白酒销量拖后腿？顺鑫农业：上半年净利润预计同比下滑过半

Core Viewpoint - The company, Shunxin Agriculture, is expected to report a significant decline in net profit for the first half of 2025, primarily due to pressures in the liquor segment, particularly in the sales volume of its products [2][3]. Financial Performance Summary - The projected net profit attributable to shareholders for the first half of 2025 is estimated to be between 155 million yuan and 195 million yuan, representing a decrease of 53.85% to 63.32% compared to the same period last year [2][3]. - The basic earnings per share are expected to be between 0.2090 yuan and 0.2629 yuan, down from 0.5697 yuan in the previous year [2][3]. Business Segment Analysis - The decline in performance is attributed to the liquor segment facing challenges, with a year-on-year decrease in sales volume impacting overall revenue and profit levels [3]. - Following the divestment of its real estate business at the end of 2023, the company has relied heavily on its liquor and pig farming segments for revenue [3]. - In 2024, the liquor business generated revenue of 7.041 billion yuan, a year-on-year increase of 3.19%, with sales volume reaching 369,400 kiloliters [4]. Market Competition - Despite the growth in the light bottle liquor market, competition has intensified, and Shunxin Agriculture's liquor revenue has declined from approximately 10.225 billion yuan in 2021 to about 7.041 billion yuan in 2024 [4]. - The company, which owns established brands like "Niulanshan," has not fully capitalized on the rapid growth in the light bottle liquor segment, raising questions about its ability to navigate the competitive landscape moving forward [4][5].