吴彦祖也带不动？会稽山业绩还配不上热度

Core Viewpoint - The market is skeptical about the financial performance of Kuaijishan despite its revenue growth, primarily due to high marketing expenses and a slowdown in traditional yellow wine sales [1][6][7]. Financial Performance - Kuaijishan reported over 800 million yuan in revenue and a net profit of over 93 million yuan for the first half of the year, representing year-on-year growth of 11% and 3.4% respectively [1]. - The company's sales expenses exceeded 200 million yuan, a year-on-year increase of over 50%, which did not translate into proportional sales revenue growth [6]. Market Reaction - Following the release of the half-year report, Kuaijishan's stock price fell nearly 6% [2]. - Despite a doubling of its stock price this year, driven by the popularity of its sparkling yellow wine, investor confidence has waned due to disappointing traditional product performance [3][4]. Product Performance - Sales of Kuaijishan's "other wines" surged by 60%, generating over 70 million yuan, while traditional yellow wine sales growth was limited to single digits [4]. - The sparkling yellow wine, although popular, has not yet significantly impacted overall performance as over 90% of revenue still comes from traditional yellow wine [4][6]. Valuation Concerns - Kuaijishan's current price-to-earnings ratio exceeds 50, raising concerns about the sustainability of its valuation given the modest revenue and profit growth [7]. - The company needs time to align its performance with its rapidly increasing stock price, despite having potential for future growth in the yellow wine category [8].