Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to industry-wide challenges, although the performance of the Li Du brand remained relatively stable [1] Revenue Summary - The company achieved a revenue of 2.497 billion yuan in H1 2025, a year-on-year decrease of 39.58% [1] - Revenue breakdown by product for H1 2025: - Zhen Jiu: 1.492 billion yuan (-44.8%) - Li Du: 611 million yuan (-9.4%) - Xiang Jiao: 277 million yuan (-38.7%) - Kai Kou Xiao: 81 million yuan (-63.9%) - Others: 36 million yuan (-54.7%) [1] - The average price per ton for products showed a decline, with Zhen Jiu at 32.3 thousand yuan/ton (-17.0%) and Li Du at 34.9 thousand yuan/ton (-29.1%) [1] - Sales volume for products varied, with Li Du showing a positive growth of 27.8% [1] Profitability Analysis - The company's gross margin for H1 2025 was 59.04%, a slight increase of 0.28 percentage points year-on-year [2] - Gross margin by product: - Zhen Jiu: 58.3% (-0.9pct) - Li Du: 66.5% (-0.3pct) - Xiang Jiao: 58.7% (-0.1pct) - Kai Kou Xiao: 41.7% (-4.0pct) - Others: 4.4% (-6.8pct) [2] - The net profit margin for H1 2025 was 23.02%, an increase of 4.83 percentage points year-on-year, primarily due to a significant reduction in equity incentive expenses [2] Channel Performance - Revenue from distributors and direct sales channels for H1 2025 was 2.197 billion yuan and 300 million yuan, respectively, reflecting a year-on-year decline of 41.8% and 16.6% [1] - The number of distribution partners, experience stores, and retailers at the end of H1 2025 was 3,259, 1,025, and 2,835, with changes of +55, -72, and -499 respectively [1] Future Outlook - The company forecasts 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 [2]
珍酒李渡(06979.HK)：主动调整蓄势 新品有望贡献增量