Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a total revenue of 817 million yuan for H1 2025, representing a year-on-year increase of 11.03%. The net profit attributable to shareholders was 93.88 million yuan, up 3.41% year-on-year, while the net profit excluding non-recurring items was 89.33 million yuan, an increase of 14.6% year-on-year [2][6] - In Q2 2025, the company achieved a total revenue of 336 million yuan, reflecting a year-on-year growth of 12.4%. The net profit attributable to shareholders turned positive at 133,900 yuan, while the net profit excluding non-recurring items showed a reduction in losses at -3.25 million yuan [2][6] - The company’s revenue growth was driven by strong performance in the Zhejiang region, while Jiangsu and Shanghai experienced declines. The revenue from Zhejiang reached 518 million yuan, up 19.29% year-on-year, while Jiangsu and Shanghai saw declines of 13.83% and 11.33% respectively [12] Summary by Sections Financial Performance - For H1 2025, the company’s revenue from mid-to-high-end yellow wine, ordinary yellow wine, and other alcoholic beverages was 521 million yuan, 195 million yuan, and 70 million yuan respectively, with year-on-year growth rates of 7.16%, 2.53%, and 60.47% [12] - In Q2 2025, the revenue from mid-to-high-end yellow wine, ordinary yellow wine, and other alcoholic beverages was 185 million yuan, 90 million yuan, and 49 million yuan respectively, with year-on-year changes of -0.71%, +4.96%, and +147.39% [12] Profitability - The company achieved a net profit margin of 0.04% in Q2 2025, with a gross margin of 47.91%, reflecting a year-on-year increase of 3.1 percentage points. The expense ratio remained relatively stable [12] - The company’s profitability improved slightly due to an increase in gross margin and controlled expense ratios, despite a decline in the growth rate of mid-to-high-end yellow wine [12] Future Outlook - The company anticipates good revenue growth in the second half of the year, driven by the upcoming Mid-Autumn Festival, National Day, and year-end Spring Festival stocking [12] - Long-term growth is expected from the company’s high-end and youth-oriented new products, as well as increased brand influence and market expansion outside the province [12]

Core Viewpoint - The company reported a revenue of 817 million yuan for the first half of 2025, representing a year-on-year growth of 11.03%, while net profit attributable to shareholders was 93.87 million yuan, up 3.41% year-on-year. However, these growth rates are lower than those of the previous two years, and the performance has disappointed many retail investors [1][2][6]. Revenue and Profit Analysis - The revenue growth of 11.03% in the first half of 2025 is below the company's target of 15% to 20% growth in liquor sales for the year, as indicated in the 2024 annual shareholder meeting materials [1][2]. - The company’s average revenue forecast for the full year 2025 is 1.914 billion yuan, with an average net profit forecast of 241 million yuan, requiring growth rates of over 17% and 22% respectively for the year [1][2]. Product Performance - The innovative product, sparkling yellow wine, has seen significant sales growth, with revenue from "other wines" exceeding 70.38 million yuan, a 60.5% increase year-on-year. However, traditional yellow wine products have only seen single-digit growth due to overall market conditions [3][5]. - The mainstay mid-to-high-end yellow wine grew by 7.16%, while ordinary yellow wine grew by 2.53% in the first half of 2025 [3][5]. Marketing and Sales Strategy - The company has adopted innovative marketing strategies, including collaborations with celebrities and health brands, leading to nearly 20% growth in its core market of Zhejiang province [5][6]. - Sales expenses increased by over 53% year-on-year, totaling more than 75 million yuan in the first half of 2025, indicating a significant investment in marketing efforts [5][6]. Financial Metrics - The net profit growth of 3.4% is significantly lower than revenue growth, indicating potential challenges in profitability despite increased sales [6][8]. - The company’s operating costs decreased by 1% year-on-year, which helped improve its gross margin [7][8]. Valuation Concerns - The current performance growth is insufficient to justify the company's high valuation, which exceeds 50 times earnings. The company needs to achieve breakthroughs in traditional product sales, rapid growth in innovative products, or maintain high growth in premium products to support its valuation [8][9]. - Despite achieving double-digit growth in some regions, the overall contribution from these areas remains low, accounting for less than 10% of total revenue [9].

Core Viewpoint - The company Kuaijishan has experienced significant stock price increases and market attention, but its financial performance has not matched expectations, with lower revenue growth compared to previous years [1][2]. Financial Performance - In the first half of 2025, Kuaijishan reported revenue of 817 million yuan, a year-on-year increase of 11.03%, and a net profit attributable to shareholders of 93.87 million yuan, up 3.41% [1]. - The revenue growth rate for the first half of 2025 is lower than the growth rates of 18.24% and 14.25% seen in the first halves of 2024 and 2023, respectively [1]. - The company's net profit for the second quarter was only a few hundred thousand yuan, with a non-recurring net profit showing a loss [1]. - Kuaijishan's sales target for the year is a 15% to 20% increase in liquor sales, but the actual growth in liquor product sales for the first half was only 9.18% [1]. Market Position and Innovations - Kuaijishan has gained popularity due to its innovative product, sparkling yellow wine, and aggressive marketing strategies, leading to 11 stock price limit increases this year and a stock price rise of approximately 106% [2]. - The sparkling yellow wine "Yiri Yixun" saw a revenue increase of 60.5% in the first half, but its contribution to overall revenue remains limited [4][6]. Sales and Marketing Strategies - The company has implemented various marketing strategies, including celebrity endorsements and collaborations, which have contributed to a nearly 20% growth in its core market of Zhejiang [6]. - However, the sales expenses increased by over 53% in the first half, totaling more than 75 million yuan, which has impacted profitability [7]. Profitability and Valuation - The net profit growth of 3.4% is significantly lower than revenue growth, indicating challenges in converting sales into profit [7]. - The company previously benefited from one-time gains from asset disposals, which are not present this year, affecting profit comparisons [8]. - The current performance growth is insufficient to justify Kuaijishan's high valuation, which exceeds 50 times earnings, suggesting a need for breakthroughs in traditional product sales, innovative product growth, or new channel development [10]. Regional Performance - While Kuaijishan achieved high growth in its home market of Zhejiang, it experienced declines in key markets like Jiangsu and Shanghai, indicating challenges in expanding its national presence [11].

证券代码：601579 证券简称：会稽山 公告编号：2025-024 会稽山绍兴酒股份有限公司 2025 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十二号——酒制造》（2022 年 1 月修订）第十六条相关规定，会稽山绍兴 酒股份有限公司现将 2025 年半年度主要经营数据（未经审计）公告如下： | 一、产品销售情况： | | | 单位:万元 币种:人民币 | | --- | --- | --- | --- | | 按产品档次 2025 | 年 1-6 月销售收入 | 2024 年 1-6 月销售收入 | 同比变动（%） | | 中高端黄酒 | 52,129.72 | 48,646.00 | 7.16 | | 普通黄酒 | 19,536.36 | 19,053.49 | 2.53 | | 其他酒 | 7,038.26 | 4,385.99 | 60.47 | | 小计 | 78,704.34 | 72,085.48 | 9. ...

| 二、销售渠道情况： | | | | | | 单位:万元 | 币种:人民币 | | --- | --- | --- | --- | --- | --- | --- | --- | | 按销售渠道 | 2025 | 年 1-3 | 月销售收入 | 2024 | 年 1-3 | 月销售收入 | 同比变动（%） | | 直销（含团购） | | | 9,438.45 | | | 5,071.25 | 86.12 | | 批发代理 | | | 36,556.44 | | | 37,525.45 | -2.58 | | 国际销售 | | | | 315.95 | | 281.28 | 12.33 | | 小计 | | | 46,310.84 | | | 42,877.98 | 8.01 | | 三、区域情况： | | | | | | 单位:万元 币种:人民币 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 按地区分部 | 2025 | 年 1-3 | 月销售收入 | 2024 年 | 1-3 月销售收入 | 同比变动（%） | | | 浙江大区 | | | ...