事件：公司发布2025 年中报，25H1 实现营业收入18.58 亿元，同比-11.0%；实现归母净利润1.47 亿 元，同比+1.2%；实现扣非归母净利润1.26 亿元，同比-13.9%。分季度看，25Q2 实现营业收入7.52 亿 元，同比+9.6%；实现归母净利润0.54 亿元，同比+4.5%；实现扣非归母净利润0.42 亿元，同 比-20.4%。 酒水行业整体需求面临压力，线上渠道仍维持结构性高景气。公司25H1 实现GMV 32 亿元（同 比-26%），实现营收18.58 亿元（同比-11.0%），其中互联网销售/互联网服务业务分别实现营收 18.45/0.13 亿元，同比分别-5.0%/-90.9%。其中25Q2 营业收入为7.52 亿元（同比+9.6%）。白酒线上渠 道发展迅速，公司作为头部酒类电商运营平台，二季度在酒水行业需求承压的环境下，仍然录得同比增 长。 风险提示：零售环境疲软的风险；市场竞争加剧的风险；电商平台经营波动的风险。 市场波动使毛利率阶段承压，AI 与RPA 技术驱动费用率持续优化。1）毛利端：公司25H1 实现毛利率 23.4%，同比-0.94 pct，其中Q2 实现毛利率 ...

Core Insights - The company reported significant revenue growth and profit release in 2024, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 3.676 billion, 260 million, and 235 million yuan respectively, all showing year-on-year increases of 30% and 17% [2] - The company is expanding its product offerings and exploring new sales channels, particularly in the e-commerce sector, which is expected to drive future growth [3] - The company has a robust online sales service system that meets the current demands of the liquor industry, with a positive earnings forecast for 2025-2027 [4] Financial Performance - In 2024, the company's total revenue and net profit for Q4 were 901 million and 70 million yuan respectively, with year-on-year growth of 5% and 68% [2] - The gross margin and net margin for 2024 were 25% and 7%, showing slight declines compared to the previous year, while Q4 margins improved slightly [2] - Operating cash flow was negative at -235 million yuan for the year, despite a 19% increase in sales collection [2] Product and Channel Development - Internet sales and services generated 362.9 million and 4.7 million yuan in 2024, with internet sales growing by 32.1% [3] - The company is collaborating with well-known brands to develop new products, including limited edition offerings, which are expected to enhance growth [3] - The company is establishing a strong presence in live-streaming e-commerce, with nearly 4,000 square meters of space dedicated to live-streaming bases in key cities [3] Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.48, 0.60, and 0.74 yuan for 2025-2027, with corresponding price-to-earnings (PE) ratios of 13, 10, and 8 times [4]