华致酒行归母净利润同比骤降六成，存货压力犹在

Core Viewpoint - The financial performance of Huazhi Wine Trading (华致酒行) in the first half of 2025 is disappointing, with significant declines in revenue and net profit due to adverse market conditions and changing consumer demand [1][3]. Financial Performance - Revenue for the first half of 2025 is approximately 3.949 billion yuan, a year-on-year decrease of 33.55% [2][3]. - Net profit attributable to shareholders is about 56.21 million yuan, down 63.75% year-on-year [2][3]. - The net profit after deducting non-recurring gains and losses is approximately 32.98 million yuan, a decline of 76.03% compared to the previous year [2][3]. Market Challenges - The decline in revenue is attributed to the economic situation and policy changes, leading to decreased market demand for alcoholic beverages [3]. - The company has established long-term partnerships with well-known brewing companies and large liquor distributors, but the overall market for liquor is undergoing significant adjustments [3][4]. Inventory and Cost Management - The company has implemented a strategy to reduce inventory, with total assets decreasing by 20.98% to approximately 5.621 billion yuan [7]. - Inventory has decreased from 3.259 billion yuan to 2.822 billion yuan, but the proportion of inventory to total assets has increased from 45.81% to 50.21% [7]. - Sales expenses have decreased by 40.48% due to a reduction in the number of sales personnel and lower promotional costs [6][4]. Strategic Initiatives - The company has adopted an "eighteen-character strategy" focusing on inventory reduction, sales promotion, price stabilization, structural adjustment, team strengthening, and model optimization [1][7]. - Huazhi Wine Trading is actively developing instant retail business models to enhance sales and meet consumer demand [8]. Future Outlook - Despite current challenges, the company retains advantages in brand agency rights and national channel layout, suggesting potential for performance rebound when the market recovers [4].