SCS(SH:601555) 智通财经网·2025-09-04 02:32Core Viewpoint - The report from Dongwu Securities emphasizes the expectation for the liquor industry to undergo a clearing process, focusing on identifying key contradictions and the visibility of future performance recovery, prioritizing companies that are earlier in their turning points and have leading growth elasticity [1] Group 1: Industry Performance - In the first half of 2025, the liquor sector's total operating revenue decreased by 0.3% year-on-year, while net profit attributable to the parent company fell by 0.9% [1] - In Q2 2025, the liquor sector's total operating revenue declined by 4.7% year-on-year, with net profit attributable to the parent company dropping by 7.3% [1] - The macroeconomic environment in Q2 2025 saw significant impacts on business scenarios, with high-end and sub-high-end liquor demand experiencing a downward trend [1][2] Group 2: Sales and Revenue Trends - The revenue growth rate of most liquor companies has accelerated decline, with pre-receivable balances at near two-year lows, indicating ongoing channel repayment pressure [2] - The second-tier sub-high-end liquor companies have strengthened shipment control since Q2 2024, leading to a narrowing decline in revenue year-on-year in Q2 2025 [2] Group 3: Profitability and Margin Analysis - In the first half of 2025, the gross margins for high-end liquor, sub-high-end liquor, and regional liquor companies decreased by 0.5, 0.4, and 0.3 percentage points respectively, indicating pressure on product structure and pricing [3] - The profit growth rates for high-end liquor (5.49%) outperformed sub-high-end (-3.22%) and real estate liquor (-24.90%), reflecting challenges in product structure and sales conversion [3]