Ge Long Hui A P P·2025-10-10 08:04Core Viewpoint - The report from Tianfeng Securities indicates that Wuliangye's revenue and net profit attributable to shareholders for the first half of 2025 are projected to be 52.771 billion and 19.492 billion yuan respectively, reflecting year-on-year growth of 4.19% and 2.28% [1] Revenue and Profit Forecast - For Q2 2025, Wuliangye's revenue and net profit attributable to shareholders are expected to be 15.831 billion and 4.632 billion yuan respectively, with year-on-year changes of +0.10% and -7.58% [1] Volume and Price Analysis - The growth in the liquor sector is primarily driven by volume increases, while structural declines have led to a decrease in price per ton, with sales volume up by 44.59% and price per ton down by 27.89% [1] - Wuliangye's sales volume and price per ton have increased by 12.75% and decreased by 7.25% year-on-year respectively, while other liquor sales volume and price per ton have increased by 58.81% and decreased by 35.31% year-on-year respectively [1] Profitability and Market Conditions - Increased investment in expenses has put short-term pressure on profits, but the company still has a sufficient performance reservoir [1] - Given that the industry is still in an adjustment phase, the profit forecast has been revised downward, while maintaining a "buy" rating [1]