Shanxi Xinghuacun Fen Wine Factory (SH:600809) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-28 11:48Core 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][3]. Financial Performance - In the first half of 2025, Shanxi Fenjiu achieved operating revenue of 23.964 billion yuan, a year-on-year increase of 5.35%, and a net profit attributable to shareholders of 8.505 billion yuan, up 1.13% [1]. - In Q2 2025, the company recorded revenue of 7.441 billion yuan, a slight increase of 0.45%, while net profit fell by double digits [1]. - The company's revenue from outside Shanxi exceeded 15.1 billion yuan, growing by 6.15%, which outpaced the 4.04% growth from within Shanxi [1][3]. Market Strategy - The company is advancing its nationalization strategy 2.0, focusing on market penetration in regions like the Yangtze River Delta and Pearl River Delta, which are showing rapid growth [3]. - As of the end of the first half, the number of distributors outside Shanxi surpassed 3,200 [3]. Product Performance - Main products, particularly Fenjiu, saw a revenue increase of 5.75% in the first half, despite some decline in other products like Zhuyeqing [4]. - The company has implemented strategies to control the volume of certain products while increasing the volume of others, thereby enhancing the overall brand price range [4]. Future Outlook - The company has a significant "buffer" with a contract liability balance of 5.983 billion yuan, marking a new high for the same period [5].