迎驾贡酒总经理：预算目标非盈利 预测有不确定性

Core Viewpoint - Yingjia Gongjiu, once considered a "dark horse," experienced a significant decline in both revenue and profit in the first half of 2025, marking the first time in five years that such a downturn occurred [1][2]. Financial Performance - In the first half of 2025, Yingjia Gongjiu's revenue target is set at 7.6 billion yuan, reflecting a year-on-year growth of 3.49%, while the net profit target is 2.62 billion yuan, indicating a growth of 1% [1]. - The company's revenue from Anhui province decreased by 12% year-on-year in the first half of 2025, with a more pronounced decline of 20.29% in the second quarter [1]. Market Conditions - The overall market conditions are challenging, with consumer fatigue and weak demand impacting sales both within and outside Anhui province [2]. - The company is focusing on expanding its presence in external markets, particularly in Shanghai and Jiangsu, while introducing the "Dongcang series" as a growth driver [2]. Cost and Efficiency Challenges - Despite a significant drop in operating costs due to reduced sales volume, both selling and administrative expenses increased, with management expenses rising by 17% year-on-year [3]. - The management has not provided a clear explanation for the substantial increase in expenses but aims to enhance profitability through refined operations and efficiency improvements [3]. Stock Performance - Yingjia Gongjiu's stock price has fallen nearly 18% this year, continuing a downward trend for two consecutive years [3]. - As of September 19, the stock closed at 42.7 yuan per share, with a market capitalization of approximately 34.16 billion yuan [4].