迎驾贡酒（603198）2025年中报简析：净利润同比下降18.19%

Financial Performance - The company reported a net profit of 1.13 billion yuan for the first half of 2025, a decrease of 18.19% year-on-year [1] - Total operating revenue for the same period was 3.16 billion yuan, down 16.89% year-on-year [1] - In Q2 2025, operating revenue was 1.11 billion yuan, reflecting a decline of 24.13% year-on-year, while net profit for the quarter was 302 million yuan, down 35.2% year-on-year [1] Key Financial Metrics - Gross margin stood at 73.62%, an increase of 0.25% year-on-year, while net margin decreased to 35.87%, down 1.56% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 395 million yuan, representing 12.51% of revenue, an increase of 20.55% year-on-year [1] - Earnings per share (EPS) was 1.41 yuan, a decrease of 18.5% year-on-year, and operating cash flow per share was 0.4 yuan, down 48.3% year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 27.68% last year, indicating strong capital returns [3] - Analysts expect the company's performance in 2025 to reach 2.186 billion yuan, with an average EPS forecast of 2.73 yuan [3] Fund Holdings - The largest fund holding the company’s shares is the招商中证白酒指数(LOF)C, with a scale of 10.128 billion yuan and a recent net value increase of 0.25% [4] - Several funds have increased their holdings in the company, indicating continued interest from institutional investors [4]