Shanxi Xinghuacun Fen Wine Factory (SH:600809) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-28 11:49Core Viewpoint - Shanxi Fenjiu reported stable revenue growth in the first half of 2025, maintaining its position among the top three in the liquor industry, despite facing challenges in the second quarter due to a tougher consumption environment [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 23.964 billion yuan, a year-on-year increase of 5.35% - The net profit attributable to shareholders was 8.505 billion yuan, reflecting a year-on-year growth of 1.13% [1] - In Q2 2025, revenue was 7.441 billion yuan, with a modest growth of 0.45%, while net profit saw a double-digit decline [1] Regional Revenue Distribution - Revenue from outside Shanxi exceeded 15.127 billion yuan, growing by 6.15% year-on-year, outpacing the 4.04% growth from within Shanxi [1][3] - The total revenue for the first half of 2025 was 23.875 billion yuan, compared to 22.659 billion yuan in the same period of 2024, indicating a positive growth trend [3] Strategic Initiatives - The company is advancing its nationalization strategy 2.0, focusing on market expansion in regions like the Yangtze River Delta and Pearl River Delta, which are showing rapid growth [4] - The number of distributors outside Shanxi has surpassed 3,200, reflecting the effectiveness of the company's expansion efforts [4] Product Performance - Main products, particularly Fenjiu, continued to grow, with a revenue increase of 5.75% in the first half of 2025, despite some declines in other products [4] - The company has implemented strategies to enhance brand positioning and pricing, including the launch of the upgraded Qinghua Fenjiu 30, targeting the thousand-yuan price range [4] Future Outlook - The company has a strong financial position with a contract liability balance of 5.983 billion yuan at the end of the first half, indicating potential for future growth [4]