牛栏山卖不动了

Core Viewpoint - The company, Shunxin Agriculture, reported a significant decline in revenue and profit for the first half of 2025, primarily due to challenges in its liquor and pork businesses, indicating a competitive and contracting market environment [1][3]. Group 1: Financial Performance - In the first half of 2025, Shunxin Agriculture achieved revenue of 4.59 billion yuan, a year-on-year decrease of 19%, and a net profit attributable to shareholders of 170 million yuan, down 59% year-on-year [1]. - For Q2 2025, the company reported revenue of 1.334 billion yuan, a decline of 18% year-on-year, and a net loss of 109 million yuan, which is three times larger than the previous year [1][3]. - The liquor business, which includes brands like Niulanshan, generated revenue of 3.6 billion yuan in the first half, down 23% year-on-year [1]. Group 2: Liquor Business Challenges - The sales volume of the 42-degree "Bai Niu Er" product fell by 33% year-on-year, with production dropping nearly 60% and inventory surging by 652% [3]. - The introduction of the new national standard for liquor did not positively impact the sales of the premium "Jin Biao Chen Nian," which saw a 5% decline in sales and a 30% drop in production [3]. - Compared to five years ago, Shunxin Agriculture's liquor revenue has shrunk by 40% [3]. Group 3: Pork Business Performance - The pork business also faced difficulties, with revenue of 889 million yuan in the first half, only 60% of the revenue from the same period five years ago [3]. Group 4: Shareholder Actions - Significant shareholders have reduced their stakes in Shunxin Agriculture, with notable fund manager Xiao Nan's E Fund Consumer Industry Fund cutting over 26.66 million shares, representing more than an 80% reduction from the previous year [3][4]. - Northbound capital also continued to decrease its holdings, with Hong Kong Central Clearing Company reducing its shares by 87,000, a 30% decrease [4].