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].

据证券之星公开数据整理，近期金徽酒(603919)发布2025年中报。根据财报显示，金徽酒营收净利润同 比双双增长。截至本报告期末，公司营业总收入17.59亿元，同比上升0.31%，归母净利润2.98亿元，同 比上升1.12%。按单季度数据看，第二季度营业总收入6.51亿元，同比下降4.02%，第二季度归母净利润 6448.34万元，同比下降12.78%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率65.65%，同比增0.81%，净利率16.51%，同比减 0.93%，销售费用、管理费用、财务费用总计4.88亿元，三费占营收比27.76%，同比减1.4%，每股净资 产6.65元，同比增0.81%，每股经营性现金流0.63元，同比减7.22%，每股收益0.59元，同比增1.72% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 17.54亿 | 17.59亿 | 0.31% | | 归母净利润(元) | 2.957 | 2.986Z | 1.12% | | 扣非净利润(元) | 3.02亿 | 2.9亿 | ...

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]

Core Viewpoint - Despite the deep adjustment in the liquor industry, the company achieved steady growth in revenue and net profit, demonstrating strong operational resilience and brand competitiveness [2]. Financial Performance - The company reported a revenue of 1.759 billion yuan, a year-on-year increase of 0.31% [2]. - The net profit attributable to shareholders was 298 million yuan, reflecting a year-on-year growth of 1.12% [2]. - The gross profit margin was 66.40%, an increase of 1.02 percentage points [2]. Product Performance - Revenue from products priced above 300 yuan reached 380 million yuan, a year-on-year increase of 21.60%, accounting for 22.17% of liquor revenue [2]. - Revenue from products priced between 100-300 yuan was 969 million yuan, up 8.93%, making up 56.49% of liquor revenue [2]. - Revenue from products priced below 100 yuan was 366 million yuan, a year-on-year decline of 29.78%, representing 21.34% of liquor revenue [2]. Strategic Initiatives - The company is focusing on a strategy of "national layout, deepening the northwest, and key breakthroughs," enhancing regional market synergy and increasing market share [2]. - The company is actively expanding its online sales channels, with internet sales revenue growing by 29.30% year-on-year, becoming a new highlight of performance growth [2]. Research and Development - The company is increasing investment in research and development, promoting process innovation and intelligent brewing to enhance product quality [3]. - The construction of the Jin Hui Ecological Smart Industrial Park is underway, aimed at creating a "world-class wine specialty area" to promote industrial upgrading and cluster development [3]. Brand Development - The company is focusing on the core values of "ecological brewing and cultural empowerment," enhancing emotional connections with consumers through sports marketing, themed tasting events, and the establishment of Jin Hui wine experience centers [3]. - The company adheres to its mission of "brewing ecological wine and conveying positive energy," gradually building a brand communication system that covers multiple consumer segments [3]. Market Expansion - In response to intensified market competition, fluctuating raw material costs, and tightening environmental policies, the company plans to deepen digital transformation, optimize supply chain management, and improve channel construction [3]. - The company aims to further penetrate core markets in Gansu, Qinghai, and Ningxia while actively expanding into East China and northern markets to accelerate national layout [3]. Management Principles - The company fully implements the "81456" lean management principle, using digitalization as a tool to deepen the precision, standardization, and systematization of user engineering [3]. - Regular themed activities such as "Jin Hui Journey," "Salute to Excellent Enterprises," and "Li Encounter Jin Hui 1580" are held to strengthen brand-user interaction and continuously enhance brand influence and market share [3].

证券日报网讯 8月22日晚间，金徽酒发布公告称，公司第五届董事会第六次会议审议通过了《关于审议 及其摘要的议案》等多项议案。 （文章来源：证券日报） ...

证券日报网讯 8月22日晚间，金徽酒发布公告称，公司第五届监事会第六次会议审议通过了《关于审议 及其摘要的议案》等。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 8月22日晚间，金徽酒发布公告称，2025年半年度公司实现营业收入1，759，457，579.86 元，同比增长0.31%；归属于上市公司股东的净利润为298，277，863.00元，同比增长1.12%。 ...

本报讯 （记者刘欢）8月22日晚间，金徽酒股份有限公司（以下简称"金徽酒"）发布2025年半年度报 告，公司上半年实现营业收入17.59亿元，同比增长0.31%；归属于上市公司股东的净利润2.98亿元，同 比增长1.12%。 当前白酒行业正处于"政策调整、消费结构转型、存量竞争"三期叠加的深度调整期，规模以上白酒企业 的产量有所下滑，行业整体呈现产量减少、利润收缩的态势。在此背景下，金徽酒通过持续优化营销策 略与产品结构，深耕品牌影响力，拓展市场区域，实现了营业收入和净利润的稳健增长。 今年以来，金徽酒持续深入推进以"品牌引领下的用户工程+市场深度掌控=以小生态带动大生态"为核 心的营销转型，通过品牌塑造、用户工程，实现市场深度掌控，促进销售增长。报告期内，公司300元 以上产品实现销售收入3.8亿元，同比增长21.6%；100元至300元产品实现销售收入9.69亿元，同比增长 8.93%。 市场方面，金徽酒坚持"布局全国、深耕西北、重点突破"的战略路径，稳步推进甘青新市场一体化和陕 宁市场一体化建设，持续强化区域市场联动效应，提升市场占有率，进一步夯实大西北根据地市场；通 过商业模式优化、资源精准投放和消费 ...