Shanxi Xinghuacun Fen Wine Factory (SH:600809) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-28 11:55Core Viewpoint - Shanxi Fenjiu reported stable revenue growth in the first half of 2025, achieving operating income 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% [2][3] Revenue Performance - The company maintained its position among the top three in the liquor industry, further solidifying its relative advantage [3] - In Q2 2025, revenue was 7.441 billion yuan, with a year-on-year growth of 0.45%, while net profit dropped by double digits [3] - Total revenue for the first half of 2025 reached 23.875 billion yuan, compared to 22.659 billion yuan in the same period of 2024, indicating a positive growth trend [5] Regional Distribution - Revenue from outside Shanxi exceeded 15.1 billion yuan, growing by 6.15%, which outpaced the 4.04% growth from within Shanxi [3][5] - Over 60% of the company's revenue now comes from outside Shanxi, reflecting successful market expansion efforts [3] Strategic Initiatives - The management emphasized the implementation of the Nationalization 2.0 strategy, focusing on market penetration in regions like the Yangtze River Delta and Pearl River Delta [7] - The number of distributors outside Shanxi surpassed 3,200, indicating a robust distribution network [7] Product Performance - Main products, particularly Fenjiu, continued to grow, with a revenue increase of 5.75% in the first half of 2025 [7] - The company has adopted a strategy to control the volume of certain products while increasing the volume of others, which has positively impacted brand pricing [7] Future Outlook - The company has a significant "reservoir" of potential, with a contract liability balance of 5.983 billion yuan at the end of the first half, marking a new high for the same period [7]