Core Viewpoint - Kuozi Jiao's mid-year performance report for 2025 shows significant declines in both revenue and net profit, indicating increased pressure in the second half of the year [3][4]. Revenue Performance - The company reported revenue of approximately 2.531 billion yuan, a year-on-year decline of 20.07%, with a corresponding net profit of 715 million yuan, down 24.63% from the previous year [3]. - In Q1, Kuozi Jiao achieved revenue of 1.81 billion yuan, a year-on-year increase of 2.42%, while net profit grew by 3.59% to 610 million yuan. However, Q2 saw a drastic decline, with revenue dropping 48.48% to 721 million yuan and net profit plummeting 70.91% to 105 million yuan [3]. Product Sales - The decline in revenue is attributed to reduced sales of high-end products, which generated 2.385 billion yuan, a year-on-year decrease of 19.8%, accounting for approximately 96% of the total revenue from the liquor business [3][4]. - Mid-range product revenue fell by 10.82% to 32 million yuan, while low-end products saw a slight decline of 2.59% to 68 million yuan [3]. Channel Structure - The wholesale and agency channel remains crucial, contributing about 2.352 billion yuan, a year-on-year decline of 21.26%, representing around 95% of total liquor revenue. Q2 revenue from this channel dropped 51% to 642 million yuan [4]. - The average revenue per distributor decreased by over 27%, from 2.9967 million yuan to 2.1741 million yuan, indicating weakened profitability for distributors [4]. Market Performance - Revenue from the home market in Anhui province was approximately 2.1 billion yuan, down 19.31% from 2.6 billion yuan, while revenue from outside the province fell 19.24% to 384 million yuan [5]. - In Q2, sales in Anhui province and outside dropped significantly, with declines of 54.01% and 18.57%, respectively [5]. Cash Flow and Future Outlook - Cash flow is under pressure, with Q2 cash receipts of 1.06 billion yuan, a year-on-year decline of 24.1%. Contract liabilities stood at 3 billion yuan, down 5.9% [5]. - The company aims to double its sales volume as part of its "100 billion Kuozi" strategy, but current trends suggest significant challenges ahead [5].

同时，口子窖在2025年上半年末的经销商数量为1082个，其中省内536个，省外546个。从经销商数量也可以看出口子窖对省外市场的 重视。但拉长时间线来看，口子窖对省内市场的依赖性逐渐升高，省外市场扩张似乎并不顺利。2022年-2024年，口子窖省内收入占比 分别为82.43%、83.81%、84.35%；省外收入占比分别为17.57%、16.19%、15.65%。 口子窖面临的省内市场也并不轻松。其他徽酒上市公司尚未公布2025年半年报，以2024年的业绩作比对，古井贡酒包括安徽省、江苏 省、湖北省等在内的华中地区收入201.51亿元，同比增长17.8%，占总收入的85.46%。迎驾贡酒2024年安徽省内市场收入50.93亿元，同 比增长12.75%，占酒类营收的72.74%。口子窖2024年省内收入49.56亿元，同比增长1.1%，占酒类收入的84.35%。金徽酒2024年省内收 入22.31亿元，同比增长16.14%，占酒制造业务收入的76.9%。 8月19日，口子窖发布2025年半年度报告，其收入25.31亿元，同比减少20.07%；归属于上市公司股东的净利润7.15亿元，同比减少 24.63%；经营 ...