WLY(SZ:000858) Xin Lang Cai Jing·2025-08-28 10:40Core Viewpoint - The company reported steady growth in revenue and net profit for the first half of 2025, although the net profit margin faced slight pressure in Q2 2025 [1][3]. Financial Performance - In H1 2025, the company achieved total revenue of 52.77 billion yuan, a year-on-year increase of 4.2%, and a net profit of 19.49 billion yuan, up 2.3% year-on-year [1]. - For Q2 2025, total revenue was 15.83 billion yuan, showing a marginal increase of 0.1% year-on-year, while net profit was 4.63 billion yuan, down 7.6% year-on-year [1]. - The company's liquor revenue reached 49.12 billion yuan in H1 2025, with a year-on-year growth of 4.26%, driven by a volume increase of 44.59% but offset by a price decline of 27.89% [1][2]. Product Performance - The revenue from Wuliangye products in H1 2025 was 41 billion yuan, reflecting a year-on-year increase of 4.6%, with sales volume up 12.7% but a price drop of 7.3% [1][2]. - Other liquor products generated revenue of 8.12 billion yuan in H1 2025, a year-on-year increase of 2.7%, with sales volume up 58.5% but a price decline of 35.3% [2]. Sales Channels - Direct sales channels outperformed overall growth, with revenue of 21.19 billion yuan in H1 2025, a year-on-year increase of 8.6% [2]. - The company successfully developed 60 enterprise clients in H1 2025, contributing to group purchase revenue [2]. - Revenue from the eastern region was 20.11 billion yuan, up 7.9% year-on-year, while the southern and northern regions saw increases of 1.9% and 1.8%, respectively [2]. Cost and Margin Analysis - In Q2 2025, the gross profit margin decreased by 0.32 percentage points, attributed to product mix effects [3]. - The company increased promotional expenses to stimulate consumer purchases, with promotional costs reaching 3.56 billion yuan in H1 2025, a year-on-year increase of 3.5% [3]. Future Outlook - The company has revised its revenue and net profit forecasts downward for 2025-2027, now expecting revenues of 91.07 billion yuan, 95.70 billion yuan, and 101.28 billion yuan, with year-on-year growth rates of 2.1%, 5.1%, and 5.8% respectively [4]. - The expected net profit for the same period is 31.13 billion yuan, 32.06 billion yuan, and 34.35 billion yuan, with a projected decline of 2.3% in 2025 followed by growth in subsequent years [4]. - The current stock price corresponds to a P/E ratio of 15.8 for 2025 and 15.3 for 2026, with a dividend yield of 4.4% based on a 70% payout ratio [4].