五粮液（000858）：改革推进，彰显韧性

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a revenue of 52.771 billion yuan in the first half of 2025, representing a year-on-year growth of 4.19%, while the net profit attributable to the parent company was 19.492 billion yuan, up 2.28% year-on-year [1] - The company demonstrated strong revenue resilience despite a slight decrease in profitability due to the deep adjustment in the liquor industry, with a second-quarter revenue of 15.831 billion yuan, a year-on-year increase of 0.1%, and a net profit of 4.632 billion yuan, down 7.58% year-on-year [2] - The company is focusing on product renewal and optimizing its product structure, with the launch of the 29-degree Wuliangye and stable growth in the classic Wuliangye brand [2] Financial Performance Summary - In the first half of 2025, the company's liquor revenue was 49.12 billion yuan, a year-on-year increase of 4.26%, with Wuliangye product revenue at 40.998 billion yuan, up 4.57% year-on-year [2] - The gross profit margin for the company was 86.4%, reflecting a slight decrease of 0.2 percentage points year-on-year [2] - The company's operating cash flow reached 31.137 billion yuan, a significant increase of 131.68% year-on-year, attributed to a higher cash collection ratio in the current year compared to the previous year [2] Market and Channel Strategy - The company has implemented a direct distribution strategy in 20 core cities, resulting in a steady increase in terminal orders and a total of 7,990 new terminal purchases [2] - Revenue from different regions showed growth, with East, South, and North regions contributing 20.109 billion yuan, 21.886 billion yuan, and 7.124 billion yuan respectively [2] - The establishment of multiple platform companies has enhanced sales model optimization, with the top five distributors contributing 300.61 billion yuan, accounting for 56.96% of total sales [2] Earnings Forecast - The company is expected to have diluted earnings per share of 7.93 yuan, 8.28 yuan, and 8.81 yuan for the years 2025, 2026, and 2027 respectively, maintaining a "Buy" rating [3]