Ge Long Hui A P P·2025-09-15 08:26Core Insights - The core viewpoint of the report indicates that Wuliangye's net profit attributable to shareholders for the first half of 2025 is projected to be 19.492 billion yuan, reflecting a year-on-year increase of 2.28% [1] - The report highlights a notable decline in net profit for Q2 2025, which is expected to be 4.632 billion yuan, showing a year-on-year decrease of 7.58% [1] Revenue Performance - The company's revenue growth in the first half of 2025 is described as relatively stable, with significant sales growth in the series liquor segment [1] - The top five distributors contributed a total sales revenue of 30.061 billion yuan in H1 2025, compared to 10.698 billion yuan in the same period last year, indicating substantial growth [1] Regional Analysis - Revenue performance varies by region, with the eastern region showing stronger results, while the southern and northern regions experienced slower growth compared to the overall company performance [1] - The number of distributors in the eastern and northern regions saw a slight decrease, with a year-on-year reduction of 19 and 5 distributors respectively, while the southern region gained 4 new distributors [1] Future Outlook - The company plans to align its revenue growth target for 2025 with macroeconomic indicators [1] - Earnings per share (EPS) for 2025 and 2026 are projected to be 8.36 yuan and 8.83 yuan respectively, with corresponding price-to-earnings (PE) ratios of 15 and 14 times, maintaining a "buy" rating [1]