Core Viewpoint - Jinhuijiu's stock price has shown a positive trend in recent months, with significant increases in both short-term and long-term performance metrics, indicating potential growth in the company's market position and investor interest [2]. Financial Performance - As of June 30, 2025, Jinhuijiu achieved a revenue of 1.759 billion yuan, reflecting a year-on-year growth of 0.31%, while the net profit attributable to shareholders was 298 million yuan, up by 1.12% [2]. - The company has distributed a total of 1.168 billion yuan in dividends since its A-share listing, with 598 million yuan distributed over the past three years [3]. Stock Market Activity - On August 25, 2025, Jinhuijiu's stock price rose by 2.04% to 20.52 yuan per share, with a trading volume of 82.601 million yuan and a turnover rate of 0.80%, leading to a total market capitalization of 10.409 billion yuan [1]. - Year-to-date, Jinhuijiu's stock price has increased by 7.38%, with notable gains of 7.94% over the last five trading days, 9.97% over the last 20 days, and 13.56% over the last 60 days [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Jinhuijiu was 44,500, a decrease of 7.68% from the previous period, while the average circulating shares per person increased by 8.32% to 11,408 shares [2]. - Among the top ten circulating shareholders, the China Securities Index White Wine Index A (161725) ranked as the sixth largest, holding 20.9613 million shares, an increase of 6.4165 million shares compared to the previous period [3]. Business Overview - Jinhuijiu, established on December 23, 2009, and listed on March 10, 2016, is located in Huixian, Longnan City, Gansu Province, specializing in the production and sale of liquor [2]. - The company's main business revenue composition includes 55.10% from products priced between 100-300 yuan, 21.62% from products priced above 300 yuan, and 20.82% from products priced below 100 yuan [2].

Group 1 - A-shares in the liquor sector experienced significant gains, driven by favorable factors such as clear valuation advantages and the upcoming Mid-Autumn Festival [1] - Shede Liquor reached the daily limit, while Shui Jing Fang and Ying Jia Gong Jiu rose over 6%, and other notable brands like Jin Hui Jiu and Shanxi Fen Jiu increased by over 4% [1] - Major brands such as Luzhou Laojiao and Wuliangye also saw increases, with Guizhou Moutai rising over 1% [1] Group 2 - The market capitalization and year-to-date performance of several liquor companies were highlighted, with Shede Liquor at 22.3 billion and a year-to-date increase of 2.42% [2] - Shui Jing Fang had a market cap of 23.7 billion but a year-to-date decline of 7.24%, while Ying Jia Gong Jiu's market cap was 37.3 billion with a decline of 10.31% [2] - Shanxi Fen Jiu showed strong performance with a market cap of 249.5 billion and a year-to-date increase of 14.93% [2]

Group 1: Industry Overview - More than 10 listed liquor companies reported their semi-annual results, showing a general decline in performance among second-tier liquor brands, with many experiencing significant setbacks [1] - First-tier liquor brands continue to launch new products and upgrade existing ones to capture market share [1] Group 2: New Product Launches - Moutai's new product, Moutai 1935, is positioned as a high-end offering with a price of 998 yuan for 500ml, set to launch on August 28 [2] - Wuliangye is set to launch a new 29-degree product called "Wuliangye·Yijianqingxin" this week, with three different flavor samples previously tested [3] - Shede Liquor will introduce its first low-alcohol, high-flavor aged liquor, "Shede Zizai," also at 29 degrees, on August 30 [3] - Gujing Gongjiu has launched a new low-alcohol product, "Gujing Gongjiu·Nianfen Yuanjiang Qingdu 20," with an alcohol content of 26 degrees, priced at 375 yuan for 375ml [3] Group 3: Company Performance - China Resources Beer reported a 0.8% increase in revenue to 23.942 billion yuan, with a 23% rise in net profit to 5.789 billion yuan, while beer sales grew by 2.2% [6] - Jinhui Liquor achieved a revenue of 1.759 billion yuan, a slight increase of 0.31%, and a net profit of 298 million yuan, up 1.12% [7] - Shede Liquor's revenue fell by 17.41% to 2.701 billion yuan, with a net profit decrease of 24.98% [9] - Jiu Gui Jiu reported a 43.54% drop in revenue to 561 million yuan and a 92.6% decline in net profit [10] - Tian You De Jiu's revenue decreased by 11.24% to 674 million yuan, with a net profit drop of 35.37% [10] - Huazhi Liquor's revenue fell by 33.55% to 3.949 billion yuan, with a net profit decline of 63.75% [11] - Kouzi Jiao's revenue decreased by 20.07% to 2.531 billion yuan, with a net profit drop of 24.63% [12] - Kuaijishan reported an 11.03% increase in revenue to 817 million yuan, with a net profit increase of 3.41% [13] - Zhenjiu Lidu's revenue fell by 39.6% to 2.497 billion yuan, but the gross margin increased to 59% [14]

公司最新资产负债率为29.34%。 2025年8月23日，金徽酒(603919.SH)发布2025年中报。 公司营业总收入为17.59亿元，较去年同报告期营业总收入增加549.08万元，实现5年连续上涨，同比较 去年同期上涨0.31%。归母净利润为2.98亿元，较去年同报告期归母净利润增加330.51万元，实现5年连 续上涨，同比较去年同期上涨1.12%。经营活动现金净流入为3.21亿元。 公司最新总资产周转率为0.38次。最新存货周转率为0.36次。 公司股东户数为4.45万户，前十大股东持股数量为3.60亿股，占总股本比例为70.98%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | T | 甘肃亚特投资集团有限公司 | 23.21% | | 2 | 上海豫园旅游商城(集团)股份有限公司 | 20.00% | | 3 | 陇南众惠投资管理中心(有限合伙) | 5.73% | | 4 | 陇南科立特投资管理中心(有限合伙) | 5.00% | | ર | 济南铁晟叁号投资合伙企业(有限合伙) | 4.54% | | ଚ | 中国银行股份有限公 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Views - The company is experiencing steady structural upgrades and a stable operational rhythm, with a revenue target of 3.28 billion yuan and a net profit target of 408 million yuan for 2025, reflecting year-on-year growth of 8.56% and 5.11% respectively [4]. - The company continues to optimize its product structure, with high-end products showing strong growth while low-end products face pressure [2][3]. - The company is expanding its market presence both domestically and in other regions, with a focus on strengthening its base in Gansu province [4]. Financial Performance Summary - For the first half of 2025, the company achieved revenue of 1.759 billion yuan, a year-on-year increase of 0.37%, and a net profit of 298 million yuan, up 1.12% [1]. - The sales gross margin for the first half of 2025 was 65.65%, an increase of 0.53 percentage points year-on-year, while the net profit margin was 16.95%, up 0.14 percentage points [3]. - The company reported a total of 960 distributors, with a net increase of 15 in the domestic market and a decrease of 56 in the external market [2]. Product and Market Analysis - The revenue from products priced above 300 yuan increased by 21.60% year-on-year, while products priced between 100-300 yuan grew by 8.93%. However, products priced below 100 yuan saw a decline of 29.78% [2]. - The company’s revenue from Gansu province was 1.334 billion yuan, a decrease of 1.11% year-on-year, while revenue from outside the province increased by 1.78% to 382 million yuan [2]. Future Projections - The company forecasts revenues of 3.073 billion yuan, 3.258 billion yuan, and 3.519 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 394 million yuan, 422 million yuan, and 467 million yuan [5][9]. - The projected price-to-earnings (P/E) ratios for the next three years are 26, 24, and 22 respectively, indicating a favorable valuation trend [5][9].

证券研究报告 | 2025年08月24日 金徽酒（603919.SH） 优于大市 2025H1 收入、净利润同比正增，2025Q2 产品结构延续升级 2025H1 收入同比正增，需求压力下展现经营韧性。2025H1 公司实现营业总收入 17.59 亿元/同比+0.3%，归母净利润 2.98 亿元/同比+1.1%。其中 2025Q2 营业总 收入 6.51 亿元/同比-4.0%，归母净利润 0.64 亿元/同比-12.8%。 2025Q2 产品结构延续升级趋势，省内市场抗风险能力较强。分产品看，第二季 度 300 元以上产品收入 1.36 亿元/同比+11.3%，100-300 元产品收入 3.40 亿元/ 同比+0.3%，100 元以下产品收入 1.45 亿元/同比-26.6%。西北市场白酒消费价 位偏低，政商务场景用酒量较小，年份系列金徽 18/28 年增速环比放缓，但仍快 于整体；民间宴席受政策影响较大，5-7 月宴席场次减少较多，百元以内的星级 系列下滑较多，公司加大餐饮场景和 1-2 桌规模的宴席投入。分区域看，2025Q2 省内收入 4.76 亿元/同比-4.8%，省外收入 1.44 亿元/同比-8 ...

Core Viewpoint - The company reported its 2025 H1 financial results, showing slight growth in total revenue and net profit, while facing challenges in Q2 due to external policy restrictions. The management's strategic focus on market expansion and product structure optimization is expected to drive future growth [1][2]. Financial Performance - In 2025 H1, total revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 1.76 billion, 300 million, and 290 million respectively, with year-on-year changes of +0.3%, +1.1%, and -4.1% [1]. - For Q2 2025, total revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 650 million, 60 million, and 60 million respectively, with year-on-year changes of -4.0%, -12.8%, and -27.3% [1]. Product Structure and Market Development - The company achieved revenue of 380 million, 970 million, and 370 million from products priced above 300 yuan, between 100-300 yuan, and below 100 yuan respectively in 2025 H1, with year-on-year growth of +22%, +9%, and -30% [2]. - The proportion of products priced above 100 yuan in the liquor business increased by 8.9 percentage points to 78.7% [2]. - The company had 657 distributors in the provincial market by the end of Q2 2025, a net decrease of 56 compared to the end of 2024 [2]. Profitability and Efficiency - The gross margin for 2025 H1 increased by 0.5 percentage points to 65.6%, while Q2 saw a decrease of 1.0 percentage points to 63.7% due to increased costs [3]. - The sales expense ratio decreased by 0.2 percentage points to 19.0% in H1, while the management expense ratio decreased by 0.5 percentage points to 9.2% [3]. - The net profit margin for H1 was 17.0%, with a year-on-year increase of 0.1 percentage points, while Q2 saw a decrease to 9.9% [3]. Long-term Growth Potential - The company maintains a stable management team and a flexible "one area, one policy" mechanism, with sufficient financial support [3]. - The revenue forecast for 2025-2027 is adjusted to 3.03 billion, 3.17 billion, and 3.37 billion yuan, with year-on-year growth of +0.2%, +4.6%, and +6.3% respectively [3]. - The estimated EPS for 2025-2027 is 0.77, 0.81, and 0.86 yuan, with a target price of 22.92 yuan based on a 30x PE ratio for 2025 [3].

Core Viewpoint - Jinhuijiu (603919) reported a slight increase in both revenue and net profit for the first half of 2025, indicating stable financial performance despite some declines in quarterly figures [1] Financial Performance - Total revenue for the first half of 2025 reached 1.759 billion yuan, a year-on-year increase of 0.31% [1] - Net profit attributable to shareholders was 298 million yuan, up 1.12% year-on-year [1] - In Q2 2025, total revenue was 651 million yuan, down 4.02% year-on-year, and net profit was 64.48 million yuan, down 12.78% year-on-year [1] - Gross margin improved to 65.65%, an increase of 0.81% year-on-year, while net margin decreased to 16.51%, down 0.93% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 488 million yuan, accounting for 27.76% of revenue, a decrease of 1.4% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) increased to 0.59 yuan, a rise of 1.72% year-on-year [1] - Cash flow per share decreased to 0.63 yuan, down 7.22% year-on-year [1] - The company's return on invested capital (ROIC) was 10.75%, with a historical median of 13.22% since its listing [4] - The company’s cash flow situation is a point of concern, with cash and cash equivalents to current liabilities ratio at 87.03% [4] Strategic Insights - The company has seen significant growth in high-end product sales, with revenue from products priced above 300 yuan increasing by 41.17% year-on-year [5] - The company is focusing on marketing transformation and digitalization to enhance operational efficiency and brand image [5] - The company aims to optimize its product structure and strengthen its market presence both domestically and externally [5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's performance is in line with expectations, with a half-year revenue of 1.76 billion yuan, a year-on-year increase of 0.31%, and a net profit of 298 million yuan, a year-on-year increase of 1.12% [6] - The report indicates a downward adjustment in profit forecasts for 2025-2027 due to external demand pressures, with expected net profits of 361 million yuan, 378 million yuan, and 411 million yuan respectively [6] - The company’s revenue from white liquor in Q2 2025 was 621 million yuan, a year-on-year decrease of 5.74%, with significant growth in online sales [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are 2.866 billion yuan, with a year-on-year decrease of 5.1% [5] - The gross profit margin for 2025 is expected to be 61.1%, with a return on equity (ROE) of 10.5% [5] - The earnings per share (EPS) for 2025 is projected to be 0.71 yuan [5] Revenue Breakdown - In Q2 2025, revenue from products priced above 300 yuan per 500ml was 136 million yuan, a year-on-year increase of 11.3% [6] - Revenue from products priced between 100-300 yuan per 500ml was 340 million yuan, a year-on-year increase of 0.3% [6] - Revenue from products priced below 100 yuan per 500ml was 145 million yuan, a year-on-year decrease of 26.6% [6] Cash Flow and Liabilities - The net operating cash flow for Q2 2025 was 52 million yuan, compared to 3 million yuan in the same period last year [6] - The pre-receivable accounts at the end of Q2 2025 amounted to 675 million yuan, an increase from 543 million yuan at the end of Q2 2024 [6]

Investment Rating - The report maintains a "Recommended" investment rating for the company [5][9][13] Core Views - The company has increased market investment and continues to upgrade its product structure, with a focus on products priced above 300 yuan, which now account for 20.8% of revenue, up 2.9 percentage points year-on-year [5][9] - Despite a slight decline in revenue and net profit in the second quarter of 2025, the long-term growth potential remains promising due to ongoing product upgrades and focused expansion efforts [5][9] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 1.76 billion yuan, a year-on-year increase of 0.3%, and a net profit of 300 million yuan, up 1.1% year-on-year [5] - The second quarter of 2025 saw revenue of 650 million yuan, down 4.0% year-on-year, and a net profit of 60 million yuan, down 12.8% year-on-year [5] - Revenue projections for 2025-2027 have been adjusted to 3.9 billion yuan, 4.2 billion yuan, and 4.6 billion yuan respectively, reflecting a cautious outlook due to overall consumer pressure [9][11] Product and Market Structure - The company’s product structure is optimizing, with significant revenue contributions from products priced above 300 yuan, which generated 140 million yuan in the second quarter of 2025, an increase of 11% year-on-year [9] - Revenue from provincial and out-of-province sales in the second quarter of 2025 was 480 million yuan and 140 million yuan respectively, showing declines of 5% and 9% year-on-year [9] Profitability Metrics - The gross margin for the second quarter of 2025 was 63.7%, a decrease of 1.0 percentage points year-on-year, attributed to increased market share focus and investment [9] - The net profit margin for the second quarter of 2025 was 9.9%, down 1.0 percentage points year-on-year [9] Future Outlook - The company is expected to continue benefiting from product upgrades and a focus on expanding its market presence, particularly in provincial markets [9] - Long-term growth potential is supported by the increasing share of premium products and strategic market investments [9]