SCSF(SH:600779) Sou Hu Cai Jing·2025-10-11 09:39Core Insights - The Chinese liquor industry is undergoing a deep adjustment cycle in 2025, with weak consumption and policy factors leading to significant pressure on the overall industry [1] - Only 3 out of 13 listed liquor companies in A-shares reported both revenue and net profit growth in their 2025 semi-annual reports, indicating widespread growth challenges [1] - Despite industry challenges, Shuijingfang's 2025 semi-annual report reveals three positive signals that provide a new perspective on "value reconstruction" for liquor companies [1] Group 1: Financial Performance - Shuijingfang achieved revenue of 1.498 billion yuan and a net profit of 105 million yuan in the first half of 2025, showing resilience despite industry headwinds [1] - The company proactively optimized its channel structure to combat common industry issues such as low-price dumping by distributors [1] Group 2: Strategic Initiatives - Shuijingfang implemented a "three-step + online-offline linkage" strategy to avoid dependency on consumption scenarios, focusing on product segmentation and cultural branding [3] - The company is targeting both the basic market with core products and the high-end market with rare aged liquors, enhancing brand value through cultural collaborations [3] Group 3: Long-term Strategy - Shuijingfang emphasizes long-term positioning through three dimensions: ESG construction, addressing the trend of lower alcohol content, and focusing on value competition [4] - The company’s proactive structural adjustments and long-term focus are seen as key strengths that could guide the entire liquor industry through its current challenges [4]