Investment Rating - The report maintains a "Strong Buy" rating for Luzhou Laojiao, with a target price of 206 CNY [2][7]. Core Views - The company reported a total revenue of 16.45 billion CNY for the first half of 2025, a decrease of 2.7% year-on-year, and a net profit attributable to shareholders of 7.66 billion CNY, down 4.5% year-on-year. In Q2 alone, total revenue was 7.10 billion CNY, down 8.0% year-on-year, and net profit was 3.07 billion CNY, down 11.1% year-on-year [2][7]. - The company is actively managing its inventory and pricing strategies, with a focus on reducing channel pressure and stabilizing core product pricing during the industry adjustment period. The company has also introduced a three-year dividend plan, aiming for a dividend payout ratio of no less than 65% in 2024, 70% in 2025, and 75% in 2026, with a total dividend amount not less than 8.5 billion CNY [2][7][8]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to decline to 29.28 billion CNY in 2025, with a year-on-year decrease of 6.1%. The net profit is expected to be 12.28 billion CNY, down 8.9% year-on-year [3][11]. - **Earnings Per Share (EPS)**: - EPS is forecasted to be 8.34 CNY in 2025, 8.15 CNY in 2026, and 9.01 CNY in 2027 [3][11]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to be 16 in 2025, 17 in 2026, and 15 in 2027. The price-to-book (P/B) ratio is expected to be 3.8 in 2025, 3.6 in 2026, and 3.3 in 2027 [3][11]. Market Performance - The company has seen a stable number of distributors, with a slight increase to 1,791 by the end of Q2 2025. The core markets in Southwest and North China are experiencing slight pressure, while regions like Northwest and Henan are still in an adjustment phase [2][7][8].

近日，紫燕百味鸡与淘宝闪购平台携手联名点亮上海多个地标，通过淘宝闪购平台限时特惠活动，精准触达年轻 消费群体，进一步扩大品牌在线上市场的渗透力。 全渠道布局再下一城，多维驱动品牌增长 作为一家拥有三十余年历史的卤味品牌，紫燕百味鸡始终紧跟消费模式变化，此次动作延续了其"全渠道覆盖+长 周期运营"的核心策略。淘宝闪购平台精准对接了年轻消费群体追求便捷、高性价比的购物需求，该平台限时特惠 的特性与紫燕鲜货产品的时效性高度契合，为消费者带来更加即时、新鲜的美味体验，近期闪购平台业务量的火 爆激增也为紫燕百味鸡的业务增长不断加码。 紫燕百味鸡的全渠道战略离不开其数字化体系建设的坚实支撑，其先后引入销售中台系统、OA系统、TMS系统、 WMS系统等现代电子化信息管理系统，在核心业务实现全系统化管理，完成了不同系统之间的集成整合。这些数 字化系统能够实时获取终端门店销售信息，进行跨区域市场预测并及时反馈至生产、研发及采购端，大幅提升运 营效率，为淘宝闪购等线上活动提供精准的产销协同保障。 为支撑即时零售的高效履约，紫燕百味鸡同样对供应链进行数字化升级。通过布局济南、武汉、连云港、宁国、 重庆五大中央工厂，紫燕百味鸡打造了 ...