老白干酒（600559）：本部表现稳健，盈利能力稳中有升

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company demonstrated stable performance with a slight increase in profitability, focusing on product, channel, and brand reforms to enhance operational performance and core competitiveness [1][4]. - Despite external market pressures leading to a slight decline in revenue in Q2, the overall outlook remains positive due to market share growth and brand expansion [1][4]. Financial Performance Summary - For the first half of 2025, total revenue was 2.48 billion, with net profit attributable to shareholders at 320 million, reflecting year-on-year increases of 0.5% and 5.4% respectively [1][2]. - The gross margin improved by 2.1 percentage points to 68.0% in the first half of 2025, attributed to product mix optimization [3]. - The company expects revenue for 2025-2027 to be 5.38 billion, 5.60 billion, and 5.94 billion respectively, with year-on-year growth rates of 0.4%, 4.1%, and 6.1% [4][10]. Brand and Product Performance - The white liquor business generated 2.47 billion in revenue for the first half of 2025, with a product mix showing growth in higher-priced products [2]. - The company’s various brands, including Laobai Gan and Wuling, showed mixed performance, with Laobai Gan achieving a 2% revenue increase [2][4]. Market Outlook - The company is expected to benefit from an improved competitive landscape in Hebei province, with a solid logic for profit margin improvement driven by market share gains and cost efficiency [1][4]. - The target price for the stock is set at 23.40 RMB, based on a 26x PE ratio for 2025 [4][6].