Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's performance is in line with expectations, with a half-year revenue of 1.76 billion yuan, a year-on-year increase of 0.31%, and a net profit of 298 million yuan, a year-on-year increase of 1.12% [6] - The report indicates a downward adjustment in profit forecasts for 2025-2027 due to external demand pressures, with expected net profits of 361 million yuan, 378 million yuan, and 411 million yuan respectively [6] - The company’s revenue from white liquor in Q2 2025 was 621 million yuan, a year-on-year decrease of 5.74%, with significant growth in online sales [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are 2.866 billion yuan, with a year-on-year decrease of 5.1% [5] - The gross profit margin for 2025 is expected to be 61.1%, with a return on equity (ROE) of 10.5% [5] - The earnings per share (EPS) for 2025 is projected to be 0.71 yuan [5] Revenue Breakdown - In Q2 2025, revenue from products priced above 300 yuan per 500ml was 136 million yuan, a year-on-year increase of 11.3% [6] - Revenue from products priced between 100-300 yuan per 500ml was 340 million yuan, a year-on-year increase of 0.3% [6] - Revenue from products priced below 100 yuan per 500ml was 145 million yuan, a year-on-year decrease of 26.6% [6] Cash Flow and Liabilities - The net operating cash flow for Q2 2025 was 52 million yuan, compared to 3 million yuan in the same period last year [6] - The pre-receivable accounts at the end of Q2 2025 amounted to 675 million yuan, an increase from 543 million yuan at the end of Q2 2024 [6]
金徽酒(603919):业绩符合预期,产品结构继续提升