山西汾酒2025上半年营收、净利双增长 长三角、珠三角保持高速增长

Core Insights - The liquor industry is experiencing continued pressure in 2025, with intensified competition and a trend towards industry concentration and differentiation [1][2] - Shanxi Fenjiu reported a revenue of 23.964 billion yuan, a year-on-year increase of 5.35%, and a net profit of 8.505 billion yuan, a year-on-year increase of 1.13% for the first half of 2025, showcasing resilience in a declining market [1][2] Company Performance - Shanxi Fenjiu has strengthened its supply chain resilience by establishing backup procurement channels for raw materials and optimizing logistics and procurement mechanisms [1] - The company is accelerating its core capacity layout and advancing projects such as the "2030" production and storage capacity and Fenqing original liquor base [1] - A comprehensive budget management system has been successfully deployed to enhance digital transformation and management efficiency [1] Market Strategy - The company is actively expanding its national layout through the Nationalization 2.0 strategy, focusing on key regions like the Yangtze River Delta and Pearl River Delta, which are showing high growth [2] - Shanxi Fenjiu's sales revenue from agency channels reached 22.519 billion yuan, a year-on-year increase of 7.17%, with provincial and out-of-province sales revenues of 8.732 billion yuan and 15.143 billion yuan, respectively [2] - The number of distributors in Shanxi province increased to 553, while out-of-province distributors rose to 2,613, indicating a robust expansion strategy [2] Industry Context - The liquor industry has shifted from rapid growth to a phase of deep differentiation, with Shanxi Fenjiu's positive growth reflecting its resilience amid overall industry slowdown [3] - The company emphasizes stability over speed in its marketing strategy for 2025, focusing on price stability and channel management while optimizing structure instead of pursuing aggressive scale [3] - The implementation of a direct supply system to 2 million paid terminals has enhanced profitability for distributors, driving enthusiasm for sales in key regions [3]