ROE) of 20.0% [5][6] - The company’s cash flow from operating activities for the second quarter of 2025 was negative 179 million yuan, compared to negative 36 million yuan in the same period last year [6]

业绩简评 2025年8月25日，公司披露25年半年报，期内实现营收31.6亿元，同比-16.9%；归母净利11.3亿元，同比-18.2%。25Q2实现营收11.1亿元，同比-24.1%；归母净利3.0亿元，同比-35.2 经营分析 盈利预测、估值与评级 我们预计25-27年收入分别-17.2%/+7.9%/+10.8%；归母净利分别-19.0%/+10.9%/+13.6%，对应归母净利分别21.0/23.3/26.4亿元；EPS为2.62/2.91/3.30元，公司股票现价对应P 风险提示 省外拓展不及预期；洞藏系列动销不及预期；区域市场竞争加剧；行业政策风险。 从营收结构来看，分产品&分区域情况延续此前趋势，单Q2景气冲击下洞藏系列为主的中高档白酒下滑幅度扩大、安徽省内趋势相似。1)分产品看：25H1中高档/普通酒分别实现营收25.4/4.5 报表结构层面：1)25Q2归母净利率同比-4.6pct至27.1%，其中毛利率同比-2.6pct，销售费用率同比+3.4pct(25H1广宣费同比+13%，职工薪酬同比-12%)，管理费用率同比+2.0pct(折 ...