| | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | (1-6月) | | 同期增减(%) | | 营业收入 | 2,701,201,938.60 | 3, 270, 581, 082. 38 | -17. 41 | | | 561, 536, 738. 95 | 794, 758, 435. 07 | -29. 34 | | 归属于上市公司股东的净利润 | 443, 290, 477. 79 | 590, 859, 536. 92 | -24. 98 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | 439, 334, 484. 76 | 578,803,823.44 | -24. 10 | | 利润总额 | | | | 文丨酒食汇团队 8月22日，舍得酒业发布2025年度半年报。上半年，公司实现营收27.01亿元，同比下降17.41%；归属上市公司股东净利润5.62亿元，同比下降29.34%。从 季度表现来看，第二季度实现营收11.25亿元，同比基本持平，归属上市公司股东净利润 ...

证券研究报告 | 2025年08月19日 洋河股份（002304.SZ） 中性 2025H1 报表持续释放压力，公司聚焦主导产品控量挺价 2025Q2 公司收入及净利润降幅环比扩大，持续释放压力。2025H1 公司实现营 业总收入 148.0 亿元/同比-35.3%，归母净利润 43.4 亿元/同比-45.3%；其 中 2025Q2 营业总收入 37.3 亿元/同比-43.7%，归母净利润 7.1 亿元/同比 -62.7%；第二季度行业需求下降较多，收入及净利润降幅环比 25Q1 扩大。 公司重视主品控量挺价，产品结构略有下移。分产品看，2025H1 中高档酒/普 通 酒 收 入 分 别 126.7/18.4 亿 元 ， 同 比 -36.5%/-27.2% ， 毛 利 率 同 比 +0.87/-3.65pcts，预计主品蓝色经典渠道促销政策减少，海之蓝升级换代 后略有提价，洋河大曲等低价位产品投放力度加大。分量价看，2025H1 白 酒销售量同比-32.4%/吨价同比-4.5%。我们预计第一季度水晶梦、M6+等受 益于春节宴席销售表现较好，第二季度在政策影响下，海之蓝及以下价位产 品抗风险能力较好，结构或有沉 ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, with total revenue reaching 89.175 billion yuan, a year-on-year increase of 7.09%, and net profit attributable to shareholders at 31.853 billion yuan, up 5.44% year-on-year, meeting market expectations [1] Financial Performance - In Q1 2025, the company achieved total revenue of 36.940 billion yuan, a year-on-year increase of 6.05%, and net profit attributable to shareholders of 14.860 billion yuan, up 5.80% year-on-year, slightly exceeding market expectations [1] - The company's gross profit margins for 2024 and Q1 2025 were 77.05% and 77.74%, respectively, with a year-on-year increase of 1.26 percentage points for 2024, attributed to high-priced products driving growth [7] Contract Liabilities - As of the end of 2024 and Q1 2025, the company's contract liabilities were 11.690 billion yuan and 10.166 billion yuan, respectively, showing significant improvement both year-on-year and quarter-on-quarter, indicating better dealer sentiment and market control [2] Product Performance - The company's flagship product, Wuliangye, generated revenue of 67.875 billion yuan in 2024, a year-on-year increase of 8.07%, while other liquor products achieved revenue of 15.251 billion yuan, up 11.79% year-on-year [3] - The sales volume of Wuliangye products increased by 7.06% year-on-year, while the average price per ton rose by 0.94% [3] Market Management - The company restructured its marketing strategy by consolidating 27 marketing districts into three major regions, enhancing market management capabilities and improving operational efficiency [4] - Revenue by region for 2024 showed the Eastern region at 31.290 billion yuan (+9.75%), Southern region at 39.336 billion yuan (+12.65%), and Northern region at 12.501 billion yuan (-3.98%) [5] Sales and Distribution - The company increased its number of Wuliangye brand distributors to 2,652 by the end of 2024, with a net increase of 82 distributors, primarily in the Eastern region [5] - Direct sales channels continued to grow rapidly, with a year-on-year increase of 12.89%, supported by the establishment of new specialty stores and cultural experience stores [5] Shareholder Returns - The company announced a shareholder return plan for 2024-2026, committing to a cash dividend of no less than 70% of the annual net profit, with a minimum total dividend of 20 billion yuan [8] Investment Outlook - The company aims for a revenue growth of around 5% in 2025, with adjustments made to profit forecasts for 2025-2026, reflecting a more cautious market outlook [9]