XIANGPIAOPIAO(SH:603711) Tianfeng Securities·2025-09-14 07:12Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [8][19]. Core Views - The company's performance in the ready-to-drink segment is expected to drive core earnings, with overall performance anticipated to remain stable throughout the year [2][5]. - The ready-to-drink business has shown a year-on-year growth, while the brewed segment has faced slight pressure [3][5]. - The company is actively seeking transformation, focusing on non-distributor channels, which have shown strong performance [4][5]. Financial Performance Summary - For Q2 2025, the company reported revenues of 4.55 billion, with a year-on-year increase of 0.18%, but a significant increase in losses for net profit and net profit excluding non-recurring items [2][5]. - The revenue breakdown for H1 2025 shows the brewed segment at 4.23 billion (down 31.0% YoY) and the ready-to-drink segment at 5.91 billion (up 8.0% YoY), with the ready-to-drink segment accounting for 58.27% of total revenue [3][5]. - The company's gross margin for Q2 2025 was 27.02%, an increase of 1.31 percentage points YoY, while the net margin was -17.32%, a decrease of 5.23 percentage points YoY [5][12]. Revenue and Profit Forecast - The company expects to achieve net profits of 2.6 billion, 2.8 billion, and 3.0 billion for the years 2025, 2026, and 2027 respectively, reflecting a slight downward adjustment from previous estimates [5][12]. - The projected revenue for 2025 is 3.26 billion, with a growth rate of -0.96% [7][12]. Market Position and Valuation - The company has a total market capitalization of 5.59 billion, with a price-to-earnings ratio of 21.50 for 2025 [9][12]. - The company's earnings per share (EPS) is projected to be 0.63 for 2025, with a steady increase expected in subsequent years [7][12].