天佑德酒：半年报营收利润双降，青海省外市场跌17%

Core Insights - Tianyoude Liquor (002646.SZ) reported a revenue of 674 million yuan for the first half of 2025, representing a year-on-year decrease of 11.24% [1] - The net profit attributable to shareholders was 51.46 million yuan, reflecting a significant decline of 35.37% compared to the previous year [1] - The company's core business, Qingke liquor, generated 570 million yuan in revenue, down 10.79% year-on-year, indicating challenges in both core and provincial markets [1] Revenue and Profit Analysis - The overall revenue decline was driven by a contraction in the core market of Qinghai province, which saw an 8.49% drop, while the previously promising provincial markets experienced a 17.18% decline [1] - The revenue from Qingke liquor was particularly affected, with price segments above and below 100 yuan per 500ml declining by 10.19% and 11.44% respectively [1] - The U.S. subsidiary, Oranos Group, Inc., reported a loss of 13.02 million yuan, further compounding the company's financial challenges [1] Subsidiary Performance - Beijing Mutual Tianyoude Qingke Liquor Sales Co., Ltd. faced a dramatic revenue drop of 85.52% year-on-year, resulting in a net loss of 7.98 million yuan [1] - The overall performance of Tianyoude Liquor in the first half of 2025 indicates a dual decline in both revenue and net profit, with significant setbacks in the provincial and core business markets [1]