Hengshun Vinegar(SH:600305) Changjiang Securities·2025-09-07 13:45Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's total revenue for H1 2025 is 1.125 billion yuan, an increase of 12.03% year-on-year, while the net profit attributable to the parent company is 111 million yuan, up 18.07% year-on-year [2][4] - In Q2 2025, total revenue is 499 million yuan, a decrease of 8.22% year-on-year, but the net profit attributable to the parent company is 54.09 million yuan, an increase of 40.61% year-on-year [2][4] Summary by Sections Revenue Breakdown - Revenue from vinegar series is 739 million yuan (up 8.04% year-on-year), while Q2 shows a decline of 0.97% year-on-year - Revenue from wine series is 151 million yuan (down 5.42% year-on-year), with Q2 showing a decline of 18.92% year-on-year - Revenue from sauce series is 80 million yuan (down 3.53% year-on-year), with Q2 showing a decline of 29.04% year-on-year - Other revenue is 142 million yuan (up 167.67% year-on-year), with Q2 showing a decline of 38.56% year-on-year - Online sales are 146 million yuan (up 13.82% year-on-year), while offline sales are 966 million yuan (up 13.48% year-on-year) [5] Profitability Improvement - The net profit margin for H1 2025 increased by 0.5 percentage points to 9.83%, and the gross profit margin increased by 1.86 percentage points to 38.41% - In Q2 2025, the net profit margin increased significantly by 3.76 percentage points to 10.83%, and the gross profit margin increased by 9.6 percentage points to 42.06% [6] Future Growth Potential - The company is deepening state-owned enterprise reforms, implementing stock incentive plans, and enhancing employee motivation, particularly in the marketing team - New production capacity from projects such as 100,000 tons of yellow wine and 100,000 tons of seasoning products is now operational, providing a solid foundation for future growth - The company focuses on three core product lines: vinegar, wine, and sauce, and aims to expand sales through new retail formats and B-end channels [7]