迎驾贡酒(603198)：主动纾压节奏务实 叠加低基数后续业绩有望回暖

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the current market environment and a need for strategic adjustments to maintain growth [1][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 3.16 billion yuan, a year-on-year decrease of 16.9% - The net profit attributable to shareholders was 1.13 billion yuan, down 18.2% year-on-year - The net profit after deducting non-recurring items was 1.09 billion yuan, a decline of 19.9% year-on-year - For Q2 2025, revenue was 1.11 billion yuan, down 23.8% year-on-year, with net profit at 302 million yuan, a decrease of 35.2% year-on-year [1][4]. Product and Regional Performance - In Q2 2025, revenue from high-end and regular white liquor was 817 million yuan and 210 million yuan, respectively, representing declines of 23.6% and 32.9% year-on-year - The revenue share of high-end white liquor increased by 2.19 percentage points to 79.5% - Revenue from domestic and foreign regions in Q2 2025 was 730 million yuan and 296 million yuan, down 20.3% and 36.4% year-on-year, respectively - The number of domestic and foreign distributors increased by 3 and 1, respectively, compared to Q1 2025 [2][4]. Cost and Profitability - The gross profit margin for the first half of 2025 was 73.6%, an increase of 0.18 percentage points year-on-year, while Q2 2025 gross profit margin was 68.3%, a decrease of 2.62 percentage points year-on-year - The sales, management, and R&D expense ratios for Q2 2024 were 13.4%, 5.5%, and 1.3%, respectively, with year-on-year increases of 3.43, 2.01, and 0.05 percentage points - The net profit margin for Q2 2024 was 27.1%, down 4.63 percentage points year-on-year [3][4]. Strategic Outlook - The company is focusing on consolidating core markets in the short term, differentiating competition and regional expansion in the medium term, and enhancing brand value through a "Cultural Welcome Strategy" in the long term - The company aims to maintain a healthy channel inventory by controlling shipment pace and expects stable growth in 2025 due to macroeconomic recovery and low base effects from the previous year - Revenue projections for 2025 and 2026 are 6.31 billion yuan and 6.70 billion yuan, with year-on-year changes of -14.0% and +6.1%, respectively [4].