WLY(SZ:000858) 光大证券研究·2025-08-30 00:03Core Viewpoint - Wuliangye reported a total revenue of 52.771 billion yuan for the first half of 2025, a year-on-year increase of 4.19%, and a net profit attributable to shareholders of 19.492 billion yuan, up 2.28% year-on-year [4]. Group 1: Revenue Performance - In H1 2025, Wuliangye's revenue from its main brand and other liquor products was 40.998 billion yuan and 8.122 billion yuan, respectively, with year-on-year growth of 4.57% and 2.73% [5]. - The sales volume of Wuliangye increased by 12.75% while the average price decreased by 7.25%, indicating a volume growth but price reduction for the main brand [5]. - The sales of mid-to-low priced products showed significant improvement, with a 58.81% increase in sales volume but a 35.31% decrease in average price for other liquor products [5]. Group 2: Profitability and Costs - The gross profit margin for Q2 2025 was 74.69%, a slight decline of 0.32 percentage points year-on-year, attributed to the increase in sales of mid-to-low priced liquor [6]. - The net profit margin for Q2 2025 was 30.11%, down 2.71 percentage points year-on-year, impacted by increased promotional, storage, and logistics costs [6]. - Cash flow from operating activities showed a significant increase, with cash receipts of 31.233 billion yuan in Q2 2025, up 12.03% year-on-year, and a net cash flow of 15.288 billion yuan, an increase of 18.4% [6].