Hengshun Vinegar(SH:600305) Zheng Quan Zhi Xing·2025-08-25 17:26Core Viewpoint - Jiangsu Hengshun Vinegar Industry Co., Ltd. reported a decline in sales revenue across various product categories in the second quarter of 2025, with a total revenue decrease of 6.63% year-on-year, indicating challenges in the market [1]. Group 1: Sales Performance - The vinegar series generated sales revenue of 373.12 million yuan, down 0.97% year-on-year, while the total sales revenue for the vinegar series for the first half of 2025 was 738.50 million yuan, an increase of 8.04% compared to the same period last year [1]. - The wine series saw a significant decline, with sales revenue of 66.96 million yuan in Q2 2025, down 18.92% year-on-year, and a total of 150.89 million yuan for the first half, a decrease of 5.42% [1]. - The sauce series experienced a 29.04% drop in Q2 sales revenue to 35.41 million yuan, with a total of 79.73 million yuan for the first half, down 3.53% [1]. - Overall, the company reported total sales revenue of 475.49 million yuan in Q2 2025, a decrease of 6.63% year-on-year, while the first half total was 969.12 million yuan, an increase of 4.69% [1]. Group 2: Sales Channels - The distribution model generated 474.54 million yuan in Q2 2025, down 7.66% year-on-year, while the first half revenue was 1.058 billion yuan, an increase of 13.76% [1]. - Direct sales revenue fell by 33.09% to 8.58 million yuan in Q2, but increased by 21.44% to 35.31 million yuan in the first half [1]. - Foreign trade sales revenue decreased by 13.36% to 10.68 million yuan in Q2, with a total of 17.69 million yuan for the first half, down 9.60% [1]. Group 3: Online vs Offline Sales - Online sales increased by 18.72% to 76.33 million yuan in Q2 2025, with a total of 145.66 million yuan for the first half, up 13.82% [1]. - Offline sales decreased by 12.07% to 417.47 million yuan in Q2, while the first half total was 965.57 million yuan, an increase of 13.48% [1]. Group 4: Regional Performance - The Northern region reported a 3.69% increase in sales revenue to 50.49 million yuan in Q2, with a total of 103.63 million yuan for the first half, up 18.17% [1]. - The Eastern region experienced a significant decline of 41.28% in Q2 sales revenue to 80.87 million yuan, with a total of 237.76 million yuan for the first half, down 3.68% [1]. - The Southern region saw a 13.81% increase in Q2 sales revenue to 174.66 million yuan, with a total of 343.92 million yuan for the first half, up 22.65% [1]. Group 5: Distributor Changes - The total number of distributors at the end of the reporting period was 2,049, with an increase of 63 and a decrease of 48 during the reporting period [1].