牛栏山二锅头销量锐减，明星基金大举抛售顺鑫农业｜酒业财报观察

Core Viewpoint - The financial performance of Shunxin Agriculture in the first half of 2025 shows significant declines in both revenue and net profit, primarily driven by challenges in the white liquor business and a sluggish pork segment [1][3]. Financial Performance - In the first half of 2025, Shunxin Agriculture reported revenue of 4.59 billion yuan, a year-on-year decrease of 19% [1]. - The net profit attributable to shareholders was 170 million yuan, down 59% year-on-year [1]. - For Q2 2025, revenue was 1.334 billion yuan, a decline of 18% compared to the same period last year, with a net loss of 109 million yuan, representing a threefold increase in losses year-on-year [1]. White Liquor Business - The white liquor segment, which includes brands like Niulanshan and Ningcheng Laojiao, generated revenue of 3.6 billion yuan in the first half of 2025, down 23% year-on-year [3]. - Sales of the 42-degree "Bai Niu Er" product fell by 33%, with production dropping nearly 60% and inventory surging by 652% [3]. - Compared to five years ago, the revenue from the white liquor business has shrunk by 40% [3]. Pork Business - The pork business also faced challenges, with revenue of 889 million yuan in the first half of 2025, only 60% of the revenue from the same period five years ago [3]. Shareholder Actions - Major funds have reduced their holdings in Shunxin Agriculture, with notable reductions including a decrease of over 26.66 million shares by the E Fund Consumer Industry Fund, representing more than an 80% reduction from the previous year [4]. - Northbound capital also continued to reduce its stake, with the Hong Kong Central Clearing and Settlement System cutting 870,000 shares, a 30% decrease [6]. Market Performance - Despite a general rise in the A-share market, Shunxin Agriculture's stock price has declined by approximately 14% year-to-date, making it one of the worst performers in the white liquor sector [6].