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].

8月25日，迎驾贡酒（603198）公布2025年半年报，公司营业收入为31.6亿元，同比下降16.89%；归母净利润为11.3亿元，同比下降18.0%；扣非归母净利润为10.9亿元，同比下降19.9% 其中第二季度，公司营业收入为11.1亿元，同比下降23.8%；归母净利润为3.02亿元，同比下降35.2%；扣非归母净利润为2.77亿元，同比下降40.2%；EPS为0.3771元。 公司在2025年半年度报告中提到，白酒行业面临深度调整，消费需求疲软。报告期内，公司营业收入和净利润均出现下降，分别同比下降16.89%和18.19%。在生产制造方面，公司聚焦于提升 在品牌建设方面，公司积极推进"文化迎驾"品牌升级，策划系列活动以增强品牌影响力，并通过多种营销手段提升市场渗透力。在销售管理上，公司优化了组织架构，推动销售模式创新，并加强 责任编辑：李昂 截至二季度末，公司总资产125.82亿元，较上年度末下降6.0%；归母净资产为97.74亿元，较上年度末下降0.7%。 需要注意的是，上年财务数据发生了重述，上文计算基于重述前的数据。 ...

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 ...

公募基金方面，本期较上一期持股增加的公募基金共计3个，包括招商中证白酒指数A、酒ETF、格林稳 健价值混合A，持股增加占比达0.46%。本期较上一季度新披露的公募基金共计4个，包括中金消费升级 股票A、信澳精华配置混合A、汇丰晋信2026周期混合、华夏鼎沛债券A。本期较上一季未再披露的公 募基金共计40个，主要包括汇添富消费行业混合、中欧消费主题股票A、汇安消费龙头混合A、银华食 品饮料量化股票发起式A、万家消费成长等。 2025年8月26日，迎驾贡酒(603198.SH)发布2025年半年度报告。截至2025年8月25日，共有15个机构投 资者披露持有迎驾贡酒A股股份，合计持股量达6.58亿股，占迎驾贡酒总股本的82.27%。其中，前十大 机构投资者包括安徽迎驾集团股份有限公司、安徽六安市迎驾慈善基金会、中国银行股份有限公司-招 商中证白酒指数分级证券投资基金、香港中央结算有限公司、北京才誉资产管理企业(有限合伙)-才誉中 国价值多策略对冲1号私募证券投资基金、上海迎水投资管理有限公司-迎水合力14号私募证券投资基 金、中国建设银行股份有限公司-鹏华中证酒交易型开放式指数证券投资基金、上海迎水投资管理有限 ...

Company Announcements - Tonglin Co., Ltd. has no business related to graphene industry [1] - Hemei Group plans to invest in the construction of the Qinyuan Qiaolonggou Comprehensive Energy Island Project [1] - Huayi Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [1] - Wencheng International has won the core smart warehouse operation service project for a well-known cross-border e-commerce platform in East China [1] - Xingfa Group intends to acquire 50% equity of Qiaogou Mining for 855 million yuan [1] - Koweil has completed the repurchase of 1.1788% of its shares [1] - Tianfu Communication reported a net profit of 899 million yuan in the first half of the year and plans to distribute 5 yuan per 10 shares [1] - Huayang Lianzhong's controlling shareholder, Xiangjiang Group, plans to increase its stake by 1% to 2% [1][2] - Hengsheng Electronics' director Jiang Jiansheng plans to reduce his stake by no more than 0.42% [1][2] - Tanshijia plans to raise no more than 1.93 billion yuan through a private placement to its actual controller Li Ming and his controlled enterprise Tongyu Huying [1][2] - Jingu Co., Ltd. has received a notification for the low-carbon wheel project from Avatar [1][2] Performance Highlights - Tianfu Communication reported a net profit of 899 million yuan in the first half of the year [1] - Hisense Visual reported a net profit of 1.056 billion yuan in the first half of the year, representing a year-on-year increase of 26.63% [1]

格隆汇8月25日丨迎驾贡酒(603198.SH)公布，根据公司经营发展需要，为了进一步优化资产、管理结构及整合资源，公司和迎驾国旅于2025年8月25日签订了《股权转让协议》，公司拟将持 ...

Core Insights - The performance of the liquor industry, particularly for companies like Yingjia Gongjiu and Jinshiyuan, has declined, with Jinshiyuan experiencing a smaller decrease compared to Yingjia Gongjiu [1] Company Performance - Yingjia Gongjiu reported a revenue of 3.16 billion yuan, a year-on-year decrease of 16.89%; net profit attributable to shareholders was 1.13 billion yuan, down 18.19%; and the net profit after deducting non-recurring items was 1.09 billion yuan, a decline of 19.94% [2] - Jinshiyuan showed relatively stable performance with a revenue of 6.95 billion yuan, a year-on-year decrease of 4.84%; net profit attributable to shareholders was 2.23 billion yuan, down 9.46%; and the net profit after deducting non-recurring items was 2.22 billion yuan, a decrease of 9.08% [2] - Compared to Jinshiyuan, Yanghe Co. faced a more significant decline, with a revenue of 14.80 billion yuan, a year-on-year decrease of 35.32%; net profit was 4.34 billion yuan [2] Industry Challenges - The liquor industry is entering a period of deep adjustment characterized by stock competition, with the cumulative production of industrial liquor declining by 5.8% year-on-year due to weak consumption and demand differentiation [1] - The cash flow from operating activities for Yanghe Co. plummeted by 69.85%, amounting to 616 million yuan, while its sales volume decreased by 32.35% [2] Strategic Responses - Yingjia Gongjiu is enhancing internal control management with a focus on "quality improvement and efficiency enhancement" by optimizing personnel structure, standardizing pricing systems, and emphasizing research and development, with an R&D investment of 262 million yuan [2] - Jinshiyuan is focusing on "cultural connections," developing three major brands: Guoyuan, Jinshiyuan, and Gaogou, with efforts to strengthen the high-end image of the Guoyuan series and promote new products [2] - Yingjia Gongjiu is positioning itself as an "ecological liquor," with its core product series continuing to perform well and investments in automated production and digital circular economy initiatives [2]

一、董事会会议召开情况 安徽迎驾贡酒股份有限公司（以下简称"本公司"或"公司"）第五届董事 会第九次会议于 2025 年 8 月 25 日在公司会议室以现场结合通讯表决方式召开， 会议通知于 2025 年 8 月 15 日以电话、电子邮件等方式送达各位董事。会议应到 董事 9 人，实到董事 9 人（其中以通讯表决方式出席 1 人），公司监事及高级管 理人员列席了会议。会议由董事长倪永培先生主持。本次会议的召集、召开和表 决程序符合《公司法》等法律法规和《公司章程》的有关规定，会议合法有效。 证券代码：603198 证券简称：迎驾贡酒 公告编号：2025-013 安徽迎驾贡酒股份有限公司 第五届董事会第九次会议决议公告 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个别及连带责任。 公司董事会审计委员会事前已审议通过《公司 2025 年半年度报告》中的财 务信息部分，并同意提交董事会审议。 表决结果：同意 4 票；反对 0 票；弃权 0 票。议案获得通过。 根据公司经营发展需要，为了进一步优化资产、管理结构及整合资源，公司 拟转让全资子公 ...