KWEICHOW MOUTAI(SH:600519) 第一财经网·2025-08-13 10:40Core Viewpoint - The performance growth of Kweichow Moutai has significantly slowed down, transitioning from a high-growth company to one with a focus on high dividends, raising concerns about its future growth potential [1][9]. Financial Performance - In the first half of the year, Kweichow Moutai achieved total operating revenue of approximately 91.1 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.4 billion yuan, up 8.89% compared to the previous year [1][5]. - The revenue growth rate has nearly halved compared to the same period last year, where the revenue and net profit growth rates were 17.76% and 15.88%, respectively [2][3]. - The company's cash flow from operating activities saw a significant decline of nearly 65%, amounting to 13.1 billion yuan [5]. Cost and Margin Analysis - Operating costs increased by over 15% year-on-year, leading to a slight decrease in gross margin, which was 91.3%, down 0.46 percentage points from the previous year [3][5]. - The revenue from series liquor was only 137.63 billion yuan, with a growth rate of 4.7%, which is lower than the overall revenue growth of 9.16% [3]. Future Outlook - Kweichow Moutai aims for a revenue growth of around 9% for the year and plans to invest 4.7 billion yuan in fixed assets [4]. - Analysts suggest that the company may still meet its targets in the second half of the year, despite facing downward pressure on terminal prices [7]. Dividend and Investment Appeal - The company's dividend yield has reached approximately 3.63%, surpassing that of some bank stocks, indicating a shift in its investment appeal from growth to dividends [8][9]. - The total cash dividends and buybacks over the past 12 months amounted to 70 billion yuan, with expectations for further increases in the high dividend payout ratio [7].