迎驾贡酒上半年业绩两位数下滑，将卖旗下酒店聚焦主业

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of 2025, attributed to a weak consumer market and ongoing adjustments in the white liquor industry [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 3.16 billion yuan, a year-on-year decrease of 16.89% [1]. - The net profit attributable to shareholders was 1.13 billion yuan, down 18.19% year-on-year [1]. - The company's mid-to-high-end liquor revenue was 2.54 billion yuan, a decrease of 5.87 million yuan [2]. - Ordinary liquor revenue was 452 million yuan, down 2.17 million yuan [2]. - The company's operating cash flow was 317 million yuan, nearly halved compared to the previous year [3]. Group 2: Market Dynamics - The white liquor industry is undergoing a new round of policy adjustments and consumption structure transformation, leading to deep adjustments in competition [2]. - The total production of industrial white liquor from January to June 2025 was 1.916 million kiloliters, a year-on-year decrease of 5.8% [2]. - Revenue from the provincial market was 2.36 billion yuan, while revenue from the provincial market fell by over 30% to 625 million yuan [3]. Group 3: Strategic Moves - The company plans to sell 100% of its subsidiary, Anhui Yingjia Business Hotel Co., Ltd., for 31.73 million yuan, focusing on its core business [1][4]. - The hotel has been operating at a loss or minimal profit due to its remote location and low occupancy rates [4]. - The sale is part of the company's strategy to optimize its asset and management structure, aligning with its operational needs [5][6].