KWEICHOW MOUTAI(SH:600519) Di Yi Cai Jing·2025-08-13 11:05Core Viewpoint - The performance of Kweichow Moutai has shown signs of slowing growth, with significant declines in revenue and net profit growth rates compared to the previous year [2][3][4]. Financial Performance - In the first half of the year, Kweichow Moutai achieved total 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% year-on-year [3][4]. - Compared to the same period last year, revenue and net profit growth rates have dropped significantly, with declines of 8.6 and 6.99 percentage points respectively, equating to nearly 50% and over 40% reductions in growth rates [3][4]. - The company's operating costs increased by over 15% year-on-year, leading to a slight decrease in gross profit margin to 91.3%, down 0.46 percentage points [4]. Market Dynamics - The slowdown in revenue growth may be attributed to a decrease in consumer demand for Moutai liquor and a decline in the financial attributes associated with "stockpiling" liquor [2][5]. - The company aims for a revenue growth target of around 9% for the current year, alongside a fixed asset investment of 4.711 billion yuan [5]. Investment Perspective - Kweichow Moutai's investment profile is shifting from high growth to high dividend, with a current dividend yield of approximately 3.63%, surpassing some bank stocks [7][8]. - Analysts suggest that while the company is likely to meet its targets in the second half of the year, there is downward pressure on terminal prices, and the upcoming festive seasons will be critical observation points [7]. - The company has engaged in share buybacks totaling 5.3 billion yuan and is considering further buyback plans, indicating a commitment to returning value to shareholders [7][8].