LZLJ(SZ:000568) Ge Long Hui A P P·2025-09-02 08:12Core Viewpoint - Luzhou Laojiao's net profit attributable to shareholders for H1 2025 is projected at 7.663 billion yuan, a year-on-year decrease of 4.54%, while Q2 2025 net profit is expected to be 3.070 billion yuan, down 11.10% year-on-year [1] Financial Performance - The company experienced a slowdown in performance in Q2 2025, prompting a focus on product innovation and digital transformation [1] - As of the end of H1 2025, the number of domestic distributors reached 1,703, an increase of 88 from the beginning of the period, while the number of overseas distributors was 88, with a net increase of 10 [1] - Contract liabilities stood at 3.529 billion yuan at the end of Q2 2025, reflecting a year-on-year increase of 11.88 million yuan and a quarter-on-quarter increase of 4.64 million yuan, indicating overall stability in contract liabilities [1] Strategic Initiatives - The company is enhancing channel management and has launched a nationwide promotion of its "five-in-one" product strategy [1] - The implementation of a dealer portal system and the establishment of a marketing service platform are part of the company's efforts to improve operational efficiency [1] Market Outlook - Despite the pressure on macro demand, the company maintains strong core competitiveness in channels and branding, supported by marketing reforms and digital transformation, which provide significant performance elasticity [1] - The investment bank has adjusted the company's profit forecast downward but maintains a "buy" rating [1]