Group 1 - The core viewpoint of the reports indicates that Zhenjiu Lidou (06979) experienced a significant decline in revenue and net profit for the first half of 2025, with revenue at 2.497 billion yuan, down 39.58% year-on-year, and net profit at 575 million yuan, down 23.54% year-on-year [1] - The company is projected to have revenue growth rates of -20.0%, 14.9%, and 9.4% for 2025-2027, with net profit growth rates of -6.2%, 18.6%, and 10.0% for the same period [1] - Revenue from different product lines in 2025H1 showed significant declines, with Zhenjiu, Lidou, Xiangjiao, Kaikouxiao, and others generating revenues of 1.492 billion, 611 million, 277 million, 81 million, and 36 million yuan respectively, reflecting year-on-year changes of -44.8%, -9.4%, -38.7%, -63.9%, and -54.7% [1] Group 2 - The industry is currently undergoing an adjustment period with both volume and price declines, but the launch of new products like Lidou Gaoliang 1965 and Lidou Wang series has led to an increase in sales for the Lidou brand [2] - Revenue from different segments of liquor products in 2025H1 showed declines, with mid-to-high-end, next-to-high-end, and mid-range products generating revenues of 575 million, 982 million, and 940 million yuan respectively, with year-on-year changes of -47.3%, -41.6%, and -30.9% [2] - Revenue from distribution and direct sales channels in 2025H1 was 2.197 billion and 300 million yuan respectively, with year-on-year changes of -41.8% and -16.6% [2]
国投证券：予珍酒李渡“买入-A”评级 新品有望贡献增量