LAO BAI GAN JIU(SH:600559) Xin Lang Cai Jing·2025-08-30 16:46Core Viewpoint - The company reported a stable performance in the first half of 2025, with slight revenue growth and improved net profit, despite facing challenges in the second quarter due to policy changes affecting high-end business consumption [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.481 billion yuan, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 321 million yuan, up 5.4% year-on-year [1]. - In Q2 2025, the company recorded revenue of 1.314 billion yuan, a decrease of 2.0% year-on-year, while net profit attributable to shareholders was 168 million yuan, a slight increase of 0.2% year-on-year [1]. - The company's gross profit margin for H1 2025 was 68.0%, an increase of 2.12 percentage points year-on-year, while the gross profit margin for Q2 2025 was 67.4%, a decrease of 1.06 percentage points year-on-year [3]. Product Structure and Market Performance - The company continued to upgrade its product structure, with revenue from products priced above 100 yuan in H1 2025 reaching 1.317 billion yuan, up 5.1% year-on-year, while products priced below 100 yuan generated 1.153 billion yuan, down 3.8% year-on-year [1]. - In Q2 2025, revenue from products priced above 100 yuan was 656 million yuan, a decrease of 9.7% year-on-year, while products priced below 100 yuan generated 652 million yuan, an increase of 7.8% year-on-year [1]. Sales Channels and Regional Performance - In Q2 2025, the company's direct sales (including group purchases and online) generated revenue of 93 million yuan, an increase of 12.7% year-on-year, while revenue from distributors was 1.215 billion yuan, a decrease of 2.7% year-on-year [2]. - The company strengthened its dealer network in key markets such as Hebei and Hunan, with the number of dealers in these regions increasing by 80 and 9, respectively, compared to the end of Q1 2025 [2]. Cost Management and Profitability - The company has implemented strict internal cost control measures, leading to a decrease in total expense ratio by 2.68 percentage points year-on-year to 34.2% in H1 2025 [3]. - The net profit margin for H1 2025 was 12.9%, an increase of 0.61 percentage points year-on-year, while the net profit margin for Q2 2025 was 12.8%, an increase of 0.27 percentage points year-on-year [3]. Future Outlook - The company is expected to achieve revenue of 5.511 billion yuan and 5.922 billion yuan in 2025 and 2026, respectively, with year-on-year growth rates of 2.9% and 7.5% [4]. - The net profit attributable to shareholders is projected to be 811 million yuan and 888 million yuan for 2025 and 2026, respectively, with year-on-year growth rates of 3.0% and 9.5% [4].