营收、利润双降，今世缘10亿销售费花哪了？

Core Viewpoint - The article discusses the recent performance of Jinshiyuan, a prominent player in the liquor industry, highlighting a decline in both revenue and profit despite significant sales expenditures, raising questions about its growth strategy and market position [4][5]. Revenue and Profit Decline - In the first half of 2025, Jinshiyuan reported a revenue of 6.95 billion yuan, a decrease of 4.84% year-on-year, and a net profit of 2.23 billion yuan, down 9.46% [7]. - The second quarter was particularly challenging, with revenue dropping to 1.85 billion yuan, a significant decline of 29.7%, and net profit falling by 37.06% to 585 million yuan [7]. - Inventory turnover days increased to 549.79 days, up 21.87% year-on-year, indicating issues with inventory buildup and sluggish sales [7]. - Operating cash flow also decreased by 13.7% to 1.075 billion yuan, reflecting the impact of slow sales on cash recovery [7]. Market Expansion Challenges - Despite entering the 10 billion yuan revenue club in 2023, Jinshiyuan faces challenges in expanding beyond its local market, with a notable decline in its domestic market performance [11]. - In the first half of 2025, revenue from Jiangsu province accounted for 90.97% of total revenue, down from 91.79% in the same period of 2024, with total revenue from the province dropping to 6.322 billion yuan [13]. - The company’s efforts to enhance brand visibility through events like the "Su Super" football league have not translated into significant revenue growth, as revenue from outside Jiangsu only increased slightly from 8.21% to 9.03% [13]. Production Capacity and Market Conditions - Since 2024, Jinshiyuan has focused on optimizing production capacity, including the construction of a new workshop with an annual capacity of 20,000 tons and the implementation of advanced production technologies [16]. - However, the overall liquor market is facing challenges such as declining production, weak terminal sales, and severe inventory issues, raising concerns about the viability of Jinshiyuan's expansion plans [18]. - The company's stock price has been on a downward trend since 2021, failing to benefit from the overall bullish A-share market, which raises questions about investor confidence [18].