Investment Rating - The report maintains an "Accumulate" rating for Shanxi Fenjiu with a target price of 212.80 CNY, compared to the last closing price of 197.61 CNY [1][7]. Core Insights - The company reported a revenue of 23.964 billion CNY for H1 2025, reflecting a year-on-year increase of 5.35%. The net profit attributable to shareholders was 8.505 billion CNY, up 1.13% year-on-year [4][5]. - In Q2 2025, the company achieved a revenue of 7.441 billion CNY, a slight increase of 0.45% year-on-year, but the net profit attributable to shareholders decreased by 13.50% to 1.857 billion CNY [4][5]. Revenue and Profit Analysis - For H1 2025, revenue from Fenjiu and other liquor categories was 23.391 billion CNY and 0.484 billion CNY, respectively, showing increases of 5.75% and a decrease of 10.55% year-on-year. In Q2 2025, revenue from Fenjiu was 7.179 billion CNY, up 0.56%, while other liquor categories saw a decline of 3.54% to 0.216 billion CNY [5]. - The company’s gross margin for H1 2025 was 76.65%, down 0.04 percentage points year-on-year, while Q2 2025 saw a gross margin of 71.88%, down 3.21 percentage points year-on-year [6]. Regional Performance - In H1 2025, revenue from within Shanxi province was 8.73 billion CNY, up 4.0% year-on-year, while revenue from outside the province was 15.14 billion CNY, up 6.1% year-on-year. In Q2 2025, the provincial revenue decreased by 5.3% to 2.65 billion CNY, while external revenue increased by 4.0% to 4.75 billion CNY [5]. Financial Forecast - The report projects revenue growth rates of 2%, 6%, and 6% for 2025, 2026, and 2027, respectively. The net profit growth rates are forecasted at -2%, 8%, and 8% for the same years. The expected earnings per share (EPS) are 9.83 CNY, 10.64 CNY, and 11.49 CNY for 2025, 2026, and 2027, respectively [7][8].

公告称，2025年上半年，公司全面推进全国化2.0战略，围绕"一轮红日、五星灿烂、清香天下"的市场 布局深耕细作，成效显著，长三角、珠三角等潜力区域保持高速增长态势。 智通财经APP讯，山西汾酒(600809.SH)发布2025年半年度报告，该公司营业收入为239.64亿元，同比增 长5.35%。归属于上市公司股东的净利润为85.05亿元，同比增长1.13%。归属于上市公司股东的扣除非 经常性损益的净利润为85.16亿元，同比增长1.27%。基本每股收益为6.9716元。 ...

Core Viewpoint - Shanxi Fenjiu reported stable revenue growth in the first half of 2025, achieving operating income of 23.964 billion yuan, a year-on-year increase of 5.35%, and a net profit attributable to shareholders of 8.505 billion yuan, up 1.13% [2][3] Revenue Performance - The company maintained its position among the top three in the liquor industry, further solidifying its relative advantage [3] - In Q2 2025, revenue was 7.441 billion yuan, with a year-on-year growth of 0.45%, while net profit dropped by double digits [3] - Total revenue for the first half of 2025 reached 23.875 billion yuan, compared to 22.659 billion yuan in the same period of 2024, indicating a positive growth trend [5] Regional Distribution - Revenue from outside Shanxi exceeded 15.1 billion yuan, growing by 6.15%, which outpaced the 4.04% growth from within Shanxi [3][5] - Over 60% of the company's revenue now comes from outside Shanxi, reflecting successful market expansion efforts [3] Strategic Initiatives - The management emphasized the implementation of the Nationalization 2.0 strategy, focusing on market penetration in regions like the Yangtze River Delta and Pearl River Delta [7] - The number of distributors outside Shanxi surpassed 3,200, indicating a robust distribution network [7] Product Performance - Main products, particularly Fenjiu, continued to grow, with a revenue increase of 5.75% in the first half of 2025 [7] - The company has adopted a strategy to control the volume of certain products while increasing the volume of others, which has positively impacted brand pricing [7] Future Outlook - The company has a significant "reservoir" of potential, with a contract liability balance of 5.983 billion yuan at the end of the first half, marking a new high for the same period [7]

二季度以来，白酒消费形势更为严峻，汾酒也出现降速。其二季度实现营收74.41亿元，同比增长 0.45%；实现归母净利润18.57亿元，出现两位数下降。 21世纪经济报道记者肖夏 8月28日傍晚，山西汾酒披露半年报：2025年上半年实现营业收入239.64亿元，同比增长5.35%；实现归 母净利润85.05亿元，同比增长1.13%。 可以确定，山西汾酒上半年营收体量稳定在白酒行业前三，并且进一步巩固了相对优势。 按照汾酒的规划，2025年汾酒进入复兴纲领第二阶段，目标是全要素、高质量、又好又快扎根中国酒业 第一方阵，并将汾酒打造为全球有影响力的酒类品牌。 但过去几年汾酒在省外市场的布局，在此时展现出了效果。 21世纪经济报道记者注意到，上半年其省外收入超过151亿元，同比增长6.15%，增速快于省内（同比 增长4.04%）。汾酒目前超过六成的收入是来自山西省外。 | 地区分布 | 2025年1-6月 | 2024年1-6月 | 增减变动幅度(%) | | --- | --- | --- | --- | | | 销售收入 | 销售收入 | | | 省内 | 873. 231. 23 | 839, 354. 88 ...