Yanghe(SZ:002304) Xin Lang Cai Jing·2025-09-09 08:35Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing challenges in the high-end liquor market and a need for strategic adjustments to improve performance [1][6]. Financial Performance - For 25H1, the company achieved revenue of 14.796 billion, down 35.32% year-on-year, and a net profit of 4.344 billion, down 45.34% year-on-year. The adjusted net profit was 4.232 billion, down 46.71% year-on-year [1]. - In 25Q2, revenue was 3.729 billion, down 43.67% year-on-year, with a net profit of 707 million, down 62.66% year-on-year [1]. - The gross and net profit margins for 25H1 decreased to 75.02% and 29.30%, respectively, reflecting a decline of 0.33 and 5.44 percentage points year-on-year [3]. Product and Channel Performance - The company’s revenue from high-end liquor and ordinary liquor in 25H1 was 12.672 billion and 1.841 billion, respectively, with declines of 36.52% and 27.24% year-on-year [1]. - Online direct sales accounted for 1.52% of total revenue in 25H1, with a slight increase in market share despite a 6.91% decline in revenue [1]. - The company’s revenue from domestic and foreign markets in 25H1 was 7.121 billion and 7.392 billion, respectively, with year-on-year declines of 25.79% and 42.68% [2]. Cost and Cash Flow Analysis - The sales and management expense ratio increased to 14.52% and 6.34% in 25H1, reflecting a rise of 3.10 and 2.02 percentage points year-on-year [3]. - Operating cash flow for 25H1 was 616 million, down 69.85% year-on-year, with a negative cash flow of 1.920 billion in 25Q2 [4]. Investment Outlook - The company is adjusting its profit forecasts due to ongoing sales pressure, with expected revenue growth rates of -30.54%, 1.89%, and 5.58% for 2025-2027 [6]. - The company maintains a high dividend yield, suggesting potential for recovery and resilience in the market [6].