JGJC(SZ:000799) 光大证券研究·2025-08-28 23:05Core Viewpoint - The report highlights a significant decline in the financial performance of the company, with total revenue and net profit experiencing substantial year-on-year decreases in the first half of 2025, indicating ongoing challenges in the liquor industry, particularly in the second quarter [3][4]. Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 561 million yuan, a year-on-year decline of 43.54%, and a net profit attributable to shareholders of 8.955 million yuan, down 92.6% [3]. - The second quarter alone saw total revenue of 217 million yuan, a year-on-year decrease of 56.57%, with a net profit of -23 million yuan, reflecting a decline of 147.8% [3]. Industry Trends - The white liquor industry continues to face deep adjustments, with the second quarter being particularly impacted by policy influences, leading to cautious channel payment intentions [4]. - The company's revenue decline in Q2 was more pronounced than in Q1, where revenue had decreased by 30.34% [4]. Product and Marketing Strategy - The company focused on marketing themes related to education, weddings, and sports events to drive consumer engagement and increase sales through direct consumer interactions [4]. - A strategic simplification of product offerings was implemented, focusing on a "2+2+2" product system to enhance core product performance and promote new offerings [4]. Channel and Distribution - The company is actively working on core terminal construction and has initiated a "sweep" action in key markets to refine distribution channels [4]. - The number of distributors decreased to 805 by the end of the first half of 2025, a reduction of 531 compared to the end of 2024, particularly in the central China region [4]. Profitability Metrics - The gross profit margin for Q2 was 65.2%, down 10.4 percentage points year-on-year, indicating pressure on profitability [5]. - The net profit margin for Q2 was -10.47%, reflecting a decline of approximately 20 percentage points year-on-year, highlighting significant profitability challenges [5]. Cash Flow and Financial Health - Cash receipts from sales in Q2 amounted to 222 million yuan, a year-on-year decline of 57.1%, with a net cash flow from operating activities of -107 million yuan [5]. - As of the end of Q2 2025, contract liabilities stood at 135 million yuan, a decrease of 44 million yuan from Q1 2025, indicating ongoing challenges in channel confidence [5].