老白干酒（600559）：经营韧性凸显，费用改革持续落地

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company demonstrated operational resilience with ongoing cost reforms. The half-year report for 2025 showed total revenue of 2.481 billion yuan, a year-on-year increase of 0.48%, and a net profit attributable to shareholders of 321 million yuan, up 5.42% year-on-year. The second quarter of 2025 saw total revenue of 1.31 billion yuan, a decline of 1.95% year-on-year, while net profit was 168 million yuan, a slight increase of 0.16% year-on-year [6][5] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are as follows: 4.913 billion yuan in 2025, 5.117 billion yuan in 2026, and 5.546 billion yuan in 2027, with year-on-year growth rates of -8.3%, 4.2%, and 8.4% respectively [5] - The net profit attributable to shareholders is forecasted to be 708 million yuan in 2025, 769 million yuan in 2026, and 855 million yuan in 2027, with year-on-year changes of -10.0%, 8.6%, and 11.2% respectively [5] - The earnings per share are projected to be 0.77 yuan in 2025, 0.84 yuan in 2026, and 0.94 yuan in 2027 [5] - The gross margin is expected to be 65.0% in 2025, remaining stable at around 65.0% in subsequent years [5] Revenue Breakdown - In Q2 2025, the revenue from products priced above 100 yuan was 656 million yuan, down 9.69% year-on-year, while revenue from products priced below 100 yuan was 652 million yuan, up 7.84% year-on-year [6] - Revenue by region in Q2 2025 included 760 million yuan from Hebei (down 0.01% year-on-year), 45 million yuan from Shandong (down 1.16%), 91 million yuan from Anhui (down 37.2%), and 317 million yuan from Hunan (up 12.5%) [6] Profitability Metrics - The net profit margin in Q2 2025 was 12.8%, an increase of 0.27 percentage points year-on-year, primarily due to a decrease in sales expense ratio and income tax rate [6] - The gross margin for Q2 2025 was 67.4%, a decrease of 1.06 percentage points year-on-year [6] Cash Flow and Receivables - The net operating cash flow for Q2 2025 was -224 million yuan, compared to -187 million yuan in the same period last year [6] - The cash received from sales in Q2 2025 was 830 million yuan, a decline of 26.7% year-on-year [6] - The ending balance of advance receipts was 1.44 billion yuan, a decrease of 6.81% from the previous quarter [6]