Kouzijiao(SH:603589) Xin Lang Cai Jing·2025-09-16 06:05Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the high-end liquor market and increased competition in the industry [1] Financial Performance - In H1 2025, the company achieved operating revenue of 2.531 billion yuan, a year-on-year decrease of 20.07% [1] - The net profit attributable to shareholders was 715 million yuan, down 24.63% year-on-year [1] - The net profit after deducting non-recurring items was 698 million yuan, reflecting a decrease of 24.90% year-on-year [1] Product Segment Analysis - Revenue from high-end, mid-range, and low-end liquor in H1 2025 was 2.385 billion yuan, 32 million yuan, and 68 million yuan, respectively, with year-on-year changes of -19.8%, -10.8%, and -2.6% [1] - In Q2 2025, revenue for high-end, mid-range, and low-end liquor was 650 million yuan, indicating continued pressure on mid to high-end products [1] Profitability and Margin - The company's gross margin in Q2 2025 was 65.18%, a decrease of 9.86 percentage points year-on-year, primarily due to reduced revenue from high-end liquor and an increase in the proportion of low-margin products [1] - The industry is currently undergoing a deep adjustment period, characterized by inventory destocking and price competition [1] Investment Outlook - The company forecasts revenue growth rates of -21.0%, +4.3%, and +7.0% for the years 2025 to 2027, with net profit growth rates of -28.6%, +7.2%, and +7.3% respectively [1] - Based on the average valuation of comparable companies, a "Buy-A" investment rating is suggested for 2025 [1]