Core Viewpoint - The financial performance of Shunxin Agriculture has significantly declined in the first half of 2025, with a notable drop in both revenue and net profit, primarily driven by challenges in the white liquor and pork businesses [1][2]. Financial Performance - In the first half of 2025, Shunxin Agriculture reported revenue of 4.59 billion yuan, a year-on-year decrease of 19% [1]. - The net profit attributable to shareholders was 170 million yuan, down 59% year-on-year [1]. - In Q2 2025, revenue was 1.334 billion yuan, a decline of 18% year-on-year, with a net loss of 109 million yuan, representing a threefold increase in losses compared to the previous year [1]. Business Segment Analysis - The white liquor segment, which includes brands like Niulanshan and Ningcheng Laojiao, generated 3.6 billion yuan in revenue, down 23% year-on-year [1]. - Sales of the 42-degree "Bai Niu Er" product fell by 33%, with production down nearly 60% and inventory surging by 652% [1]. - The "Jin Biao Chen Nian" product also saw a 5% decline in sales and a 30% drop in production [1]. - Compared to five years ago, the revenue from the white liquor business has shrunk by 40% [1]. Market Sentiment and Shareholder Actions - Major funds have reduced their holdings in Shunxin Agriculture, with notable reductions including a decrease of over 26.66 million shares by the E Fund Consumer Industry Fund, representing more than an 80% reduction from the previous year [3]. - Northbound capital has also continued to decrease its stake, with Hong Kong Central Clearing Company reducing its holdings by 870,000 shares, a 30% decrease [4]. - Despite a general rise in the A-share market, Shunxin Agriculture's stock price has declined by approximately 14% year-to-date [4].

由于此前预告了业绩下滑，外界对半年报整体业绩已有预期。单看二季度，顺鑫农业实现营收13.34亿元，同比下降18%；归母 净利润-1.09亿元，亏损同比扩大3倍。 21世纪经济报道记者肖夏 更便宜的产品并不一定更好卖。 8月28日晚间，顺鑫农业（000860）披露半年报：2025年上半年实现收入45.9亿元，同比下滑19%，实现归母净利润1.7亿元，同 比下滑59%。 今年上半年，一些重仓顺鑫农业的资金纷纷减持。 知名基金经理萧楠管理的易方达消费行业基金减持超过2666万股，相比去年底超过3200万股的持仓，半年内减持超过八成。去 年还在增持的招商安华债券型证券投资基金，二季度也已经退出跻身前十大股东行列。 牛栏山为代表的上一代光瓶酒，还在继续萎缩。半年报披露，上半年顺鑫农业的白酒业务实现收入36亿元，同比下滑23%。 北上资金也继续减持。香港中央结算公司上半年减持87万股，减持三成。 顺鑫农业白酒业务包括牛栏山、宁城老窖，绝大部分收入来自牛栏山，尤其是后者大众价位的产品，如"白牛二"。 顺鑫农业也是今年白酒板块表现倒数的酒企之一，尽管近期A股全面大涨，年初至今顺鑫农业股价依然下跌14%左右。 2025年上半年 ...

记者丨 肖夏 顺鑫农业白酒业务包括牛栏山、宁城老窖，绝大部分收入来自牛栏山，尤其是后者大众价位的 产品，如"白牛二"。 2025年上半年，42度的"白牛二"销量同比下滑33%，产量下滑近六成，库存则是暴涨652%； 应对白酒新国标推出金标陈酿也未见起色。上半年金标陈酿销量同比下滑5%、产量同比下滑 三成。 21世纪经济报道记者注意到，对比五年前同期，顺鑫农业的白酒收入已经萎缩了四成。 对于业绩下滑，半年报解释，核心原因在于白酒业务受行业挤压式增长及光瓶酒竞争加剧影响 所致，尤其是在光瓶酒领域，众多酒企开展布局，竞争更加激烈。 此外其猪肉业务也处于低迷，上半年收入8.89亿元，仅有五年前同期的六成。截至今年6月 末，顺鑫农业的合同负债为3.85亿元，同比下降33.5%。 编辑丨朱益民 更便宜的产品并不一定更好卖。 8月28日晚间，顺鑫农业披露半年报：2025年上半年实现收入45.9亿元，同比下滑19%，实现 归母净利润1.7亿元，同比下滑59%。 由于此前预告了业绩下滑，外界对半年报整体业绩已有预期。单看二季度，顺鑫农业实现营收 13.34亿元，同比下降18%；归母净利润-1.09亿元，亏损同比扩大3倍。 牛栏 ...

21世纪经济报道记者肖夏 更便宜的产品并不一定更好卖。 8月28日晚间，顺鑫农业披露半年报：2025年上半年实现收入45.9亿元，同比下滑19%，实现归母净利 润1.7亿元，同比下滑59%。 由于此前预告了业绩下滑，外界对半年报整体业绩已有预期。单看二季度，顺鑫农业实现营收13.34亿 元，同比下降18%；归母净利润-1.09亿元，亏损同比扩大3倍。 牛栏山为代表的上一代光瓶酒，还在继续萎缩。半年报披露，上半年顺鑫农业的白酒业务实现收入36亿 元，同比下滑23%。 2025年上半年，42度的"白牛二"销量同比下滑33%，产量下滑近六成，库存则是暴涨652%；应对白酒 新国标推出金标陈酿也未见起色。上半年金标陈酿销量同比下滑5%、产量同比下滑三成。 21世纪经济报道记者注意到，对比五年前同期，顺鑫农业的白酒收入已经萎缩了四成。 对于业绩下滑，半年报解释，核心原因在于白酒业务受行业挤压式增长及光瓶酒竞争加剧影响所致，尤 其是在光瓶酒领域，众多酒企开展布局，竞争更加激烈。 此外其猪肉业务也处于低迷，上半年收入8.89亿元，仅有五年前同期的六成。截至今年6月末，顺鑫农 业的合同负债为3.85亿元，同比下降33.5%。 ...

公司最新资产负债率为45.22%，在已披露的同业公司中排名第16，较上季度资产负债率减少0.27个百分 点，较去年同期资产负债率减少1.18个百分点。 公司最新毛利率为34.36%，在已披露的同业公司中排名第18，较上季度毛利率减少2.45个百分点，较去 年同期毛利率减少1.90个百分点。最新ROE为2.44%，在已披露的同业公司中排名第12，较去年同期 ROE减少3.42个百分点。 公司营业总收入为45.93亿元，在已披露的同业公司中排名第6，较去年同报告期营业总收入减少10.94亿 元，同比较去年同期下降19.24%。归母净利润为1.73亿元，在已披露的同业公司中排名第11，较去年同 报告期归母净利润减少2.50亿元，同比较去年同期下降59.09%。经营活动现金净流入为-9.51亿元，在已 披露的同业公司中排名第18，较去年同报告期经营活动现金净流入增加6694.91万元，实现2年连续上 涨。 公司摊薄每股收益为0.23元，在已披露的同业公司中排名第12，较去年同报告期摊薄每股收益减少0.34 元，同比较去年同期下降59.08%。 2025年8月29日，顺鑫农业(000860.SZ)发布2025年中报。 ...

文丨酒食汇团队 8月26日，聚力谋发展·攻坚干动销暨牛栏山多彩20上市发布会在安徽共创远景大厦举办，共创远景董事长司圣国，共创远景常务副总裁朱涛、副总裁兼牛 栏山清香事业部总经理刘文源，以及来自全省的70余位核心合作伙伴和销售精英出席。 成立一周年，牛酒清香事业部成绩斐然 2024年，光瓶酒市场规模已达1500亿元，从下沉市场的"生存刚需"到一线城市的"轻奢口粮"，这场持续十年的增长奇迹，驱动了白酒品质与场景升级，也 折射出中国消费市场最真实的底层逻辑。 根据中国酒业协会发布的《2024中国白酒市场中期研究报告》、《2025中国白酒市场中期研究报告》数据也显示，光瓶酒为主导的"100元以下价格带是上 半年白酒市场动销最好的价格带之一。" 部 牛栏山 l ab 举 扫码中大奖 為吹过的大半 起 l 与众不同 瓶瓶有奖 参众还同 多彩设计 0 ptich B 6 4:20 19 Bach @ B B B 与众不同 酒体更菜 l BIL 20 BE BE MIL 2 BI BI UN 2 RE Posted on III III Susse III II Band Archives IIIII Simment 作为 ...

Core Viewpoint - Shunxin Agriculture reported a significant decline in both revenue and net profit for the first half of 2025, primarily due to poor performance in its liquor and pork businesses [1] Group 1: Financial Performance - The company achieved a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24% [1] - The net profit attributable to shareholders was approximately 173 million yuan, down 59.09% compared to the previous year [1] Group 2: Business Segment Performance - The liquor business, which contributed nearly 80% of the company's revenue, generated 3.606 billion yuan, reflecting a substantial decline of 23.25% year-on-year [1] - All categories of liquor, including high-end, mid-range, and low-end, experienced revenue declines of 12.32%, 21.87%, and 25.41% respectively, with corresponding gross profit margins also decreasing [1] - The pork business, primarily consisting of slaughtering and breeding, reported revenue of 782 million yuan, a slight decline of 0.49%, with a gross profit margin plummeting to just 0.01% [2] Group 3: Market Performance - Sales and production of five out of six major liquor products declined year-on-year, indicating a lack of competitive strength in the market [2] - Revenue from both Beijing and external markets fell, with declines of 12.97% and 21.69% respectively [2]

Core Viewpoint - Shunxin Agriculture reported a significant decline in both revenue and net profit for the first half of 2025, primarily due to poor performance in its liquor and pork businesses [1] Group 1: Financial Performance - The company achieved a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24% [1] - The net profit attributable to shareholders was approximately 173 million yuan, down 59.09% compared to the previous year [1] Group 2: Liquor Business - The liquor segment contributed nearly 80% of the company's revenue, generating 3.606 billion yuan, which represents a substantial decline of 23.25% year-on-year [1] - All categories of liquor, including high-end, mid-range, and low-end, experienced revenue declines of 12.32%, 21.87%, and 25.41% respectively [1] - Gross margins for high-end, mid-range, and low-end liquor also fell to 69.32%, 42.12%, and 36.91% respectively [1] Group 3: Pork Business - The pork business, primarily consisting of slaughtering and breeding, generated revenue of 782 million yuan, a slight decline of 0.49% year-on-year [2] - The gross margin for the pork business plummeted to just 0.01% [2] Group 4: Regional Performance - Revenue in both Beijing and other regions saw declines, with decreases of 12.97% and 21.69% respectively [2]

Group 1 - The company, Shunxin Agriculture, announced the convening of its 22nd meeting of the 9th Board of Directors on August 28, 2025, to review documents including an application for comprehensive credit from China Postal Savings Bank [1] - For the first half of 2025, Shunxin Agriculture's revenue composition was as follows: 78.51% from the liquor industry, 17.02% from the meat processing industry, and 4.47% from other sectors [1]

智通财经APP讯，顺鑫农业(000860.SZ)发布2025年半年度报告，报告期内，公司实现营业收入45.93亿 元，同比下降19.24%。实现归属于上市公司股东的净利润1.73亿元，同比下降59.09%。实现归属于上市 公司股东的扣除非经常性损益的净利润1.77亿元，同比下降57.95%。基本每股收益0.2331元。 ...