中证报中证网讯(王珞)10月24日晚间，调味品行业头部企业中炬高新（600872）发布2025年三季度财务 报告。公司前三季度实现营业总收入31.56亿元，实现归属母公司净利润3.80亿元，两项数据较上年同期 均有所下滑，公司在财报中前三季度业绩有所波动，主要来自于调味品板块收入减少，公司通过主动控 制出厂端出货、推动经销商库存优化及夯实市场基础体系的影响。 2024年以来调味品行业竞争愈发激烈，行业性库存积压与价格体系紊乱问题凸显，导致行业内多数企业 销量增长但利润缩水。面对行业深度调整，中炬高新"以退为进"，在保证终端动销稳健的基础上，采取 主动的渠道库存优化和稳定价格的策略，旨在通过业绩调整期，进行基础体系的夯实、渠道健康性重 构、价格体系修复与高端化技术储备，为长期可持续性增长奠定基础。 目前这一战略调整已取得积极成效，渠道库存已恢复到良性水平，2025年上半年主销区大面积存在的产 品价格倒挂情况也基本得到修正，终端市场趋势正持续向良性方向发展，为后续营收回暖扫清了障碍。 财报数据显示，尽管公司整体业绩短期承压，但业务主体"美味鲜"的盈利质量显著提升，2025年前三季 度其销售毛利率达到39.70%， ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to decreased market demand and sales performance [1] Financial Performance - For 25H1, revenue was 1.07 billion yuan, down 19.5% year-on-year; net profit attributable to shareholders was 160 million yuan, down 17.8% year-on-year [1] - In 25Q2, revenue was 270 million yuan, down 44.9% year-on-year; net profit attributable to shareholders was 20 million yuan, down 52.8% year-on-year [1] - The gross profit margin for 25H1 was 49.3%, a decrease of 1.2 percentage points year-on-year, mainly due to reduced scale effects from declining revenue [3] - The net profit margin for 25H1 was 15.2%, an increase of 0.1 percentage points year-on-year, attributed to significant reductions in sales expenses [3] Product and Market Strategy - The company is undergoing product structure adjustments, with revenue from high-end, mid-range, and low-end products in 25H1 being 800 million, 200 million, and 70 million yuan respectively, showing declines of 8.0%, 42.3%, and 36.0% year-on-year [2] - The company is focusing on the "stabilize domestic, expand outside" strategy, with key markets identified as Xi'an and Lanzhou, and new product "Yili Jinbiao" achieving sales of 5 million yuan [2] - The direct sales channel saw a revenue increase of 59.8% year-on-year in 25H1, while traditional distribution channels faced pressure, leading to a 34.7% decline in revenue [2] Cost Control and Cash Flow - The sales expense ratio for 25H1 was 7.2%, down 3.7 percentage points year-on-year, due to reduced advertising and promotional expenses [3] - Cash flow from operating activities in 25Q2 was -150 million yuan, slightly improved from -170 million yuan in the same period last year [3] - As of the end of 25Q2, the company's contract liabilities and other current liabilities were 40 million yuan, showing a decrease both year-on-year and quarter-on-quarter [3] Future Outlook - The company is expected to see improvements in the second half of 2025 as it consolidates its core products and optimizes its marketing system [4] - Profit forecasts for 2025-2027 project net profits of 230 million, 250 million, and 280 million yuan respectively, with EPS of 0.49, 0.53, and 0.59 yuan [4] - The company is in a deep reform phase with a clear strategic direction, benefiting from channel structure optimization and national market expansion [4]

Investment Rating - The report maintains a "Strong Buy" rating for Gujing Gongjiu, with a target price of 300 RMB [1]. Core Views - The company is navigating industry cyclicality with a focus on steady growth, emphasizing long-term high-quality development while actively capturing market share [1]. - The management acknowledges the current pressures in the liquor industry but believes that the unique product attributes of liquor allow it to withstand economic cycles [1]. - The company is committed to enhancing operational efficiency and market penetration, focusing on internal management optimization and external market expansion [1]. Financial Summary - **Revenue Forecast**: - 2024A: 23,578 million RMB - 2025E: 26,086 million RMB (16.4% YoY growth) - 2026E: 28,813 million RMB (10.6% YoY growth) - 2027E: 31,758 million RMB (10.5% YoY growth) [1] - **Net Profit Forecast**: - 2024A: 5,518 million RMB - 2025E: 6,143 million RMB (20.2% YoY growth) - 2026E: 6,862 million RMB (11.3% YoY growth) - 2027E: 7,678 million RMB (11.7% YoY growth) [1] - **Earnings Per Share (EPS)**: - 2024A: 10.44 RMB - 2025E: 11.62 RMB - 2026E: 12.98 RMB - 2027E: 14.53 RMB [1] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 13 times, indicating attractive valuation [1]. Strategic Initiatives - The company is focusing on practical operations and enhancing product offerings, particularly in the mid-range price segment, to drive growth [1]. - Management is implementing a four-pronged strategy to alleviate channel pressures, including boosting sales, reducing inventory, expanding channels, and stabilizing prices [1]. - The company aims to build a robust marketing team and enhance product competitiveness through improved pricing strategies and product quality [1].