SCSF(SH:600779) ZHESHANG SECURITIES·2025-09-29 10:54Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is currently facing short-term pressure with expectations for gradual improvement in the future [1] - The product structure is under pressure, with a decrease in the number of distributors [1] - The company is optimizing its channel structure to maintain a stable value system and ensure reasonable profit margins for customers [9] Revenue and Profitability - For the first half of 2025, the company's high-end and mid-range liquor revenues were CNY 1.305 billion and CNY 87 million, respectively, showing a year-on-year decline of 14.00% and an increase of 68.35% in Q2 [1] - The company's gross and net profit margins for the first half of 2025 decreased by 1.71 and 7.07 percentage points to 79.26% and 7.04%, respectively [2] - The sales and management expense ratios increased by 2.58 and 3.69 percentage points to 36.35% and 19.04%, respectively, in the first half of 2025 [2] Financial Forecast - The revenue growth rates for 2025 to 2027 have been revised down to -18%, 4%, and 5%, respectively, with net profit growth rates adjusted to -29%, 7%, and 9% [3] - The projected revenue for 2025 is CNY 4.278 billion, with a net profit of CNY 955 million [4] Market Performance - The company experienced a decrease in domestic distributors, down to 51 from the end of 2024, while international distributors remained at 2 [1] - Domestic revenue in Q2 2025 was CNY 470 million, a decline of 35.17%, while international revenue increased by 40.01% to CNY 22 million [1]