事件：公司发布2025年中报，25H1营收 10.7亿元，同比-19.5%；归母净利润1.6 亿元，同比-17.8%。其 中，25Q2 营收2.7 亿元，同比-44.9%；归母净利润0.2 亿元，同比-52.8%。公司业绩阶段性承压，主要 系市场终端动销下降所致。 产品结构调整持续，直销改革成效显著。1、分产品看，25H1 高档/中档/低档分别实现营收8.0/2.0/0.7 亿元，分别同比-8.0%/-42.3%/-36.0%。伴随外部环境承压及疆内基建阶段性放缓，公司产品Q2 整体承 压。2、分区域看，25H1 疆内/疆外分别实现营收9.0/1.6 亿元，分别同比-10.1%/-47.9%；25Q2 分别实现 营收2.0/0.7 亿元，分别同比-37.8%/-56.9%。公司坚定"稳疆内、拓疆外"战略，重新确定西安、兰州等 为重点开发市场，成立伊力王酒、馆藏销售供应链等平台公司，加速市场渗透，南疆专销新品"伊力金 标"实现销售额500 万元。3、分渠道看，25H1 直销/线上销售/批发代理分别实现营收3.0/0.7/6.9 亿元， 分别同比+59.8%/+5.8%/-34.7%。公司推出"直营+合伙人+推荐 ...

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a slight decline in revenue and net profit, indicating pressure from external market conditions [1] Revenue and Profit Performance - In 2024, the company achieved revenue of 2.2 billion yuan, a year-on-year decrease of 1.3%, and a net profit of 290 million yuan, down 15.9% year-on-year [1] - For Q1 2025, revenue was 800 million yuan, a decline of 4.3% year-on-year, with a net profit of 140 million yuan, down 9.3% year-on-year [1] Product Structure and Sales Channels - The product structure continues to optimize, with significant growth in self-operated sales outside the region. In 2024, high-end, mid-range, and low-end products generated revenues of 1.53 billion, 510 million, and 130 million yuan, respectively, with year-on-year changes of +4.3%, -8.2%, and -20.5% [2] - In Q1 2025, revenue from high-end, mid-range, and low-end products was 620 million, 130 million, and 30 million yuan, with year-on-year changes of +8.8%, -30.7%, and -41.0% [2] - The company’s direct sales channel showed resilience, with revenue of 490 million yuan in 2024, up 90.9% year-on-year, and 200 million yuan in Q1 2025, up 69.9% year-on-year [2] Gross Margin and Cost Structure - The gross margin for 2024 was 52.3%, an increase of 4.1 percentage points year-on-year, while Q1 2025 saw a gross margin of 48.8%, a decrease of 3.1 percentage points year-on-year [3] - The sales and management expense ratios for 2024 were 11.9% and 4.1%, respectively, with increases of 2.5 percentage points and 0.5 percentage points year-on-year [3] - The net profit margin for 2024 was 13.1%, down 2.4 percentage points year-on-year, while Q1 2025 had a net profit margin of 18.0%, down 1.3 percentage points year-on-year [3] Strategic Initiatives and Future Outlook - The company is undergoing significant transformation, focusing on core products and optimizing its marketing system to enhance sales team performance [4] - New product launches and external sales efforts are expected to drive growth, particularly in high-end product segments [4] - Profit forecasts for 2025-2027 are projected at 320 million, 370 million, and 430 million yuan, with corresponding EPS of 0.68, 0.77, and 0.90 yuan [4]