Core Insights - Sichuan Water Well Square Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with total revenue of 1.498 billion yuan, a year-on-year decrease of 12.84% [2] - The net profit attributable to shareholders fell to 105 million yuan, down 56.52% compared to the previous year [2] - The company experienced a net cash flow loss from operating activities amounting to 505 million yuan, primarily due to increased cash outflows related to the procurement of raw materials and operational expenses following the commissioning of the Qionglai full-industry production base project [2] Financial Performance - Total revenue for the first half of 2025 was 1.498 billion yuan, reflecting a 12.84% decline year-on-year [2] - Net profit attributable to shareholders was reported at 105 million yuan, marking a 56.52% decrease year-on-year [2] - The net cash flow from operating activities showed a loss of 505 million yuan [2] Product Performance - High-end products were the main contributors to the company's revenue, generating 1.305 billion yuan, although this represented a 14% decline year-on-year [2] - Mid-range products achieved revenue of 87 million yuan, down 10.37% year-on-year [2]

格隆汇8月22日｜开源证券研报指出，口子窖2025H1归母净利润7.15亿元，同比-24.6%；其中Q2归母净 利润1.05亿元，同比-70.9%。收入利润下滑幅度超预期。收入下滑幅度较大，一方面体现了当下需求压 力，另一方面也是由于2024年同期兼8新品上市，基数较高。分产品看，2025Q2高档/中档/低档产品收 入分别为6.57/0.12/0.29亿元，同比分别-49.6%/-7.7%/+7.5%。分区域看，Q2省内/省外分别实现收入 5.15/1.83亿元，同比分别-54.0%/-18.6%，省内下滑幅度较大，主要是安徽省内政策执行严格，对消费场 景有很大影响。公司渠道库存不高，经销商渠道相对稳定。二季度省内/省外经销商分别净增25/25个。 公司组织能力、渠道建设仍有改善空间，维持"增持"评级。 ...