WLY(SZ:000858) Cai Jing Wang·2025-08-27 13:43Core Insights - Wuliangye reported a revenue of 52.771 billion yuan for the first half of 2025, representing a year-on-year increase of 4.19% [1] - The net profit attributable to shareholders was 19.492 billion yuan, up 2.28% year-on-year [1] - In Q2, revenue was 15.831 billion yuan, showing a slight year-on-year growth of 0.1%, while net profit decreased by 7.58% to 4.632 billion yuan [1] Revenue and Cost Analysis - The total revenue from liquor products was approximately 49.12 billion yuan, with a gross margin of 82.20%, reflecting a 4.26% increase compared to the previous year [2] - The revenue from Wuliangye products specifically was about 40.998 billion yuan, with a gross margin of 86.45%, marking a 4.57% increase year-on-year [2] - The number of Wuliangye distributors decreased by 20, totaling 2,510, while the number of Wuliang Nuo Xiang distributors increased by 127, reaching 3,587 [2] Product and Market Strategy - The company launched new products such as "Yiyun Type" and "Zhu Jun Jin Bang Ti Ming," and accelerated the release of the 29-degree Wuliangye [3] - Wuliangye is focusing on channel development, adding 7,990 new purchase terminals and achieving double-digit growth in banquet consumption scenarios [3] - The company is enhancing its market foundation by implementing a classification and grading strategy, strengthening terminal networks, and expanding coverage in e-commerce and supermarkets [4]