Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating short-term performance pressure, particularly in the second quarter [1][2]. Financial Performance - For H1 2025, the company achieved total revenue of 3.16 billion yuan, a year-on-year decrease of 16.51%, and a net profit attributable to shareholders of 1.13 billion yuan, down 18.02% [1][2]. - In Q2 2025, total revenue was 1.11 billion yuan, reflecting a year-on-year decline of 23.81%, while net profit dropped to 302 million yuan, down 35.22% [1][2]. Product Performance - In Q2 2025, revenue from mid-to-high-end products was 817 million yuan, down 23.60%, while ordinary products generated 210 million yuan, a decrease of 32.90% [2]. - The company is focusing on its core product series and implementing strict price management [2]. Market Performance - In Q2 2025, revenue from the Anhui provincial market was 730 million yuan, down 20.29%, while revenue from outside the province was 296 million yuan, a decline of 36.38% [2]. - The company has increased the number of distributors in Anhui and outside the province, with 761 and 622 distributors respectively, showing a slight increase in both areas [2]. Channel Performance - In Q2 2025, revenue from wholesale and agency sales was 944 million yuan, down 27.40%, while direct sales (including group purchases) increased to 82 million yuan, up 1.46% [2]. Profitability and Cost Structure - The gross profit margin in Q2 2025 decreased by 2.82 percentage points to 68.33%, attributed to weaker demand affecting product mix [3]. - Selling and administrative expense ratios increased by 3.41 percentage points and 2.09 percentage points respectively, mainly due to higher advertising expenses [3]. - The net profit margin for Q2 2025 was recorded at 27.12%, down 4.83 percentage points year-on-year [3]. Cash Flow and Liabilities - In Q2 2025, cash receipts from sales and net operating cash flow decreased by 17.87% and 393.55% respectively [3]. - As of the end of Q2 2025, contract liabilities amounted to 440 million yuan, showing a slight decrease year-on-year and quarter-on-quarter [3]. Future Outlook - The company is expected to continue facing macroeconomic pressures, leading to a downward adjustment in revenue and profit forecasts for 2025-2027 [3]. - Projected revenues for 2025, 2026, and 2027 are 6.15 billion yuan, 6.47 billion yuan, and 7.07 billion yuan respectively, with net profits of 2.13 billion yuan, 2.29 billion yuan, and 2.56 billion yuan [3].

2025 年 08 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 联系人 ： 郝天宇 S0350124060016 haoty@ghzq.com.cn [Table_Title] 释放业绩压力，洞藏仍具韧性 ——迎驾贡酒（603198）2025 年中报点评 最近一年走势 事件: 2025 年 8 月 25 日，迎驾贡酒发布 2025 年中报。2025H1 公司实现营业 总收入 31.60 亿元，同比-16.51%；归母净利润 11.30 亿元，同比-18.02%； 扣非归母净利润 10.93 亿元，同比-19.94%。2025Q2 公司实现营业总收 入 11.13 亿元，同比-23.81%；归母净利润 3.02 亿元，同比-35.22%；扣 非归母净利润 2.77 亿元，同比-40.24%。 投资要点: | 相对沪深 300 | 表现 | | 2025/08/26 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 迎驾贡酒 | 11.5% | 14.3% | ...