炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 多品类产品的快速突围，离不开东鹏饮料在全国化布局、供应链建设与终端运营的长期投入。2025年上半年，全国化战略深化成效显著，区域增长呈现"多点开花"。广东传统优势市场收入同比 供应链方面，公司规划的13大生产基地中9大已投产，天津、中山、昆明、海南等新建基地有序推进。基地投产后将缩短配送半径、降低物流成本，结合"以动销指导生产"模式，可动态调配产能 终端渠道上，东鹏饮料已构建覆盖全国的立体化网络，拥有3200余家经销商、超420万家有效活跃终端网点，累计触达不重复消费者超2.5亿。"公司精耕+大流通"运营模式实现从一线到县域市 当前饮料行业竞争已进入综合实力比拼阶段，东鹏饮料凭借多品类矩阵、全国化供应链与深度渠道网络，构建起核心竞争壁垒。 同时，随着企业规模的不断扩大以及市场拓展的加速，资金和资源的需求也在持续攀升。港股上市为企业提供了更广阔的发展空间和更强大的资源获取能力。通过在港交所上市，东鹏饮料能够吸 10月9日，东鹏饮料（605499.SH）在港交所更新招股书，披露截至2025年6月30日止上半年业绩。报告期内，公司实现营业收入 ...

10月9日，老白干酒(600559）召开2025年上半年业绩说明会，上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增 长5.42%，与过去几年相比，其营收、净利润增速显著放缓。 10月9日，老白干酒(600559）召开2025年上半年业绩说明会。 上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增长5.42%，与过去几年相比，其营收、净利润增速显著放缓。 对于刚刚过去的中秋国庆双节，赵旭东表示，9月以来市场明显回暖，中秋与国庆重叠形成较长消费窗口，期间市场动销良好。 至于即将到来的"双十一"大促，赵旭东表示，公司正全面布局京东、天猫、抖音、拼多多等平台，将根据不同的平台和平台消费者的特点匹配相应的产品 和运营策略。此外，公司加大对京东、天猫、拼多多等传统电商的宣传投放，最大程度拉新引流，并结合平台促销机制转化为销量。 老白干酒今年的营收目标是54.7亿元（同比增长2.1%）；同时将营业成本控制在18.26亿元以内，费用不超过16.58亿元，营业总成本控制在43.59亿元以 内。 从区域来看，老白干酒上半年在其核心市场河北 ...

来源：市场资讯 10月9日，老白干酒（600559）召开2025年上半年业绩说明会。 上半年，老白干酒实现营业收入24.81亿元，同比增长0.48%；归母净利润3.21亿元，同比增长5.42%，与过去几年 相比，其营收、净利润增速显著放缓。 针对这一现象，老白干酒董事、总经理赵旭东在业绩会上回应称，从行业层面看，白酒行业整体增速放缓，企业 分化加剧，"马太效应"进一步显现，区域集中度持续提升。从消费形势看，白酒市场竞争非常激烈，消费需求较 弱，消费场景及消费频次减少。从今年上半年20家A股白酒上市公司经营情况看，老白干酒营业收入增速排名第5 位，净利润增速排名为第二位。 从区域来看，老白干酒上半年在其核心市场河北实现营收14.82亿元，同比增长3.74%；湖南地区则凭借武陵酒的 扩张，成为公司增速最快的市场，营收同比增长11.34%至5.24亿元。 业绩会上，赵旭东谈及公司目前的全国化布局："武陵酒在聚焦湖南区域市场发展的同时，有序扩展省外市场，目 前已在国内十余省市设立销售网点。" 不过，记者注意到，公司今年在安徽、山东及其他省份营收均出现双位数下滑，全国化进展并非一帆风顺。 对于刚刚过去的中秋国庆双节，赵 ...

Core Viewpoint - Baba Food, known as the "first stock of buns," reported a net profit growth of 18.08% year-on-year for the first half of 2025, despite increasing competition in the restaurant industry [1] Group 1: Financial Performance - In 2024, Baba Food achieved a net profit of 277 million yuan, representing a year-on-year increase of 29.42% [2] - For the first half of 2025, the company's net profit reached 132 million yuan, with a year-on-year growth of 18.08% [1][2] Group 2: Business Strategy - The company focused on expanding the number of franchise stores, with a total of 5,685 franchise stores as of June 2025, a net increase of 542 stores since the beginning of the year [2] - Baba Food successfully completed the acquisition projects "Qinglu" in Nanjing and "Xunweilai" in Jiangxi, which were initiated at the end of 2024 [2] - The company achieved a combined sales revenue of 199 million yuan from large clients and retail business in the first half of 2025, marking an 18.99% year-on-year increase [2] - The implementation of lean management led to a 60% increase in production capacity and a reduction in costs by several million yuan annually [2] Group 3: Market Presence - The East China region remains the primary market for Baba Food, accounting for 82.29% of revenue in the first half of 2025, while other regions like South China, Central China, and North China each contributed less than 10% [3] - The company plans to expand into the Southwest market in the long term, although immediate expansion is not anticipated due to current capacity constraints [3] Group 4: Stock Performance and Shareholder Actions - Baba Food's stock price has shown a steady increase, rising from a low of 11.63 yuan in August 2024 to a high of 24.80 yuan by September 2, 2025, effectively doubling in value [3] - On June 27, 2025, the company announced both a share reduction plan by certain shareholders and a share increase plan by some directors and senior management [4][5] - Directors and senior management, including Vice President Li Jun and CFO Su Shuang, completed their share purchase plan with a total investment of approximately 1.9657 million yuan, acquiring 105,300 shares at an average price of about 18.67 yuan [5] - Employee shareholding platforms executed their share reduction in late August 2025, selling at prices significantly higher than the directors' purchase prices [6]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved total revenue of 23.964 billion yuan in H1 2025, representing a year-on-year increase of 5.35%, with a net profit attributable to the parent company of 8.505 billion yuan, up 1.13% year-on-year [2] - The company's national expansion continues to progress, with significant growth in revenue from outside its home province [3][4] - The second quarter saw a slight decline in net profit margin due to increased sales expenses and taxes [5] Summary by Sections Revenue Performance - In H1 2025, revenue from the company's main product, Fenjiu, reached 23.391 billion yuan, up 5.75% year-on-year, while other liquor categories generated 484 million yuan, down 10.55% [3] - For Q2 2025, Fenjiu revenue was 7.179 billion yuan, a slight increase of 0.56%, while other liquor categories saw a decrease of 3.54% [3] - The company reported provincial revenue of 8.732 billion yuan (up 4.04%) and non-provincial revenue of 15.143 billion yuan (up 6.15%) in H1 2025 [3] Channel Performance - The company’s agency and direct sales channels generated revenues of 22.519 billion yuan and 1.356 billion yuan respectively in H1 2025, with year-on-year changes of +7.17% and -17.63% [4] - In Q2 2025, agency revenue was 6.896 billion yuan (up 0.26%), while direct sales increased by 3.00% to 499 million yuan [4] Profitability Analysis - The net profit margin for H1 2025 was 35.49%, down 1.48 percentage points year-on-year, while the gross margin was 76.65%, a slight decrease of 0.04 percentage points [5] - In Q2 2025, the net profit margin fell to 24.96%, down 4.03 percentage points year-on-year, and the gross margin was 71.88%, down 3.21 percentage points [5] Financial Forecast - The company is expected to achieve net profits of 12.028 billion yuan, 12.899 billion yuan, and 14.084 billion yuan for the years 2025, 2026, and 2027 respectively, with growth rates of -1.76%, 7.25%, and 9.18% [6] - The corresponding price-to-earnings ratios for these years are projected to be 21, 19, and 18 times [6]

Core Insights - Zunming Co., a leading fresh soybean product company, reported a revenue of 921 million yuan for the first half of 2025, marking a 21.62% increase year-on-year, with a significant improvement in cash flow and net cash increase [1] Group 1: Financial Performance - The company achieved a net cash flow from operating activities of 55 million yuan, up 42.74% year-on-year [1] - The net increase in cash and cash equivalents reached 53 million yuan, a substantial rise of 186.41% compared to the previous year [1] Group 2: Market Trends and Opportunities - The soybean product market is experiencing a dual explosion in market recognition and consumer demand, driven by national health strategies [2] - In 2024, China's food soybean consumption is projected to be 15.9 million tons, with soybean products accounting for 11.25 million tons, reflecting an 11.39% year-on-year growth [2] Group 3: Product and Channel Performance - Fresh soybean products, the core business, generated 638 million yuan in revenue, representing 69.30% of total revenue and a 24.00% increase year-on-year [3] - Plant-based protein drinks and leisure soybean products achieved revenues of 116 million yuan and 47 million yuan, with year-on-year growth rates of 16.05% and 20.38%, respectively [3] - Direct sales mode saw a significant breakthrough with revenue of 148 million yuan, up 59.12% year-on-year [4] - The company expanded its distribution network, adding 706 new distributors, bringing the total to 2,685, enhancing its national layout [4] Group 4: Digital Transformation - The company is implementing a comprehensive digital management system that integrates sales, production, distribution, and finance, enhancing operational efficiency [5] - The digital platform allows real-time order processing and production adjustments, improving supply chain coordination [6] - The company invested 6.65 million yuan in R&D, a 32.38% increase, focusing on plant-based protein drinks and leisure products [7] Group 5: Social Responsibility - Zunming Co. integrates social responsibility into its operations, focusing on green production and consumer rights protection [8] - The company has been recognized as a key supplier for maintaining stable prices and efficient delivery in the local market [8] - It actively participates in charitable activities and has established funds to support the elderly and assist impoverished households [9]

公司发布2025 年半年报，25H1 总营收/归母净利/扣非净利239.6/85.1/85.2亿， 同比+5.4%/+1.1%/+1.3% ； 25Q2 总营收/ 归母净利/ 扣非净利74.4/18.6/18.6 亿，同比+0.4%/-13.5%/-13.4%。24 年公司圆满完成 汾酒复兴计划的第一阶段，25 年是公司汾酒复兴纲领第二阶段，公司定调"稳健"，上半年也顺利实现 稳健增长，为未来长期发展打下坚实基础。展望全年，产品端公司将坚持四轮驱动；渠道端优化经销商 考核结构；市场端在稳固基地市场基础上，发力全国化市场扩张，经营向上趋势不改。维持"买入"。 25H1 公司毛利率同比持平为76.7%（25Q2 同比-3.2pct 至71.9%），Q2下滑我们预计系产品结构下行所 致。费用端，25H1 销售费用率同比+1.1pct至9.9%（25Q2 同比持平为11.5%）；25H1 管理费用率同 比-0.2pct 至2.6%（25Q2 同比+0.1pct 至4.3%）；25H1 税金及附加比率同比+0.9pct 至16.3%（25Q2 同比 +2.6pct 至22.3%）；最终得25H1 归母净利率35.5%（ ...

Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [1][5][8]. Core Insights - The company reported a total revenue of 23.964 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.35%, while the net profit attributable to shareholders was 8.505 billion yuan, up 1.13% year-on-year [5]. - In Q2 2025, the company adjusted its operational pace due to a traditional consumption off-season, resulting in a revenue of 7.441 billion yuan, a slight increase of 0.45% year-on-year, but a net profit decline of 13.50% to 1.857 billion yuan [5]. - The company continues to expand its national presence, with revenue from domestic markets reaching 8.732 billion yuan (up 4.04% year-on-year) and from external markets at 15.143 billion yuan (up 6.15% year-on-year) in the first half of 2025 [5]. - The gross margin for Q2 2025 decreased by 3.21 percentage points to 71.88%, while the net profit margin fell by 4.03 percentage points to 25.10% due to weak demand recovery and channel adjustments [5]. Summary by Sections Financial Performance - Total revenue for the first half of 2025 was 23.964 billion yuan, with a 5.35% increase year-on-year [5]. - Q2 revenue was 7.441 billion yuan, showing a 0.45% increase year-on-year, while net profit was 1.857 billion yuan, down 13.50% [5]. - The company achieved a gross margin of 71.88% in Q2 2025, down from the previous year [5]. Product and Market Strategy - The company reported a revenue of 23.391 billion yuan from Fenjiu products, up 5.75% year-on-year, while other liquor categories saw a decline of 10.55% to 0.484 billion yuan [5]. - The company is focusing on enhancing its national market presence, with significant revenue growth in both domestic and external markets [5]. Earnings Forecast - The expected earnings per share (EPS) for 2025 and 2026 are projected to be 9.77 yuan and 10.41 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 20 and 19 [5][6].

Core Viewpoint - Wanchen Group reported significant growth in revenue and net profit for the first half of 2025, indicating strong performance in the snack food sector and plans for international expansion through a potential Hong Kong listing [1][6]. Financial Performance - In the first half of 2025, Wanchen Group achieved operating revenue of 22.583 billion yuan, a year-on-year increase of 106.89% [1]. - The net profit attributable to shareholders reached 472 million yuan, reflecting a staggering year-on-year growth of 50,358.8% [1][2]. - The company’s stock price rose by 5.35% on August 28, closing at 176.5 yuan per share, with a total market capitalization of 33.114 billion yuan [2][3]. Business Segments - The snack food business generated revenue of 22.345 billion yuan in the first half of 2025, marking a 109.33% increase year-on-year [4]. - The company expanded its store network significantly, adding 1,468 new stores while closing 299, resulting in a total of 15,365 stores by the end of the reporting period [5]. - The product portfolio in the snack food segment includes over 2,000 SKUs across 12 core categories, enhancing the company's market presence [5]. Strategic Initiatives - Wanchen Group plans to unify its brands under "Haoxianglai" to streamline its supply chain and enhance brand recognition [5]. - The company announced plans to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to support its internationalization strategy and improve its competitive edge [6]. - Despite the growth, the company faces challenges with a high asset-liability ratio, projected to rise to 90.97% following a significant acquisition [6].

Core Insights - The liquor industry is experiencing continued pressure in 2025, with intensified competition and a trend towards industry concentration and differentiation [1][2] - Shanxi Fenjiu reported a revenue of 23.964 billion yuan, a year-on-year increase of 5.35%, and a net profit of 8.505 billion yuan, a year-on-year increase of 1.13% for the first half of 2025, showcasing resilience in a declining market [1][2] Company Performance - Shanxi Fenjiu has strengthened its supply chain resilience by establishing backup procurement channels for raw materials and optimizing logistics and procurement mechanisms [1] - The company is accelerating its core capacity layout and advancing projects such as the "2030" production and storage capacity and Fenqing original liquor base [1] - A comprehensive budget management system has been successfully deployed to enhance digital transformation and management efficiency [1] Market Strategy - The company is actively expanding its national layout through the Nationalization 2.0 strategy, focusing on key regions like the Yangtze River Delta and Pearl River Delta, which are showing high growth [2] - Shanxi Fenjiu's sales revenue from agency channels reached 22.519 billion yuan, a year-on-year increase of 7.17%, with provincial and out-of-province sales revenues of 8.732 billion yuan and 15.143 billion yuan, respectively [2] - The number of distributors in Shanxi province increased to 553, while out-of-province distributors rose to 2,613, indicating a robust expansion strategy [2] Industry Context - The liquor industry has shifted from rapid growth to a phase of deep differentiation, with Shanxi Fenjiu's positive growth reflecting its resilience amid overall industry slowdown [3] - The company emphasizes stability over speed in its marketing strategy for 2025, focusing on price stability and channel management while optimizing structure instead of pursuing aggressive scale [3] - The implementation of a direct supply system to 2 million paid terminals has enhanced profitability for distributors, driving enthusiasm for sales in key regions [3]