洋河股份：上半年净利润43.44亿元，同比下降45.34%

Core Insights - Jiangsu Yanghe Brewery Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 14.796 billion yuan, down 35.32% year-on-year, and net profit at 4.344 billion yuan, down 45.34% year-on-year [1] Revenue Breakdown - The revenue from mid-to-high-end liquor was 12.672 billion yuan, a decrease of 36.52% year-on-year [1] - Revenue from ordinary liquor was 1.841 billion yuan, down 27.24% year-on-year [1] Regional Performance - Revenue from within the province was 7.121 billion yuan, a decline of 25.79% year-on-year [1] - Revenue from outside the province was 7.392 billion yuan, down 42.68% year-on-year [1]