CBC(SH:600132) Zheng Quan Zhi Xing·2025-08-15 23:04Core Viewpoint - Chongqing Brewery reported a decline in net profit by 4.03% for the first half of 2025, with total revenue slightly decreasing by 0.24% compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 8.839 billion yuan, down from 8.861 billion yuan in 2024, reflecting a decrease of 0.24% [1] - Net profit attributable to shareholders was 865 million yuan, a decline of 4.03% from 901 million yuan in the same period last year [1] - The gross profit margin improved to 49.83%, an increase of 1.25% year-on-year, while the net profit margin decreased to 19.55%, down 3.75% [1] - Total expenses (selling, administrative, and financial) amounted to 1.618 billion yuan, accounting for 18.31% of revenue, which is an increase of 1.26% year-on-year [1] - Earnings per share decreased to 1.79 yuan, down 3.76% from 1.86 yuan in the previous year [1] Cash Flow and Assets - Cash flow from operating activities showed an increase, with operating cash flow per share rising to 6.0 yuan, a 13.8% increase year-on-year [1] - Cash and cash equivalents decreased by 9.62% to 2.46 billion yuan, while accounts receivable increased significantly by 62.28% to 322 million yuan due to seasonal sales [3] - The company’s total liabilities increased, with interest-bearing debt rising by 17.17% to 47.95 million yuan [3] Investment and Market Position - The company has a strong return on invested capital (ROIC) of 68.8% for the previous year, indicating high capital efficiency [4] - The historical median ROIC over the past decade stands at 59.54%, suggesting consistent investment returns [4] - The company’s business model relies heavily on marketing strategies, necessitating further analysis of the underlying drivers [4] Fund Holdings - The largest fund holding Chongqing Brewery shares is the Baoying Quality Selection Mixed Fund, which holds 2 million shares [6] - Other notable funds include Baoying New Value Mixed Fund and Baoying Advantage Industry Mixed Fund, which have maintained their positions [6]