百润的RIO没以前好卖了，威士忌还没起势｜酒业财报观察

Core Viewpoint - Baijiu Co. reported a decline in revenue and net profit for the first half of 2025, primarily due to a downturn in its alcoholic beverage segment, particularly the RIO pre-mixed cocktails, which have seen significant drops in sales and production [1][2][3]. Financial Performance - For the first half of 2025, Baijiu Co. achieved revenue of 1.489 billion yuan, a year-on-year decrease of 8.56%, and a net profit attributable to shareholders of 389 million yuan, down 3.32% [1]. - In Q2 2025, revenue was 752 million yuan, reflecting a 9% year-on-year decline, with net profit dropping over 10% to 208 million yuan [1][2]. Product Performance - The decline in revenue is largely attributed to the RIO pre-mixed cocktails, with sales volume down 12.68% and production also experiencing a double-digit decline [2][3]. - Alcoholic products accounted for nearly 90% of Baijiu Co.'s total revenue, with alcoholic product revenue at 1.297 billion yuan, down 9.35% year-on-year [1]. Market Trends - The overall alcoholic beverage consumption environment has worsened, impacting the pre-mixed cocktail segment [1][2]. - Offline channel revenues decreased by 9%, with only the South China market showing growth, while North, West, and East China markets experienced declines [3]. Strategic Initiatives - In response to the downturn, Baijiu Co. is focusing on online direct sales, managing to maintain e-commerce revenue at last year's levels [4]. - The company has reduced advertising expenses by half, leading to a 24% decrease in sales costs, which helped stabilize gross margins [4][5]. Future Growth Potential - Baijiu Co. is optimistic about its "second growth curve" in the spirits segment, particularly with the launch of various whiskey products from its Laizhou Distillery [6][7]. - The Laizhou Distillery has introduced multiple whiskey SKUs and has seen significant growth in barrel storage, reaching 500,000 barrels by mid-2025, up from 400,000 at the end of the previous year [10].