Core Viewpoint - The liquor industry is undergoing a deep adjustment, with the company expecting a revenue decline of 38.3%-41.9% and an adjusted net profit decline of 39%-40% for the first half of 2025 [1] Group 1: Financial Performance - The company forecasts a revenue of 24.0-25.5 billion yuan for the first half of 2025, reflecting a significant year-on-year decline [1] - Adjusted EPS estimates for 2025-2027 have been revised down to 0.36 yuan, 0.37 yuan, and 0.38 yuan respectively, compared to previous estimates of 0.51 yuan, 0.56 yuan, and 0.62 yuan [1] Group 2: Product Development and Marketing - The company is actively launching new products, including "Da Zhen" and "Niu Shi Beer," to enhance revenue streams [2] - "Da Zhen" is positioned in the 500-600 yuan price range, aiming to fill the gap between existing products and is currently in the distribution phase [2] - "Niu Shi Beer," priced at 88 yuan for 375ml, has generated over 2 million yuan in revenue from approximately 3000 boxes sold, indicating strong market interest [2] Group 3: Market Conditions and Future Outlook - The mid-range liquor segment has been significantly impacted by the current market cycle, with early adjustments leading to lower expectations [3] - The company anticipates potential improvement in performance for the second half of 2025 due to low base effects and contributions from new products [3]
珍酒李渡(6979.HK)更新报告：报表释压 关注新品