Core Viewpoint - The company reported steady growth in revenue and net profit for the first half of 2025, although the net profit margin faced slight pressure in Q2 2025 [1][3]. Financial Performance - In H1 2025, the company achieved total revenue of 52.77 billion yuan, a year-on-year increase of 4.2%, and a net profit of 19.49 billion yuan, up 2.3% year-on-year [1]. - For Q2 2025, total revenue was 15.83 billion yuan, showing a marginal increase of 0.1% year-on-year, while net profit was 4.63 billion yuan, down 7.6% year-on-year [1]. - The company's liquor revenue reached 49.12 billion yuan in H1 2025, with a year-on-year growth of 4.26%, driven by a volume increase of 44.59% but offset by a price decline of 27.89% [1][2]. Product Performance - The revenue from Wuliangye products in H1 2025 was 41 billion yuan, reflecting a year-on-year increase of 4.6%, with sales volume up 12.7% but a price drop of 7.3% [1][2]. - Other liquor products generated revenue of 8.12 billion yuan in H1 2025, a year-on-year increase of 2.7%, with sales volume up 58.5% but a price decline of 35.3% [2]. Sales Channels - Direct sales channels outperformed overall growth, with revenue of 21.19 billion yuan in H1 2025, a year-on-year increase of 8.6% [2]. - The company successfully developed 60 enterprise clients in H1 2025, contributing to group purchase revenue [2]. - Revenue from the eastern region was 20.11 billion yuan, up 7.9% year-on-year, while the southern and northern regions saw increases of 1.9% and 1.8%, respectively [2]. Cost and Margin Analysis - In Q2 2025, the gross profit margin decreased by 0.32 percentage points, attributed to product mix effects [3]. - The company increased promotional expenses to stimulate consumer purchases, with promotional costs reaching 3.56 billion yuan in H1 2025, a year-on-year increase of 3.5% [3]. Future Outlook - The company has revised its revenue and net profit forecasts downward for 2025-2027, now expecting revenues of 91.07 billion yuan, 95.70 billion yuan, and 101.28 billion yuan, with year-on-year growth rates of 2.1%, 5.1%, and 5.8% respectively [4]. - The expected net profit for the same period is 31.13 billion yuan, 32.06 billion yuan, and 34.35 billion yuan, with a projected decline of 2.3% in 2025 followed by growth in subsequent years [4]. - The current stock price corresponds to a P/E ratio of 15.8 for 2025 and 15.3 for 2026, with a dividend yield of 4.4% based on a 70% payout ratio [4].

2Q25 业绩基本符合市场预期 因行业需求承压，我们下调2025/26 年收入5.4/5.4%至885.45/927.17 亿元，下调归母净利润9.9/9.0%至 301.26/321.33 亿元，因行业估值中枢上移，维持目标价174 元，对应25/26 年22.4/21.0X 市盈率，当前 股价对应16.3/15.3X 市盈率，较目标价有37.4%上行空间，维持跑赢行业评级。 风险 宏观经济恢复不及预期，普五批价提升不及预期。 公司公布2Q25 业绩：1H25 收入约527.71 亿元，同比4.19%；归母净利润约194.92 亿元，同比2.28%。 2Q25 收入158.31 亿元，同比0.10%；归母净利润46.32 亿元，同比约-7.58％。业绩符合市场预期。 发展趋势 公司上半年直营渠道及低度产品表现较好，2Q25 销售收现表现突出。分产品看：1H25 五粮液产品营收 409.98 亿元，同比+4.57%，其中量/价分别同比+12.75%/-7.25%，主要系普五直营渠道贡献增量，经销 渠道维持减量，同时1618+低度相对增速亦快于平均，对应1H25 五粮液产品毛利率同比-0.25ppt；系列 酒1 ...

H1 五粮液产品毛利率微降0.24pct，费用增加扰动Q2 归母净利率1）毛利率较稳健，五粮液产品毛利率 微降0.24pct。25H1，公司毛利率为76.83%，同比-0.53pct，其中五粮液、其他酒产品毛利率分别为 86.45%、60.74%，同比-0.24、-1.49pct。 2）销售、财务费用有所增加，影响Q2 归母净利率。25H1，公司归母净利率36.94%，同比-0.69pct，主 要受毛利率下降等影响；25Q2 公司归母净利率29.26%，同比-2.43pct，主要由于销售、财务费用有所增 加。 事件 公司公告2025 年中报。2025 年上半年，公司实现总收入527.71 亿元（+4.19%），归母净利194.92 亿元 （+2.28%），扣非归母净利194.80 亿元（+2.86%）。2025Q2，公司实现总收入158.31 亿元 （+0.10%），归母净利46.32 亿元（-7.58%），扣非归母净利46.18 亿元（-5.75%）。 持续聚焦渠道建设深耕细作，H1 销量增长稳健1）H1 销量增长稳健。25H1，公司五粮液产品、其他酒 产品收入分别为409.98、81.22 亿元，同比+4 ...

Group 1 - Xinhua Media achieved a net profit of 32.34 million yuan in the first half of 2025, a year-on-year increase of 9.29% [1] - Xinhua Media's operating income for the first half of 2025 was 631 million yuan, a year-on-year growth of 2.45% [1] - China Galaxy reported a net profit of 6.488 billion yuan, up 47.86% year-on-year, with an operating income of 137.47 billion yuan, a 37.71% increase [2] Group 2 - Lek Electric's net profit decreased by 29.01% to 428 million yuan, despite a slight revenue increase of 0.65% to 4.781 billion yuan [3] - Honghui Fruits and Vegetables reported a net profit of 6.9243 million yuan, down 44.82%, with revenue of 470 million yuan, up 7.86% [4] - Bull Group's net profit fell by 8% to 2.06 billion yuan, with a revenue decline of 2.6% to 8.168 billion yuan [5] Group 3 - Nanshan Aluminum achieved a net profit of 2.625 billion yuan, a year-on-year increase of 19.95%, with operating income of 17.274 billion yuan, up 10.25% [6] - Zhujiang Beer reported a net profit of 612 million yuan, a 22.51% increase, with revenue of 3.198 billion yuan, up 7.09% [8] - Baolong Technology's net profit decreased by 9.15% to 135 million yuan, with revenue growth of 24.06% to 3.95 billion yuan [10] Group 4 - Jindi Co. reported a net profit of 75.93 million yuan, a year-on-year increase of 32.86%, with operating income of 835 million yuan, up 40.57% [12] - China Vision Media turned a profit with a net profit of 19.9811 million yuan, compared to a loss of 18.4349 million yuan in the previous year, despite a revenue decline of 10.75% to 229 million yuan [14] - Botao Bio's net profit fell by 82.82% to 12.4024 million yuan, with revenue down 23.91% to 203 million yuan [16] Group 5 - Caitong Securities reported a net profit of 1.083 billion yuan, a year-on-year increase of 16.85%, with operating income of 2.959 billion yuan, down 2.19% [18] - Yili Group's net profit decreased by 4.39% to 7.2 billion yuan, with revenue growth of 3.49% to 61.777 billion yuan [19] - Springlight Technology achieved a net profit of 7.3787 million yuan, a year-on-year increase of 83.73%, with revenue of 251 million yuan, up 39.6% [20] Group 6 - China Haifeng reported a net profit of 94.5739 million yuan, a year-on-year increase of 25.48%, with operating income of 1.385 billion yuan, up 19.64% [21] - Zhongke Titanium White's net profit decreased by 14.83% to 259 million yuan, with revenue growth of 19.66% to 3.77 billion yuan [23] - Huasheng Tiancai turned a profit with a net profit of 14 million yuan, compared to a loss in the previous year, despite a revenue decline of 10.75% to 226 million yuan [25] Group 7 - Shen Zhou Cell reported a net loss of 33.7711 million yuan, with revenue down 25.50% to 972 million yuan [26] - Meihu Co. achieved a net profit of 101 million yuan, a year-on-year increase of 10.26%, with operating income of 1.075 billion yuan, up 10.74% [28] - Jifeng Technology plans to apply for a comprehensive credit of 170 million yuan to supplement working capital [29] Group 8 - Foton Motor reported a net profit of 777 million yuan, a year-on-year increase of 87.57%, with operating income of 30.371 billion yuan, up 26.71% [41] - BOE Technology achieved a net profit of 3.247 billion yuan, a year-on-year increase of 42.15%, with operating income of 110.278 billion yuan, up 8.45% [42] - CIMC reported a net profit of 1.278 billion yuan, a year-on-year increase of 47.63%, with operating income of 76.09 billion yuan, down 3.82% [43]

证券研究报告 | 2025年08月28日 五粮液（000858.SZ） 优于大市 2025Q2 收入同比正增，产品及渠道端展现韧性 2025H1 收入、净利润稳健增长，2025Q2 净利率略有承压。2025H1 公司实现营业 总收入 527.7 亿元/同比+4.2%，归母净利润 194.9 亿元/同比+2.3%。其中 2025Q2 营业总收入 158.3 亿元/同比+0.1%，归母净利润 46.3 亿元/同比-7.6%。 2025H1 五粮液产品收入增速快于平均，整体吨价略有下降。2025H1 公司酒类营 收 491.20 亿元/同比+4.26%（销量+44.59%/吨价-27.89%），其中：（1）五粮液 产品 2025H1 收入 410.0 亿元/同比+4.6%（销量+12.7%/吨价-7.3%），毛利率同 比-0.24pcts；吨价承压判断系 1618 及 39 度五粮液收入占比提升影响产品结构。 （2）其他酒产品 2025H1 收入 81.2 亿元/同比+2.7%（销量+58.5%/吨价-35.3%）， 毛利率同比-1.49pcts，预计主因 1）公司增加第一代五粮春铺货，其价格低于 五粮春整体水平； ...

盈利水平略有承压，Q2 销售力度加码。25H1 实现毛利率/净利率分别为76.83%/38.16%，同 比-0.53/-0.99pcts；其中 25Q2 实现毛利率/净利率分别为 74.69%/30.11%，同比-0.32/-2.71pcts。25H1 公 司期间费用率为11.48%，同比-0.10pcts，其中销售费用率/管理费用率/研发费用率/财务费用率分别为 10.23%/3.25%/0.40%/-2.39%，分别同比-0.37/-0.19/0.08/0.38pcts。其中25Q2 期间费用率为19.97%，同比 +2.20pcts，其中销售费用率/管理费用率/研发费用率/财务费用率分别为18.88%/4.22%/0.68%/-3.81%，分 别同比+1.54/-0.04/+0.20/+0.50pcts。 事件：公司披露2025 半年报，25H1 实现营收527.71 亿元，同比+4.19%；实现归母净利润194.92 亿元， 同比+2.28%；实现扣非归母净利润194.80亿元，同比+2.86%。其中25Q2 实现营收158.31 亿元，同比 +0.10%；实现归母净利润46.32 亿元，同比-7.5 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Views - The company reported a total revenue of 52.771 billion yuan in the first half of 2025, representing a year-on-year increase of 4.19%, while the net profit attributable to the parent company was 19.492 billion yuan, up 2.28% [2]. - The company is focusing on channel construction and deepening its market presence, with stable sales growth in the first half of 2025 [3][4]. - The gross margin for the company's products slightly decreased by 0.24 percentage points, and increased expenses affected the net profit margin in Q2 [5]. Summary by Sections Financial Performance - In H1 2025, the company's revenue from Wuliangye products and other liquor products was 40.998 billion yuan and 8.122 billion yuan, respectively, with year-on-year growth of 4.57% and 2.73%. Sales volume increased by 12.75% and 58.81%, while average prices decreased by 7.25% and 35.31% [3]. - The company's total revenue for Q2 2025 was 15.831 billion yuan, with a slight increase of 0.10%, but net profit decreased by 7.58% [2]. Channel Development - The company achieved steady growth in revenue from distribution and direct sales channels, with revenues of 27.925 billion yuan and 21.195 billion yuan, respectively, reflecting year-on-year increases of 1.20% and 8.60% [4]. - The number of distributors for Wuliangye and Wuliang Nuo Xiang products decreased by 20 and increased by 127, respectively, while the number of specialty stores decreased by 18 [4]. Regional Performance - Revenue growth in the eastern region led the company, with H1 2025 revenues of 20.109 billion yuan, up 7.88%, compared to 21.886 billion yuan in the southern region (up 1.93%) and 7.124 billion yuan in the northern region (up 1.82%) [4]. Profitability and Forecast - The company's gross margin for H1 2025 was 76.83%, a decrease of 0.53 percentage points year-on-year, with the gross margins for Wuliangye and other liquor products at 86.45% and 60.74%, respectively [5]. - The report forecasts net profits for 2025, 2026, and 2027 to be 30.835 billion yuan, 32.376 billion yuan, and 33.803 billion yuan, with year-on-year growth rates of -3.20%, 5.00%, and 4.41% [6].

火势波及Calistoga东部山区及Pope Valley，多家知名酒庄位于疏散区内，包括Eisele、Kelly Fleming Wines等。 1.张德芹提出茅台的三个"不会变" 2.华涛带队调研浙江市场 3.吴向东：600元价格带有望成白酒赛道新蓝海 4.金种子酒上半年营收4.84亿 5.伊力特上半年净利1.63亿 6.百润股份上半年酒类营收下降9.35% 7.酒便利上半年营收5.98亿 8.纳帕葡萄采收季再遭山火威胁 张德芹提出茅台的三个"不会变" 据贵州茅台微信公众号消息，8月26日，贵州茅台2025年新疆茅友嘉年华在喀什举行。会上，茅台集团党委书记、董事长张德芹表示，面向未来，茅台"尊重消费者"的初心不会变，茅台"以消费 晚会举行了公益助学捐赠，新疆广大经销商纷纷倾情投入，携手贵州茅台公益基金会向新疆青少年基金会捐赠100万元，用于建设100所"希望工程图书室"，同时向第三师图木舒克市第一中学喀 华涛带队调研浙江市场 据五粮液集团微信公众号消息，8月18日-23日，五粮液股份公司党委副书记、副董事长、总经理华涛率队赴浙江湖州、宁波等地，深入一线调研市场情况，指导营销工作。他表示，品牌运营商 对于下 ...

公 司 报 告 食品饮料 2025年08月28日 五粮液(000858.SZ) 收入平稳增长，合同负债稳定 推荐 ( 维持) 股价:126.62元 行情走势图 事项： 五粮液发布2025年中报，1H25实现营收528亿元，同比+4.2%，归母净利195 亿元，同比+2.3%；2Q25实现营收158亿元，同比+0.1%，归母净利46亿元， 同比-7.6%。 平安观点： 究 报 告 S1060521030001 相关研究报告 ZHANGJINYI112@pingan.com.cn 【平安证券】五粮液（000858.SZ）*年报点评*业绩 平稳增长，合同负债亮眼*推荐20250426 【平安证券】五粮液（000858.SZ）*季报点评*控速 健康发展，加大股东回馈*推荐20241030 王星云 投资咨询资格编号 S1060523100001 BVG933 wangxingyun937@pingan.com.cn 证券分析师 张晋溢 投资咨询资格编号 证 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | ...

在酒业不确定性增大、存量竞争激烈的大环境下，行业龙头的压舱石作用和风向标意义愈发凸显。 8月27日晚间，五粮液披露了2025年半年度报告，报告期内公司实现营业收入527.71亿元，同比增长4.19%；归母净利润194.92亿元，同比增长 2.28%。 今年以来，五粮液以变应变、变中求进，改组五粮液品牌事业部为五粮液酒类销售公司，实施市场片区负责制和五级联动责任制，进一步贴近市场， 提升营销决策效率；配强营销高管队伍，加强市场化选才机制，有效提升市场管理成效。同时，五粮液还积极实施电商业务组织变革，组建专班、补充专 业化人才，多维提升应市能力。 "线上+线下"双线发力，渠道建设全面下沉。 据了解，五粮液"三店一家"网络上半年持续建设，合计新增242家，填补18个空白区县，新增进货终端7990家，产品铺货率显著提升。同时，公司精 准推进20个核心城市终端直配，缩短流通环节，终端订单稳步增长。值得一提的是，五粮液今年上半年开展的宴席场次及开瓶扫码数据，同比均保持两位 数增长，服务消费者超283万人次。 五粮液还在线上持续深化与京东、天猫、抖音等平台的战略合作，布局以消费者为中心的电商发展体系，与头部达人"与辉同行" ...