泸州老窖H1营收未能“稳进” 中高档酒吨价下降近13%

Core Viewpoint - The liquor industry is facing intensified competition and policy adjustments, leading to a decline in the revenue and profit of Luzhou Laojiao in the first half of 2025, failing to meet its growth targets [1][2]. Financial Performance - Luzhou Laojiao reported a revenue of 16.454 billion yuan, a year-on-year decrease of 2.67% [1]. - The net profit attributable to shareholders was 7.663 billion yuan, down 4.54% year-on-year, while the net profit excluding non-recurring items was 7.650 billion yuan, a decline of 4.3% [1]. - In Q2, the company achieved a revenue of 7.1 billion yuan, a decrease of approximately 8% year-on-year, and a net profit of 3.07 billion yuan, down about 11% [1]. Sales and Pricing - Luzhou Laojiao's mid-to-high-end liquor sales volume reached 24,119.09 tons, an increase of 13.33% year-on-year, but the price per ton decreased by approximately 12.72% to 623,900 yuan [2]. - Other liquor products saw a sales volume of 24,798.63 tons, a decline of 6.89%, with a price per ton of 54,400 yuan, down about 10.82% [2]. Contract Liabilities - As of the end of June, Luzhou Laojiao's contract liabilities amounted to 3.529 billion yuan, reflecting a year-on-year growth of approximately 50%, and a 15% increase compared to the end of Q1 [2]. Strategic Plans - For the second half of the year, the company plans to deepen market penetration by developing long-term strategies for consumer cultivation in lower-tier markets [3]. - The company aims to launch new products, including a 28-degree Guojiao 1573 and a new Luzhou Laojiao Erqu, to optimize its product structure [3]. - Luzhou Laojiao will establish its own e-commerce platform and enhance cooperation with mainstream e-commerce and instant retail platforms to create an integrated online and offline channel network [3].