开源证券：维持山西汾酒“买入”评级，Q2环比降速，但仍然实现正增长

Core Viewpoint - The report from Open Source Securities indicates that Shanxi Fenjiu's net profit attributable to shareholders for the first half of the year was 8.52 billion yuan, a year-on-year increase of 1.1% [1]. Financial Performance - In Q2 2025, the company achieved a net profit of 1.86 billion yuan, a year-on-year decrease of 13.5% [1]. - The second quarter saw a decline in growth rate due to the demand environment, but still managed to achieve positive growth, showcasing the advantages of the company's diverse product structure and solid national layout [1]. - The gross profit margin decreased by 3.2 percentage points to 71.9% due to a noticeable shift in product structure influenced by the sales of mid-to-high-end products [1]. - The net profit margin fell by 4.0 percentage points to 25.1% [1]. Expense Management - The sales, management, and financial expense ratios remained relatively stable, with changes of -0.01%, +0.08%, and +0.01% respectively [1]. Future Outlook - The company has experienced significant improvements in net profit margins over the past few years; however, with declining demand, the expected increase in net profit margins may slow down or see a slight decrease [1]. - The industry trend towards younger consumer preferences and lighter drinking experiences positions the company’s product types with a clear competitive advantage [1]. - Given the company's product structure, national market advantages, and favorable profit levels for distributors, it is anticipated that the company will continue to outperform in the future, maintaining a "buy" rating [1].