KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-08-13 04:21Core Viewpoint - Guizhou Moutai reported a revenue of 893.89 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.10%, with a net profit of 454.03 billion yuan, up 8.89% [2] Financial Performance - In Q2, the company achieved a revenue of approximately 387.88 billion yuan, representing a year-on-year increase of about 7.28%, and a net profit of around 185.55 billion yuan, up about 5.25% [2][8] - For the first half of the year, Moutai liquor generated revenue of 755.90 billion yuan, a growth of 10.24%, while series liquor revenue was 137.62 billion yuan, growing by 4.68% [2][3] Sales Channels - Direct sales revenue reached 400.10 billion yuan, marking an 18.63% increase, while wholesale and agency channels generated 493.43 billion yuan, up 2.83% [6] - The proportion of direct sales revenue increased to 44.78% [6] Market Expansion - Domestic market revenue was 864.59 billion yuan, growing by 8.74%, while international market revenue surged by 31.29% to 28.93 billion yuan, accounting for 3.24% of total liquor revenue [6] - The number of domestic distributors increased by 160, while international distributors rose to 115 [7] Production Capacity - Moutai liquor production reached approximately 43,700 tons, while series liquor production was about 29,600 tons, both showing year-on-year increases [7] Cash Flow and Liabilities - The net cash flow from operating activities was 131.19 billion yuan, down 64.18% year-on-year, attributed to reduced deposits and increased reserve requirements [9] - Contract liabilities decreased to 55.07 billion yuan, a reduction of about 32.73 billion yuan, indicating a strategic move to ease cash flow pressures on distributors [9]