半年报净利十年首降，泸州老窖不少经销商退出，谁的“锅”？

Core Viewpoint - The liquor industry, particularly the leading companies like Luzhou Laojiao, is experiencing performance fluctuations due to a consumption structure transformation and intensified competition in a stagnant market [1][5]. Financial Performance - Luzhou Laojiao reported a revenue of 16.454 billion yuan in the first half of the year, a year-on-year decline of 2.67% [3]. - The net profit attributable to shareholders was 7.663 billion yuan, down 4.54% year-on-year, marking the first decline in net profit for a half-year report since 2014 [3][5]. - The second quarter saw a significant drop in net profit, down over 11% year-on-year, with revenue and net profit at 7.102 billion yuan and 3.070 billion yuan respectively, both showing declines of 7.97% and 11.1% [3][5]. Sales and Pricing - The average price per ton of high-end liquor decreased by approximately 90,000 yuan, a decline of about 12.72%, while other liquor products saw a price drop of around 6,600 yuan, down 10.82% [7][9]. - High-end liquor revenue was 15.048 billion yuan, down 1.09%, while other liquor revenue fell by 16.96% to 1.35 billion yuan [6][9]. Inventory and Distribution - As of June 30, the finished liquor inventory was 39,600 tons, with a significant increase in other liquor inventory by 55.28% year-on-year [10]. - The number of domestic distributors decreased by 66 to 1,703, a decline of 3.73%, while international distributors also saw a reduction [10][11]. Market Strategy - Luzhou Laojiao aims to explore new market segments by focusing on "downstream," "low-alcohol liquor," "light bottle liquor," and "instant retail" [13]. - The company plans to enhance its product innovation and develop new consumption methods, including a 28-degree version of Guojiao 1573 [13].