LAO BAI GAN JIU(SH:600559) Sou Hu Cai Jing·2025-09-01 09:40Core Insights - The core viewpoint of the article highlights the resilience and strategic focus of Hengshui Laobaigan in the face of a challenging market environment for the liquor industry, showcasing its ability to maintain growth in revenue and profit despite broader industry difficulties [1][5]. Financial Performance - For the first half of 2025, Hengshui Laobaigan reported a revenue of 2.48 billion yuan, a year-on-year increase of 0.5% [1]. - The net profit reached 321 million yuan, reflecting a year-on-year growth of 5.4% [1]. - High-end liquor sales over 100 yuan generated 1.317 billion yuan in revenue, up 5.1% year-on-year [1]. - Revenue from key provinces included Hebei at 1.482 billion yuan (up 3.74%), Hunan at 524 million yuan (up 11.34%), and Shandong at 86 million yuan (up 2.95%) [1]. Market Strategy - Hengshui Laobaigan is focusing on solidifying its traditional banquet market while also expanding into new consumption scenarios such as sports and music festivals [2][4]. - The company is enhancing brand visibility through strategic marketing during peak consumption periods and engaging in sponsorships of local sports teams and events [4][5]. - Initiatives include themed events that combine local cuisine and cultural practices with their products to improve market adaptability [4]. Inventory Management - The liquor industry is currently facing structural inventory pressures, which have affected distributor confidence and inventory management [5][7]. - Hengshui Laobaigan is addressing these challenges by organizing events to strengthen relationships with distributors and enhance their operational capabilities [7]. - The company is transitioning from "deep distribution" to "deep operation" to support national market expansion and solidify its base in Hebei [7]. Future Outlook - The company anticipates further growth in the second half of 2025, building on the solid foundation established in the first half of the year [7].