GUJING(SZ:000596) Changjiang Securities·2025-09-14 04:45Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a total revenue of 13.88 billion yuan for H1 2025, representing a year-on-year growth of 0.54%. The net profit attributable to the parent company was 3.662 billion yuan, up 2.49% year-on-year, while the net profit excluding non-recurring items was 3.626 billion yuan, an increase of 2.42% year-on-year. However, in Q2 2025, total revenue decreased by 14.23% year-on-year to 4.734 billion yuan, and net profit fell by 11.63% year-on-year to 1.332 billion yuan [2][6][10]. Financial Performance - In H1 2025, the revenue from the year-round original series was 10.959 billion yuan, a growth of 1.59% year-on-year. The revenue from Gujing Gongjiu was 1.184 billion yuan, down 4.39% year-on-year, while revenue from Huanghelou and others was 1.497 billion yuan, up 6.68% year-on-year. The company focused on destocking in Q2, leading to an overall slowdown in growth [10]. - Regionally, revenue from North China was 0.809 billion yuan, down 27.04% year-on-year, while South China revenue was 0.768 billion yuan, down 5.84% year-on-year. Central China revenue was 12.297 billion yuan, up 3.60% year-on-year [10]. Profitability Metrics - The net profit margin for H1 2025 increased by 0.5 percentage points to 26.38%, while the gross margin decreased by 0.54 percentage points to 79.87%. The expense ratio decreased by 1.07 percentage points to 28.15%, with specific changes in sales expense ratio (-0.86 percentage points), management expense ratio (-0.02 percentage points), R&D expense ratio (+0.05 percentage points), and financial expense ratio (-0.23 percentage points) [10]. Future Earnings Projections - The company is expected to achieve earnings per share (EPS) of 10.55 yuan and 11.45 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 16 and 15 times based on the current stock price [10].